Frequently Asked Questions
With Bittr, you can simply transfer Euro, using a regular bank transfer, from within your own online banking environment. Bittr will deposit the equivalent in bitcoin into your wallet within five minutes after it is received in our bank account! First-time customers will need to verify their identity by going through a quick verification process.
We'd like to know whom to reach out to in case something goes wrong, therefore you'll need to confirm your email address and your mobile phone number so that we can reach out to you if needed :) Once that's done you'll get your unique banking instructions and you can start saving bitcoin!
There are many reasons to save bitcoin on a recurring basis through Bittr. Think ahead and save bitcoin for your children or grandchildren, or save a fraction of your regular savings in bitcoin due to the historically low interest rates. Save weekly to mitigate the volatility of bitcoin or be healthy; drink one beer a week less and invest this saved money into bitcoin instead. How about pocketmoney you could give to your kids in bitcoin? Or why not just save in bitcoin to get (your first) experience with the money of the future?
Bittr is, considering its simplicity, designed for people who like to get started with Bitcoin or those who are already somewhat familiar with Bitcoin and see the added value of buying bitcoin on a recurring basis.
We do not charge any monthly subscription fees! This way you are completely free to start and stop your bitcoin savings whenever you want. We charge a small fee of 1,5% each time you make a deposit to run our services. Additionally, the lowest possible bitcoin network transaction fee is deducted from your deposit. By using the lowest possible fee we make every satoshi in your savings count, this is why it may sometimes take longer for your transaction to confirm on the network. As we built our services with a long-term investment perspective, we trust this potential delay is not so harmful.
Up to you! Since you are in control of your bank account, you decide whether to transfer funds daily, weekly, monthly, quarterly or even just once.
The minimum transaction amount of an individiual transaction is € 25, due to the fixed costs of a SEPA transaction. Would you prefer to save €10 per week? Configure your transaction to be € 40 per month instead. Payments larger than €5000 at a time cannot be processed and will be returned to your bank account. Furthermore, Bittr may require additional indentification information once you are saving significant amounts in bitcoin to reduce the risks of fraud and abuse.
At the moment, you can only sell back the bitcoin you have bought from Bittr as a measure to reduce risks and abuse. We look at the amount of bitcoin you have bought through Bittr, it is completely independent of how much Euro you have invested. Please note that you will have to send back the original bitcoin that Bittr has sent to you in the past. We are working on simplifying this process.
Please be advised that due to Bitcoin's decentralized nature, a miners fee is necessary to incentivize the Bitcoin miners to safeguard the network. At times when the Bitcoin network is heavily congested, these fees may increase substantially. When the fees outweigh your deposit, we will still convert your deposit immediately and "reserve" your bitcoin for a short time until the Bitcoin network is less congested or when multiple of your deposits can be combined (i.e. four weeks are paid together, monthly at once) to make a Bitcoin transaction worthwile.
Unlike regular bitcoin exchanges, you do not know the market price of the bitcoin you are about to purchase due to the time between your bank executing the bank transfer and the moment Bittr receives your money. Your deposit is always converted in bitcoin the same day it is received in our bank account. Depending on your bank and its connection to Bittr's bank, this may take 0-3 business day(s). We designed Bittr to facilitate a bitcoin savings plan with a long-term perspective and therefore believe this slight delay is acceptable considering the convenience of our service.
Direct debit transactions are a type of transactions companies set up to be able to pull funds from your bank account (i.e. utility companies, mobile phone operators, subscription fees, etc.). Consumers can dispute a direct debit transaction up to 13 months after the transaction date. As you may know, Bitcoin transactions are irreversible, therefore the risk for Bittr to use SEPA direct debit transactions are too high.
Right now we are focussing on setting up the most simplistic way of buying bitcoin recurringly, right through your own online banking environment, always managing your own wallet (private keys). We will never add support for any cryptocurrency other than Bitcoin as we don't see any other cryptocurerncy meet the criteria as a scarce digital good worth saving. If you have further ideas how we can improve Bittr, do let us know!
Bittr was founded by Ruben Waterman, student in the MSc degree in Digital Currency at the University of Nicosia. The idea of Bittr was born during a discussion in one of the classes, where we thought it would be great to have a service where one could easily save up bitcoin, without manual intervention. We were convinced that this should exist for the EU market, sooner rather than later and that's why Ruben embarked on this adventure.
There is no automated way yet to incorporate your service with Bittr. If you are interested in this, please send an email to email@example.com
Though this would technically be feasible, it highly contradicts what bitcoin stands for: decentralization! We therefore believe we should not offer this to our customers, but if you need help setting up a bitcoin wallet, we wrote a blog post to help you get started. If you still have questions, just reach out to us via firstname.lastname@example.org and we will try to help you out as soon as possible!
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Bittr is the sweetest way to set your savings aside in bitcoin. We are your gateway to becoming financially independent and making your savings truly yours again.
With Bittr you spread the risk of Bitcoin’s volatility by purchasing Bitcoin on a regular basis, all from within your own online banking environment!