What are Saving Habits?
Saving Habits are a way to consistently save in bitcoin by making scheduled, recurring conversions of cash to bitcoin on a daily, weekly, biweekly, or monthly basis. This allows you to harness the power of dollar-cost averaging as as saving strategy.
How does Saving Habits work?
Saving Habits are funded by cash deposits made from an external bank account that you link to Coinbits. Funds are pulled from this account using a bank transfer, also known as an ACH transfer.
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 converted to bitcoin each day in the amount you specify.
How to create a Saving Habit
To create your first Saving Habit, click “Create a Saving Habit” on your Dashboard.
If you already have a Saving Habit, you can create a new one by clicking “New” on the top right of the Saving Habits card.
A pop-up will appear where you can specify the amount you want to purchase, along with the time interval 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 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 the ellipses within that specific Saving Habit and select “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 you choose to pause a Saving Habit 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 the three dots within that specific Saving Habit and select "Pause”.
To unpause a Saving Habit, repeat the steps above and click "Resume." 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 on that specific Saving Habit and a pop up will appear. Click “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 "Remove Saving Habit".