Bitcoin-friendly gift card vendor Bitrefill is launching a BTC-back program that allows users to earn satoshis as they make purchases on the platform.
Bitrefill Rewards offers users the option to receive a minimum of 1% back for every purchase in Bitcoin and a maximum of 6% on 217 products in the US and the UK across multiple categories including retail, home, e-commerce, restaurants, and health and beauty.
The rewards will be accumulated in the form of satoshis, Bitcoin’s smallest unit of measurement where one satoshi equals 0.00000001. Since Bitcoin’s supply is fixed at 21 million, there are currently fewer than 2,100 trillion satoshis available.
The company decided to denominate the rewards in satoshis instead of fiat currency like the US dollar or the euro so users can “stack sats” and potentially avoid the loss of purchasing power due to incoming inflation of traditional currencies.
Bitrefill’s platform allows users to purchase gift cards or mobile refills from more than 1,650 businesses in 170 countries using crypto and fiat currencies. The company’s partners include Airbnb, AMC, Audible, Hulu, Steam, GameStop, Carnival, and Princess Cruises.
In June of 2019, Bitrefill raised $2.1 million in an investment round that saw the participation of Litecoin creator Charlie Lee.