- When using Interac e-Transfer Autodeposit, bitcoin bank function will be automatic
- Interac e-Transfer Autodeposit won’t be the most private experience
- You can send your e-Transfer to anyone else in Canada if you don’t use auto deposit
What is an Interac e-Transfer Autodeposit email?
Simply put, it’s the email address that you have linked to your bank for Interac e-Transfer Autodeposit. As you probably already know, all e-Transfers that are sent to this email will be automatically accepted and deposited into whatever bank you set this up with. This is, obviously, very convenient and fast, but it might not let you unlock your full functionality of “sneaky features” from Bitcoin Well…
The easiest option
Obviously, automation is easy. That’s why you can pay $60 for a “smart lightbulb” that turns on when the sun sets and off when you go to sleep. Interac e-Transfer Autodeposit is the same concept. It eliminates the need to check your email, enter your security answer, choose the bank and account to deposit it. It’s convenient.
When you sign up for a Bitcoin Well account with an email address that is an Auto Deposit email, this will be the fastest way to go from bitcoin in your self-custody wallet to dollars in your bank. The process is ridiculously simple:
2. Review the details
3. Send the bitcoin
Once the bitcoin has 1 confirmation on the blockchain, the e-Transfer will be immediately sent to your email, and because you have Auto Deposit turned on with that email address, the money will be automatically deposited into your bank.
Sneaky feature #1 - no login required 😏
This bitcoin address remains unique and static to you. This is a really cool function because if you ever want to sell bitcoin again (and if you aren’t selling you aren’t all in!) you can simply send any amount (up to $4,500) of bitcoin to that same address and have an e-Transfer delivered and auto-deposited straight into your bank. All of this can be done from anywhere in the world, without even logging into your Bitcoin Well account.
The private option
If you’re like most people, your primary email will be your Interac e-Transfer Autodeposit email and it will also be the email with which you signed up for a Bitcoin Well account. However, you might be missing out on some privacy opportunities by using your primary email.
First, let me start this off by stating that you absolutely need to verify your identity if you want to buy bitcoin. This is to prevent fraud. However, the fraud risk for selling bitcoin is basically non existent, and you benefit greatly from that! It is virtually impossible to undo a bitcoin transaction that has 1 confirmation on the blockchain, and as such, there isn’t as much risk.
So if you don’t want to go through the hassle of verifying your identity (which only takes a couple minutes!), you can still sell bitcoin at bitcoinwell.com with just an email address.
There are two reasons I don’t advise this be your Interac e-Transfer Autodeposit email address. First, that wouldn’t be ideal for privacy. Second (and most importantly) you won’t be able to buy bitcoin with that account unless you verify, and consequently undo the privacy.
Without Interac e-Transfer Autodeposit on your email, the function within Bitcoin Well is the exact same. However, rather than having the money automatically deposited into your bank, you will receive the deposit link into your email for you to choose which bank to deposit it.
This leads me to another sneaky feature.
Sneaky feature #2 - Send money to anybody in Canada, with bitcoin 😏
Without Interac e-Transfer Autodeposit, you will receive an email with the link to deposit your funds. This link can be copied and sent to anyone. This means, technically, you can use bitcoin to buy something on Kijiji. You can use bitcoin to pay your rent. You can use bitcoin for virtually anything that requires you to pay with e-Transfer. All done within a private environment. Here’s how:
How to use bitcoin instead of Interac e-Transfer
- Start a sell order at bitcoinwell.com/app
- Review the details
- Send the bitcoin
- Receive the Interac e-Transfer email after 1 confirmation
- Copy the link from the email
- Send the Interac e-Transfer link to the person you are paying
And just like that, you have sold bitcoin and used the proceeds in the form of an Interac e-Transfer without the money ever touching your bank account.
Future-proof your money
Features and functionality like this are the early stages of the efforts the team at Bitcoin Well is putting in to help make bitcoin useful. In our investor deck I have a quote that goes as follows:
This is the beginning of being able to hold and use your money. We aren’t focused on getting millions of merchants to accept bitcoin. Your landlord doesn’t need to take bitcoin. The guy on Craigslist or Marketplace doesn’t need to accept bitcoin. We are giving YOU, the bitcoiner, ways to use bitcoin before mass adoption.
Learn more about what your account can do at bitcoinwell.com/join.
Welcome to the future.