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Author Topic: satoshis as reward points for fiat spendings  (Read 72 times)
pawanjain
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September 09, 2021, 03:06:14 PM
Merited by amishmanish (2)
 #1

To begin with, I am not promoting this platform but asking for opinions and reviews as to how good it can be.



I just came across this platform called GoSats which offers a debit card where the reward points are given in the form of Satoshis. I found this really exciting because getting satoshis for spending fiat sounds really cool to me.
Collecting those satoshis can someday become a big amount if we keep using the card. Also, when bitcoin price spikes up the value for these satoshis will increase as well.
Most of us here use debit or credit cards and we get reward points which we even forget sometimes. I am not really sure if this is a genuine platform or a scam.
But if this was genuine product I would certainly like to get my hands on this card. What do you guys think ?

The website is https://gosats.io/

Check it out and let me know your thoughts about it. I wish many such startups establish a wider crypto adoption in India.

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September 09, 2021, 08:11:13 PM
Merited by pawanjain (1), libert19 (1)
 #2

This is quite an old project now, I think this was posted a year ago by Web tricks too when he saw this website for the first time. https://bitcointalk.org/index.php?action=profile;u=322010 This person claims to be the founder of this website and this company is registered in Singapore.

The problem with this model that I think is that you pay the company for a card which enables you to get some cash back into the same card, the company itself currently is relying on the customers who don't use the card that much to pay off those customers who would use the card, This model would only work if the company is able to get some partnerships with E-com websites where the E-com websites issue cashback to the users if they pay through these cards and this cashback are converted by gosats into bitcoins, otherwise, company is just repaying the same money which they took from customers as one-time fee-generating no revenues for itself

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September 10, 2021, 06:03:22 AM
 #3

I don't see myself using it, as just using fiat tends to give more discount on shopping websites. I was early access user and have 15k sats, waiting for them to add that spin-a-wheel feature, go big or go home Tongue

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September 10, 2021, 09:29:12 AM
 #4

This is quite an old project now, I think this was posted a year ago by Web tricks too when he saw this website for the first time. https://bitcointalk.org/index.php?action=profile;u=322010 This person claims to be the founder of this website and this company is registered in Singapore.

The problem with this model that I think is that you pay the company for a card which enables you to get some cash back into the same card, the company itself currently is relying on the customers who don't use the card that much to pay off those customers who would use the card, This model would only work if the company is able to get some partnerships with E-com websites where the E-com websites issue cashback to the users if they pay through these cards and this cashback are converted by gosats into bitcoins, otherwise, company is just repaying the same money which they took from customers as one-time fee-generating no revenues for itself

Now that's an eye opener. I wonder how large is their customer base.
If what you said is true then I think their startup won't be able to survive in the long run.
Most of the discount offers won't be available for these cards and since they don't have any partnerships their revenue will keep decreasing if user base doesn't keeps increasing.

I don't see myself using it, as just using fiat tends to give more discount on shopping websites. I was early access user and have 15k sats, waiting for them to add that spin-a-wheel feature, go big or go home Tongue

So you mean you are already one of their users ?
If so can you let us know how useful the card is and how much have you earned so far ?
Is it worth investing in the card ?

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September 10, 2021, 10:56:57 AM
 #5

~
Quote

Now that's an eye opener. I wonder how large is their customer base.

They have 5k+ thousands downloads on play store, 161 on chrome store and idk how to check on app store.

~

So you mean you are already one of their users ?
If so can you let us know how useful the card is and how much have you earned so far ?
Is it worth investing in the card ?

I don't use it, I just signed up for early access cause they were giving bonus.

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September 14, 2021, 09:06:26 PM
 #6


The problem with this model that I think is that you pay the company for a card which enables you to get some cash back into the same card, the company itself currently is relying on the customers who don't use the card that much to pay off those customers who would use the card, This model would only work if the company is able to get some partnerships with E-com websites where the E-com websites issue cashback to the users if they pay through these cards and this cashback are converted by gosats into bitcoins, otherwise, company is just repaying the same money which they took from customers as one-time fee-generating no revenues for itself

This business model is very similar to the business model of Cred. Whoever is using credit cards, must have heard of it. Cred also relies on the customer's money but their major revenue aource is advertising. Usually these type of cashback platforms promotes various brands and get paid by those brands in return. The annual fees is definitely a source of revenue for them but not a major one.

One thing I am unsure about. As per law, no Indian company can issue debit or credit cards except banks. So if this company is issuing cards from Singapore, they are illegal in India. Not sure how they are operating for Indian brands!

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September 15, 2021, 06:45:59 PM
 #7


The problem with this model that I think is that you pay the company for a card which enables you to get some cash back into the same card, the company itself currently is relying on the customers who don't use the card that much to pay off those customers who would use the card, This model would only work if the company is able to get some partnerships with E-com websites where the E-com websites issue cashback to the users if they pay through these cards and this cashback are converted by gosats into bitcoins, otherwise, company is just repaying the same money which they took from customers as one-time fee-generating no revenues for itself

This business model is very similar to the business model of Cred. Whoever is using credit cards, must have heard of it. Cred also relies on the customer's money but their major revenue aource is advertising. Usually these type of cashback platforms promotes various brands and get paid by those brands in return. The annual fees is definitely a source of revenue for them but not a major one.

