Blockchain API Profile: Lawnmower.io
Each of the companies we’ve explored in our API profile series have identified something missing within the bitcoin ecosystem and developed their own unique solutions.
Our profile this week features a company called Lawnmower.io, who is bridging the gap new users often encounter when it comes to purchasing their very first bitcoins, in a way that is passive and does not require spending large lump sums of fiat. Read on to find out how your extra change can transform into bitcoins in your wallet, with this exciting new service!
Alyson: Let’s start with the basics. What exactly is Lawnmower?
Pieter: At Lawnmower we want to turn your physical coins into the digital, decentralized variety (bitcoin). Lawnmower is an app that watches your bank account and converts the spare change from each transaction into bitcoin in your wallet.
My go-to example is this: let’s say you buy a burrito with your debit card for $4.25. Lawnmower will round that transaction up to the nearest dollar (in this case $5), take the difference (here, 75 cents), and convert it into bitcoin that you own. With each bank transaction, you get more bitcoins in your wallet.**A: What inspired the ideas the company is based on?**
P: I wanted passive, casual bitcoin accumulation. I believe in bitcoins and I want to own more of them. However, I think there’s a mental barrier to manually purchasing bitcoin. It’s analogous to contributing to a savings or investment account; I always want to add more, but never find myself actually doing so.
A: In comparison to buying bitcoin from an exchange, for example, how is Lawnmower’s method of acquiring bitcoin easier?
P: Lawnmower removes this barrier in 2 ways:
- It’s automatic, so I don’t need to manually take the action of buying bitcoin. Eventually I just have more bitcoin.
- It only moves spare change each time – money that is already “gone”, essentially. When I buy something for $7.57, I don’t care about the $.43 in change. So sure, Lawnmower, go ahead and turn it into bitcoin.
A: Can you tell us what makes Lawnmower unique?
P: The concept of doing things with your spare change has been explored before: Bank of America has a Keep the Change program that puts your spare change into a savings account, and Acorns, a recently released mobile app that seems to be picking up steam, invests your spare change into a stock portfolio.
However, we are without a doubt the first app to turn this spare change into bitcoin. The 2 examples I gave above allow users to invest in their own future; our app allows users to invest in *the *future.
**A: Bitcoin has been used by some to spend and others to store, for investment purposes or otherwise. **
Given that many spectators think bitcoin as a currency (or some form of it) will eventually become a monetary standard like we see now with credit cards and fiat currencies, do you think applications like Lawnmower could play a major role in encouraging young people to adopt healthy saving and spending habits using bitcoin or other decentralized deflationary digital currencies?
P: Absolutely. The goal of the Lawnmower platform is to get people to think about financial habits in a new way. I mean, our app doesn’t necessarily have to be used with a savings wallet; I think that’s part of the beauty of bitcoin.
However, using Lawnmower as a savings wallet is definitely a use case that we predict will be very popular.
Now that we’re living in the post-fiat world, the way we think about managing our money changes. What is a savings account when you don’t need a bank to hold your cash? Is investing in your future a different process when you’re doing it with bitcoin?
We have a lot of ideas as to what the answers to these questions could be. What we’re doing now is just the tip of the iceberg. A major component of our app is interacting with your fiat. Imagine how things will be as this component grows smaller; the more bitcoin in our app’s ecosystem, the more innovative things we can do for our users to help them manage their money more effectively.
Really, our goal is to have you fundamentally question the way you manage your money, and to present cool alternatives. As we come out with more novel approaches, more people will aim to use the app as a way to maintain (or achieve) healthy financial habits.
A: How does the Blockchain API fit into all of this?
P: We use the Blockchain Query API for things including, but not limited to checking a user’s bitcoin balance and showing total bitcoins received. This is a wallet provider-agnostic operation so all the users of the app have their bitcoin address examined in this way.
A: Why did you choose to use the Blockchain API?
P: Blockchain is the OG bitcoin API. You guys have been around for so long that we know you know what you’re doing.
What do you think about Lawnmower’s unique way to easily acquire bitcoin? Comment below with your thoughts.
Be sure to sign up for Lawnmower’s open beta to be among the first to start earning bitcoin effortlessly, with their new app!
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