Getting involved in Bitcoin and other cryptocurrencies doesn’t require an upfront investment. A lot of people can obtain their first few satoshi in a rather passive way. The Fold app is of great value, as it offers a passive revenue stream while conducting regular shopping.
How Does Fold Work?
The basic concept of Fold is very straightforward. It provides customers with a cashback of up to 20% in bitcoin. All one needs to do is shop at many popular locations, including Uber, Target, and Amazon. As most consumers tend to utilize these platforms on a regular basis, it is an easy and convenient way to stack satoshis.
The main selling point is how consumers don’t need to use bitcoin or other cryptocurrencies to participate. Utilizing traditional payment methods, such as credit cards and digital wallets will work just fine. Purchases are recorded in the Fold app, allowing users to get their cashback in bitcoin automatically.
The received funds can be used in many different ways. App users can either spend the rewards they saved up, keep the in the app for later use, or withdraw funds to one’s own Bitcoin wallet. All of these options will cater to users with different needs and preferences.
The Supported Platforms
Initially, Fold only worked with Starbucks in regions where US Dollar payments would be the default. This gave it initial traction in the US, as well as Singapore. Over time, the company integrated support for many other major retailers and service providers.
Noteworthy retailers supported today include Amazon, Uber, Home Depot, AMC, Macy’s and Dunkin’ Donuts, to name a few. Particularly with the Christmas holidays coming up, spending some money at Home Depot or Target or Amazon can allow users to receive a fair amount of bitcoin in a completely passive manner. It is a win-win situation for all parties involved.
Where can i use it?
It is only to be expected an app such as Fold primarily focuses on customers in the United States. The vast majority of participating retailers can only be found in that part of the world. For services such as Burger King, Hotels.com, and Starbucks, there are some notable exceptions. These services can be accessed outside of the US as well, but only in very few countries.
Enthusiasts may have noticed Fold does not offer any service to bitcoiners in the European Union. That situation has been on the company’s radar for a while now. It is expected some services will come to the EU in the near future. What types of services those will be, and how it will affect the popularity of bitcoin in the EU, remain to be determined.
Lightning Network Support
It is crucial for bitcoin service providers to keep up with industry developments. Fold is one of the many providers offering Lightning Network support. The instant and low-fee transactions are beneficial to both the company and its users alike.
Albeit this is still experimental technology, it is still a smart business decision. Users will need to set up the proper software to take advantage of the LN, however. It is an extra option for more tech-savvy users. Novice enthusiasts won’t have a need for this option right away, albeit it is something to explore further down the line.
What Comes Next?
Several updates and improvements will be offered to Fold users in the future. Adding support for additional retailers will be crucial. Entering the EU market will introduce some new challenges, but it is a market waiting to be explored.
Another new venture launched by the company is known as LN.Pizza. It aims to let users in the US order Domino’s pizza over the bitcoin Lightning Network. This makes for a very interesting use case, in general. Enthusiasts will know that there is a certain connection between bitcoin and pizza. All options need to be explored in this regard.