Launched back in 2009, Bitcoin is the result of a mysterious whitepaper published by anonymous Satoshi Nakamoto. Currently, it is the world’s largest cryptocurrency considering market cap.
Despite the rise of Ethereum and DeFi, Bitcoin is still going strong. As the earliest cryptocurrency to meet popularity and success worldwide, it is considered a synonym of cryptocurrency for many people, which inspired several other projects in the blockchain industry.
In this sense, Fold App is a new platform that aims to leverage the usage of Bitcoin as an everyday payment method for shopping.
This unique app allows anyone to get free Bitcoin rewards (in the form of Santoshi) for buying gift cards from several brands. Focused on ease of use, the app requires minimal knowledge of blockchain tech and can be an excellent gateway to introduce everyday people to the benefits of cryptocurrencies.
Is Bitcoin the Future of Money?
Unfortunately, the concept of using cryptocurrencies as a payment method for everyday shopping was left aside for a while, which led many people to understand crypto as a more speculative type of investment.
Nonetheless, the conceptual (and literal) purpose behind cryptocurrencies has evolved a lot, especially when it comes to primitives like providing an alternative, peer-to-peer, and bank-less financial system.
Further Reading: The future of the crypto industry
Bitcoins as an option for payments are becoming an easy spot on online businesses. Due to the digital nature of e-commerce and online stores, Bitcoins are easily accepted as other payment options such as PayPal, Cash App, etc.
The future has come, and Fold App is helping to make Bitcoin the money of the present.
What is Fold App?
The basic idea behind Fold App is to allow users to earn Bitcoin as a reward for shopping instead of buying the digital asset itself. The purpose of the project is to popularize the usage of Bitcoin, taking away the complexities associated with traditional on-ramps.
Even though investing directly in Bitcoin is never a bad idea, the process requires a bit of strategy as investors need to deal with clogged networks, expensive fees, and other common issues.
Further Reading: Why Bitcoin is limited to 21 million?
In this sense, Fold allows anyone to acquire Bitcoin easily without necessarily having the time or savvy needed to obtain it. The application works by allowing users to buy gift cards in various brands while scoring pieces of Bitcoin (Santoshi) at the same time.
With Fold, it is possible to buy prepaid cards using your credit card or Bitcoin to expend on your favorite brands, which includes:
- Chili’s.
- Uber Eats.
- Domino’s.
- Macy’s.
The user interface is intuitive and user-friendly, and checkout takes only a few seconds. It is possible to check out in-store, online, and in-app, all possibilities within touch on your smartphone screen. Fold App is available for iOS and Android.
Sign Up and Payment Methods
Fold allows users to opt for an anonymous account, with means you can start using the app (and earn rewards) without providing any significant amount of information. The only thing users are required to provide is an email address.
The app uses Santoshi to reward users. For those unaware, Santoshi is a fractional piece of Bitcoin (0.00000001 BTC).
Every time a user earns Santoshi, it is possible to check the updated balance in the upper right corner of the dashboard. Plus, this is also where users can request to withdraw their funds when they are available.
To start buying using Fold and earn rewards, you will need to connect to either connect to Fold’s Lightning Node or enter a debit/credit card.
In case you opt to send an on-chain transaction to fund your Lightning wallet before you start shopping, you will need to connect an available wallet such as Wallet of Satoshi, BlueWallet, Bitcoin Lightning Wallet, Lightning App, or other compatible option.
Buy Gift Cards to Earn Rewards in Exchange
The best way to earn rewards in Fold is to purchase gift cards using the app, in which there are plenty of options available.
Buyers earn a percentage of each purchase back in the form of Santoshi. Rewards can range between 1% to 20% of the purchasing price, but most users typically get back a max of 3%-4%.
The payment method chosen to be used in transactions can impact the reward percentage. While credit and debit card payments tend to result in lower earnings, Lightning transactions offer higher rates.
Further Reading: Best ways to buy Bitcoin
It is also noticeable that some retailers offer different gift card amounts. Prices vary greatly, from $10 gift cards (typically issued by companies such as Starbucks) to $100, $200, or even $250 gift cards.
Users can check available gift cards by clicking on the tab “My Cards”. Redeemed gift cards can be stored under the tab “Archived Cards”, where you can check them anytime you need.
In terms of user experience, most users have no complaints about the certificates purchased using Fold, as they are easy to claim from the respective brands.
How to Cash Out Your Bitcoin Rewards
Users are eligible to request a withdrawal of rewards once they have accrued at least 50,000 Santoshi. To request payout, Fold requires you to have a Bitcoin wallet and enter your wallet address to the app when requesting any withdrawal.
Before requesting a withdrawal, be aware that Fold makes payout transactions each Tuesday evening (EST).
In case you need to check pending transactions or cancel a transaction in the course, you can do it easily with options available in the tab “Account”. Once you have canceled a withdrawal, the funds will be reapplied to your account and will be available for another withdrawal.
Earn Extra Rewards Playing in The Daily Prize Wheel
The Fold app incentivizes users to visit the platform every day and score free Santoshi playing in the daily prize wheel. This unique feature allows users to get one free spin per day, offering different prizes every day.
This funny game offers prizes such as bonus Santoshi (ranging from 100 sats to 1 million sats), boosts to enhance gift cards, and other rewards.
Further Reading: Best ways to earn Bitcoin without mining
Plus, there is also the weekly streak challenge, in which users who spin the prize wheel once a day for seven days straight will earn a bonus of 1,000 sats.
Conclusion
Fold is a new app that allows users to earn Bitcoin rewards while buying gift cards to consume products/services of several brands.
The platform is an innovative way to incentivize people to get in touch with digital cash easily, without necessarily having to deal with the speculative side of the cryptocurrency industry.
Nothing in life is perfect, neither is Fold. People who choose the Lightning node option as a payment method have advantages when compared to other people who opted for credit/debit cards. Reward percentages tend to be higher for Lightning users, which is far from ideal.
Claiming your rewards in fiat currency is not quite fast, given that payouts are made in Bitcoin weekly. Besides, the platform offers plenty of variety when it comes to brands, a strong line-up of gift cards that are easy to redeem, and the easiest way to earn Bitcoin without buying it directly.