Fold Wallet | Bitcointalksearch.org

hugeblack

legendary

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Quote

Reward Accounts and bitcoin are not FDIC or SIPC insured. Bitcoin involves certain risks and may lose value.
‍
**Insurance Policy covers copying and theft of private keys, insider theft or dishonest acts by BitGo employees or executives, and loss of keys.

If we read their terms of use, we will find that these terms are related to securing bank deposits and theft from within or dishonest acts by BitGo employees. Therefore, even with your completion of KYC and use of the custodial service, there is a possibility that your coins will be stolen and will not be guaranteed or secured so that you can recover part of the amount.

It might be good for someone who wants to use it to Pay off your mortgage, credit card, and other bills with Bitcoin rather than as a wallet.

dkbit98

legendary

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Quote from: NotATether on October 23, 2024, 05:10:56 AM

It may be a custodial wallet with some KYC, but I imagine it will be useful to those of us who live in the US.

I don't see any use of custodial wallets like this, except if someone is using it only because of their Fold visa debit card for cashing out.
For me Fold is a red alert because they are connected and insured with Bitgo, and I would not use it myself in any scenario even if I was living in US.

DaveF

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Quote from: Synchronice on October 24, 2024, 06:45:04 AM

So, this is similar to Binance Card but for US customers only. By the way, I don't understand what benefits these companies gain when you pay with their card and they give you a cashback? Is this card like an AMEX? I know that AMEX charges stores almost a double percentage of what other card providers charge and they reward their customers with cashback with that surplus charge. Does Fold wallet do that too? I have used AMEX and I have noticed that store employees hesitate to let me pay with it.

Despite the fact that we are against centralized exchanges and support the proven fact of not your keys equals not your coins, I still like services similar to Fold Wallet because in modern life, you need such service.

Couple of things at least for Fold.

1) It's a debit card so you have to have a cash balance sitting in your account to use it BUT they are not paying any interest so they get to use your money for free.
2) They do get a small percentage and some other fees from the credit card fees
3) They are bulk buying gift cards and selling them at a smaller discount. From what I know from the industry and other places they are probably making ~1.25% per card.
4) They have a "Fold+" program that has a fee.

-Dave

Synchronice

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Watch Bitcoin Documentary - https://t.ly/v0Nim

So, this is similar to Binance Card but for US customers only. By the way, I don't understand what benefits these companies gain when you pay with their card and they give you a cashback? Is this card like an AMEX? I know that AMEX charges stores almost a double percentage of what other card providers charge and they reward their customers with cashback with that surplus charge. Does Fold wallet do that too? I have used AMEX and I have noticed that store employees hesitate to let me pay with it.

Despite the fact that we are against centralized exchanges and support the proven fact of not your keys equals not your coins, I still like services similar to Fold Wallet because in modern life, you need such service.

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

Fold has been around for years.
They are also well known in the lightning world and are behind https://ln.pizza/ and a few other things.

Have used them on and off since they 1st came out not so much as a wallet but they do have decent at times cash back (well BTC back) on gift cards.

-Dave

Kruw

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If it's custodial then it's not a "wallet", it's an "exchange", or a "bank": Reminder: do not keep your money in online accounts

NotATether

legendary

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bitcoincleanup.com / bitmixlist.org

It may be a custodial wallet with some KYC, but I imagine it will be useful to those of us who live in the US.

Features:

Buy and sell Bitcoin - yeah yeah we know the usual, but it gets better:
Withdraw cash from Visa ATM
Get some of your wages paid in BTC
Fraud insurance (or should I say SBF insurance )
Stack sats by buying stuff with it - free sig campaign money!

Link

I am not affiliated with Fold. I just saw it on X and I thought it was a cool idea.

Topic: Fold Wallet (Read 136 times)