For months I have had ZeroBlock duct-taped to my body, checking it every few minutes like a newborn baby. After all, when you day-trade bitcoins, you absolutely need to know where bitcoin is at and how quickly it is changing. My friends and I here in the Rochester MN Bitcoin Group have even taking to texting each other at all hours of the day and night when we see changes happening. Such necessities are really nonsense in this digital age, and the question we always asked ourselves was, “When is someone going to create a way to automatically buy and sell based on our specifications?”
CoinPatrol is a welcome step in the right direction. While not being able to trigger purchases, it performs the next best task – alerting us when a price on one of many major exchanges and fixed exchanges reaches whatever parameters you happen to input.
For example, if I want to have a text sent to me if bitcoin goes below $500 on Coinbase (or 7 other exchanges), I set up a rule, and if it drops below that threshold I will receive a text message in short order. I feel relieved even saying that!
Or I could set up a rule to execute when it the price goes above $605. I could set it up to receive an e-mail whenever an exchange hits a certain percentage decrease or increase within a day. Take a look at the image below.
Contact Medium: e-mail and text.
Time: day, hour, 30 minutes
Exchanges: Mt. Gox, Bitstamp, btc-e, Coinbase, CampBX, Bitfinex, Vircuex, Kracken
Change Variables: increases by, decreases by, greater than, less than
Financial Variables: price, percent
In my test, I set up the filter above to contact me when the price on Coinbase rose above $605. It hit this trigger point a few minutes later, and I received a text on my cell phone within one minute of the price breach on Coinbase.com. Amazing!
Text messages cost 2 credits, and e-mail costs 1 credit. You get 20 credits free for signing up. Oddly, my first test only charged me 1 credit. But I won’t complain. 🙂
Credits cost between U.S. 8 cents and 12.5 cents per credit, payable in blocks of 40, 100, or 250 credits. The price per text is just a little bit high for me, considering how often I plan on using the service, but I’ll gladly pay it nevertheless. Just keep in mind that 4 texts a day is 8 credits, about a buck at the most expensive level. If you are like me, you could easily spend $30 a month that way. Payment is in bitcoin, and the interface brings up the now familiar bitcoin address/Coinbase payment screen.
You can also earn credits by following them on twitter, and tweeting about their service.
What this means for me is that I will sleep like an angel tonight! While I will miss having my friend Rob message me on Facebook at 6 in the morning to make sure I’ve seen the price and am buying, the fact that none of us will ever miss an opportunity again is truly a great thing.
It is with a heartfelt sigh of relief that I give CoinPatrol my enthusiastic recommendation. Well done, CoinPatrol!