Smart Transfer™

The Bitcoin Network is sometimes criticized for being slow because it takes about 10 minutes to mine a block of transactions.

However, bank transfers use the ACH Network. ACH is slow and expensive. Worse, transactions fail often enough that financial software needs to account for delays and uncertainty.

This can become problematic when you regularly use both bitcoin and cash. You may want to convert as much cash to bitcoin as your budget allows, but then need to convert back to cash to pay bills or take care of an unexpected expense.

Smart Transfer™ batches your cash deposits by forecasting your balances and ensuring your scheduled conversions between bitcoin and cash are undisrupted.

It works by looking ahead and predicting how much cash you will need to fulfill your orders. It then schedules ACH transfers ahead of time to prevent problems from arising.

An example of Smart Transfer™ in action is if a Coinbits member has set up a daily Saving Habit. Smart Transfer™ automatically pulls a weekly amount from the member's bank account to fulfill daily cash-to-bitcoin conversions.

As a side benefit, with Smart Transfer™ active, your bank statements will be less cluttered with numerous small ACH transfers.

Smart Transfer™ is enabled by default for all Coinbits members. If you want to disable it, you can do so in Settings.

Updated on:
March 10, 2024