Bitcoin Cash; looking like clever marketing or real adoption?

[Munshi Prem Chand]

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True, but that doesnt mean all of those people are unable to pay back the money. I would say that claim is closer to being true for about half of them.

That figure is a bit misleading. Its not people who are always in debt, its people who “carried a balance at least once in the prior 12 months.” According to same Fed report, only 22% carry a balance “most or all of the time.” Other half probably racked up debt after a large purchase and paid it off within a month or two.

I m not trying to negate the overall point that credit cards can be set up in a predatory manner. But that point still stands even if the number of people who are always in debt is smaller than the headline figure suggests.

[Rubythefreakz]

I think both sides have point here. Cash back rewards can introduce Bitcoin to people who might never consider buying it themselves. However, real adoption depends on what happens after the incentives disappear. If people become curious enough to learn how bitcoin works and take control of their own funds, then these reward programs could be a useful starting point rather than just a marketing strategy.

[ColdLava40]

Although human behaviour is always proving to be unpredictable especially in cases like this, a person in it as a recipient of rewards can potentially gain long standing interest in Bitcoin which is also good for it.

However if people hold Bitcoin as a result of a reward system, and never learn to hold or use Bitcoin outside these incentive institutions can lead to an increase in adoption, but ultimately limit financial sovereignty. Is Bitcoin being accessible without being more independent?

It's just like when we offer Bitcoin as gifts to friends and loved ones, and we don't bother to know what they use it to do afterwards.

The truth is that a good majority of the recipient will not waste time to seel that Bitcoin and convert it into fiat money which they can spend. They win for once think of the value of what they are holding but consider it as a gift.

Someone who purchased it on there own, would first of all know that he is going for a long term investment and not just some random Bitcoin purchase. He already knows for a fact the value of what he is holding in his wallet so he won't just rush to sell them off.

It might be a good initiative but it depends on the person who receives it as a cash back.

[Odusko]

Upon reading the headline, I initially thought that the long-awaited physical Bitcoin coins and banknotes had been released—physical Bitcoin money

Do you think we ever get to a time where physical Bitcoin will be issued like the physical bank notes, I have never imagined that happening and such will definitely not happen.
The concept of rewarding eligible customer who make eligible purchases made with Square Credit Card get Bitcoin in sats as rewards mechanism, so is not actually about issuing Bitcoin in cards but yeah you get some sats accumulation on you account that can be converted, still marked as work in progress.

[macson]

I thought this thread was about Bitcoin Cash BCH, but it turns out it's about Block's plan to give Bitcoin rewards to Square credit card users.

Well, I think Jack's plan to give rewards in the form of Bitcoin is quite a good idea. I don't see any problem with this, because so far they have been paying cashback in fiat. If now users can get the option of cashback in Bitcoin, it could introduce more users to Bitcoin and might encourage them to invest or spend it on their needs. Jack's goal is good, but so far it's just a plan, there's no official statement from them about it yet.

[PrivacyG]

Banks fit the description of loan sharks very well.  The customer who borrows money from Banks is going to have their mind busy with paying back the loan as it keeps adding up to a point where they have to do buy backs and such to feel like they can continue to afford paying back their debt.  The Bitcoin part is simply bait, it will not make them financially independent in any way.  It works exactly like bait works on a fish.

[Milaagros]

I think it is a strategy of a company to get the attention of people who are interested in Bitcoin to transact using their credit card service.  Yes it can encourage adoption but on top of that, I think it is a clever marketing strategy.

Having 3% cashback in credit cards is normal, but this time they use Bitcoin as a reward (if I am not mistaken) is somehow riding the trend of cryptocurrency Industry.

Definitely they are running a clever marketing strategy, also that 3% is quiet normal cashbacks given, but what makes it unique is their offered to give in Bitcoin.

Somehow I find it good, since it can possibly encourage more adoption and many people which curious about Bitcoin might give a shot to try their offerings.

This is definitely smart branding for them, because they get easy exposure by help of that coin.

Those are not yet here in Bitcoin, might be nervous to use their personal money to buy a Bitcoin. So they think this is a less risky way of trying Bitcoin. Some existing Bitcoin users are also using traditional payment methods. They think this is a good idea to increase their Bitcoin bags, by the time they are using their credit card outside.

3% of cashback may only look small but if we transact often, that should compound too. This is not what others are saying that it was predatory when both are parties are only benefiting. Anyways, it will also be better if we can use our Bitcoin and other crypto balances when we use their debit card.

[kingstep]

There's an obvious difference between someone who holds Bitcoin because they understand how it works and somebody receiving it because a credit card company handed it as some form if reward or discount. The first person here would consciously develop a lasting interest in Bitcoin, while the second set may loose long term interest once the reward sucks withdrawn.

Some people just need a trigger that brings them into the bitcoin space and you find out that they stand to become a strong bitcoin enthusiast than most of the people that came in organically. Sometimes, the small marketing strategy might be the season why some might come to see the different advantage of holding bitcoin and choose to get at it.

During the Airdrop hunting season, a lot of people came in through mining of some random coin and later stayed because they found something that has a lasting value than the coin they were running at. that can still be the case for those joining the bitcoin niche just because they got it as an incentive through a credit card company

[d5000]

These types of cashback schemes are not new. In my country there is an exchange / e-wallet service called Ripio which offers you 2% cashback, in particular if you pay directly with cryptocurrencies. You get the cashback credited in the cryptocurrency you use for the payment. You can also use Pix, a Brazilian e-wallet solution, with that provider and get 2% cashback in BTC -- I guess that's exactly the same model than what's marketed now by Block and Square.

Of course a big name from the Holy U. S. & A. is more important for adoption than a small South American garage "business"

[Ever-young]

I think both sides have point here. Cash back rewards can introduce Bitcoin to people who might never consider buying it themselves. However, real adoption depends on what happens after the incentives disappear. If people become curious enough to learn how bitcoin works and take control of their own funds, then these reward programs could be a useful starting point rather than just a marketing strategy.

Just a marketing strategy? Wow!
Looking at the thorns of paragraph from the and reading through, i was hoping on where this will get us but life doesn’t really care about our expectations. But that’s by the way.

Personally, I don’t think anything will ever bit real adoption, there’s no point enforcing this on people, nor making them like it. If an individual is curious enough to know how it works should go do his research to know if it’s something they really want to give a chance before moving on to adoption. It should still remain a matter of choice.

medium may ironically attract more scams, because imagine good numbers of people having what they know nothing about, because they just hop in because the crowd are there. This is a digital asset, many are yet to get acquainted with technology. So owning is via this medium may even leave the masses more vulnerable.

It’s okay to advocate but it’s better done right.