I was recently checking for interesting applications on my mobile’s app store, that is when I came across this mobile app called Lawnmower. It is a simple application that allows you to invest your spare change on bitcoins.
The app, Lawnmower is currently in beta stage and is available only on Apple app store. Three classmates – Alex Sunnarborg, Patrick Archambeau and Pieter Gorsira, have developed this application. These University of Florida students are backed by Boost VC. The Lawnmower application, in concept is similar to an application called Acrons. While Acrons allows its users to invest their spare change on traditional investments, Lawnmower users can use their spare change to buy bitcoin.
Lawnmower sounds like a great application, but it has a catch (which is preventing me from using it). In order to use Lawnmower, you should meet two prerequisites.
- You should have an account in one of these 5 US banks – (a) Wells Fargo, (b) Bank of America, (c) US Bank, (d) Citibank and (e) Chase
- You should have a Coinbase account.
If you happen to satisfy both these requirements, and provided that you currently use an Apple device, you can easily download Lawnmower and start using it.
In order to use it, you have to connect both your bank account/ credit card/debit card and your Coinbase account to Lawnmower application. Once done, you can forget about it and go shopping just the way you always do.
How does Lawnmower Work?
Lawnmower will keep an eye out on all transactions you make on the connected accounts and calculates spare change for each purchase. It calculates the spare change by rounding off the final value of each purchase after deducing tax to the next dollar. In the case of rounded off transaction, it calculates an additional dollar as spare change. Once the app accumulates a minimum spare change of $4.00, it will automatically purchase Bitcoin on your behalf from Coinbase and adds it to your Coinbase Bitcoin Wallet.
How does it help?
With Lawnmower, people do not have to go out of their way to invest in Bitcoin. It helps them automate the process, and by investing spare change at regular intervals, they do not feel the burden of making a one-time investment on bitcoin. As an investment option, this method will also reduce the effect of Bitcoin price fluctuations.
Lawnmower has the potential of introducing new people into the Bitcoin community. The apparent low risk associated with investing in Bitcoin using spare change will encourage more people to understand and involve themselves into the Bitcoin community.