can Fold help me solve my problems? \ stacker news ~bitcoin

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442 sats \ 7 comments \ @dough 14 May bitcoin

I've been hesitant to add Fold into my finance stack. I just hadn't seen the need for another sat buy button. And honestly the 'spins' made it seem more like a casino than a legitimate financial services company. It took me forever to get approved for a debit card which turned me off even more. But if it helps me solve my problems, I'm in...

The problem I'm trying to solve is for the businesses that charge a '3% fee for credit card'. I try to jump through hoops to get fiat onto a debit card or a bank account which is a huge pain in the ass for an obsessed sat stacker.

If I send BTC to my Fold account, sell that BTC for cash, can I spend that cash quickly on a debit card? Or withdrawal it from an ATM? What's the settlement/confirmation time for that

What else is possible? Other than the obvious sats back. And upcoming credit card.

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22 sats \ 0 replies \ @DarthCoin 21h

10 sats \ 0 replies \ @BlokchainB 18h

If I send BTC to my Fold account, sell that BTC for cash, can I spend that cash quickly on a debit card?

Yes. But you better remember the cost basis you acquired that bitcoin at when you sent it to fold. They will report that sell to the IRS and if you don’t know you will owe taxes on the capital gain.

Or withdrawal it from an ATM?

Yup you can. Just need an card and pin. I did it before but paid a large ATM fee.

What's the settlement/confirmation time for that

Depends on how busy the mempool is.

What else is possible?

ACH awards. Earn Sats back on every single major bill that you can pay with a bank account and routing number. So you could supercharge your stacking this way

2 sats \ 2 replies \ @Undisciplined 14 May

I haven't done what you're describing, but Fold allows you to "push" sats into fiat when your balance is short. I believe it's more or less instantaneous.

28 sats \ 1 reply \ @Hodl117 16h

It takes a minute or two to complete a sell to the card.

0 sats \ 0 replies \ @Undisciplined 15h

Thanks

1 sat \ 1 reply \ @lrm_btc 14 May

I cover fiat expenses with fiat income, as a rule. I certainly wouldn't sell kyc to dodge a 3% fee. You must be in a more lenient jurisdiction regarding cgt?

0 sats \ 0 replies \ @dough OP 2h

wait you guys are making gains