One thing I am unsure about. As per law, no Indian company can issue debit or credit cards except banks. So if this company is issuing cards from Singapore, they are illegal in India. Not sure how they are operating for Indian brands!
Cred has no business model so far, they had negligible revenues until last year, moreover, if the companies are offering people discounts there is a pretty slim chance that they'll offer something to Cred too, as Cred isn't really helping them generate any traffic so far, lately CRED has been focusing on two products namely CRED RentPay and CRED Stash,
Rentpay allows you to automate your monthly rentals and other recurring expenses more like an ECS while CRED Stash allows you an instant line of credit something like the DHANI App, most of the revenues so far are just from Interest on the deposits of the large fundings that they have received due to their user base.

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September 16, 2021, 12:51:28 AM
 #8

To begin with, I am not promoting this platform but asking for opinions and reviews as to how good it can be.



I just came across this platform called GoSats which offers a debit card where the reward points are given in the form of Satoshis. I found this really exciting because getting satoshis for spending fiat sounds really cool to me.
Collecting those satoshis can someday become a big amount if we keep using the card. Also, when bitcoin price spikes up the value for these satoshis will increase as well.
Most of us here use debit or credit cards and we get reward points which we even forget sometimes. I am not really sure if this is a genuine platform or a scam.
But if this was genuine product I would certainly like to get my hands on this card. What do you guys think ?

The website is https://gosats.io/

Check it out and let me know your thoughts about it. I wish many such startups establish a wider crypto adoption in India.

I have been using this platform since last year. I did a couple of purchases using their app on Flipkart. Depending on the e-commerce website that you use you are paid a certain percentage of satoshi back in your account. It might take a minimum of 30 days to a maximum of 90 days for them to verify the purchase and pay you in satoshi. I really liked the concept and I did create a topic about this platform here.

Check it out - https://bitcointalk.org/index.php?topic=5328618.msg56717350#msg56717350

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September 16, 2021, 03:04:00 PM
 #9

To begin with, I am not promoting this platform but asking for opinions and reviews as to how good it can be.



I just came across this platform called GoSats which offers a debit card where the reward points are given in the form of Satoshis. I found this really exciting because getting satoshis for spending fiat sounds really cool to me.
Collecting those satoshis can someday become a big amount if we keep using the card. Also, when bitcoin price spikes up the value for these satoshis will increase as well.
Most of us here use debit or credit cards and we get reward points which we even forget sometimes. I am not really sure if this is a genuine platform or a scam.
But if this was genuine product I would certainly like to get my hands on this card. What do you guys think ?

The website is https://gosats.io/

Check it out and let me know your thoughts about it. I wish many such startups establish a wider crypto adoption in India.

I have been using this platform since last year. I did a couple of purchases using their app on Flipkart. Depending on the e-commerce website that you use you are paid a certain percentage of satoshi back in your account. It might take a minimum of 30 days to a maximum of 90 days for them to verify the purchase and pay you in satoshi. I really liked the concept and I did create a topic about this platform here.

Check it out - https://bitcointalk.org/index.php?topic=5328618.msg56717350#msg56717350

Wow, that's amazing. Good to see that the site is still functioning as well as paying Satoshis to it's users.
Can you let us know if the free spin feature is working as of now ?
Also, would you recommend this to other users?
Is it worthy to spend 500 for this card and make purchases through this card ?
I like the idea of this card and wanted to know it's really worth it or just a waste of time.

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pakhitheboss
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September 17, 2021, 04:37:06 AM
 #10

To begin with, I am not promoting this platform but asking for opinions and reviews as to how good it can be.



I just came across this platform called GoSats which offers a debit card where the reward points are given in the form of Satoshis. I found this really exciting because getting satoshis for spending fiat sounds really cool to me.
Collecting those satoshis can someday become a big amount if we keep using the card. Also, when bitcoin price spikes up the value for these satoshis will increase as well.
Most of us here use debit or credit cards and we get reward points which we even forget sometimes. I am not really sure if this is a genuine platform or a scam.
But if this was genuine product I would certainly like to get my hands on this card. What do you guys think ?

The website is https://gosats.io/

Check it out and let me know your thoughts about it. I wish many such startups establish a wider crypto adoption in India.

I have been using this platform since last year. I did a couple of purchases using their app on Flipkart. Depending on the e-commerce website that you use you are paid a certain percentage of satoshi back in your account. It might take a minimum of 30 days to a maximum of 90 days for them to verify the purchase and pay you in satoshi. I really liked the concept and I did create a topic about this platform here.

Check it out - https://bitcointalk.org/index.php?topic=5328618.msg56717350#msg56717350

Wow, that's amazing. Good to see that the site is still functioning as well as paying Satoshis to it's users.
Can you let us know if the free spin feature is working as of now ?
Also, would you recommend this to other users?
Is it worthy to spend 500 for this card and make purchases through this card ?
I like the idea of this card and wanted to know it's really worth it or just a waste of time.

