Coinbits – RoundUp and Grow BTC

So here’s a great idea. Many of you are familiar with Stash, and other investment platforms that basically let you add small amounts over time to accumulate a next egg. CoinBits Was started by a teenage BTC millionaire – to enable you to slowly and painlessly buy BTC by rounding up your Credit Card transactions.

I just started this to give it a shot – you link a funding bank account (so you can buy BTC whenever you want, then add a credit card. CoinBits will then take the rounded up difference of a CC purchase and buy BTC with it.

So you charge $4.35 for that Latte at Starbucks, CoinBits will buy .65 worth of BTC. Yes, you pay $5 for the coffee – and get .65 in BTC.

A pretty easy way to accumulate without thinking about it.

UPDATE: After using this for 2 weeks – I am a little disappointed. It does what it says it will do – it watches your cards and adds up the change – the difference between what your card transaction is and the next whole number. BUT. It is misleading. It takes the funding to buy your BTC out of your linked bank account. That is not very obvious. If my charge for $4.35 became $4.35 + $0.65 (4.35 to Starbucks, .65 for BTC) it becomes a painless way to grow your account. When it is really “Hey, you spent 4.35 at Starbucks, so we are going to grab .65 from your bank account”, that is NOT painless – Now you have to maintain funding in the bank account to cover the process.

I would much rather simply set up a recurring transaction on a weekly or monthly basis… and will easily jump on a program that can actually round up my purchases on my card. For point of reference, Bank of America has this ability, although just to a savings account.

Is this for you? Maybe a way to force you to do regular investments? You need a lot of change to make the $1 fee worth the cost.

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