2020 was a confusing and disastrous year filled with mourning, confusion and doubt. While many people managed to get by, a significant number of people got big hit hard and were left to reassess what their next moves might be. Then we have the stock market: we’ve seen a fair share of surprises and again, some players thrived, while others plummeted. With clear signs of massive volatility, one market or more specifically, one particular asset silently grew, broke its support and reached all-time highs. That’s right, this is all in reference to the giant digital asset, Bitcoin.
In the long run, supplies are anticipated to decrease, which implies heightened value. As awareness on the cryptosphere continues to cultivate, individuals are left wondering what their best options might be to buy and manage their Bitcoin-holdings. This is where it is best fit to introduce Swan Bitcoin.
For those of you who are curious as to why the team went with the name, “Swan Bitcoin,” the CTO, Yan Pritzker writes, “We see Bitcoin as Nassim Taleb’s “Black Swan.” A black swan is an event no one sees coming that changes everything. Bitcoin is here to disrupt the financial system and give people a true freedom money – something that cannot be taken from them.” If this isn’t enough to stimulate your mind, there’s more in store through this review:
What is Swan Bitcoin?
Swan Bitcoin appears to be an app through which individuals can buy, sell and safeguard their respective Bitcoin holdings. The main goal behind this platform is to make Bitcoin-investing easier and doable for people looking to enter the cryptosphere either for their first time or with mere desire for enhanced security (or both of course).
What makes the embedded algorithm unique is its recurring purchase system, where individuals can choose to purchase preferred quantities on a daily, weekly, bi-weekly or monthly basis. The interesting part of it all is that the app ensures that one’s dollars are appropriately converted at the cheapest possible price. Surely, one might wonder how much of a difference setting up recurring payments actually has and according to the Swan Bitcoin team, it is quite significant. Here’s as per their words:
“We built Swan to allow people to buy Bitcoin as cheaply and easily as possible. Timing the market is hard. Our daily, weekly or monthly savings options steadily convert your dollars to Bitcoin savings. Over the last three years, saving $50 per week in Bitcoin turned $7,850 into $12,186.”
All things considered, let’s now turn our attention to the ins and outs of the Swan Bitcoin app itself, starting with how it’s meant to work and its numerous facets.
How does Swan Bitcoin work?
The first step to getting the set-up process started is, of course, by creating an account, and this is done by entering an email address, entering a unique passcode and continuing through the suggested steps. At some point, individuals will be asked to select the amount to invest in Bitcoin, how often purchases will be placed and linking a U.S. bank account.
Once the latter has been completed, the Swan team will pull the funds from the linked bank account and will make the Bitcoin purchases. Normally, there will be a holding period, which has been set in place to possibly buy at ideal prices. Following suit, individuals can choose as they please to either withdraw their Bitcoins manually or through an auto-withdrawal plan right into a cryptocurrency wallet.
Frequently Asked Questions (FAQS)
Is Swan Bitcoin only available to U.S. residents and if so, in all 50 states?
Yes, Swan Bitcoin is only available to U.S. residents who are over 18 years of age and have a U.S. bank account. As for its availability, individuals from all 50 states, including New York (NY), California (CA), Florida (FL), Washington (WA), and Massachusetts (MA) to name a fraction can make use of the Swan Bitcoin service.
Why does Swan Bitcoin require so much personal information?
The need for elaborate personal information is to ensure that individuals are truthful of who they claim to be. By asking for multiple photos, social security number and others, everyone will be protected against any identity-related, banking information and, Bitcoin thefts. Swan Bitcoin partnered with Prime Trust, a licensed and regulated Trust company based in Nevada, for data collection purposes. However, the team affirms that all information will be erased once Prime Trust custodial accounts have been created.
How long does it take for the Swan Bitcoin verification process?
On average, it can take anywhere between 30 seconds and five days to sign off the Swan Bitcoin verification process. Of all the registrations that took place on this app, 80% of users were supposedly immediately verified through Swan Bitcoin’s automatic program, while 20% of users were manually reviewed, where the latter is what prolongs the entire process.
