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Fold announces account holders can purchase and redeem Bitcoin Gift Cardsfoldapp.com/bitcoin-gift-card?utm_source=iterable&utm_medium=email&utm_campaign=btcgc_launch
169 sats \ 5 comments \ @plebpoet 4h bitcoin
I'm interested in the idea of a bitcoin gift card. That's actually a really complex idea, no?
I buy a bitcoin gift card. I give it to you. You want to redeem it? Well,
How do I redeem a Fold bitcoin gift card? Visit redeem.foldapp.com and follow the instructions to redeem your Fold bitcoin gift card. Funds will be deposited directly into your bitcoin balance with Fold. You must be a registered Fold account holder. If you haven't already, download the Fold App to start registration.
I can see reason for gifting a bitcoin gift card. As they say, it's a pretty great on-boarding bridge.
For the friends and family you’ve been trying to ‘get off zero’, this offers an effortless way to start their bitcoin journey. Not only are you gifting sats, you’re also setting them up with Fold, a beginner-friendly way to earn and save in bitcoin.
Still, interesting...right? Are you holding bitcoin? Or are you holding a Fold note? I don't know. What role does Fold play in between you and your bitcoin if it's issued on their gift card? Issued is the wrong word. Or is it? I don't have the econ analytical chops to describe this, but others of you do. What do you think?
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124 sats \ 2 replies \ @Undisciplined 4h
I don’t know of people having trouble withdrawing their sats from FOLD, so I think it’s legit.
It’s a nice arbitrage for them. They buy bitcoin at the time of gift card purchase and then sell what will usually be less bitcoin to the gift card recipient.
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0 sats \ 0 replies \ @plebpoet OP 3h
that makes sense
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0 sats \ 0 replies \ @Undisciplined 4h
Or, maybe I’m misunderstanding and it’s a set quantity of bitcoin.
In that case, the benefit to Fold is the new customers.
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0 sats \ 1 reply \ @BlokchainB 3h
This will help people gain access to Bitcoin I use coinkite sat cards that make it really hard for the average person to access the sats and to sell them for dollars if they need to. Now with this they can just get fold sell the bitcoin if they wish and get easy access to dollars.
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0 sats \ 0 replies \ @plebpoet OP 3h
True, and I imagine Fold is a nicer user experience than others
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