How to Score Extra Bitcoin in the Age of Coronavirus With Fold

By DrugsandFIRE | Seeking FI | 14 Apr 2020

With most of the country currently under a "stay at home" order, it's no secret that US consumers have shifted their spending more and more toward companies offering home delivery.  What was once something we thought of as a convenient way to get what we need has now become almost essential.  Unfortunately, the convenience of ordering online and having it shipped/delivered makes it so that's not always the cheapest of options and that's a problem.  Even if you're not one of the millions of Americans newly unemployed, this is proving to be a time where budgets are getting squeezed and every dollar counts.

In my journey to financial independence, I've learned that maximizing the cash/points back on purchases that I'd be making anyway can really add up over the years.  Most of the time, it's by using the right credit card to make a purchase or, if I'm shopping online, going through shopping portals such as Rakuten (referral link) to claw back just a little extra on the purchase.  However, there's one site that I've found myself doing a lot of business with during our self-imposed quarantine, and unfortunately, that site really sucks when it comes to getting cash back.  Yep, I'm talking about Amazon.

The way cash back programs work in general is on a commission sharing model.  Basically, if you go to a shopping portal site like Rakuten first, then link to the merchant's site through them and any purchase you make will result in a commission to the portal.  Cash back then comes as kind of a bit of profit sharing.  A similar thing happens when you use an app like Pei (which I reviewed earlier) and use a linked credit card to pay with the merchant. 

But here's the thing, if you're a business like Amazon and the government has basically shut down a lot of your competition, why would you pay anyone a commission?  You wouldn't.

So therein lies a dilemma for someone like me who relishes the thought of clawing back some of every purchase I make through various schemes.  How do you score extra cash back at a place like Amazon that doesn't seem to be offering any extra cash back?

Enter, the Fold app.


I got introduced to the Fold app through an episode of the Tantra Talks podcast and its premise is simple.  Basically, you buy a gift card through their app, and in return, you get a percentage back of the purchase in bitcoin which is added to an in-app wallet.  Once you accrue 50,000 satoshis (sats) worth of bitcoin in-app, you can withdraw the funds to a wallet address of your choice.  And all of that's on top of whatever cash back or points you'd get with your credit card.  Pretty simple.

In addition, you can boost your cash back earnings a couple ways.  First, there's a daily prize wheel spin where you have the chance to win free bitcoin or get extra sats on your next gift card purchase.  There's no cost to spin everyday so really, it's just a chance to win some free bitcoin.  Also, you can boost your bitcoin back by using their Lightning node to purchase the gift card with bitcoin itself.  Since I like to hodl, I don't really use that feature, but it can be lucrative and plays well into the company's mission of normalizing purchases with bitcoin.

But, what's really noteworthy about the app in my opinion right now though, is the fact that Amazon is one of their partners.  As odd as it is, the Fold app has become one the only ways you can get some money back after giving it to Jeff Bezos.  While (my favorite place to start online shopping) doesn't even list Amazon as a place you can get extra cash back, somehow I can get it from Fold.  Sweet!


Current Offer as of 4/14/20: 2% back on USD purchase, 4% on BTC purchase

So in conclusion, if you're shut in like me and finding yourself buying more stuff from Amazon than you probably would otherwise, doing so using the Fold app is a good way to get some money back.  And even after all this is over and we've gotten back to some form of normal, I think I'll continue to use Fold as another tool in my cash back toolbox.

If you're interested in the Fold app, consider using this referral link:

You'll get 30,000 sats, and I'll get bumped up on their wait list for their new credit/debit card when it comes out.

Thanks for reading

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I'm a pharmacist pursuing financial independence, hence drugs and FIRE.

Seeking FI
Seeking FI

A blog dedicated to the things I've found interesting on the path to financial independence and my thoughts

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