Here are some general tips that might speed up the verification processes:
- Photos should be taken in clear, indirect light on a flat surface
- Photos should exhibit clear, completely legible details (i.e., address and first, middle and last names as listed on government documents)
- No conflicting information will be accepted
On a final note, individuals are requested to contact customer service regarding these processes once the reference period (i.e., 5 days) has passed, as the team will verify accounts as they come. Patience is key here, and something that will be appreciated by the Swan Bitcoin team.
Is it possible to set up two plans on one Swan Bitcoin account?
No, it is not possible to run two plans simultaneously on one Swan Bitcoin account. One way to possibly run two plans on one account is to wire the money monthly to the Swan Bitcoin team. Nevertheless, if two people are using two different Swan accounts under the same bank account, the team will gladly take the money out twice. For full clarification on these matters, one can either go over the Swan Bitcoin FAQs page can contact customer service.
Is there a limit on how often withdrawals can be made with Swan Bitcoin?
Yes, for the time being, users can automatically withdraw their Bitcoin once per week. While this has been done to save on miners’ fees, everyone is still welcome to manually withdraw as they please. Speaking of withdrawals, the current minimum amount of Bitcoin that can be sent in a single withdrawal is 0.0001 Bitcoin. There is no maximum withdrawal size.
What is the best way to contact the Swan Bitcoin customer service team?
The best way to contact the Swan Bitcoin customer service team is by submitting a request form found here.
What purchase plans does Swan Bitcoin offer?
There are a couple of purchase plans to choose from, but before listing them, it is important for individuals to know that Swan Bitcoin fees are based on weekly amounts saved. For instance, saving $50 per week with prepaid fees made annually results in the lowest fee tier of 0.99%. In addition, these fees are paid on the amount of USD converted to Bitcoin. Luckily, there are neither storage nor performance fees to worry about.
For those who want to take advantage of the benefits of the prepayment system, the prices breakdown is as follows:
- $5 to $24 weekly: 1.99% in fees
- $25 to $49 weekly: 1.49% in fees
- Over $50 weekly: 0.99% in fees
It seems like prepayments are far more advantageous when compared to the “pay as you go plans” which has been summarized below:
- $5 to $24 weekly: 2.29% in fees
- $25 to $49 weekly: 1.79% in fees
- Over $50 weekly: 1.19% in fees
Meet the Swan Team
The Swan Team asserts that they are “dedicated to making Swan the best way to buy Bitcoin.” In exploring their official website, it is clear that they are devoted to everything Bitcoin has to offer. This has been primarily reflected in the time the team has spent in writing Bitcoin books, creating podcasts that flourish into compelling discussions, and investing in Bitcoin companies. With that said, below is briefing on the members involved:
Cory Klippsten (CEO)
Cory Klippsten is the co-founder and CEO of Swan Bitcoin and GiveBitcoin.io. As per his LinkedIn page, he also serves as an advisor to Unchained Capital and Riot Blockchain and is a partner of PurposeLab and Bitcoiner Ventures. Before getting involved in early-stage startups, he has gathered a lot of his experience from jobs at Google, McKinsey, Microsoft and Morgan Stanley.
Yan Pritzker (CTO)
Yan Pritzker is the co-founder and CTO of Swan Bitcoin. In addition, he shared that he is a Bitcoin educator and the author of investingbitcoin.com. His experience, like Cory’s is quite versatile, as it ranges from spending 20 years in tech and startups and serving as a former CTO of Reverb.com to writing Bitcoin content.
Brady Swenson (Head of Education)
As hinted above, Brady Swenson is the head of education. Much of his work can be found on Swan Signal, a blog that “offers thoughts and opinions on Bitcoin from the Swan Bitcoin team and friends.” What might his ultimate mission be? Well, he has since shared that he’s:
“On a mission to spread awareness of Bitcoin. Money is a critical foundation of civilization and our money is broken. Bitcoin is better money that will help us build a brighter future.”
Gigi (Senior Engineer)
Austrian, Gigi is a Bitcoiner and Austrian who has contributed to the Bitcoin code. Grippingly, his first book called, 21 Lessons, is deemed “the most recommended books among bitcoiners.” To date, he launched several projects within the bitcoin space, while also working on his second book. Today, he has landed the role of senior engineer with Swan Bitcoin.
