What are Round Ups?
Round Ups lets you automatically buy bitcoin with your spare change. First, link at least one account, such as a bank account or credit card, to Coinbits, and enable Round Ups. Now, whenever you make a purchase with that account, the purchase amount will be rounded up to the nearest dollar. Coinbits keeps a tally of these Round Up amounts and buys bitcoin for you when the total exceeds $20.
How do you calculate the amount of spare change to invest after my purchases?
We partnered with a software provider called Plaid to connect you external financial accounts to your Coinbits account. It also allows us to view the amounts and business line item names associated with your transactions.
Does Coinbits keep a record of my purchase details?
No, we do not. Each time you sign on to Coinbits, your transaction data is retrieved via Plaid.
Can I use Round Ups to accelerate my savings beyond just spare change?
There are two ways to do this:
Set a Multiplier – You can multiply your Round Ups by 2, 3, 5 or 10. For example, if you made a transaction resulting in a $0.10 Round Up, and you had your multiplier set to 2x, the transaction would result in an addition of $0.20 to your Round Up total.
Set a Whole Dollar Round Up – You can add a Round Up to purchases that happen to come out to a whole number. For example, if you made a transaction that was exactly $4.00 and you had Whole Dollar Round Up set to $0.25, the transaction would result in an addition of $0.25 to your Round Up total.
How to link an account for Round Ups
Accounts used for Round Ups are shown in a list called Sources within the Round Ups page. The Round Ups from all active Sources are added together and bitcoin is purchased whenever this total exceeds $20.
To add a new Source via the Round Ups page, click "Add a new source". A Plaid interface will appear. Enter the username and password that you normally use to access this account online. Note that Coinbits does not see your username and password during this process.
To link an account to Round Ups via the Linked Accounts page, click “Link New Account” and select “Log activity for Round Ups”. A Plaid interface will appear. Enter the username and password that you normally use to access this account online. Note that Coinbits does not see your username and password during this process.
How to remove an account from Round Ups
To remove an account as a Source, click the Manage button in the list of Sources. Then click the gear icon on the account you want to remove and choose “Remove from Round Ups”.
How to pause Round Ups
To pause Round Ups, remove all accounts in the Sources list. To do this, head over to the Linked Accounts page.
Click the gear icon on an account with the orange tag “ROUND UPS”. Select “Remove from Round Ups.” This will remove the account as a source but will keep the account linked to Coinbits.
Once there are no sources, your Round Ups will automatically be paused.