Bitdroplet, platform to invest in Bitcoin at regular intervals now offers direct BTC withdrawals. The platform earlier mandated users to redeem their investment in USDT and withdraw the same.
SIP some Bitcoin
India’s Bitbns crypto exchange launched Bitdroplet in December last year to allow users to buy BTC for any amount at regular intervals. Users can invest a fixed amount in BTC everyday, week or month, thereby possibly advantaging from the volatility in BTC prices.
Once a user sets a goal and deposits USDT coins for the investment, everyday at 12:01 AM, the system makes the purchase of BTC with the set amount for the user. For weekly and monthly instalments, the purchase happens at 12:01 AM on the day of the SIP.
In our review of the platform, we mentioned the platform offers redemption of the investment at the current USDTBTC rate. The only way to take out the BTC from the platform was to redeem it in USDT, move them to Bitbns exchange and then buy BTC with it.
However, in an announcement today, Bitdroplet said they now allow BTC withdrawals.
Fee or Free withdrawal
A user can simply open the goal setup by them and click “Withdraw BTC” to make the withdrawal.
User can withdraw BTC to a personal wallet, or can simply withdraw it to their Bitbns wallet. Minimum withdrawal is 0.001 BTC.
Withdrawal to Bitbns is free, however withdrawal to any other address attracts a fee of 0.0005 BTC.
The exchange also throws a warning about leaving a “disciplined investment plan” and possible substantial loss that may incur.
Here’s how the screen looks like –
Several times, users and media portals such as ourselves have appealed the exchange to provide private wallets to users with access to the private keys, so users can freely invest larger amounts. Bitbns has said they will be launching it “soon”.
What do you think about Bitdroplet’s new BTC withdrawal feature? Let us know in the comments below.