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September 24, 2020
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Satsback, or how to earn bitcoins during everyday shopping. | Blocksats

In ancient philosophy, there has been a division into knowledge acquired from books and knowledge acquired through learning or experiencing something on your own skin. This distinction into so-called knowledge by acquaintance and knowledge by description was best illustrated and described by Bertrand Russell in his books from the beginning of the 20th century. Exploring with empiricism, if there is such a possibility, is a much better way to truly understand a new area than reading about it.

A simple example. Let’s imagine a situation in which we start a Skype presentation by explaining to someone how it works, informing him that he must set up an account, set a profile, what to click and where, what to enter to add a new contact and call. We can even have a beautiful presentation. Wouldn’t it be better instead to place it in front of a computer, set up a profile with it, and connect with a grandmother living at the other end of the world? Anyway, what’s the story here, does anyone like to use the manual before launching the new console?

It looks like Bitcoin is similar – to fully appreciate it, you need to experience it.

Unfortunately, there is a problem here. It’s usually hard to get someone to spend money on something they don’t understand. Is it not ideal to encourage someone to “dive” into bitcoin with the help of an action that he often performs, such as online shopping? Finally, even Andreas M. Antonopoulos sincerely urges, in one of his more famous speeches, “Don’t buy bitcoin, earn it!“.

In previous articles on satsback services here and here, we wrote, among others about the fact that it is a form of DCA (Dollar Cost Averaging) in bitcoin, but unlike DCA (which still significantly reduces the risk associated with timing), using this type of service it does not require the contribution of any funds to bitcoin itself, which may be especially important for new users. You can start the bitcoin adventure by the way. Instead of buying BTC for $ 19,000 each, you can get it at the beginning, while while using such a service, you can also learn the rules for secure cryptocurrency storage or learn how to use the Lightning Network. To knowledge by acquaintance in pure form.

At a time when, under cover of fighting the effects of a pandemic, governments around the world accelerated the devaluation of national currencies (last week, the Lebanese national currency lost 40% of its value in a few days, which was the main reason for mass protests), any knowledge of bitcoin can prove to be very practical .

So how do Satsback services work and why does everyone win?

The principle of operation is very simple. Using partner programs, websites help individual companies generate sales by directing customers to their websites. In return, the stores give away part of their margin. Then, satsback services return the majority of the amount transferred to the user in the form of satoshi, while the smaller amount is allocated to the operation of the service (values ​​may vary depending on the service).

Example?

Well, there is nothing like knowledge by acquaintance, so to the point. I recently had the opportunity to test Satsback.com during ongoing testing of the closed beta. It so happened that my family was in a great need to have a new clothes dryer, the usual one – standing. So I decided to buy it through Allegro and at the same time test Satsback. Admittedly, Allegro gives a relatively small cashback, up to 2%, but for tests just in time. I went to the website and logged in.

Then I chose Allegro from the partners listed below

Satsback partners

I came to the store from the website through a special, individual link, so Allegro will notify Satsback about the amount of money I spent on shopping during this session. It should be emphasized, however, that Satsback is not informed at all stages of “what was purchased”, but “for how much”.

I bought the dryer on Sunday at 22:00. On Monday at 9:00 am I received an email from Satsback confirming the posting of the purchase (usually it takes a while). I went into the panel.

Satsback panel

2411 satoshi (it wasn’t an expensive dryer) was in my waiting balance. Where is the split between “pending balance” and “available balance”? I asked the same creator of Satsback.com – Tomek Chojnacki (with whom we also plan a longer interview).

“Everything in connection with the 14-day protection period provided by Polish law for a possible return of goods when shopping online. Only when we receive a signal from the store that the goods have not been returned, Satsback buys and transfers satoshi to the user’s account. It is also worth remembering that the amount of satoshi given immediately after purchase is an approximate amount. The exact amount is determined on the day of purchasing the satoshi for the user, i.e. when receiving the said confirmation, so it may differ slightly from the first one, depending on the fluctuations of the course “- explains Tomek.

End of story and a happy ending

I have a dryer and some satoshi, although the price for the goods was exactly the same as I’d have to pay without using Satsback.com. In a few weeks I will be able to withdraw these satoshi using a wallet supporting Lightning Network and lnurl (e.g. Blue Wallet, Phoenix Wallet or Wallet of Satoshi) by scanning the generated QR code. Even the smallest amount, even 2411 satoshi. It couldn’t have been easier.

You probably think this article is a bit strange, first the author writes about the importance of practice and then, instead of letting me use the website, describes how it works. There is a significant difference, first of all this allows the form of the article, and secondly, it is not a manual but a record of my experience. Now it’s your time. You can sign up for the queue for using the website Satsback.com/pl and try it out yourself after granting access. Although refining all the functions will certainly take a while, there is nothing like knowledge by acquaintance.

Good luck saving satoshi when shopping online!

Author: Jacek Kubiak

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