Cashback in Bitcoin?
Whoever came up with the concept of cashback in Bitcoin was, in my opinion, a bit of a genius.
It’s such a powerful, smart, and fun way to introduce people to Bitcoin.
People are already used to getting cashback, air miles, or other rewards, when spending using their credit card, but getting rewarded in a money that’s absolutely scarce is a completely different ball game.
If you spend any meaningful time on Bitcoin Twitter and you don’t live in the US, like me, you might suffer from severe FOMO, when you see people posting their cashback & rewards from paying with their Fold debit card.
I mean, look at these examples and tell me how you cannot get FOMO? Seriously.
It’s quite disheartening, that those of us outside the US can’t get cashback & rewards in Bitcoin, when we pay for everyday spending, like these people.
But the truth is, we can, just at a smaller level, which is still better than nothing, right?
Let me quickly run you through how you can get cashback in Bitcoin, when making online purchases.
Step 1
First of all, you will need to sign up with Satsback, which you can do using the link below:
DISCLAIMER: I get a referral reward, for all the purchases made by people who sign up with my link, for the first year, at no extra cost to them.
Step 2
After you signed up with Satsback, login into your account and tap on the three bars, in the top right, and select stores.
Once the stores page opens, select your country, then start searching for the merchant you want, using the search bar.
If you can’t find the merchant you want, then you have two options to find a similar merchant to the one you’re looking for.
You can type in the search bar the product/service you’re looking for (i.e. clothes or holiday) or you can sort merchants by category (i.e. day out or baby & kids).
Step 3
Once you found the merchant that you want, tap on them, then press the “Shop now with satsback” green button.
This will redirect you straight to the merchant’s website, where you will make your purchase as you would normally do.
Once you pay for your purchase, satsback will inform you about your pending funds & will let you know when your cashback is available to withdraw.
Typically, it will take at least 2 weeks, for the pending funds to become available to withdraw.
This is simply because Satsback waits for the merchant to confirm that your order was not returned or refunded, which only makes sense.
You can check your available balance and pending balance, by taping on the 3 lines, in the top right, and selecting “Dashboard”.
Once your cashback is available to withdraw, which you’ll see on your dashboard, all you have to do is, again, tap the 3 lines, in the top right, and select payout, then press the “payout” button.
You will then have to wait, for a couple of seconds, for an invoice to be generated by Satsback, which you can choose to copy or open straight away, with your Bitcoin Lightning Network wallet.
Depending on the wallet you use, the screen accepting the funds will look slightly different, but all you have to do is just confirm the payment you’re about to receive, and voilà.
Now, this is not as fun and rewarding as using the Fold debit card, but, if you don’t have access to that, this really is better than getting nothing.
But, just imagine, when you will have access to the Fold debit card and you make an online purchase from a merchant through Satsback?
If you’re lucky enough to already be paying for stuff with a Fold debit card, next time you need to make an online purchase, why not find & go on the merchant’s website through Satsback and pay with your Fold debit card?
That’s some serious sats reward-stacking right there, for doing very little extra work, on your way to making an online purchase.
Staking sats with DCA is nice and all, but getting rewarded in Bitcoin, for purchases you would’ve made anyway, feels more rewarding, at least for me.
I hope you found this piece interesting and helpful, and are glad to have discovered another tool to use in your Bitcoin accumulation journey.
If you did, make sure to follow me on here and drop a comment below letting me know how you find the whole experience, if you end up trying it, which I don’t see why you wouldn’t.
Thanks for reading! 🧡
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