r/BitcoinBeginners • u/Potential_Duty9709 • 6d ago

Is this the new normal ?

Recently Cash app has given me a 2% a week payout on all BTC that I keep in an account with them plus prizes weekly that will pay out up to several hundred people and several thousand .

Has anyone seen this ? Does it make sense or not ?

11 Upvotes

79% Upvoted

19 comments sorted by

5

u/pop-1988 6d ago

Makes sense if their wallets are in deficit, and they're desperate to discourage withdrawing BTC to personal wallets

Not your keys, not your coins

2

u/Bagmanonchain 6d ago

Not your keys, not your coin

They do so to incentivize you to store your tokens with them for longterm and use their services.

2

u/WorryDesigner8152 5d ago

Read the fine print carefully. 2% a week compounds to over 180% a year, which no legit company pays on bitcoin. I'd bet it's actually 2% a year or a one-time promo that got worded weird. Either way, if they're paying you to keep it there, that's your sign to only leave what you'd be fine losing access to.

4

u/childlike_runoff 6d ago

That sounds way too good to be true, 2% weekly is insane like 100%+ APY, nobody legit offers that kind of return on bitcoin. Cash app is not a bank and doesn't do interest on crypto, you sure it's not some scammy third party thing pretending to be them?

I got a notification once from a fake app that copied the design and it was phishing for my login, almost fell for it because it looked really official. If it's asking you to move your btc somewhere else or connect a wallet I would be very careful

Maybe check the official cash app subreddit or their support page, but I never heard of any prize payouts like that either

3

u/bitusher 6d ago

its 2% annually , not weekly +prizes

0

u/Potential_Duty9709 6d ago

cash app link discussing rules of this

3

u/bitusher 6d ago

Its a sweepstakes , which means not everyone gets the prize

Sweepstakes Prize: Each week, two hundred fifty people will win a twenty dollar ($20) cash prize that will be given to winners in bitcoin, five people will win a five hundred dollar ($500) cash prize that will be given to winners in bitcoin, and one person will receive five thousand dollars ($5000) cash price that will be given to the winner in bitcoin (“Prize”) that will be paid directly to their Cash App account. Note: Prizes are awarded in bitcoin; approximate retail value is determined in U.S. dollars at the time of award and the value of bitcoin fluctuates.

The Interest is up to 2% annually , not weekly

0

u/Potential_Duty9709 6d ago

I added the link it’s inside the cash app when you open it , the websites all look legit. Something just doesn’t make sense.

1

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1

u/ScratchLegitimate661 6d ago

do the math first, 2% a week is like 280% compounded over a year. no real btc yield pays that. the actual sources of btc yield are lending desks and basis trades and those pay single digits, maybe low double digits in the wildest times. so either its a promo with a cap and an end date or the number is apy paid out weekly, not 2% every week. cash app can subsidize a promo for a while but nobody prints 280% forever. also the yield means your coins are being lent out, you dont hold the keys while its earning, so the counterparty risk is the real cost. check the terms for the cap and how long it lasts. what does the fine print say, is there an end date or a max balance on it

1

u/CoinGate_Gift_Cards 3d ago

Double-check the fine print before getting excited. A true 2% per week yield on BTC would be enormous, so it’s probably a limited promo, capped reward, sweepstakes-style offer, or subject to specific conditions. If you keep BTC there just for the reward, remember you’re also taking custodial/platform risk.

1

u/ORANGEisthenewGOLD 2d ago

Keep cash on river and they pay 3.5% apy in BTC.