tl;dr

• Round Ups is being upgraded, and the way it works is changing so that it's easier to use.
• Fees will be lower. For a limited time, bitcoin purchased with Round Ups will come with zero fees.
• Our members’ accounts are being migrated to the new system and configured to DCA into bitcoin with roughly the same timing and amounts as before.

Introducing the new Round Ups, and a way to stack sats for free (for a while)

Time flies! It’s been almost 5 years since Coinbits launched with a simple idea: Buy bitcoin with your spare change.

Over the years, we heard from our members that you want a bitcoin experience that is fast, flexible, and feature rich. Round Ups are a killer feature but there is so much more we can do. So we rebuilt Coinbits from the ground up.

As part of this upgrade, Round Ups is being changed to make it work better. Not only that, but it will be free for a limited time – that’s right, you'll be able to get zero-fee bitcoin when you buy it with the new Round Ups.

How the new Round Ups works

Round Ups will no longer be triggered on a weekly schedule. Also, the minimum purchase will no longer be configurable.

Instead, Round Ups will continue adding up until the total is more than $10. Then, your payment method will be used to buy an amount of bitcoin equalling your Round Up total. For a limited time, there will be no fee when Round Ups trigger a bitcoin purchase.

How Round Ups worked before

Your Round Ups were added up every week, and if they added up to less than a minimum amount, your payment method was used to buy that minimum amount of bitcoin. If your Round Ups added up to more than the minimum amount, your payment method was used to buy an amount of bitcoin equal to your Round Up total. For this service, the fee was $1 per week.

Why we made this change

When Coinbits started, our only feature was Round Ups. Soon, we got feedback from our members that they wanted to buy more bitcoin in higher amounts than just their spare change would allow. We added a user-configured minimum to Round Ups, so that people could buy a set amount of bitcoin on a fixed weekly schedule.

However, this was always a temporary solution until we could create a robust feature for recurring bitcoin purchases. Since then, we created Saving Habits, which gives you even more fine-tuned control over your DCA strategy. Saving Habits has proven itself with our members, and it was time to return Round Ups to its original scope and intent.

When to expect the changeover

We are expecting most members to be migrated to the new Round Ups by Friday, November 18th.

How does this affect you?

If you were using Round Ups to buy bitcoin with your spare change:

• Your spare change will continue to be swept into bitcoin. However, instead of taking place weekly, this will happen whenever your spare change adds up to more than $10.
• The amount of bitcoin you buy will be the same.
• The fees you pay will go down.
• You will see this change on your Dashboard, and you will see it reflected in the confirmation emails you receive from us when you buy bitcoin.
• You are still in control. You are welcome to change or deactivate any feature, including Round Ups, any time.

If you were using Round Ups to buy a set amount of bitcoin on a fixed schedule:

• The amount of bitcoin you buy will be roughly the same, but you’re going to use a different Coinbits feature instead of Round Ups. Because you can no longer buy a set amount with Round Ups, we are going to switch some members to Saving Habits that buys the same amount of bitcoin per month as before.
• Round Ups will also remain active on your account.
• The fees you pay will go down.
• You will see this change on your Dashboard, and you will see it reflected in the confirmation emails you receive from us when you buy bitcoin.
• You are still in control. You are welcome to change or deactivate any feature, including Round Ups and Saving Habits, any time.

We are doing our best to make this transition easy and painless, and will keep you updated as we migrate all our members to the new system.

If you have questions or concerns, feel free to contact support.

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