The last time I wrote about Fold, things didn’t go too well as the app nullified my “quick tip” only a few days after I highlighted it. Despite this, I’m going to give it another go because the app has added a new feature that I think is interesting. Now, in addition to earning Bitcoin via gift card purchases, Fold Spin and Spin+ customers have the option to buy Bitcoin as well.
In the latest version of the app, users will notice an orange Bitcoin logo in the bottom right corner of the screen. Tapping this will load the Bitcoin buying option. While the default amounts listed include $1, $10, $20, $50, and $100, you can also enter a custom amount. After purchasing Bitcoin, customers will have the option to transfer it to an external wallet — although there is a three-day waiting period between purchase and transfer availability. By the way, users in Hawaii, New York, and South Dakota are unable to purchase Bitcoin in the app at this time.
As Fold advertises, those who purchase Bitcoin in the app can also earn rewards. For every $50 worth of Bitcoin you purchase, you can earn 1 Extra Spin.
In terms of fees, Fold Spin+ debit card customers can purchase Bitcoin without fees (although “in lieu of processing fees, Fold leverages a small spread which is variable based on the size of the purchase). Meanwhile, regular Spin card customers will be subject to a 0.95% processing fee. This fee is factored into your purchase amount, so when I purchased $9 of Bitcoin, it was really $8.91 in Bitcoin and a 9¢ fee. Note that transferring your Bitcoin comes with no fee regardless of whether you’re a Spin or Spin+ cardholder.
Now, while I welcome the addition of Bitcoin sales to the Fold app, there are a few ways in which I think this feature could be a lot better. First, I find little value in Extra Spins. As a reminder, these are simply re-spins you can redeem if you don’t like a prize you win after making a purchase. It’d be a lot better if, instead of Extra Spins, users were awarded actual spins.
Another benefit I’d like to see is the ability to combine your purchased Bitcoin with any earned Sats so that you could reach your withdrawal threshold more easily. Granted, I’m not 100% sure this isn’t the case since my purchase is still stuck in that 3-day holding pattern… but, from what I’ve read in their FAQ, it seems to be a separate system.
Seeing as I only have a Spin membership instead of a Spin+, purchasing Bitcoin in Fold doesn’t make a ton of sense for me given the processing fee. Furthermore, I find Extra Spins to be largely useless to me personally, so there’s not much incentive to buy. That said, in the event I’m wrong and my purchased Bitcoin does merge with my earned amount, then this would be a great addition to the app. Of course, I really don’t think that’s the case (but will update this article if it is!). So, while I’m always glad to see Fold growing and adding new features, this one probably won’t get much use from me in its current form. Still, kudos to them for trying.