Spoiler alert: Get your Coinbase account ready because now you can redeem your Killi earnings for no-fee Bitcoin and Ethereum!
What is cryptocurrency anyway?
You may have heard many people throwing around words like “crypto,” “bitcoin,” “ethereum,” “blockchain”, or “mining” in conversations. If you’re sitting there wondering what the heck these words mean or why people won’t stop talking about them, no worries – we got you!
Cryptocurrency is the medium of exchange that is digital (online), encrypted (secure), and decentralized (not managed by one person or in one place). Unlike the US Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among its users on the internet (blockchain). To put it simply, crypto holders have more free reign when it comes to their currency.
So why won’t people stop talking about it?
Despite the fact that crypto has been around for quite some time, it’s still relatively new in comparison to your run-of-the-mill dollar. Unlike typical currency, what you start out with isn’t what you will end up with. If you have a $100 bill and leave it in your wallet for a year, it will still be worth $100. With cryptocurrency, however, that value can increase or decrease depending on the market.
Do you have to purchase or invest in cryptocurrency? Of course not! See Money Sense’s article for more information about the basics of digital currency.
Some have called Bitcoin “the new gold.” Just how gold was seen as rare and valuable in the old days, the same goes with Bitcoin in the modern world. Owners of cryptocurrency invest because they see cryptocurrency to be a store of value and an asset to their portfolio.
The creator of Bitcoin, who goes by the pseudonym Satoshi Nakamoto, describes Bitcoin as “a purely peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution.”
Cryptocurrency transactions are chronologically and transparently recorded in the blockchain, where every computer node has a full record of the data that has been stored on the blockchain since its inception. Sounds extremely complex, but it simply means that hackers will have a difficult time trying to obtain anything. No need to clutch onto your wallet, your crypto is incredibly secure!
Big Brands coming “on board”
More and more big brands are buying into cryptocurrency, increasing its visibility and solidifying the future of the digital currency space. As of Feb 2021, Square, the San Francisco-based payments company, bought $170 million of bitcoin. PayPal recently announced that American users can buy bitcoins, as well as hold and sell it in their PayPal wallets.
What is the craziest part? Week over week we see more and more financial institutions hopping on board. It’s essentially like watching the captains of two competing football teams join together to slowly create a super team.
Killi & Crypto
We’ve talked your ear off about cryptocurrency and you’re probably wondering what that has to do with us. Well, happy you asked!
We love scoping through your comments and all the feedback you share to help us improve Killi. After all, Killi wouldn’t be what it is without you! We regularly receive requests from users to add new ways to redeem Killi earnings and we’ve done just that.
Introducing, drum roll please…
CRYPTO IN KILLI!
So how do my Killi points convert to crypto?
You’ll need a minimum of 500 Killi points to redeem Ethereum (ETH) and a minimum of 1000 Killi points to redeem Bitcoin (BTC).
You’ll need a Coinbase tccounr to receive your crypto redemptions. Download the app here, available on iOS and Android. Why Coinbase? It is the most popular crypto exchange in the US for consumers. The service now has 56 million users, up from 43 million at the end of 2020. They are definitely the leader in the space and we are pumped for our users to redeem crypto with their Coinbase accounts!
Why should I get excited about this?
You’re probably thinking one of two things by now: 1) whoever is writing this is WAY too excited about crypto and 2) why should I redeem crypto instead of gift cards?
If you’re thinking about the first one, we won’t bore you on that, but we do have an answer to that second thought! 500 Points will always convert into a $5 gift card. The $5 gift card will always be worth $5 (if anything, it will decrease in value over time). On the contrary, cryptocurrency (similar in concept to stock), has the potential to increase in value. This is investing in a digital product that may be worth more (but could also be worth less) in the future.
To find out more about how much your data is really worth Killi has you covered – simply enter your email with Killi and get ready to be amazed.
Have more questions?
We are very excited to be offering a new, completely different (and in high demand!) redemption method and can’t wait for you to start collecting crypto! If you have more questions, please check out our FAQ.