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20 sats \ 1 reply \ @CoinbitsApp OP 7h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
Haha. If being ‘hot’ means having an unbeatable grasp of macroeconomics and bitcoin, then Lyn Alden’s basically on fire.
10 sats \ 1 reply \ @CoinbitsApp OP 9h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
Today we are U.S. only but we plan to expand internationally next year!
266 sats \ 0 replies \ @CoinbitsApp OP 10h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
How interest in bitcoin seems to almost disappear when the price is down, and then when it gets expensive how people pile into it. I know this is well known but seeing it firsthand, and having to run a business through the doldrums of the extended bear market and then welcoming new people in during the bull run was quite the experience.
163 sats \ 0 replies \ @CoinbitsApp OP 10h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
I should add -- MOBILE APP!
110 sats \ 0 replies \ @CoinbitsApp OP 10h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
We don't provide bitcoin liquidity directly – we are not an OTC desk.
Unit bias is real! It's crazy how powerful it is. So many people are missing out on bitcoin because one BTC is so expensive. There's been some good discussion about this on X lately. I do not have a great answer for how to solve this but it's a real problem.
We offer Sats Mode on Coinbits and we notice many of our members prefer to use it. Hopefully that helps at least a little bit.
Differentiation! You can get bitcoin anywhere. It takes a special something, whether that be design taste, education resources, great support, fun features – something that entices people to give you a try.
126 sats \ 0 replies \ @CoinbitsApp OP 11h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
Two luminaries that I admire and had the privilege to get to know are A. Michael Noll and Bill Verplank ❤️
110 sats \ 2 replies \ @CoinbitsApp OP 11h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
Of course!
There are a lot of opportunities to allow groups of people and communities to self-organize around capital pools and loans, but they are mostly restricted from doing so. It would be great to empower people to find the best, highest use of any money they have sitting around – it would unlock so much productivity and growth.
110 sats \ 0 replies \ @CoinbitsApp OP 11h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
In order for bitcoin to change the world radically for the better, it is not necessary for all individuals to be able to own a UTXO.
153 sats \ 0 replies \ @CoinbitsApp OP 11h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
- It should be secured by YOU as soon as it settles. We offer hardware wallet integration and automatic withdrawals. We do not want to hold your bitcoin and do not benefit from doing so. Until you withdraw it, it's held with one of the major custodians, Fireblocks, Bitgo, or Coinbase, depending on circumstances.
- We require 2FA on all withdrawals.
- Yes, see above.
- No, in fact we do not hold or access your funds at all. Coinbits is software that allows you to automate fund flows and trades among your custodial accounts.
- No, see above; we do not touch the funds of our members.
- The short answer is no, though many of our members held accounts with Prime Trust, and that process is still playing out.
- User data is encrypted in transit.
- Coinbits members open a Cybrid account. Cybrid provides access to fiat rails and bitcoin liquidity. Ultimately any dollars you hold with them sit in a bank account with Cross River Bank.
- See above, we do not hold member funds.
- See above, deposits might be insured but not by us.
- We are strictly a software company that helps you move your money and convert between bitcoin and dollars using accounts at licensed and regulated institutions. Our partner, Cybrid, operates in all 50 U.S. states and is licensed and regulated.
One of our guiding product principles we call "responsible gamification". Everyone knows that creating addictive experiences with gaming elements has developed into a science. It's up to us as product designers to decide WHY to use these powerful tools – to help people better themselves. Stacking bitcoin is like gamifying fitness apps – they help people live up to their own standards and aspirations. As a designer, I would regret creating experiences that were highly engaging but that users felt negatively about how much time they spent with them.
Good question. It can be challenging to manage the day to day of a fintech, which includes compliance and support, alongside thinking about growth and product. It's the kind of business that you should not get into unless you really feel strongly about the mission – being able to wake up every day and truly believe that our talents are helping set up people's lives for the long term is very motivating and helps offset the challenges!
Yes we do – but you're right that it can be a challenge. We have a couple of irons in the fire and hope to have news soon on that front.
We have talked to several users who think about stacking bitcoin every time they run their card – like accumulating airline miles back in the day, it makes spending fiat less painful because you know you're stacking a little bit of bitcoin each time. Usually our members prefer to also set up a Saving Habit so that they have a consistent recurring buy while they also use Round Ups for a gamified element.
Build out financial features to allow the Coinbits team to finally close our regular bank accounts and just use CB for everything :D
103 sats \ 0 replies \ @CoinbitsApp OP 11h \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
Bitcoin is bitcoin – you can get it many places. Our UX is second to none and we have a strong community – check us out and see what you think!
If you subscribe to Coinbits Plus for $10, you get bitcoin at extremely competitive prices, usually this is a great deal if you are stacking large amounts.
Spending Insights help you spend your money more wisely and stack more sats.
Round Ups make it easy and fun to stack by taxing your high time preference spending.
We are a family run business and have never taken VC money – we are building Coinbits the right way to prepare for a bright orange future!