Coinflash is a Bitcoin investment scheme where any and all purchases made with your debit card or credit card are “rounded up” to the nearest dollar, with the excess change used to then purchase Bitcoin and deposit it into the Coinbase cryptocurrency wallet.
What Is Coinflash?
Coinflash is developed by an individual only known as “Louis,” according to the Coinflash blog. This “Louis” is Louis Lapat, a Chicago-based programmer and cryptocurrency enthusiast.
In addition to Coinflash, Lapat has participated in development for several other startups, including Versa, Battle Race, Memorial Finder, Purple, and Virtual Property Stories. By his own admission, this seems to be the first project that Lapat has been involved in that has been successful, and Coinflash has been growing in popularity as it has been featured on several major online news outlets since its inception.
Coinflash is a simple yet innovative service that allows users to invest small amounts of money over time into the cryptocurrency market. An online service that links to a user’s debit or credit card, Coinflash monitors the purchase activity of that specific card.
Keeping track of every purchase and then “rounding up” that purchase to the nearest dollar, Coinflash calculates the difference for all purchases either on a monthly or weekly basis and then sends instructions to a user’s Coinbase account to purchase that amount in cryptocurrency. In other words, when you buy a cup of coffee for $3.50, Coinflash “rounds up” by $0.50, records the amount, and then instructs your Coinbase account to purchase $0.50 of cryptocurrency.
Keep in mind that Coinflash does not debit your account directly – it only gains access to your purchase amounts and uses simple math to record how much it would take to round up to the nearest dollar. Then, Coinflash sends that data to Coinbase; that platform then conducts a cryptocurrency purchase on behalf of its account holder by using the payment source authorized by the user through Coinbase.
None of the money getting invested in cryptocurrency goes through or gets sent to Coinflash. The only fees associated with Coinflash is a flat $1 a month fee designed to support the maintenance and development of Coinflash as a service.
If $1 a month for the Coinflash service is too much for you, you can gain credit with Coinflash by recruiting new users. The Coinflash referral program awards users three months of free use of the platform for every new user referred. The individual referred also receives this free three months. Users can accrue as much as 12 months of free service in this manner.
Coinflash is one of those rare services that fits an excellent niche. Similar to many credit card services that allow you to round up purchases and invest the difference into a savings account, Coinflash makes it easy to invest in small amounts of cryptocurrency on a weekly or monthly basis, making it an excellent long-term boost for crypto enthusiasts.
Coinflash does require a user to have a Coinbase account. However, Coinbase is one of the largest and most trusted online digital wallets and crypto exchanges, and is easily at the forefront of bringing cryptocurrency to the masses. Please be aware that you’ll need to have your Coinbase account set up to make purchases on your behalf with a debit card, credit card, or checking account before being able to use Coinflash, and that Coinbase does charge you a small fee for transactions such as purchasing cryptocurrency through its exchange.