UPDATE – 9/30/15 – The referral program has dropped to just $10, so not worth it anymore.
Introduction
A reader shared this deal with me a couple of weeks ago. At first, I scoffed at him telling him I don’t mess with Bitcoins ANY MORE (I say ANY MORE because a few years ago, I bought a Radeon video card and after a month, mined my own bitcoin, which I then had my brother-in-law sell it for about $200.) Of course after that, I believe it hit $1,000 at one point, but now it seems to have settled at around the $200 mark:
The point of this post isn’t about the price of a bitcoin, it’s the fact that a pretty big bitcoin exchange Coinbase is running a promo right now where if I refer someone and they make $100 in bitcoin purchases, I’ll make $75 in bitcoins. So that’s what I did. Here were my transactions. As you can see, I’ve actually made $2.71 due to the appreciation in Bitcoin!
How it works:
- Go through my referral link – REMOVED
- Send me an email to vinh@milesperday.com to let me know that you’re doing it (so I know who to pay)
- When you join, you can only buy bitcoins using your checking account (sorry, no cc’s here.) And your account is limited to only purchasing $50 a day. The process then takes about a week for the transaction to complete. I waited for the first $50 to complete before buying a second $50, but you can probably just buy them in back to back days.
- Once you’ve bought $100 in bitcoins, I’ll get an email like this:
Once I get that email, I will then transfer 2/3 of the bitcoin (worth $50) back to your wallet. You can then decide whether to keep the bitcoins or cash it out. Why only $50 and not all $75? Hey, do you see me pushing the Chase Sapphire card on you? Exactly!
Look, I know this deal isn’t for everyone! But it probably took me about 10 minutes total to do the whole thing, so at that rate, this is a $300/hr gig IN MY PAJAMAS. There will be some risk like if your bitcoins go to $0. So please understand the risks.
As for me, I plan on keeping my bitcoins just in case a deal or web site only takes bitcoins.
What’s to prevent someone from making two accounts and essentially giving the entire bonus to themselves?
Well the first account wouldn’t get the 75 then since that has to be referred but you can certainly refer your wife or friends to get the 75 once you’ve signed up.