Cashback in Bitcoin
The individual who conceived the notion of Bitcoin cashback was undoubtedly a brilliant mind, in my opinion. This innovative approach serves as a powerful, intelligent, and engaging method to introduce people to Bitcoin.
People have grown accustomed to receiving cashback, air miles, or other rewards when using their credit cards for spending. However, being rewarded with a currency as inherently scarce as Bitcoin is an entirely different and exciting concept.
If you spend a significant amount of time on Bitcoin-related social media, like Bitcoin Twitter, and you reside outside the United States, like me, you might find yourself experiencing FOMO (Fear of Missing Out) when you see others posting about their cashback and rewards earned from using their Fold debit cards.
Take a look at these examples, and it’s hard not to feel a sense of FOMO. Seriously.
It can be disheartening for those of us residing outside the US to be unable to access Bitcoin cashback and rewards when making everyday purchases, like these fortunate individuals.
However, the truth is that we can, albeit on a smaller scale. This is still better than nothing, right?
Let me walk you through the process of earning Bitcoin cashback when making online purchases.
Step 1: Sign Up with Satsback
First and foremost, you’ll need to create an account with Satsback. You can do so by following the link below:
DISCLAIMER: I receive a referral reward for all purchases made by people who sign up through my link during the first year, at no additional cost to them.
Step 2: Explore Stores
After registering with Satsback, log in to your account and click on the three bars in the top right corner, then select “Stores.”
Once you’re on the stores page, choose your country and start searching for the merchant you desire using the search bar.
If you can’t find the specific merchant you’re looking for, you have two options. You can type in the search bar the product or service you want (e.g., clothes or holidays), or you can sort merchants by category (e.g., day out or baby & kids).
Step 3: Shop with Satsback
Once you’ve found the merchant you want, click on it, and then press the “Shop now with Satsback” green button. This will redirect you to the merchant’s website, where you can complete your purchase as you normally would.
After making your purchase, Satsback will notify you about your pending funds and inform you when your cashback is available for withdrawal.
Typically, it takes at least two weeks for pending funds to become available for withdrawal. This waiting period allows Satsback to ensure that the merchant has confirmed that your order wasn’t returned or refunded, which is a sensible practice.
You can check your available and pending balances by clicking on the three lines in the top right corner and selecting “Dashboard.”
Once your cashback is ready for withdrawal (as indicated on your dashboard), all you have to do is click the three lines in the top right corner again, select “payout,” and then press the “payout” button.
You’ll need to wait a few seconds for Satsback to generate an invoice, which you can choose to copy or open immediately using your Bitcoin Lightning Network wallet.
The payment acceptance screen may look slightly different depending on the wallet you use, but the process simply involves confirming the payment you’re about to receive, and voilà.
While this may not be as exciting and rewarding as using the Fold debit card, it’s still a better option than receiving nothing. Imagine the possibilities when you gain access to the Fold debit card and make online purchases through Satsback.
If you’re fortunate enough to already be using a Fold debit card for your purchases, consider accessing the merchant’s website through Satsback and paying with your Fold debit card the next time you shop online. It’s a fantastic way to stack up sats (small units of Bitcoin) with minimal extra effort on your path to making online purchases.
While staking sats through Dollar-Cost Averaging (DCA) is a sound strategy, receiving Bitcoin rewards for purchases you would have made anyway can be a more gratifying experience, at least in my view.
I hope you found this information interesting and helpful. If you decide to give it a try, please follow me and leave a comment below to share your experience. I can’t see why you wouldn’t want to explore this opportunity.
Thanks for reading! 🧡