In 2017 the cryptocurrency market started to become very big and Bitcoin was at its highest value ever at over $19,000. While experienced technology professionals and cryptocurrency enthusiasts were buying in, the average consumer was left out due to lack of background in this new space.
To offer a more straightforward path for consumers to engage with cryptocurrency, Coinback has designed a platfrom to help consumers automatically save money while shopping online at thousands of major retailers. This in the form of a browser extension. The extension automatically aggregates the best coupon codes to help users earn up to 15 percent Bitcoin back on purchases. From there, users can trade, sell or cash out their Bitcoin from their Coinbase account or preferred wallet as they choose.
Digital Journal spoke with Eyal Yechezkell, CEO and Co-founder of Coinback to find out more.
Digital Journal: How big is the cryptocurrency market becoming?Eyal Yechezkell: The cryptocurrency market is measured in a variety of different ways. If you look at the total market cap, then cryptocurrencies are currently worth around $200B– however, this number fluctuates on a daily basis. In terms of adoption, industry stats show that there are over 25 million cryptocurrency wallets worldwide, with tens of thousands new ones opening every month.
DJ: Is Bitcoin still the leading currency?
Yechezkell: Yes, Bitcoin is still the leading currency in terms of market cap, daily traded volume and wallets. It’s also the most popular and mainstream cryptocurrency, making headlines in the news and on price charts almost daily.
DJ: How ‘mainstream’ is trading Bitcoins?
Yechezkell:Although Bitcoin trading is gaining traction, these exchanges have not yet hit the mainstream market. Ownership of Bitcoin is growing every month – with some recent surveys showing that over 5% of Americans now own Bitcoin. At Coinback, we want to help grow this number by introducing Bitcoin to online shoppers and helping them accumulate Bitcoin for the very first time.
DJ: Are big companies now taking Bitcoin seriously?
Yechezkell: Yes, in terms of Bitcoin as an investment, the NYSE’s parent company will be launching a Bitcoin ETF, along with Starbucks and Microsoft, later this year. In fact, some large companies such as Microsoft, Overstock and Shopify already accept Bitcoin as payment for purchases.
DJ: Why did you develop the Coinback browser extension?
Yechezkell: Our mission is to bring Bitcoin to the masses through online shopping. We thought the easiest way to introduce our service was through a free and simple to use browser extension that helps users earn Bitcoin while shopping online at thousands of leading retailers – including Walmart, Macy’s, Staples and more – while also providing them with the best deals and coupons from around the internet. Our browser extension allows users to passively maximize their savings and simultaneously earn Bitcoin.
DJ: How does the extension work?
Yechezkell: The Coinback extension can be downloaded on our website or through the Chrome web store. After downloading and installing the extension, users can create an account and begin shopping online as they normally would. Users will be alerted when they visit a website that offers coinback, and can then click the “activate” button which will allow them to earn Bitcoin back on their purchase. In addition, if the participating online store has coupons available through the Coinback network, they will conveniently show up at checkout before customers complete their purchase. In many cases, individuals can save money with a coupon and simultaneously earn Bitcoin back on their online purchase.
DJ: What do consumers gain from using the browser extension?
Yechezkell: Our members get time-sensitive coupons at our participating merchants and also earn Bitcoin back on every purchase they make using our extension. In addition, we currently offer new users a $5 Bitcoin bonus when they make their first qualifying purchase over $25. We think our extension is the easiest way consumers can start earning their first Bitcoin.
DJ: How secure is the extension?
Yechezkell: The extension is 100 percent private and secure. We never share user information with third parties.