DCA the easy way: How to automatically exchange AUD and withdraw BTC with HardBlock

Using our DCA settings, you can make AUD transfers to your HardBlock account which are exchanged to Bitcoin as soon as the money arrives, and transferred to your Bitcoin wallet on the weekend – all this without a need for you to log in HardBlock.

We believe the safest and easiest way to save with bitcoin is to dollar cost average (DCA).

You will need to sign up before setting up your Automated Savings Plan.

To set up an Automated Savings Plan or DCA with your HardBlock account, follow the steps below.

Automated Buying (Auto-Buy)

Navigate to DCA (look for the piggy bank icon on the menu):

Our Auto-Buy feature will automatically buy bitcoin with any AUD funds deposited by either PayID or EFT.

On the Savings Plan page:

Review the Auto-Buy terms and conditions by following the link (or view them here).
Turn on Auto-Buy using the slider button so that it displays 'ON'. You will see a success notification at the top of the page and receive a notification email (if enabled in account settings).

Automated Bitcoin Withdrawals

Next, navigate to Auto-Send from the DCA > Buy & Send page (this will become accessible after your first deposit verification and 4 days past it).

Auto-Send will automatically trigger a bitcoin withdrawal when your bitcoin balance exceeds a certain threshold, which you determine.

For example:

You set your threshold, at ₿ 0.00300000 (300,000 Satoshis or Sats).
You then deposit $50 per week and buy bitcoin at an average price of AU$60,000
After 4 weeks you will have 333,333 Sats, which is greater than your threshold.
A bitcoin withdrawal will be triggered. Auto-Send transactions are sent once per week on the weekend. This allows us to minimise transaction fees.

To set up Automated Bitcoin Withdrawals:

Paste the receiving address for your bitcoin wallet into the address field.
Enter your desired threshold into the "threshold" field. We typically recommend a minimum of 1 million satoshis (0.01 BTC, or 1% of a bitcoin).
If enabled, enter your current 2FA code.
Switch on Auto-Send using the slider button, so that it displays 'ON'

Want to avoid re-using addresses? You can queue up multiple addresses using the "+" button to avoid reusing addresses. If you queue up multiple addresses, once the system uses the last address in the stack, you will receive an email reminding you to log in and add new addresses.

Set up Recurring Payments from your Bank

To finalise your Automated Savings Plan, set up a recurring payment from your bank account to your HardBlock account. You can use EFT or PayID. You can find the deposit details for your account in the "Australian Dollars" > "Deposit" section of the site.

If you notice a major dip in the price you can always make additional manual bank deposits.

Email confirmations

As you no longer need to regularly log into your account, we've developed a series of emails to keep you updated with the status of your bitcoin purchases.

You opt in or out of these on the Settings page. Here you can sign up to:

Receipts for each PayID / EFT deposit and Auto-Buy (ie showing you how much bitcoin you received for your deposit).
Receipts for every bitcoin withdrawal (both manual and automated withdrawals), where you can see how much bitcoin you have withdrawn and the fee paid for that withdrawal. These emails will be sent once the bitcoin transfer has been confirmed in a block.

Monthly and Financial Year statements showing a full reconciliation of your account for the respective time period can be found on the Statements page.

Relax!

Your Automated Bitcoin Savings plan is complete. No need to log into your bank account, your bitcoin will automatically flow to your bitcoin wallet and our emails will let you know what's happened.

We highly recommend using a hardware wallet to secure your bitcoin. Feel free to ask us for recommendations regarding self custodial wallet arrangements.

If you need any further assistance, get in touch: support@hardblock.com.au

SMSF

Dollar cost averaging is a great way to invest in your super. Find out how you can set up a SMSF Bitcoin Investment.