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The Fintech start-up has rolled out full support for Bitcoin to the majority of US customers this week, making it easier than ever to buy Bitcoin – and, as seems to be the dominant trend this year, sell it.
Square CEO Jack Dorsey revealed the deployment on Twitter, adding that the digital payments firm believes that cryptocurrency can provide "better financial access for all."
The instant purchase (and sale, if you do not want hodl) of Bitcoin is now available for most Cash App customers. We support Bitcoin because we see it as a long-term path to better financial access for all. It's a small step.
We did that too! https://t.co/z3u0liDNk4
– jack (@jack) January 31, 2018
Square had initially limited this feature – which had started as a pilot program in November – to a small group of users, but she had gradually expanded it to more clients during following months. This full version comes, coincidentally, less than a week after the brokerage application Robinhood announced the launch of a cryptocurrency trading platform in February.
US customers from 46 states can now use the Cash app – which has more than 5 million downloads on the Google Play Store and ranks third among financial apps in the # App Store Apple – to buy, sell and sell BTC. At present, residents of Georgia, New York, Hawaii and Wyoming are excluded, probably because they have more restrictive regulations for cryptocurrency-related transactions.
By testing the application for the first time, one comes to the conclusion that it is probably the easiest way to buy bitcoin.
After creating an account, you can immediately credit your wallet by connecting it to your debit card.
Once your wallet has been funded, you can activate the Bitcoin feature on your account page and then be allowed to buy and sell Bitcoin on the platform.
The entire process takes a few seconds, and – unlike Coinbase and other cryptocurrency brokerage companies – Square does not charge any transaction fees or additional commissions for the service.
It's as easy as Square Cash to buy Bitcoin, but there are a few factors that you need to be aware of before using it. The weekly purchase limit is $ 10,000 (there is no limit on sales), but investors who place larger orders probably do so through services that offer more and more. more features. As the service will likely attract many Bitcoin buyers for the first time, the funds will remain in Square's custody, although you can withdraw them into a personal wallet after performing a minimal check of customer knowledge ( KYC).
The measures that Square has taken to secure customer funds are not immediately clear, which you should keep in mind if you plan to keep a large balance through the application.
Finally, Bitcoin has not yet been integrated into the main functionality of the Cash application, which is to send payments continuously to other users of the application, and Square is not included. did not specify whether she intended to add this feature at a later date. ]
Image of Square Cash.
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