If you’ve always wanted to own some cryptocurrency, a new app might be a good way to get your hands on some. Called Coinflash, the app takes the spare change left over from your purchases during the week and uses that cash to invest in the cryptocurrency of your choice through a Coinbase account.
The app itself doesn’t actually take any money from you. Instead, it counts up your spare change from credit and debit transactions (you can choose to connect one account or several, but all of the accounts you select need to be associated with the same bank), and then gives that info to Coinbase that actually handles the transaction.
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It works a lot like Acorns does. That app rounds up purchases and invests your change in the stock market.
If linking accounts concerns you (it should), linking cards just gives the app the ability to read transactional data, not make purchases. Coinflash says that information is stored for 2 months in its database, but not longer. Investments can be set up to be done on a weekly or monthly basis.
Image credit: Coinflash
To use the service, you pay Coinflash $1 per month in Ethereum or Bitcoin, no matter how much money you end up investing. The $1 is deducted from your Coinbase account. If you stop using Coinflash, then it will stop deducting the $1, even if you keep investing and using Coinbase.
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If you’ve been meaning to get into cryptocurrency, then it could be an easy way to dip your toes in the water without putting up tons of cash at once.