Jason Don (Creative Director)
Creative director of Swan Bitcoin, Jason Don is as big a Bitcoiner as his colleagues. Also known as Brekkie Von Bitcoin, he is believed to have appeared on Bitcoin-focused platforms including (but not limited to) Crypto Insider, BlockTV News, Bitcoin Magazine, and Altcoin Daily. Aside from the latter, Jason has written a number of pieces on Bitcoin, not to forget his cartoon series, all of which have garnered thousands of views.
Andrew Edstrom (Head of Institutional)
Andrew Edstrom, CFA, CFP (aka Andy) is known for his interests as a financial advisor and in the case of Swan Bitcoin, the head of institutional. As described on the official website, Andy is said to have made frequent appearances on Bitcoin outlets, namely the likes of The Wall Street Journal, Forbes, The Economist, Bitcoin Magazine, Stephan Livera Podcast and Tales from the Crypto.
Reed Wommack (Client Services)
Reed Wommack introduces himself as the person who runs Swan Bitcoin’s customer support. In the best interest of the people and wanting to assist everyone in acquiring Bitcoin, Reed continues to encourage people to send him a direct message regarding any issues that they may come by. This role is evidently not new to him seeing that he has been an English and environmental science teacher, a behavioral therapist and a geology teacher in the past – roles that clearly provide guidance/support to others.
Brandon Quittem (Communications Lead)
Brandon Quittem is the director of marketing/communications lead at Swan Bitcoin. As per his words, “My [superpower] is distilling complex information into simple, actionable, intelligence.” He also sees himself as a “voracious learner, entrepreneur, educator, content marketer, strategic thinker, [and] inspired by hard problems [with interest in] polymath and Bitcoin.” He like many of his colleagues, has supported Bitcoin outlets, and appeared as a guest on shows such as Tales from the Crypto and Radiant Creators.
Jörn Röder (Lead Designer)
Jörn Röder is the lead designer at Swan Bitcoin. As per his personal website, his goals are to “design and develop concepts, strategies and visual representations for individuals, companies, associations and open-source systems.”
In terms of Swan Bitcoin’s advisory board, members include:
Lyn Alden, Lyn Alden Investment Strategy
Max Keiser, Keiser Report
Stephan Livera, Stephan Livera Podcast
Robert Breedlove, Parallax Digital
Preston Pysh, Investor’s Podcast Network
Matt Odell, Tales from the Crypto Podcast
All-in-all, Swan Bitcoin is an app through which Bitcoin purchases can be made. In regard to the service, it is simple: individuals can either buy, sell or hold their Bitcoin(s), and the option to set up recurring purchases is available. However, the factor that makes Swan Bitcoin a first mover is the prepaid fees plans which help to significantly reduce fees associated with Bitcoin purchases.
Aside from these features, the efforts taken by the team are quite impressive. To be more specific, the team took their time to create educational material and to develop a solid “Frequently Asked Questions” section that answers all. This level of transparency is rare and is one that should be applauded. Another facet that makes Swan Bitcoin attractive is that it is literally for everyone of all financial standings. To think that one can invest as little as $5 – whether it be daily, weekly, or even monthly, is impressive.
Upon examining this service, we came across Product Hunt, a website devoted to sharing and discovering new products, where Swan Bitcoin was introduced. At the time of writing, a total of 772 people upvoted it – a sign indicating that the app has been warmly welcomed! Above all, the Swan Bitcoin team responded to any questions and comments, which displays their commitment to clarifying all doubts and/or concerns.
In actually reading through the comments, it shows that they are open to new ideas and recommendations that can enhance one’s experience. Finally, in terms of the consumer experience, one user said, “Great idea for adoption! Well done Swan Bitcoin Team!” while another said, “Sleek and simple ui. Easy onboarding process & Great way to save and accumulate bitcoin.” The latter two are mere snapshots, as more positive remarks have been disclosed thus far. To learn more about Swan Bitcoin, and the team who stand by it, click here>>
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