The world of cryptocurrency is evolving, creating innovative avenues for the general adoption of crypto.
With traditional methods of shopping, some companies give cashback rewards to their customers for their purchases. A crypto cashback refers to a system that rewards people for purchases, but instead of receiving rewards for fiat currencies, they receive their rewards in cryptocurrency. It’s actually that easy and also a cool and fun way to get cryptocurrency considering that you are always buying something.
How it works
Basically, cashback programs are created as a platform for customers to receive discounts when making purchases. This is a strategy used by stores to encourage customers to make more purchases with the promise that they will make more with every purchase.
A very common type of cashback program is the issuance of cashback credit cards. When a purchase is made using a cashback credit card, the card issuer can provide discounts as the exchange fees are usually collected by retailers.
Interestingly, crypto users are not left out as there are crypto cashback rewards programs that reward customers with crypto discounts when making purchases online and, in some more recent cases, offline as well.
Growth in popularity
The popularity of crypto cashback apps in the crypto community has increased unprecedented, and this is due to the increased interest in cryptocurrency that may have been sparked by the COVID-19 pandemic that hit the world in 2020. The Pandemic Many people have been paying more attention to being online and so have been exposed to more online purchases, as well as more crypto-based information and investments.
Given the growing popularity and success of decentralized finance (DeFi) as well as non-fungible tokens (NFTs), it is amazing that improved crypto cashback programs are emerging. An example of such an amazing crypto cashback program is OctoFi, and the platform provides users with crypto when making DeFi and NFT transactions.
When you conduct transactions with one of OctoFi’s referral partners through the decentralized app (DApp), wallet, or from partner websites of the platform, users will receive discounts on such transactions. 100% of the platform’s commission is passed on to users and token holders.