A new rewards app will pay you in bitcoin for shopping at its online partners - and it’s already live in Poland.
The Satsback app is a Bitcoin cash back rewards platform that allows users to “stack sats” - a colloquial term for accumulating satoshis, the smallest unit of a bitcoin - whenever they shop online in the EU on supported platforms.
Satsback runs on the Lightning Network, a layer two protocol that enables near-instant and cheap transactions on top of the Bitcoin network.
As per the application's official website, users can receive up to 20% cash back on their online purchases. Merchant partners listed by the platform include Qatar Airways, clothing brand Guess, and sporting brand Nike, among others.
“Smart shopping in 2020 is buying things you need online and getting rewarded with #Bitcoin every time you do,” the firm said in a tweet about its launch.
Tom Chojnacki, the founder of Satsback, explained, “The way it works is pretty simple, a user logs in to our platform on Satsback.com, finds a shop from a wide range of partners, and gets redirected to them.”
“As long as the purchase is completed after being redirected from our platform, a [percentage] of what they spend lands in their account in the form of [s]ats which they are able to payout shortly thereafter,” he told the BTC Times.
The firm is among the first to bring a Bitcoin rewards system to users in the European Union. Although Satsback is initially only available in Poland, the project plans to soon “unlock” its services in other countries in the region.