Setting Up an Automated Savings Plan (DCA)

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

You will need a verified account before setting up you Automated Savings Plan. See our article here on getting set up.

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

Automated Buying

Navigate to Savings Plan (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 (but not POLi).

On the Savings Plan page:

  1. Review the Auto-Buy terms and conditions.
  2. Tick the box if you accept these terms and conditions.
  3. Turn on Auto-Buy using the slider button so that it turns green.

Automated Bitcoin Withdrawals

Next, navigate to Auto Send BTC in the menu (your account will need to be approved for bitcoin transactions before this will become visible).

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:

  1. Paste the receiving address for your bitcoin wallet into the "Send-to Address" field.
  2. Enter your desired threshold into the "threshold" field.
  3. Switch on Auto-Send using the slider button, so that it turns green.

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. Generally, using EFT deposits is the easiest way to do this. You can find the EFT details for your account in the "$ Fund 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 Statements 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.

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.

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

Still need help? Contact Us Contact Us