Description: The article is about chase amazon. The author tells us about what he thinks of Crypto currency card and then at the end of the article he talks about the feasibility of whether it’s going to happen. The Crypto currency is an idea and the founder of it haven’t found a partner to work with yet.
Today we are going to look at this new credit card that offers rewards in the form of Crypto currency. This is a credit card. It’s called blockrize or block rise. I think he needs to hire a marketing person to get a better name. It’s a SAN Francisco-based start up and it’s started by Richard Harrison who’s the only employee of the company at the moment. He says he’s looking to hire more people.
This card you get the impression hasn’t got off the ground yet. It’s more like a proposed idea. He has got a website set up. The website looks very similar to the website of petal card and Videl card. It looks like it’s been made on Squarespace. I guess that’s the style. You can sign up to be on the waiting list for this card. He has a several thousand people on the waiting list for the card.
First of all,let’s talk about what I think of this card and then at the end of the article we’ll talk about the feasibility of whether it’s going to happen. First of all I think that it is a promising idea and it is interesting. It is a way for more people to get involved with Crypto currency because some people are a little bit timid to get their feet wet in it. They know it’s unregulated and they don’t want to risk some of their capital by investing in Crypto currency through an exchange. They’re afraid of getting hacked.
It cardones 1% back in the form of either Bitcoin or Aetherium or a 50/50 mix of both. It’s 1% in US dollar value. You can put it into a crypto wallet and then you can hold on to that or you can cash it out. If you hold on to it,it can increase in value. So that’s the big thing about this card. You’re earning 1% now. But in a year 2 years or 3 years it can be worth 50 percent or 60 or 70 or a thousand percent. A Bitcoin goes to 1 million. A lot of People say a lot of things in Crypto.
From that point of view,it is a cool idea. Card members will benefit from what in the investment world called dollar cost averaging. It means you don’t have to try and time the market in buying in the dips because you are constantly buying. So sometimes you buy at a high level and sometimes you buy Bitcoin at a low level and that averages out. You are always buying your Bitcoin at a reasonable price or in other words a mid level price because you’re constantly getting it through rewards. We have the same concept in buying stocks when you reinvest your dividends and you’re constantly buying stocks.
I’m interested in it. I haven’t put my name down on the list though I’d like to see this card functioning first before I seriously consider signing up for it. That brings me to the second section of the article. Which is that we don’t know whether this card’s going to get off the ground. So when you look at the graphic rendering of the card,you’ll notice that there is no credit card network logo on it yet such as Visa MasterCard American Express Discover etc. That’s because he hasn’t found a network to partner with yet. So it’s all in the conceptual phase rather than something that’s going to happen.
There’s also the issue of Taxation. The US government and the IRS has in many cases regarded Crypto currencies as property. So it’s possible that the rewards you earn from this card may end up being taxable. The other side of the argument is that these are rewards and rewards aren’t normally taxable. So maybe they won’t be. The legal team for this company which called Richard Harrisonlegal team is trying to figure this out at the moment. They will have an answer for that sometime soon.
I want to encourage you to go and check out their website. It looks like an interesting product. You can read more about it in the FAQ on their site. I won’t hold your breath because this can never become a thing. It’s possible that the big credit card networks don’t like the idea of giving out rewards in crypto currencies and don’t want to partner with this Richard Harrison. So it might never happen. But it is an interesting concept and I think we’re going to see more ideas like this in the future. Let me know what you think about a crypto rewards credit card.