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LTC · 3w

Announcing Bitrefill Rewards

One of Bitcoin’s most popular gift card vendors is launching a Bitcoin-back program.

Stockholm-based Bitrefill just announced its Bitrefill Rewards Program, an initiative that will give Bitrefill users the option to receive Bitcoin back with every purchase they make on the platform.

This rollout, according to a press release, comes after vocal customer demand for a cash-back version of rewards for Bitcoin on the platform.

Bitrefill's sats-back dashboard. Bitrefill

Founded in 2015, Bitrefill lets you purchase giftcards for such brands and services as Uber UBER , Steam, Spotify, Whole Foods and over 1,000 others. The program will offer all users 1% Bitcoin-back on all purchases and up to 6% on 217 other products. And these rewards will be denominated entirely in satoshis, Bitcoin’s subunit of measurement named after its founder Satoshi Nakamoto (100,000,000 satoshis (or “sats”) equals one bitcoin).

Bitrefill wants to inspire its users to “live on crypto,” according to its company’s slogan. This rewards program is another step towards this goal to create a Bitcoin circular economy wherein Bitcoin is used to pay directly for goods and services instead of cashing out to fiat first.

“Our slogan is "Live on crypto" and a huge chunk of our customers are doing just that,” Bitrefill CEO and co-founder Sergej Kotliar, said in a release. “So if we can use our marketing spending to reward our best customers, and make their living on crypto even more lucrative, then that's a win-win.”

Bitrefill supports a number of altcoins (like Ethereum and Litecoin), but it’s also one of the few Bitcoin market-making companies that has integrated Bitcoin’s Lightning Network for instant, low-to-no fee payments. With this new rewards program, Bitrefill now joins a growing fold of companies that offer so-called “sats back” programs for its users.

Go to forbes.com
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