CoinRebates is a pretty cool cashback program that pays in bitcoin rather than through PayPal, or gift cards, etc. With bitcoin on the rise I can definitely see why this program is becoming more popular. However, it might not be as great as you think it is.
In this CoinRebates review I’ll be going over what you need to know, such as how it works, how much you can actually make, some downsides and more.
If you are familiar with other popular cashback sites like Extrabux, TopCashBack, the Drop App, etc, then you probably know how places like this work. They will actually pay you to shop online at ordinary stores that you probably shop at regardless. The reason they are able to pay you is because they get paid by the stores to refer buyers to them. So they get paid when they refer you to the stores and then they give you a small portion of that amount back to you, the buyer.
Whats nice about places like this is that you still pay the same prices on items and get cash back, or bitcoin back, on top of that.
Of course what makes CoinRebates different from just about every other cashback program out there is that they don’t offer cashback…. they offer bitcoinback.
How It Works
When you join this site you don’t have to enter your name, email, or any of that. All you have to do is enter your bitcoin wallet address so that they can pay you. Its very simple and only takes a second to paste it in there. If you don’t have a bitcoin wallet then I would suggest creating a free on on Coinbase, which is also what they suggest.
After you do that you are able to shop where you choose. They have a long list of stores that you can shop at. They offer bitcoin back at all the big places like Walmart, Wallgreens, Target, Expedia, etc. You can browse through all their offers of you can browse by specific category.
Just to give you an example of some of the places they offer bitcoin back for, here are the features stores…
And as you can see they don’t list the amount they will give you in bitcoin, they list it in “bits”. Take for example AliExpress above, they offer 2 bits for each dollar that you spend. And don’t worry I’ll get more into how much this actually is soon.
But anyway… once you find a store that you want to shop at all you have to do is click on it and you will be directed to that store. Then you can shop as you normally do and that’s it. They will deposit bitcoin in your wallet automatically after getting proof of the purchase.
How Much Will You Actually Make?
1 bit equals 0.000001 BTC. So if I go shop at AliExpress right now as I am writing this I will make 0.000002 bits for each dollar that I spend.
Now how much is that really worth? Well of course that depends on how much bitcoin is worth. You might be thinking that you can make some decent money here since bitcoin continues to go up in price but don’t count on it. They will lower the amount of bits they give accordingly, meaning that as bitcoin increases they will decrease the amount of bits given.
So when you are actually doing the shopping here and getting bitcoin back, there really isn’t much of a difference, if any, from other normal cashback programs.
Why Use CoinRebates vs Other Cashback Sites?
The reason I like CoinRebates is of course because they pay in bitcoin. So while 0.000001 btc might not be worth much today, it might be worth a heck of a lot in 5 years from now. With the price of bitcoin going up like crazy this only makes sense.
So while you won’t be getting paid much when you actually get paid your bitcoin, the investment opportunity that you have here is what I like about this place.
One downside is that you can only shop online. They don’t offer any way to get bitcoinback through in-store purchases.
Something else is that this site is rather small and you will more than likely have a hassle getting support if you have any problems, as with just about any site like this nowadays.
On sites like this it is a common complaint from people that claim they don’t receive credit for purchases. This doesn’t happen too often but does happen from problems with the tracking code that tracks your purchases. So just be aware of this because it could happen but is not reason to avoid this site.
Conclusion on CoinRebates – Good Opportunity?
CoinRebates is a nice opportunity in my opinion. I do like it better than many of the other cashback sites because it is more of an opportunity to invest rather than just make a small amount of cash.
If you were thinking about using this site then go for it. Just don’t think you will make much. The only real point I see in using it is the hope of the small amount of bitcoin you earn potentially being worth much more in the future.
Something else you might be interested in is Ibotta. It is one of my favorite cashback apps out there and is particularly good for in-store grocery shopping.
If a little cashback isn’t for you and you are looking for more, you might be interested in this program. I’ve been a member since 2015 and make a full-time income online with it now.
Questions or comments? Leave them below in the comment section and I’ll get back to you ?