On the app, I do not see the spin feature anymore. I think they have removed it and might add it in the future. I would not recommend yet going for the paid debit card. They have a free debit card, which you can apply but it has a waiting period. In the meantime, you can download their app and use it make purchase.

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pawanjain
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September 17, 2021, 03:31:20 PM
 #11

To begin with, I am not promoting this platform but asking for opinions and reviews as to how good it can be.



I just came across this platform called GoSats which offers a debit card where the reward points are given in the form of Satoshis. I found this really exciting because getting satoshis for spending fiat sounds really cool to me.
Collecting those satoshis can someday become a big amount if we keep using the card. Also, when bitcoin price spikes up the value for these satoshis will increase as well.
Most of us here use debit or credit cards and we get reward points which we even forget sometimes. I am not really sure if this is a genuine platform or a scam.
But if this was genuine product I would certainly like to get my hands on this card. What do you guys think ?

The website is https://gosats.io/

Check it out and let me know your thoughts about it. I wish many such startups establish a wider crypto adoption in India.

I have been using this platform since last year. I did a couple of purchases using their app on Flipkart. Depending on the e-commerce website that you use you are paid a certain percentage of satoshi back in your account. It might take a minimum of 30 days to a maximum of 90 days for them to verify the purchase and pay you in satoshi. I really liked the concept and I did create a topic about this platform here.

Check it out - https://bitcointalk.org/index.php?topic=5328618.msg56717350#msg56717350

Wow, that's amazing. Good to see that the site is still functioning as well as paying Satoshis to it's users.
Can you let us know if the free spin feature is working as of now ?
Also, would you recommend this to other users?
Is it worthy to spend 500 for this card and make purchases through this card ?
I like the idea of this card and wanted to know it's really worth it or just a waste of time.

On the app, I do not see the spin feature anymore. I think they have removed it and might add it in the future. I would not recommend yet going for the paid debit card. They have a free debit card, which you can apply but it has a waiting period. In the meantime, you can download their app and use it make purchase.

I am not able to see any free debit card on their website. They just have two cards. Intro and Elite.
Both the cards are paid cards. The intro card has a one time charge with the price of INR 499 whereas the Elite card is INR 1499 per year.
If you have a link or something for the free card then do share the link.
Also, I saw the app on playstore and noticed that it has a referral system as well. Just in case you want a referral you can shoot me a PM with the referral link.

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pakhitheboss
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September 18, 2021, 10:14:37 PM
 #12

To begin with, I am not promoting this platform but asking for opinions and reviews as to how good it can be.



I just came across this platform called GoSats which offers a debit card where the reward points are given in the form of Satoshis. I found this really exciting because getting satoshis for spending fiat sounds really cool to me.
Collecting those satoshis can someday become a big amount if we keep using the card. Also, when bitcoin price spikes up the value for these satoshis will increase as well.
Most of us here use debit or credit cards and we get reward points which we even forget sometimes. I am not really sure if this is a genuine platform or a scam.
But if this was genuine product I would certainly like to get my hands on this card. What do you guys think ?

The website is https://gosats.io/

Check it out and let me know your thoughts about it. I wish many such startups establish a wider crypto adoption in India.

I have been using this platform since last year. I did a couple of purchases using their app on Flipkart. Depending on the e-commerce website that you use you are paid a certain percentage of satoshi back in your account. It might take a minimum of 30 days to a maximum of 90 days for them to verify the purchase and pay you in satoshi. I really liked the concept and I did create a topic about this platform here.

Check it out - https://bitcointalk.org/index.php?topic=5328618.msg56717350#msg56717350

Wow, that's amazing. Good to see that the site is still functioning as well as paying Satoshis to it's users.
Can you let us know if the free spin feature is working as of now ?
Also, would you recommend this to other users?
Is it worthy to spend 500 for this card and make purchases through this card ?
I like the idea of this card and wanted to know it's really worth it or just a waste of time.

On the app, I do not see the spin feature anymore. I think they have removed it and might add it in the future. I would not recommend yet going for the paid debit card. They have a free debit card, which you can apply but it has a waiting period. In the meantime, you can download their app and use it make purchase.

I am not able to see any free debit card on their website. They just have two cards. Intro and Elite.
Both the cards are paid cards. The intro card has a one time charge with the price of INR 499 whereas the Elite card is INR 1499 per year.
If you have a link or something for the free card then do share the link.
Also, I saw the app on playstore and noticed that it has a referral system as well. Just in case you want a referral you can shoot me a PM with the referral link.


Hey, I have sent you the referral link through DM. Yes, you are correct you need to pay a one-time fee of 499 but there is zero annual charges which basically means free. Wherein the other one you have to pay zero one time charge but there is an annual fee of 1499.
The Bitcoin deposit bonus for 1499 is INR 500 and for the other there is none.

I was recommending the 499 one to you as apart from the deposit bonus I do not think other benefits on 1499 are helpful at the moment.
There is a waitlist at the moment for 499 one.

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