Community Trust ScoreVerified
- Rewards Credit cards and FinTech BTC
- No Private Keys, not your coins
- Earn unlimited 1.5% in Bitcoin on all purchases
- Can’t Withdraw Your BTC To A Private Wallet
Michael Saylor: “Rewards credit cards are a Layer 3 application, built on a Layer 2 FinTech BTC platform from NYDIG_BTC. This is one of the ways the bitcoin network scales to the next billion users. One day everyone with a credit card could own bitcoin.”
Michael Saylor stated this in response to Upgrade Inc launching Upgrade Credit. Upgrade focuses on delivering frictionless mobile banking and exceptional value to consumers. Upgrade has already facilitated over $7 billion in consumer credit.
The Innovative Approach to Payments and Crypto Rewards combine the flexibility of a credit card with the low cost and predictability of a personal loan.
It is convenient because it can be used wherever Visa® is accepted. Or send funds to your bank account.
Predictable because you can pay down balances from each month at a fixed rate with equal monthly payments.
Rewarding, earn an unlimited 1.5% in Bitcoin on all purchases when you pay them back.
Fine print: “If you want to extract your BTC, you have to sell it to them at a 1.5% fee for USD. Then transfer the USD out through traditional methods. It forces you right back into what BTC is trying to avoid. Hard pass.”
Community response: Bitcoin rewards are the best rewards that have ever been. Agreed. Credit cards AND debit cards with bitcoin rewards could move the needle on adoption.
Yes, but you can’t withdraw your bitcoin to a private wallet; instead, you can only sell for a 1.5% fee, and all the proceeds will apply against your credit statement. This is not the right ethos. Staying away from it. Suppose you can’t withdraw the BTC. Then It’s not BTC. It is that simple. Just a marketing tool to get more money from people who don’t know any better. It’s sad.
If the idea of “Your bitcoin cannot be transferred to a separate wallet” changes, there will be more adoption. Do I get the private key? I bet I don’t. No, Thank you.
On the one hand, when someone said you say Bitcoin is no money, on the other hand, you say you can use it with credit cards. It is both. It is a store of value and a currency. In response, BTC advocates were like: If gold is both, then Bitcoin is both. Does this make sense to you?
The only thing I have on Fold is that you have to spend via debit. All my debt balances go to buying more Bitcoin. If you pay the full statement balance on your credit card every month, then it nets out the same either way. And if you don’t, then you should probably seek more efficient sources of leverage. Someone counter justified stated: You are correct, sir, but there is a TVM for investment purposes which you can lose opportunity cost while paying minimum balances and deferring your debt.
2020 – Bitcoin will replace fiat. 2021 – Okay, but maybe it could replace frequent flyer points?
Michael, can you convince them to change the terms to allow withdrawals to external wallets. Not your keys, not your coins.
