The revolutionary new trading app, Coinflash, is set to make cryptocurrency trading easier and more accessible to all users.
Coinflash is a unique investing app that has rapidly grown in reputation as several online tech sources, including Mashable, have been raving about it.
Coinflash is a unique app. Instead of traditional trading, it rounds off all purchases you made with your debit or credit card to the nearest dollar. The few cents difference is then automatically used to invest in the cryptocurrency of your choice. Coinflash works in collaboration with Coinbase, the popular cryptocurrency trading and wallet app. Coinbase is the basis for all Coinflash’s investments.
Coinflash has the potential to make the previously intimidating cryptocurrency trading world more accessible to a larger demographic. It will make trading more accessible and convenient for the average user.
The creator behind Coinflash, Louis Lapat, took to writing a post on Medium to announce the launch of Coinflash. According to Lapat, Coinflash is an investment tool for users who don’t want to think about investing too much. Lapat emphasized that he will not sell user information to third-party advertisers, but would instead charge all users $1 per month on a subscription basis to cover his operating costs. Coinflash may introduce a more expensive premium option in the future.
Although Lapat’s Coinflash creation is certainly not the first cryptocurrency trading app, it will be the first to make cryptocurrencies its main area of investment. An app that works on a similar principle as Coinflash, Acorns, focuses on more traditional investments.
However, a key question that has been circling concerned investors is the efficiency of the system. While novel, many investors have questioned whether the investment will actually be worth something. Considering that the bitcoin is currently trading around $4,000 per BTC, it is understandable that many investors asked the question how far investing spare change will actually bring them.
However, therein lies the whole premise of Coinflash. Coinflash has been specifically designed for beginner investors to make very small investments in cryptocurrencies without feeling it. While it may not be the same high stakes as for veteran investors, this is a great way for beginner investors to dip their toe into the cryptocurrency pool until they feel ready to perhaps invest larger amounts. Other have pointed out that considering the exponential growth of bitcoin, a small investment might end up being worth a lot in just a few years.
Coinflash also offers its users a limited and safe exposure to the volatile world of cryptocurrency investment. It allows users the opportunity to become comfortable with the environment first and to safely invest small amounts without putting anything at stake.