CoinCorner, one of the UK’s Bitcoin exchanges, has launched a new service that will reward customers with Bitcoin cashback when they shop online.
Cashback is a popular ecommerce system that administers rewards and rebates for shopping. Every time a user shops online, and in some cases in-store, they’ll earn up to 1% of the transaction value back. Traditionally administered in cash or rewards points, certain cashback schemes now dispense rewards in the form of cryptocurrency – or “cryptoback.” These provide a passive way to stack bitcoin while shopping.
The Bitcoin cashback service is the first-of-its-kind to launch in the UK and CoinCorner has partnered with more than 400 top UK retailers, including household names such as Burton, Twinings, Confused.com, Tails.com, Ninja, Royal Doulton, New Era, Morphy Richards and more, to enable customers to earn Bitcoin when they shop online for their everyday products and services.
CoinCorner’s 200,000+ customers can browse through hundreds of online retailers listed on the platform’s directory, before clicking through to their chosen site and shopping as normal. Once a customer has completed their purchase, they will receive notification from CoinCorner to confirm their Bitcoin cashback.
CoinCorner CEO, Danny Scott, said, “We’re very excited to launch our new Bitcoin cashback service in the UK for customers looking to save when they spend. It works just like a regular cashback service such as Quidco or TopCashback, but instead of customers receiving cashback in GBP, they receive the Bitcoin equivalent. This is an opportunity for people to earn and own Bitcoin while buying their everyday products and services. A number of our customers have already used the service after we soft launched it on CoinCorner.com last week.
“We obviously keep an eye on what is going on in the industry and have seen that Bitcoin cashback sites are proving popular in the US. With much demand from consumers for a similar service here, we’re delighted to be able to bring this to the UK market, and at a time when online shopping is the safest way to browse and buy. Consumer habits have changed this year, with the likes of Amazon’s Q1 figures showing revenue increases due to the worldwide pandemic.
“It’s always been our mission to make Bitcoin more accessible and we believe that this is one of the simplest ways for people to get involved.”
CoinCorner’s number of female Bitcoin users has grown significantly in Q1 2020
Likewise to this cashback service, the exchange recently shared that the number of female Bitcoin users has grown in the first part of the year. These comments come after research by CoinMarketCap claimed that the number of women trading and investing in bitcoin has increased compared to other years. Joanne Goldy, Marketing Specialist at CoinCorner commented:
“We’re excited to report that CoinCorner’s data backs up CoinMarketCap’s claim that the number of female Bitcoin users has grown significantly in Q1 2020.
“Overall, our user base is around 14.7% female. Last year we saw 15.5% female sign ups in Q1 2019, however, our Q1 2020 figures show a big rise with 22.8% female sign ups – this represents a 47% increase from the previous year which echoes CoinMarketCap’s 43% growth figure.
“In the first 5 years at CoinCorner, we saw limited interest from female audiences, with sign ups slowly rising from 10% to 14% over that period. Although we’re unsure why there was limited interest initially, the increase we’ve witnessed in Q1 is an incredible jump that we will be exploring and hope to see continuing throughout the rest of this year.
“This is the first time we’ve seen such levels of interest from female customers. It’s a big development which seems to suggest that Bitcoin adoption is becoming more widespread across users of all demographics and signals a continued increase in its mainstream adoption.”
Bitcoin is a digital currency (or cryptocurrency) that is traded over the internet. It’s described as ‘decentralised’ which simply means that no central authority (like a Government or financial institution) controls it.
Using Bitcoin has a number of advantages over traditional fiat currencies such as GBP or EUR. Known as a global currency, Bitcoin has the same value in every country and can easily be transferred from person to person no matter where they are in the world. People use Bitcoin as a payment method, store of wealth, and to send money back home (known as remittance).