Bitcoin cashback is becoming more attractive as the gap between the physical and digital world narrows. Fold is at the center of this transformation.
This Bitcoin cashback app allows you to purchase gift cards with Bitcoin and then spend the credit on those gift cards at some of your favorite 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 on your Fold account. Here is how this app works and why you should download it.
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Fold Bitcoin Cash Back: The Basics
To the user, Fold’s app on the phone or desktop computer works just like any other gift card app out there. There is quite a bit of sophistication behind that user-friendly interface. Fold Bitcoin cashback works on the Lightning Network – LN. This allows it to process transactions fast and with minimal fees. That is what enables the cashback feature and allows you to stack sats while you purchase.
How Does the Fold App Work?
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. Here is exactly how Fold works:
- Load a gift card you buy with Bitcoin on the Fold app, to your account
- Use that gift card at select retailers and restaurants by using the 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
- Every purchase you make with the gift cards that you have on your Fold app will credit you with Bitcoin cashback
- The amount of Bitcoin cashback you get on any purchase depends on the individual retailer or restaurant
It is important to note that you will not get Bitcoin cashback rewards on gift cards or on the part of a purchase that you make using your Fold Bitcoin cashback rewards.
Retailers and Restaurants that Work with Fold
Fold works with some of the most popular retailers and restaurants in the US and to a lesser extent, other countries. Here is a list of the retailers and restaurants that Fold works with and the countries where the service is available:
- Amazon – on amazon.com only
- AMC – US only
- Burger King – US and Canada
- Dunkin’ Donuts – US only
- Starbucks – US, UK, Canada, Australia, Ireland and Mexico
- Target – US only
- Uber – US only
Additional brands that Fold works with in the US are:
- Home Depot
- Southwest Airlines
- T.J. Maxx
Fold Bitcoin cashback rewards go up to 20% depending on the retailer or restaurant. Fold is also working to expand its service further in the European Union. It will also add more brands in other locations.
Bitcoin Cashback Apps: Not Fold’s First Rodeo
Fold is one of the pioneers in this Bitcoin cashback rewards space. Its team has been involved with Bitcoin cashback rewards since the launch of the Lightning Network. Its first product was not this gift card app. Fold’s founders established LN.PIZZA or Lightning Pizza. This service allows anyone in the US to order Dominos Pizza for delivery or pickup using Bitcoin over a Lightning Network payment.
Lightning Pizza also comes with a cool 5% off on all purchases, which is a simpler way of giving users a Bitcoin cashback reward. It is also the perfect way to be a pioneer in the space and celebrate the launch of the Lightning Network with something as iconic for Bitcoin users as buying pizza.
Fold Bitcoin App Could Enable Greater Adoption
Fold’s initiatives with Lightning Pizza and with the Fold Bitcoin cashback app are great news for Bitcoin holders. On one hand they will allow anyone who believes in Bitcoin to use their coins to buy everything they need. On the other hand, it will show the world that thanks to the resourcefulness of Fold’s founders and how the space has developed with the introduction of the Lightning Network, Bitcoin can now be used exactly like fiat, even with a cashback reward.