First they ignore you. Then they laugh at you. Then they fight you. Then you win. - Ghandi
Fold app has been around at least 5 years. I can say this because I told people about it in the very first Cryptoversity course I published in 2015.
Now though (according to this Forbes contributor) VISA have accepted Fold into the VISA Fintech Fast Track Program.
Imagine getting as much as 10% of your credit card purchases as cashback in Bitcoin.
Buying Pressure
The more volume that goes through rewards programs like this the more consistent buying demand there will be for Bitcoin.
The Forbes article does mention that right now people are more interested in acquiring Bitcoin than they are in spending it.
This puts Bitcoin more in the realm of digital Gold as a store of value type of use case.
My Orange Juice Model
As a student of Cryptoversity you may recognise how this is contributing to what I describe in my orange juice model:
Every time someone makes a purchase with Fold, big fiat orange gets squeezed and juice flows into little crypto orange.
Fiat orange gets a bit smaller, crypto orange gets a bit bigger. One day they will equalise.
Bitcoin Doesn't Expire
Bitcoin is an attractive option as a rewards token because they do not expire like air miles and they are easily traded with lots of liquidity.
It also means there is no need for a dedicated system to keep track of customer rewards. You just give them the Bitcoin and you are done.
But VISA Though?
Go to the Fold app website and watch their latest promo video.
Fold puts you in control, not the banks
Really?
And VISA are OK partnering with a company with a marketing message like that?
They must be.
Have We Turned A Corner?
Which part of the Ghandi quote are we at do you think?
Have they stopped fighting Bitcoin and cryptocurrencies?
I've long held the view that companies will change their behavior based on consumer demand. Consumers forget that they ultimately have all the power since they make the purchasing decisions.
So it's consumers that ultimately determine which companies get their money.
If customers in large numbers began flocking to Bitcoin oriented rewards services, you either try and beat 'em or join 'em.
Your Views
This isn't the first Bitcoin rewards / cashback service. See Lolli for example.
If we get to a situation where these services are competing with each other, it will no longer be a question of whether to use one, it will be a case of which one.
What do you think to this news about Fold joining the VISA Fintech Fast Track program?
Do you currently use any kind of crypto debit or rewards card?
Please let me know in the comments below.
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I am in the U.S.A. and I just got my Uphold debit card in the mail. Being able to hold crypto with an easy spend method is a big improvement for U.S.A. consumers.
Thank you for news of the new crypto reward card.
Same but I pegged mine to gold.
I think we are approaching the peak of the "then they fight you" part of Gandhi's quote.
I don't use any cashback or card systems, that being said I did do the hodl time to get the Crypto.com Jade card which is pretty neat, but I've never really got into using credit cards yet. One day maybe, but I don't like the risk of failing to pay, and I don't really need them.
Would love to be able to pay for normal things directly through crypto via lightning network, I'll be really excited when that explodes up
Thanks for another interesting read, Chris
You are very welcome. Thanks for the comment.
I think we're to the point where some large governments and even large corporations are done fighting Bitcoin and cryptocurrency as a form of payment or means of accumulating wealth. There are a lot of other features and use cases for cryptocurrency that I believe we haven't even started the real fight for yet.