I recently shared with you an app that rewards users with Bitcoin (actually, in satoshis – the smaller units of the cryptocurrency) for signing up.
It’s called FOLD and it’s an app that is still in its pre-launch. Their main product will be a debit card which you can use to get cashback rewards (in Bitcoin) from a large selection of partners like Amazon.com, AirBnb, Best Buy, Hotels.com, Starbucks, Burger King and more.
They pay you 20 000 sats (satoshis) when you open your account and download their mobile app but the giveaways don’t stop there. This week they also launched a new fun way to earn some more satoshis by spinning a wheel – lottery style. It’s basically similar to a faucet, except, you earn a random amount every day (or none in some cases).
The reason they’re giving these random rewards is of course, to bring brand awareness and expand their userbase in the run-up to their public launch, which will help position them better in this competitive market once they launch the card.
This is an App I discovered from an article in Forbes, just days after they announced a major deal with VISA in order to bring their card on to the market. I am on their waiting list and so far I’ve earned about 60 000 satoshis for just signing up and using their “Spin The Wheel” initiative. I have not done any KYC or other identity verification yet and the App has a “privacy feature” which I will be testing later when the card becomes available.
Essentially, this is a Bitcoin cashback app that allows you to purchase gift cards with Bitcoin and then spend the credit on those gift cards at some of your favourite stores and restaurants. Additionally, Fold is a Bitcoin cashback app, which means you will get a percentage of the money you spend back, denominated in satoshis.
Here is how this app works and why you should download it.
Since Fold works with gift cards, it is based on the cards’ bar codes. This allows you to make purchases online and at physical locations. It basically converts your Bitcoin into digital cash – what it was meant to be all along – that can interface with a growing pool of brands.
- You load a gift card that you buy with Bitcoin on the Fold app, to your account
- Use that gift card at select retailers and restaurants by using a barcode or the number beneath it.
- You can make online purchases with your Fold gift card or you can purchase at physical locations
- At physical locations, all you need is to scan the bar code from the app on your phone at the cash register.
- You get cashback (in Bitcoin) for every purchase you make with the gift cards that you have on your Fold app.
- The amount of Bitcoin cashback you get on any purchase depends on the individual retailer or restaurant and it’s described upfront, before you choose to buy that giftcard (see images below).
Currently these are some of the most popular merchants that already confirmed their partnerships with Fold:
- Amazon – on amazon.com only
- Burger King (US and Canada)
- Dunkin’ Donuts
- Starbucks (US, UK, Canada, Australia, Ireland and Mexico)
- Target (US only)
- Uber (US only)
- Home Depot
- Southwest Airlines
- T.J. Maxx (US only)
It’s mostly US based companies we see on this list for now but this is about to change once the service is rolled out and it starts gaining traction, so it’s great to be an early adopter.
The app is on both iTunes appstore and Android and you can start using it now, although you will have to wait for a while until the card is launched. That means, you can start earning some satoshis for free meanwhile and perhaps join “The Million Sats Club” in the process. You have 1 spin per day, every day, so use it – don’t snooze it.
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