Nostr Web Client

I gave Fold a chance. But everytime I want to use it, I notice new things that don’t make sense to me.

The debit transfer has 1.5% fee. So you have to do bank transfers.

Coupons do not activate instantly. They need 48 hours. So every time you need to buy something, you have to either plan, or wait.

Sats are taxed as profits when you withdraw. So even if you get 3% back, you will lose 1% for tax.

I seriously don’t understand the model 🤷‍♂️

But at this point I’ll continue to get 2%-3% from my credit cards, use those to buy bitcoin directly and send them to cold storage.

nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev what am I missing… how is this more sats that CC rewards?

Kosmosis 11mo ago

Where do you buy Bitcoin directly with credit card? I've yet to find a way to do this efficiently. What is this 1% tax?

For me, I have paycheck direct deposit to fold. Some percentage gets instantly converted to Bitcoin. I use the debit card for daily purchases like gas and groceries. I earn a small amount of sats for this, and I do roundups to get more sats.

I also use it to pay my bills, but that is real small percentage. Like 0.25%

I agree it used to be way better. But this still works for me. And is net positive.

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Discussion

TKay 11mo ago

No. I used my Apple card for everything and it pays 2-3% back. I close the card balances every month. I really just sell my data for cash back 😅

Withdraw the 2-3% to my bank account and buy bitcoin.

The 1% of the 3% is roughly 30% income tax to withdraw. Unless you want to hold the sats with Fold for over a year.

Kosmosis 11mo ago

Ok got ya.

I hold long term anyway because another major problem I have with fold is they don't have lightning withdrawals. So I want to amass a large enough UTXO to be worth holding onchain. That's about 1mil sats for me. So that takes a long time to amass in rewards.

They do separate the rewards sats from the sats you buy (roundups, direct deposit) so those you can move to cold storage without tax implications.

TKay 11mo ago

Yeah. That stinks. Sorry, this card does not make sense.