How can I use my rewards?

We encourage all Fold users to regularly withdraw the bitcoin you earn into your personal bitcoin wallet.

You can withdraw the BTC you earn in Fold to a personal Bitcoin wallet.  Currently, we only process withdrawals to on-chain wallets (such as Coinbase and others), and we accept native Segwit addresses.  There are no fees currently charged for withdrawals.

Please note that rewards withdrawals are processed once per week, on Tuesdays, and you need a minimum of 30,000 sat rewards to withdraw.

For bonus fun, join the party on Twitter and celebrate your new self-sovereign stack using hashtag #FoldToCold!

For more information on how to withdraw your bitcoin, please see below.

 

How do I withdraw sat rewards on Fold?

You can withdraw your Finalized sat rewards to a third-party Bitcoin wallet by following these steps:

  1. Open the Fold app
  2. Tap Bitcoin
  3. Tap Rewards
  4. Tap Send
  5. Copy/paste the address of your personal bitcoin wallet address into the field
  6. Tap the button for the wallet address that generates below the field where you pasted it
  7. Input the number of sats you want to withdraw
  8. Tap the Send bitcoin button
  9. You’re done! Wait for the transaction to process. *Please note that rewards withdrawals are processed once per week, on Tuesdays.

If these instructions do not match the options visible in your current version of the Fold app, please follow our standard troubleshooting steps to ensure you are getting the most up-to-date experience in the app!

 

What fees do I pay when I withdraw?

When you make a sat rewards withdrawal, there is no network fee. We currently keep this feature fee-free by processing all rewards withdrawals once per week on Tuesdays.

 

It appears there are rewards missing from my rewards balance when I try to withdraw.

You can withdraw your sat rewards once they have moved to a Finalized status.

Fold currently holds some rewards for 30 days to account for things like returns, refunds and chargebacks. After that time, they become available for withdrawal. That is why you may see a difference between your earned (Pending or Locked rewards) and available balance (Finalized rewards). The sats on the withdrawal tab are your "settled" reward balance, and are typically less than your total earned rewards.

All rewards earned on Fold gift card purchases, including any bonuses, are available instantly regardless of payment method.

All rewards currently pending should be available within the next ~30 days. Keep in mind that the 30-day hold starts from the date the merchant settles the transaction, and not when it occurred. Since they have up to 9 days to finalize the payment, in rare cases, it can take as long as 39 days from the date of purchase for the rewards to become available.

 

How many sats can I withdraw?

You must have a minimum of 30,000 sat rewards before you can withdraw, but then you can withdraw from 30k to the full available balance. This is your bitcoin; take custody of it.

 

How long does it take for my withdrawal to process?

Generally, withdrawals should be processed sometime on Tuesday, and you should see your sat rewards in your external bitcoin wallet by Wednesday morning. Things like demand and network congestion can impact how long it takes the bitcoin to reach your wallet. If you did not receive your deposit on Wednesday, please reach out to our support team at support@foldapp.com for further assistance.

 

How do I check the status of this transaction?

You can see all transactions, including withdrawals, in your Rewards history. To review your rewards history, follow these steps:

  1. Open the Fold app
  2. Tap Bitcoin
  3. Tap Rewards

If these instructions do not match the options visible in your current version of the Fold app, please follow our standard troubleshooting steps to ensure you are getting the most up-to-date experience in the app!

 

Please note: You can also view the transaction on Block Explorer for more detailed tracking.

 

For information on purchased bitcoin withdrawals from Fold, click here.

 

If you still have questions, or need further assistance, please email us at support@foldapp.com. 

Updated

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