Monday, January 18, 2021

Stackin' Free Sats with Fold

No doubt you've seen Bitcoin in the news again. It recently hit around 42k/coin in U.S. Dollar (USD) terms, adoption is increasing, and access just gets easier every day. It's growing and evolving; when I first started blogging about Bitcoin after making my first buys back in 2015, I never could have guessed that it would come as far as it has this fast. Bitcoin has blossomed into something that was just a dream then (arguably, it's still just getting started).  

One thing that hasn't changed, unfortunately, is that a lot of people still think that "buying Bitcoin" means buying whole coins, so they think they've missed the boat. It doesn't, it never did. For most people, you buy satoshis (the term that's been adopted for the decimal places to the right of a whole bitcoin; satoshis, "sats" for short, are to bitcoins as cents are to dollars), and if you "stack" enough of them, they eventually total to one or more bitcoins. 

Rather than the entry into Bitcoin ownership costing you between 34-38k USD (the range it's consolidating in at the time of this writing on a per-coin basis), the actual cost of entry is approximately $0.0003580719 U.S. cents, one satoshi at the current price.

That's right. With one penny, you could buy some satoshis (in theory; it's more likely that you would buy at least 1 USD worth given how a lot of exchange deposit minimums work).
I know a way you can get started with no money at all, as long as you have a smart phone: the free Fold App.

Fold is a shopping rewards program through which you can buy gift cards to various merchants and receive "cash back" in the form of satoshis. 

Included with the app is a game, the Free Daily Spin. I do this daily.

Once per day (every 20 hours), you can spin the wheel in the app and potentially win more satoshis. Every time you do seven daily spins in a row, you get a bonus of 1,000 sats (update 20 Jan 21: I just completed seven in a row this morning, the bonus has dropped to 500 sats, don't know why). Once you reach 50k sats, you can withdraw them to another wallet address. If you take advantage of the shopping offers in the app, sats will stack even faster (you don't have to do this though). 

I know of a place you can send these free satoshis to begin earning interest that is paid into your account once per month in bitcoin, so your stack of sats can keep growing on its own (I'll save that for a future post once you all are close to being able to make your first withdrawal). 

Signing up for Fold with this link gets you 20,000 satoshis to start with. Not bad for a free app!

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