Square's Cash App is allowing a very select number of their users the ability to buy and sell bitcoin directly on the app. Although the sample size is small and it is only a beta release by Square, we are able to tell right away that this is by far the simplest way for anyone to buy bitcoin.
You simply choose how much you want to buy or sell, and it immediately processes after a few buttons. Square has not fully released the details on how their bitcoin buying and selling works, but we believe you are credited the bitcoin in your account as soon as you buy it (just like on Coinbase).
For now, users can buy and sell but not transfer bitcoin between parties. We are assuming that Square will eventually add in the feature to transfer bitcoin because that is what their app is designed to do - transfer currency. Sending it to other users on their app should have instant transfers, but withdrawing it to your own wallet or using it to make a purchase should involve the usual network transaction times (which can take a while for bitcoin). These are just our assumptions based on the limited knowledge we have of its functionality, but we will update this post as soon as more information is publicly made available.
The Cash App is similar to another very popular app, Venmo, in that the main function of the app is to seamlessly and effortlessly allow users to send and receive money to and from their peers. Another upcoming app that aims to cover the same use case but using a blockchain solution is Request Network, which is a YC startup that held their ICO last month.
Many details are still unknown as we await the official announcement from Square, but this is very exciting news. Cryptocurrency is seen by the majority of the population as a very complicated type of technology or as an outright scam. However, Square’s early adoption of Bitcoin into their app is definintely showing the world and the tech industry that cryptocurrency is the future and it can be integrated for use by the mainstream population. We might be seeing cryptocurrency as a widely adopted form of payment sooner than we all thought.
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