Bundled purchases at Bits, that’s how you do it

At Bits, Bitonic’s savings service, you can now save purchased bitcoins and have them bundled and sent to your wallet. This saves you transaction costs, which means that saving via Bits is now also attractive for smaller amounts. In this article, we explain how to set up a savings plan with bundled purchases.

Bits is a new service from Bitonic, with which you can set up a savings plan to periodically and automatically purchase bitcoin. This can be useful if you regularly buy bitcoin, or if you want to spread investments using a Dollar Cost Averaging (DCA) investment strategy, for example.

Bundled purchases

Bits now also offers the possibility to set up bundled purchases. You select a limit and purchased bitcoins are only sent to your wallet when that amount has been reached. This way you can make multiple purchases and have them sent bundled in one transaction. This saves you on miner’s fees, because fewer transactions take place.

Saving via Bits is therefore now also attractive for regular and smaller purchases. The miner’s fees on the Bitcoin network are the same for large and small transactions, which is why the transaction costs are proportionally higher for smaller amounts. However, if you bundle several smaller purchases and have them sent together, that effect is negated.

From now on, this makes it possible to buy bitcoin regularly and for very low amounts without spending too much on transaction costs. You can save via Bits from as little as EUR 5 per week, per month or even every day. Via automatic bank transfers you decide how much and how often you buy bitcoin.

You also choose the limit above which the bitcoins are sent, from ???????50 to a maximum of ???????1000. Above that, the purchased bitcoins are always paid out.

Bits is for people who want to save bitcoin, but don’t want to worry about timing the market. By spreading your savings you achieve a more average price without the stress or risks of timing the market. You can read more about it in our previous article.

Step-by-step plan Bits savings plan

Below is a step-by-step plan to set up your own Bits savings plan with bundled purchases. For that you must first be a verified customer of Bitonic.

1 Login

If you are verified, first log in to the Bitonic account page. Are you not verified yet? Then you can do that here. Once logged in you will find the options for Bits at the bottom of the account page. Click Bits to open the menu item.

Add 2 Bits account

If you already have one or more Bits savings plans, you will now see them displayed. Otherwise, you will be notified that you have not set up a Bits account yet. Click on the ‘Add Bits account’ button to create a new savings plan.

3 Add Bitcoin address & bank account

On the next screen, select the bitcoin address you want to use for your Bits account. That must be a verified bitcoin address. Have you not yet verified a bitcoin address with Bitonic? You can do this from the account page via the menu item ‘Your bitcoin addresses’.

Read the terms and conditions and the privacy policy and place a check mark if you agree. Click next to continue.

Then select the bank account number you want to use for your Bits account on the next screen. Is there no bank account number known to Bitonic yet or do you want to use a different bank account number? Then you can specify this via the menu item ‘Your bank accounts’.

4 Send limit

The next screen shows the sending limit options. If you select an amount here, purchases will be saved and sent bundled to the specified bitcoin address when the amount is reached. If you do not want to bundle purchases, select ???????0.00 and purchases will be shipped immediately after purchase.

5 Activation

After this, a verification code is sent via SMS to the telephone number known to Bitonic. Enter the verification code on the website for verification. After this your Bits account is activated. If you ever want to adjust the sending limit, you can do so by simply selecting a different limit.

6 Overview

When you then buy bitcoins via a bank transfer via your Bits account, your purchases will appear in the overview. In the overview you can see the set sending limit and how much has been purchased so far, in euros and in bitcoin. You will also find details of previous purchases here.

Optionally, you can choose from this screen to send purchases directly via ‘Send now’. You will then see the screen below.

7 Send or change earlier

If you want to change the specified bitcoin address or bank account number or you want to cancel a Bits account, you can do so by deleting the Bits account and creating a new one if desired. You can delete a Bits account via the trash can icon on the home screen.

Purchased bitcoins can also be sent directly via the home screen via the icon with the Bitcoin logo ‘Send’. The transaction overview as mentioned in step 6 also offers options for sending earlier.

Bits can be found on the Bitonic website.

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