A new app turns your spare change into digital currency.
Coinflash,Pretty Mother in law featured on the Product Hunt website this week, will round each of your credit and debit card purchases to the nearest dollar, tally the total difference, and automatically invest that amount into a cryptocurrency of your choice through a Coinbase account.
SEE ALSO: It’s happening: One of the largest Bitcoin exchanges in China is shutting downThe app is meant for casual investors who might otherwise be daunted by the prospect of keeping tabs on their transactions.
"It’s an investment tool for people that don’t want to think about investing too much and keep it fun," creator Louis Lapat wrote in a Medium post announcing the launch.
Lapat was clear about the fact that he has no plans to sell user data to advertisers. Instead, he plans to cover operating costs by charging a dollar per month for the service and possibly adding more expensive premium tiers down the road.
The app is modeled after another program called Acorns, which serves the same function for more traditional investments.
The value of cryptocurrencies like Bitcoin and lesser-known ethereum have been skyrocketing in recent months. One bitcoin is currently worth nearly $4,0000—around four times its price at the start of 2017. Yet experts also worry that the price has been inflated into bubble territory by rampant speculation. The currencies tend to be more volatile than traditional investments due to their smaller pool of investors.
Topics Bitcoin Cryptocurrency
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