The startup company, Square, has shown its support to the biggest cryptocurrency, Bitcoin. They have made it a streamlined process for their app users to purchase Bitcoin. Initially, Square was piloting this purchasing feature to a small community of its users. Now, it has extended the feature to a larger community. US consumers can now download and use Cash App in 46 states. The app has a whopping 5 million downloads on the Google Play store and is number 3 in ranks on Apple. Currently citizens of Hawaii, Georgia, Wyoming, and New York cannot use the Bitcoin purchasing feature on the app. This may be due to the fact that these states have regulations on crypto transactions. Users have tested the feature and have concluded that it may be the easiest way to purchase Bitcoin. After opening an account, funds can be added right away to an investor’s digital wallet. Once the wallet has funds in it, then the Bitcoin feature can be enabled and transactions can be made. The process takes only a few seconds which is a big comparison to Coinbase and other crypto exchanges. Square does not charge its users any commissions or fees. However, there are a few things a user should know before they use Cash App. The total amount a user can purchase per week is $10,000 and there are no limits on sales that are made. Square has not communicated to its users how users funds will be secured which is an important factor to take into consideration. Let us know how you feel about this if you have tried it and list some pros and cons!
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