Coinflash

Automatically invest your spare change into cryptocurrency.

Coinflash rounds up your change to the nearest dollar from your credit and debit card purchases and invests it automatically into the cryptocurrency of your choice. It does this by first counting up your spare change from the previous week or month. It then uses your Coinbase account to make a purchase for that amount. Hit me up with questions!

Discussion
Would you recommend this product?
5 Reviews5.0/5
What's your biz model? Coinbase doesn't appear to have an affiliate program. I've heard Shapeshift has a good one. (no need to spill any secret sauce, just curious if this is a sell-my-data service)
@hameto_ holy crap, shapeshift looks awesome. This could be how I get more coins on board, they have an API: https://info.shapeshift.io/api I have more research to do but I think this could work, thanks man! I really want to get alt-coins in this thing. I do NOT sell your data, no plans to. As far as Coinbase, Coinbase gets like 35k users a day, which is insane: https://twitter.com/brian_armstr... So they have no idea I exist. Business model: I charge $1/month for this service, gonna add more goal-like-services down the road like https://www.qapital.com/, each one charging $1-$3/month. Kind of a tough road because only a percentage of the users are paying (I only charge if you have the service turned on) and I have API expenses, we'll see in a few months where I stand.

It does not work with small transactions. Basically it does not work with this business model. Why would anyone consent to $1 fee to invest $2. It is insanely stupid.

Edit: There is a setting that allows me to delay transfers for a month. I estimate that $30-50 could then at this point be paid in with a transaction fee of $1.99. I think this is the correct fee. I cannot confirm where I first saw it.

Pros:

It allows you to invest change in cryptocurrencies

Cons:

Large transaction fees

Highly suggest using the monthly transactions so there are less fees. Also, you could only invest in BTC or ETH and that will elimant one of the $1 fees. Besides that, its interesting and automated.

Pros:

Easy to set up and easy to get started

Cons:

Transaction fees

Any feedback on where I should be focusing my attention next few weeks? Was going to focus on Mobile App: https://imgur.com/a/lYayc
How does this work in relation to coinbase transaction fees?
Hi @mhdempsey, you get the same Coinbase transaction fee you would get if you went to Coinbase to buy that amount.
@louis_lapat I guess my point is that the smaller transactions seem like they'd get killed by the coinbase fees.
@mhdempsey yes for sure, best to set to weekly or monthly investments so your buying over $10 at least, then the CB fees aren't so bad.
@mhdempsey @louis_lapat you should try to use gdax.com, it's the same business and even account as coinbase and doesnt charge you the fees coinbase charges. You can transfer your funds from coinbase to gdax and vice versa easily.
@mhdempsey @mxmzb I wonder how it will work with the API. I need to research this. Thanks Maxim.