How to Dollar Cost Average bitcoin on the Lightning network in Canada 🇨🇦
Bitcoiners love the Lightning Network for its near-instant transaction settlements and super low fees. Now Canadian bitcoiners can Dollar Cost Average into bitcoin via the Lightning Network.
Not quite sure how dollar-cost averaging works? No problem; our Bitcoin DCA Calculator makes it easy to visualize the concept in action.
Dollar Cost Averaging onto the Lightning Network opens up new bitcoin possibilities - bitcoiners can now feasibly DCA daily, or even more frequently, without having to worry about a UTXO consolidation problem in the future.
Dollar cost averaging onto the Lightning Network is a Canadian first 🇨🇦🥇
All you need to do is add a Lightning Payment Address in your recurring buy page and select it as your recurring buy destination. Once you send a payment to your unique payment account, you’ll instantly receive your Lightning payment directly to your Lightning Wallet.
The best part? Dollar Cost Averaging onto the Lightning Network is just as easy as doing it on-chain, you just get your bitcoin faster and without the UTXO management task.
Step 1: Add your Payment Address
To get started, log in to Bitcoin Well and navigate to the Recurring Buy page.
If you have already set up a Recurring Buy in the past, then your process to start Dollar Cost Averaging with a Lightning Payment Address is very simple: add your Payment Address to the list of wallets on your Recurring Buy pay and select that Payment Address as the selected destination.
If you haven’t set up a Recurring Buy in the past, no problem! Click on the Recurring Buy wallet field, then click “Add wallet” and paste your Lightning Payment Address. Select your payment address, the green checkmark means that wallet is chosen as the destination.
Step 2: Add payee details as a bill payee in your bank
Next step is to add your Apaylo payee (our payment processor) to your bank account as a bill payee. These can be found on your Recurring Buy page as well.
Step 3: Select a payment size and frequency
Once you’ve added your payee details, send a bill payment to your Apaylo payee. When sending CAD to your payee, your online bank account will allow you to change the payment from a one-time payment to a recurring payment on a weekly, biweekly or monthly schedule. Choose the frequency that best suits you!
With Lightning, there are no blockchain fees or UTXOs to consolidate, so you can buy bitcoin as frequently as you like without any burden! Recurring buys with Bitcoin Well are as easy as 1, 2, 3!
Dollar cost averaging onto the Lightning Network is a Canadian first! It completes our ecosystem of Lightning products, like selling bitcoin on the Lightning Network for instant sale and e-Transfers, using Bitcoin on the Lightning to pay household bills and credit cards and the ability to instantly buy bitcoin on the Lightning via e-Transfer. We are proud to have the best Lightning ecosystem in Canada.
What makes Bitcoin Well different
Bitcoin Well is on a mission to enable independence. By custodying their own money, our customers are free to do as they wish without begging for permission. By enabling a full ecosystem to buy, sell and use your bitcoin to connect with the modern financial world, you are able to have your cake and eat it too - or have your bitcoin in self custody and easily spend it too 🎂.
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Earn sats from your bitcoin transactions
Bitcoin Well is also the best place in the world to earn bitcoin. When you earn points in your Bitcoin Well account, you gain the opportunity to play the Bitcoin (Wishing) Well, where you win sats with every play.
The best part? We send bitcoin that you win straight to your personal wallet via the Lightning Network.
Oh yeah, did we mention you can win up to 1,000,000 sats? If you're an active Bitcoin Well customer, there is a chance you've earned a pile of points. The more you use your account for buying, selling or spending bitcoin - the more points you’ll earn! Log in to your Bitcoin Well account and check your point balance.
Invest in Bitcoin Well
We are publicly traded (and love it when our customers become shareholders!) and hold ourselves to a high standard of enabling life on a Bitcoin standard. If you want to learn more about Bitcoin Well, please visit our website!
Konrad has been a Bitcoin Analyst since 2018 leveraging an economics background to deliver unique insights on Bitcoin, product, bitcoin mining, and macro-economics.