We Need MORE Apps Like It
Cash App, developed by Square, is a popular mobile payment service that allows users to send and receive money quickly. Cash App has also integrated Bitcoin, allowing users to buy and sell the cryptocurrency directly within the app.
Cash App currently only offers Bitcoin for sale, whereas competitors like Robinhood provide a broader range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dogecoin. This might be because of founder Jack Dorsey’s affinity for Bitcoin and his mission to make it the “native currency of the internet,” but we can’t say for sure.
Access is Everything
If you’ve been in crypto for a while, you might ask yourself why someone wouldn’t use a qualified exchange like Coinbase to buy and sell Bitcoin. While that’s great for more advanced users who know how to navigate an exchange, it’s terrible for newbies who need things to be as simple as possible.
Cash App is helping Bitcoin go mainstream by making it more accessible to everyday users. Even now, buying and selling Bitcoin can be complex and intimidating for some people. Cash App simplifies the process and makes it easy for users to invest in Bitcoin with just a few clicks and a fantastic user interface. This convenience can encourage more people to invest in Bitcoin, increasing its adoption.
Want to see how easy it is? Take a look at the video below:
Giving Bitcoin Credibility
How often have you heard drug dealers, money launders, and criminals only use Bitcoin? Even otherwise intelligent people like Elizabeth Warren spread this narrative to the detriment of humanity.
By allowing Bitcoin on its platform, Cash App is also helping legitimize it as a mainstream investment option that should be taken seriously. Because the app is well-known and trusted by millions of users, profitable and regulated, with an amazingly talented staff, this lends credibility to Bitcoin as a legitimate investment asset. It can encourage more traditional investors to consider adding Bitcoin to their portfolios, further legitimizing its role in the financial world.
Supporting Bitcoin Innovation
Even credible organizations that believe in Bitcoin sometimes can’t keep up with updates on the protocol or Layer 2 technologies (such as Lightning). Cash App has managed to stay ahead of the game and flawlessly integrate some of Bitcoin’s newer critical features so that even beginners can take advantage of them.
Lightning integration is standard for all Cash App users, meaning you can send Bitcoin (and therefore value) as instantaneously as you can send digital dollars. This will introduce hundreds of thousands more people to Lightning and allow them to recognize the true innovation happening on Bitcoin.
Knowing is Half the Battle
Last but certainly not least, Cash App is also helping to drive awareness and education about Bitcoin. The app provides users with information on Bitcoin’s price, historical performance, and educational resources on investing in Bitcoin. This could help demystify the cryptocurrency and make it more approachable for those new to it.
A word of caution: although Cash App insures customer accounts to the standard $250,000 as required by law, Bitcoin and investor deposits are not covered. This makes it imperative for you to learn how to use another Bitcoin wallet, or better yet, a hardware wallet, to store your Bitcoin long-term once you have a significant dollar amount.
Overall, Cash App’s integration of Bitcoin is helping to bring the cryptocurrency to a broader audience, making it more accessible, legitimate, and understandable for everyday users. If only companies would do the same!
Want to sign up for Cash App right now and buy some Bitcoin? It might be one of the best decisions you make this year!