Features

Saving Habits

What are Saving Habits?

Saving Habits empowers Coinbits customers to save in bitcoin by making scheduled, recurring buys of bitcoin on a daily, weekly, biweekly, or monthly basis. This allows users to harness the power of dollar-cost averaging as as saving strategy.

How does Saving Habits work?

Saving Habits are funded by the payment method you linked to Coinbits. If the payment method is a bank account, funds will be pulled from it using a bank transfer, also known as an ACH transfer.

ACH transfers take a few days to settle. This means that during the first cycle of a new Saving Habit, there will be a delay between the initiation of the transfer and the purchase of bitcoin with those funds.

Every Saving Habit cycle after the first one, the bank transfer and the bitcoin purchase will take place on the same day. This is because the bank transfer can be initiated a few days early, allowing enough time for the transfer to complete. We can then buy bitcoin on the date you selected for the Saving Habit.

At the beginning of each Saving Habit cycle, you will receive an email notifying you that we have initiated the bank transfer. The next business day, you should see these funds debited from your bank account.

There are a few exceptions to how this timing works:

  • Bank holidays sometimes introduce delays to bank transfers, which can cause your bank account to sometimes be debited a few days early or late.
  • If you make a change to an existing Saving Habit, the start date of each cycle will move to the day that you made the change.
  • Saving Habits with a daily frequency work a little differently. To keep fees low, we perform one bank transfer place per week with an amount to cover a week's worth of daily bitcoin purchases. These funds are divided by 7 and bitcoin is bought daily.

How to create a Saving Habit

To create your first Saving Habit, click “New Saving Habit” inside the Saving Habits section of the Dashboard.

A pop-up will appear where you can then customize the amount you want to purchase, along with the frequency and start date. Once you've customized your Saving Habit, click "Continue".

An overview of the Saving Habit will appear. Once you've acknowledged the information, click "Confirm".

A final pop-up will appear letting you know you're all set.

How to edit a Saving Habit

You can edit a Saving Habit to change the purchase amount, frequency, or start date. You can only edit the start date if your Saving Habit has not started yet. Any changes made before the start date of the first cycle will go into effect immediately. However, if the first Saving Habit cycle has already begun, changes will take effect after the cycle has completed.

To edit a Saving Habit, click “View” next to the Saving Habit, and then “Edit”.

A pop-up will appear where you can make your changes. When you're ready, click “Continue”.

An overview of the changes will appear. Once you've acknowledged the information, click "Confirm".

A final pop-up will appear letting you know you're all set.

How to pause and unpause a Saving Habit

You can pause or unpause a Saving Habit at any time. If a Saving Habit is paused before the start date of the first cycle, it will be paused immediately. However, if the first Saving Habit cycle has already begun, changes will take effect after the cycle has completed.

To pause a Saving Habit, click “View” next to the Saving Habit, and then “Edit”.

A pop-up will appear. Click the toggle in the top right. You will be asked if you are you sure you want to pause the Saving Habit. If you are, click "Pause Saving Habit".

To unpause a Saving Habit, click “View” next to the Saving Habit, and then “Edit”.

A pop-up will appear. Click the toggle in the top right. Your Saving Habit is now unpaused.

How to delete a Saving Habit

If a Saving Habit is deleted before the start date of the first cycle, it will be deleted immediately. However, if the first Saving Habit cycle has already begun, changes will take effect after the cycle has completed.

To delete a Saving Habit, click “View” next to the Saving Habit, and then “Edit".

A pop-up will appear. Click "Delete Saving Habit" at the bottom. You will be asked if you are sure you want to delete the Saving Habit. If you are, click "Delete Saving Habit".

Updated on:
August 1, 2022