Setting Up Auto BTC Purchases On Luno

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All Aboard The Luno Express! 🚄

After posting yesterday about rankings with Bitcoin and Ethereum, I decided I really wanted to chip away at that newly found target of “Bitcoin Redfish” which is about 2.35 BTC (but will be a maximum of 2.66 BTC when all 21 million are mined at some point next century around 2140). I normally have a weekly purchase set up, known as “Dollar Cost Averaging”, via the following steps:

  1. Automatic bank transfer to Coinbase
  2. Manually move this over to Coinbase Pro
  3. Buy BTC manually on the exchange

There are a couple of manual steps to this approach and I will still be doing it on the weekly as there are slightly less fees than buying direct with debit cards or the non Coinbase Pro/exchange route but I’m looking for ways to get this fully automatic. Less stress hey!

Thankfully, @chekohler has alerted me to a site called Luno which allows the automatic set up of purchasing BTC after depositing some filthy fiat in. Here’s how the process looks like now:

  1. Automatic bank transfer to Luno each week
  2. Set up automatic purchases of BTC/sats daily (split in to 7 equal payments)
  3. Manually move the sats into Luno’s new saving’s wallet and earn 4% variable interest, which is 40x the average interest set by Bank of England(!).

This interest is paid monthly as well so for me, it’s all contributing to the BTC Redish goal and I do like stress free accumulation of sats!


Crypto Is Getting “Easier”

I first glanced at BTC back in 2012 though I couldn’t get my head around anything and pretty much all publications I saw were so technical, add to that being a poor Uni student, I needed some bread and baked beans which were a bit easier to come by and that was that!

Fast forward 6 years to 2017 and a connection on Facebook started talking about cryptocurrencies and I was like, “How the hell does this stuff work because I have no idea how to buy BTC”. He showed me Coinbase, held my hand through it all and it was like, “Well that was actually pretty easy!” I had BTC within a few minutes, from having none. So 6 years of development and you have easy to use interfaces to buy Crypto with (as far as I’m concerned).

Fast forward another 3 years to today (November 2020) and mobile apps are looking the part, making it more accessible than ever to use cryptocurrencies and they really aren’t as daunting as some would have you believe. Now with apps and companies such as Celsius and Luno, it’s not really that much different to how I use my banking app/savings account. Put money in, get an actual worthwhile interest rate, not next to 0%.

For me, this is reason to be very excited as it opens the doors to conversations with friends, family and others and you can actually have something to SHOW them that looks and feels familiar! If they really want to find out more and are curious then you can just start talking about things such as the limited supply, no central bank owns it and if you really want to guarantee what’s yours, talk about hardware wallets as “special USB sticks”! Don’t let the Curse of Knowledge derail the conversation – start small on the conversation and who knows where we’ll be in another 9 years!

Do you have an automatic “Sats Train”? Do you think BTC and cryptocurrency accessibility is improving or are we a long way off? Let me know in the comments below!

Nicky


Transparency On Referral Links In Blog

I will occasionally put referral links in posts and there are some referrals above if you wanted to join in the platforms. Here’s a quick rundown of the bonuses available if you were to sign up to the sites from those links for transparency:

LUNO

  1. Sign up with the invite link
  2. Deposit and buy GBP 100 in BTC (Luno exchange not included)
  3. We both get GBP 10.00 free BTC

COINBASE

  1. Sign up with the invite link
  2. Deposit and buy £76.97 worth of BTC (very precise lol)
  3. We both get £7.70 on Coinbase

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice. It is for educational and entertainment purposes only. As of the time posting, the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency, as all investments contain risk. All opinions expressed in these articles are my own and are in no way a reflection of the opinions of The Bitcoin Manual

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