Fold App Replacing Sats With eCash For Daily Spin Rewards
The Bitcoin rewards debit card and Bitcoin bank account provider Fold announced today that, as of July 1, it will no longer give away Bitcoin directly to users through its Daily Spin Rewards feature. Instead users will spin the wheel for a chance to earn eCash minted using Fold's new eCash service.
Currently, anyone who downloads the Fold mobile app can spin the wheel for the chance to earn sats each day as well as the chance to earn double that when they buy gift cards to popular retail stores. The company cut the daily rewards earning potential from 5-10 sats to 2.5-5 sats on April 19th when the Bitcoin block reward halved from 6.25 to 3.125 sats. However, due to the dollar denominated cost per sats rising as due to Bitcoin already winning, the company has switched to eCash which will allow them to give away amounts fewer than 1 sat per day.
While Fold App free loaders, who don't buy gift cards or participate in the Fold App subscription program, will surely complain about the lousy free Daily Spin Rewards founder Will Reeves said he's not worried about the backlash. "These folks are not 'thermodynamically sound' customers. In fact, they're not customers at all. They are a drain on Fold's Bitcoin treasury but if we don't continue the program they will post derogatory memes online to spoil the brand we've worked hard to build." The eCash news isn't all bad, however. By using the new system Fold will be able to lower the threshold required for users to withdraw Bitcoin from their platform and as long as they have a lightning wallet.
According to the Fold Apps's terms and services, 100 eCash points will equal 1 satoshi. So each increment of 100 eCash points will become withdrawal eligible. Fold said it is looking into adding functionality which will allow users to send their eCash points directly to their favorite podcasts on Fountain and Nostr accounts over the lightning network, a move which strengthen's the Value 4 Value economy.
