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sMiles: Bitcoin Rewards

latest release: 3.6 ( 24th November 2021 ) last analysed  4th November 2021 Can't send or receive bitcoins 
4.5 ★★★★★
148
18th December 2020

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

(Analysis from Android review)

App Description

sMiles enables you to earn Bitcoin for things you already do, like walking, shopping, and playing games.

Features:

  • Bitcoin rewards for walking (a Google Fit account is necessary)
  • Up to 30% Bitcoin cashback for shopping
  • Bitcoin rewards for playing games
  • Other Bitcoin earning offers
  • Send sats to any Bitcoin Lightning wallet
  • Sign up to a sMiles account and compete against friends
  • Global sMiles leaderboard with unique user profiles
  • Win surprise referral rewards

The Site

sMiles FAQ

A sMiles account is necessary to withdraw your Bitcoin earnings onto a Bitcoin Lightning wallet. This is for user security, and helps associate earnings with a specific sMiles account, and not just a device. In case you lose access to your iPhone or Android, you will still be able to log into a new phone and have your Bitcoin there.

Bitcoin Rewards

Bitcoin can be earned on sMiles through any type of movement, with walking and running receiving the highest rewards. Completing surveys, and playing games is another way to earn Bitcoin. The reward amounts will vary based on location, and market Bitcoin / $USD exchange rates. To incentivize activity and movement, highly active users will receive most Bitcoin rewards.

Send Sats

Users who earned 10,000 sats with a sMiles account, will be able to withdraw their Bitcoin to any Bitcoin Lightning Wallet. Simply create an invoice in a Bitcoin Lightning Wallet for any amount available in your sMiles Balance, open sMiles, and press “Send sats”. Payments are processed instantly.

Verdict

This reward app seems to be traversing the line between a custodial app and one that cannot send or receive. However, the user does not directly control the sending and receiving of such Satoshis. Rather, the user has to earn it by performing tasks. When a threshold is met, the user can then withdraw or send the Satoshis to a third-party bitcoin lightning wallet.

With no features that allow users to deposit BTC, however, we can conclude that this app is not meant to store your bitcoins. sMiles does not function as a wallet.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

Can it send and receive bitcoins? If not, we tag it No send/receive 

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.