Frequently Asked Questions

What you need to know about Bitcoin and MyBitcoinSaver

  • If you’re interested in Bitcoin but find the whole process overwhelming.
  • If you want to buy Bitcoin but don’t have the money for larger buys - especially with international transfer fees!
  • You regularly put money aside into a savings account and would like to do the same with Bitcoin.
  • Or if, like us, you already purchase and use Bitcoin but want an easy way to regularly buy small amounts.

Currently there is a 3.5% fee alongside a general bitcoin delivery fee which changes based on how busy the bitcoin network is, this is typically between 0.0001 and 0.0005 BTC

Currently, anyone who can transfer money into our New Zealand bank account. We’re working on launching worldwide, starting with Australia and the UK. Enter your email address here to be notified when we launch in your country.

Please note, we will only use your email address once, to notify you once we’ve launched, we’ll then delete your email address from our database.

Your automatic payment arrives on Tuesday morning. There is then a 3 day transaction check delay to stop any fraudulent payments so your money is safe. We then purchase Bitcoin for you, at the market rate. The Bitcoin is then transferred to your wallet on Friday within half an hour of the purchase on the exchange.

A wallet is where you store your Bitcoin. There are different types - you can store your Bitcoin online, on your computer, or even on paper. We use and recommend Electrum and the Blockchain wallet.

Electrum is a free, easy to use Bitcoin client. It protects you from losing coins in a backup mistake or computer failure, because your wallet can be recovered from a secret phrase that you can write on paper or learn by heart. We recommend it because you can delete the wallet and re-create it when needed using the secret phrase. This means it is very secure, so we see the Bitcoin we keep in our Electrum wallets as our savings account.

The Blockchain wallet is a free online Bitcoin wallet which you can use to make worldwide payments for free. It also has Android and iOS applications. It makes paying with Bitcoins easy and secure and is available anywhere on your phone or desktop. We keep smaller amounts of Bitcoins in our Blockchain wallets for transactional purposes such as sending Bitcoin to a friend - we’ve even bought beer using it at one of the Bitcoin Meetups! Since the Bitcoin is stored online, we don’t recommend storing large amounts of Bitcoin here, we view this as the cash we carry with us.

There is no connection between them, they are completely separate entities. Once you’ve received Bitcoin from MyBitcoinSaver, you can move it between your different wallets using your public addresses.

An address is an identifier of 27-34 alphanumeric characters that represents a destination for a Bitcoin payment. It is similar to email, in that you can send Bitcoin to a person or company using their address. You can have as many different addresses as you like (and it is recommended to regularly change addresses for security reasons), for example, Electrum provides you with a number of addresses to choose from and will automatically create new ones once you’ve used them. Addresses can be generated at no cost by any user of Bitcoin.

If you’re using Electrum , click on the “Receive” tab, and copy and paste any of the addresses under Main account -> Receiving.
If you’re using the Blockchain wallet, log in to the website, and on the “Wallet Home” page, you’ll see your address next to the QR code.

Simply stop your Automatic Payment to us and we’ll notice that we’re no longer receiving payments with your reference number.

Simply change your Automatic Payment amount, ensuring you keep using the same reference number.

No, not at this time.

No, if you wish to purchase more Bitcoin, you can simply increase the amount of your automatic payment.

You may have noticed that we don't allow you to create a new reference by entering your public Bitcoin address again, as we only allow one reference per public address. If you've lost your reference number, please contact us and we'll help you recover it.

If you have a question that we haven't answered here, please contact us and we'll be happy to help.

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