November 17, 2021

LVL's Master Plan

The next generation will bank on Bitcoin.
Chris Slaughter

Most people know LVL as a place to buy Bitcoin without fees and earn yield from Market Making. These are two great features of LVL that we are thrilled to offer. However, LVL is more than any one feature. There are many places to trade Bitcoin and many places to earn yield. LVL is bigger than this. We are building a financial institution to last the next hundred years, and be a shepherd to guide people new to Bitcoin towards a more promising future.

LVL’s mission is to help lead the world’s transition to Bitcoin and help people new to Bitcoin to start adopting and banking on it.

The reason this is important is because the fiat dollar, in a word, sucks. The US only just left the gold standard 50 years ago, and moved to fiat dollars engineered through monetary policy. It is now clear that this move to fiat dollars only hurts individual consumers - and the world at large. Individual consumers are hurt because of inflation as the value of our dollars decreases over time. The world is hurt through a reliance on the dollar as a “reserve currency” with a monetary policy that doesn’t always reflect local needs. Alex Gladstein of the Human Rights Foundation has two excellent papers exploring the negative externalities paid by the world due to the use of American fiat money (here and here).

The solution is to get off the dollar and bank on Bitcoin.

Naysayers will point to the tax consequences of selling Bitcoin for cash incurring capital gains, claiming they would offset any benefits. Our calculator here shows how the raw gains actually make these taxes inconsequential. Naysayers will also say that Bitcoin is too volatile to bank on. If you zoom out, that volatility works in the favor of individual consumers, which that calculator will also show. Both of these things can be solved through improved policy, technology, and continued adoption of Bitcoin in payments, all of which are happening already.

The problem today is that banking on Bitcoin also sucks. No current provider is even working to build this. Bitcoin companies are either building shitcoin casinos where you can day trade and gamble or whizzbang apps that offer 1-2 features (like an interest account and loan). Traditional banks are too old and slow to understand or adopt Bitcoin. Therefore banking on Bitcoin today currently requires both a traditional bank account (to get your paycheck at) and 1-X Bitcoin apps to be able to buy Bitcoin, hold Bitcoin, and spend from a card. This incurs fees, delays, and is just a headache to manage. This puts a barrier to entry for people new to Bitcoin and slows adoption.

Companies today are in a clamor to get you to add one more app to your finance folder. LVL wants to delete your bank.

LVL’s solution to this is to create a banking platform that truly supports the native currency of the internet: Bitcoin. Not a trading platform, not a one-feature app, but a full-service banking platform. Here is our roadmap for how to get there:

Fully Automatic

Your paycheck probably comes in cash, but how do you want to get paid? Instead of having to get your cash paycheck and then trade your way to your desired holdings, this can be automated. LVL will allow you to convert your paycheck into Bitcoin, or some desired combination of Bitcoin and cash, automatically and instantly, and without any fees. Want to also automatically contribute funds to Market Making or an interest account? That will be automated as well.

User Friendly

LVL is not a fiat app that also has a “Bitcoin tab”. LVL is building a truly hybridized banking experience, with a single screen to manage all your money. Once it’s easy to to automatically convert your cash to Bitcoin, LVL will merge the Bitcoin and cash experience into one, simple, hybridized interface where cash and Bitcoin are separate accounts - not separate experiences.

Want to send money? You should be able to press Send, select the asset, and send.

Want to send a check? Create a check in-app, enter the address you want to send it to, and choose whether to pay for it with cash or Bitcoin.

Getting a paycheck? A push notification will ask you whether you want it deposited to cash or Bitcoin, and we’ll remember your preference moving forward.

Convert Bitcoin at Checkout

Swiping your card? Toggle whether it spends Bitcoin or cash.

This brings us to our next point. Day-to-day spending should be easy to do, everywhere, natively with Bitcoin. You should be able to hold what you want, spend what you want, and let any changes in currency be automatic and behind the scenes. It’s that simple. Want to hold all Bitcoin, but still need to buy coffee? Without giving away too much, thanks to our close alliance with Mastercard, the LVL Card will soon enable spending from your Bitcoin and convert that automatically to cash for the merchant. And we have other payments products coming soon including Bitcoin back at major brands and Lightning Network support.

Kill the Dollar

You heard that right. At some point in the future, when more of the world is banking on Bitcoin and using it day to day, the US fiat dollar will no longer have a role to play, and will be delisted from LVL. This will be a momentous day for humanity, and it’s our full time job to make it happen.

In summary, LVL’s Master Plan is:

  1. Make converting between cash and Bitcoin cheap and automatic
  2. Merge the cash and bitcoin interfaces to make them truly interchangeable
  3. Enable the debit card and bank payments to be funded in Bitcoin
  4. Delist the dollar

You can help jump start the future by downloading LVL and depositing $25 in cash or Bitcoin.

Ohhh yeahhhh.

This Master Plan was written in collaboration with Clifford, LVL’s Customer Success Manager, and a dedicated LVL Pro. LVL Premium members each get assigned a dedicated LVL Pro, who offers personalized support for their account, and their journey into Bitcoin. LVL Pros work very closely with their members, and take and share their feedback and requests with the LVL team, which helps guide our product roadmap. LVL is here to serve our members, and build the product that best supports their needs. If you have any questions, thoughts, feedback, or feature requests to share, please reach out to your Pro in the LVL app, or send us an email here:

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