Cryptocurrency has long been the talk of the town as everyone seems to be interested in it. As cryptocurreny has started to gain reputation, people have started looking for ways to invest in it. However, with the rising valuation of these currencies, it is hard to invest such a large amount of money all at once. For those who have been waiting for an investment opportunity, here’s your chance. Developers have created an app called Coinflash which uses your spare change and invests it in the cryptocurrency of your choice through your Coinbase account.
The transactions are actually handled by Coinbase and Coinflash only collects data about your transactions which is in turn sent to Coinbase. From there, the investments are done. Spare cash from a users’ credit or debit card are calculated and then invested in the cryptocurrency. Users can use one card or several cards at the same time but all of those cards must be connected to a single bank and not different ones.
The Coinflash app is similar to the Acorn app which rounds up your purchases and invests them into the stock market.
Data is stored temporarily
Linking credit and debit cards is a concern for everyone. On the other hand, the act of doing so only makes it easier for the app to read the purchases made by the user. In addition, it does not let the app make purchases on your behalf. According to Coinflash, the data is stored in a database for only 2 months after which it is deleted. Users can control the time period of their investment by investing their spare change on a weekly or monthly basis.
$1 per month service charges
Here comes the part where you give something to them. In order to use this service, users have to pay $1 per month in Bitcoin or Ethereum to the company regardless of how much a user invests. This $1 is deducted from your Coinbase account and the deduction stops if you stop using Coinflash.
If you’ve been looking for ways to invest in cryptocurrency and not invest so much money at once, Coinflash is the answer.