The Crypto Cashback experiment

about 3 years ago (Edited)

Following the long awaited arrival of the lower tier Visa Debit Card from Crypto.com which rewards 2% of cashback in CRO tokens for every small payment I performed so far in grocery stores, today was the first notable purchase I have performed with the card online which granted a reward of few hundred CRO tokens which I've since put into savings to attempt maximize offsetting some of the purchasing costs in the long run.

The purchase of the item - an ounce of physical Gold was performed on 2nd Feb 2021 around the time the WallStreetBets folks have been suffering quite few blows from the stonks they've been pumpin last days plummeting in price substantially, and from the other side the Silver Squeeze they've been blowing having not quite materialized just yet with a notable retrace occurring at the time (-8%), with comparably a slight retrace of Gold (-1.3%) which I thought was perhaps a good opportunity to get my hands on the first physical Gold Coin.

fe43ef3f32d669f3011fd50f4359341ec50b18f846a271bdb5965bb3b717205c.png

Having started with a top up from another bank account without incurring any fees to make the required balance available on the crypto debit card, the top up was instantly available for spending for what was quoted around £1,415 for an ounce of Gold at the time

bb53adc915189c632162d578d7705117023fde11e7a0975f19572417ffbdede7.png

The purchase of one of the most popular and traded Gold Coin of Britannia within the United Kingdom was taken over other coins as per its benefits including Capital Gains Tax exemption

48ca761847f42033d9690af95a501d37492143811cceb81c82f0eb06df96e749.png

After slightly reducing the quoted price with a promo code the purchase of a Gold Coin online the transaction completed with $38 equivalent of cashback in CRO tokens

c3ec65645d11556b9aa1a7f273dce6f77f28671920fbde44c53ddba3d6abbe12.png

The cashback of 614 CRO has been converted into Bitcoin Cash (BCH) which I personally believe currently offers low risk of downside with a decent upside opportunity in the long term, also with the low fees being one of the requirements to maximize the earnings in this scenario.

4ecc4d241c4bb8d89e573f0e7e7b7b40ed2692a1140be94f78b7765c0352760a.png

With the offers from crypto.com, especially the flexible ones being the least rewarding options on the market currently. Having looked around I was recommended researching about Nexo which looked to be the best competitor in terms of BCH savings on the market

2c869c1b62a4cfc2d04d0ebb17d146294f521318be708dd61ea6df96c573dcfd.png

The nexo.io base tier offered a 5% of Annual Percentage Yield (APY) as a flexible saving account as opposed to the locked long terms of crypto.com and others currently offer. With that a decision was taken to give it a try and transfer the funds out of crypto.com to nexo.io

b5208b8b1be3c9d7af1cfaeedfcfc4606904ff7331e81ed6ee86fa423153e826.png

After incurring a 0.001 BCH withdrawal fee by crypto.com the funds were transferred to the BCH wallet which right away, without any manual intervention was allocated into the Savings Wallet with it starting compounding the interest which will be paid out on daily basis.

20b3388b47cabfb1f5d2f8471a7203737db4641411a7275c40b8edbcb2352781.png

Having joined the platform it looks like their own card is on the way with cashback offers which will hopefully offer yet another way of maximizing crypto gains on all purchases, and seems to offer an affordable way to get your first crypto cashback card in that it promises to be for free once launched, unlike the crypto.com card which comes with 6 months locked-in staking requirement

The Crypto Cashback experiment

Related Reading

Ongoing crypto free earn campaigns:

Other crypto gateways: