According to an investigation by Quartz about cryptocurrencies, purchasing Bitcoins is a difficult process. Dust- a new application is out there that will help you convert your spare changes to Ethereum, bitcoins or Litecoin.
How it works:
Firstly, a Connection with your bank accounts, to review the transactions.
By collecting the spare change, it rounds up every transaction to dollars.
Once you have 10 dollars accumulated in your account, it can be used for buying the cryptocurrencies like bitcoins, Ethereum or Litecoin. Although the app will not be able to read the fiat or crypto funds, it can access the data transactions. Coinbase is one of the company through which the cryptocurrencies are acquired from.
The app uses a service called Plaid and it will have an estimated 9000 institutions in the United States including banks such as Chase, Citi and Wells Fargo. Between the banks and the developers, Plaid acts as a middleman on whom the developers can build more apps on the data and transactions. Other apps like Venmo also make use of Plaid. Also, the customers of Monzo will also work with Dust app along with the British banks that use digital medium for transactions.
It’s a brand new idea to use an app that digitally to accumulate spare change and investment. Around 850000 customers use this app in the United States. This is considered as a prudent idea as it removes the query of the proper time to for the right investment. Jordan Fish- a co-founder of Dust recommended to his father because there are features in it that can automate the decision of buying for the customers who want to buy bitcoins.
According to Fish, around 21000 users are now testing the efficiency of the app- Dust. He also stated that these users will have a limited time to research on it because the developers are planning to ramp up the user base. CoinFlash is another app has similar features as that of Dust used mainly by the customers of US.
It’s Fish’s and the co-founders part-time job who is employed with Monzo and that is how the project makes money. They are paying the bills of Dust and they are in no hurry to earn revenues from the app yet. He said, he is keen on providing customers with a friendly app. He said Acorn makes money by charging fees for the app.
Fish is tensed that the app might have to be controlled by the financial conduct of UK. However, his team is behind the legal status of the app to avoid ending up in prison.