Announcing a Return to our Roots: The All-New Bitcoin Magazine
Verified on Po.et Created with Sketch. Verified on Po.et

Square's Cash App Adds Option to Buy and Sell Bitcoin

by

         Square's Cash App Adds Option to Buy and Sell Bitcoin

Square’s “Cash App” has been updated to allow for purchasing of up to $10,000 worth of bitcoin a week. Since making the announcement, Square has seen its stock has climb nearly 3 percent.

Cash App is a peer-to-peer payment system from Square that allows people to pay each other directly and quickly. This new update has been in trial mode for select users over several months and is now available to the public.

Users will have access to bitcoin trading directly in the app with no additional fees being added by Square. Transactions fees will be set at a mid-market price that is averaged from various exchanges. Users are limited to purchases of up to $10,000 worth of bitcoin per week. The new feature is available to all Square customers except for those in New York, Georgia, Hawaii and Wyoming.

For people new to bitcoin and cryptocurrency trading, the process is simplified by Square as they are the ones holding on to your bitcoin and executing the transactions: the bitcoin is tied to your Cash App account, not your device.

While Square has a long history of secure transactions, this centralized system of holding users’ private keys is not an ideal security practice (see the recent Coincheck hack), so users will have to consider whether they want to trade security for ease of use.

To help newcomers to the cryptocurrency space, the company has created an interactive webpage to explain bitcoin to the average person. It also created an online picture book for children called My First Bitcoin and the Legend of Satoshi Nakamoto.

Recommended

Pierre Rochard: “Lightning Adoption Will Basically Mirror Bitcoin Adoption”

Pierre Rochard discusses his Lightning plug-in integration for Microsoft Excel and how Lightning has a place in commonly used applications.

Michael Taiberg

Ohio Gives Green Light to Paying Taxes With Bitcoin

This is not the first attempt by U.S. states to allow cryptocurrency to be used in tax payments, although it is slightly different and ultimately the most successful so far.

Landon Manning

In the Race for a Bitcoin ETF, Wall Street Has Plenty of Hurdles to Clear

The sheer volume of news surrounding ETFs — and the general complexity of the asset when compared to the simplicity of trading on the bitcoin spot market — makes the industry’s pursuit of one a rich and even abstruse topic.

Colin Harper

Atari Founder Nolan Bushnell's X2 Games Acquired by Global Blockchain

The move will see the Canadian company align its existing efforts to tokenize gaming platforms with X2 Games' expertise for game development.

Jimmy Aki