Your banking apps will soon be replaced by this Bitcoin App on your mobile phone.
Cash App, a mobile app that allows users to instantly send and receive money using their mobile phones is now the #1 app on the iOS store in America where you can also easily and securely buy bitcoin.
— Miles Suter (@WahWhoWah) December 8, 2018
Similar mobile apps all around the world are giving banks a run for their money innovating new and better ways to transact money on the internet.
The battle between government controlled money (fiat) versus Bitcoin, a sovereign individual’s choice of money is just getting started.
Banks are always asking “how can we make more money out of our customers?”
But, Bitcoin is asking, can you really afford not to empower and arm yourself with Sovereign Money?
By buying and hodling Bitcoin instead of dollars in your bank account, you’re actually declaring your own monetary independence.
Cash App Overtaking Coinbase as the #1 Bitcoin Buying App in the US.
Prior to integrating Bitcoin, the Cash App has always been a popular way for millennials to send online payments.
Now with the app, you and I can also buy Bitcoin with just a tap of a button.
That makes purchasing a cinch compared to its predecessors, like Coinbase.
On a regulated exchange like Coinbase, a user will have to be go through rigorous white-listing processes, giving up their identity, personal information and place of residence.
Not only that, you will have to deposit money into Coinbase and wait for the banks to process your transaction.
Sure, you could use your credit or debit card on Coinbase, but the conversion fees are 4% on top of your purchase.
With the Cash App, you’re not charged a conversion fee or any other hidden charges using your cards.
When you purchase Bitcoin through Cash App, you’re quoted the mid-market current price of Bitcoin along with the spread /margin to account for market volatility. Read more on Cash App fees here.
Square’s, Cash App CFO Sarah Friar made a statement to CNBC that adding Bitcoin to their services isn’t about monetization but to help improve liquidity in the digital asset.
Jack Dorsey, the CEO of Square is a big fan of Bitcoin and has vowed to help make it the native currency of the internet.
He emphasized: “Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.”
So if you intend to buy BTC on Square’s Cash App and take advantage of the ZERO Fees compared to Coinbase, you can use your mobile phone and download the app right here. (Only works if you’re a US citizen)
How Did Twitter CEO’s Square Overtake Coinbase as #1 Bitcoin Buying App?
Because Jack and the team focused on the customer experience and work backwards to the technology.
Square has a better UX hands down.
— Jason A. Williams 🦍 (@JWilliamsFstmed) December 11, 2018
Cash App Embracing Bitcoin Only is ‘Brilliant’
Square started its journey with just a single product: Square Reader.
The Square reader is a little white square fob sticking out of your iPhone or iPad for local merchants to receive payments made by customers.
It’s so simple and easy to use. One look, and you know what it does. The device is being offered to merchants for free and to give many local indie shops the incentive to use them.
In return for providing the hardware and software to over 2 million sellers, they get to charge them a flat 2.75% fee on every credit card they swap.
The mantra for Square is ”Nothing beats ‘free’ to get started”. Their emphasis on design allows their customers to immediately recognize their products and services.
So when Jack Dorsey decided to offer their users a way of purchasing Bitcoins on the Cash App, he started with their customers end in mind.
For a company that is making a cool $3.2 billion dollars in revenue, earning an extra $975,000 from the added Bitcoin feature isn’t exactly commercially promising. Nope, this figure is so tiny, it’s negligible.
Bitcoin isn’t a Big Deal Financially for Square…
But the whole idea isn’t about Square’s revenue, it is a marketing move similar to what they did initially with Square’s Reader.
Raising the awareness for their products is a marketing stint, that works better than any other marketing strategy.
Dan Dolev, an analyst for Nomura Instinet, found that the cumulative downloads for Cash App has already surpassed Venmo, a close competitor in July 2018 – just 6 months after Square added the Bitcoin feature to the app.
Cash App now has 39.9 million downloads compared to Venmo’s 37.1 million in total.
This incredible surge is being brought by millions of bitcoin enthusiast referring their friends and family to Cash App.
By adopting future technology, they’re bringing in the viral effect of incredibly savvy customers.
Brian Grassdonia, Square’s Cash App product manager calls it democratizing finance, that have historically been really complex, intimidating and not user-friendly.
Prior to Square, about half of all small businesses had trouble getting their credit cards accepted by their respective merchant banks.
Today, the Cash App is allowing users to get their own Cash Card from Square, a physical Visa Debit card that allows personal engraving customization.
Grassdonia has his very own Cash Card engraved with the Bitcoin symbol.
Dorsey too is one of the leading bitcoin advocates with tremendous pull and influential power.
He said on stage at the CoinDesk annual Consensus Conference in May 2018 that he hopes Bitcoin will be the one.
By the looks of it, there is a huge movement by Bitcoiners to recommend the Cash App instead of Coinbase because of this unwavering support.
So happy to see a Pro-BTC app as the number 1 USA Free App 👌
Coinbase, blockchain & BitcoinDotCom all built their brand leeching on bitcoin SEO then turned on BTC.@Cashapp did the opposite 🙌🙌🙌
(I don’t mind seeing multi-coin apps succeed, as long as they are Pro-Bitcoin) https://t.co/LfzQ2RIzO3
— Brad Mills [Jan/3🔑] (@bradmillscan) December 8, 2018
Analyst Moshe Katri talks about Cash App’s intention to building a very sticky network through their services and frequency of usage.
For Bitcoin Maximalists, a term referring to cult-like Bitcoin advocates, Cash App seems like a no-brainer.
At least for now for the people living in the U.S.
Not a good move. Coinbase used to be a reliable exchange for beginners, who could only buy big caps like BTC, LTC, and ETH. Now that they’re no worse than KuCoin, listing every coin possible to rake in transaction fees, I’ll be directing people towards @CashApp https://t.co/m6Ls3XqiKI
— Kevin McCarty 🇺🇸 (@BigKevMcCarty) December 7, 2018
Using the CashApp is Simple
Step-1: Download the Cash app using your Mobile Phone
Give it a try — get the Cash app now
Step-2: Enter your debit card to start
Step-3: Access the Bitcoin Tab
First Tap on the Cash and BTC button then Swipe Left or Tap on BTC.
Tap on the Buy button to start adding cash into your CashApp Account. (This is what happens when you try to Sell without having any funds. lol.)
Step-4: Add Cash and Verify your identity
That’s how you can easily navigate the Cash app in just a few simple taps and finally buy your Bitcoin. Support on international availability is minimal at the moment.
Currently, the Cash App is only available in the US, Canada, Japan, Australia and the U.K.
How to Secure and Store your BTC after buying?
The #1 Mistake that first-time Bitcoin buyers make is storing a substantial amount of BTC on their Cash App.
Sure you can easily transact (buy, sell and deposit your BTC inside the app) but if you ever lose your mobile phone, you would lose all your precious bitcoins for good.
Never leave huge amounts of bitcoin on your mobile device! A huge amount would be a value that you cannot afford to lose no matter what.
Currently, you can withdraw Bitcoin up to the equivalent amount in U.S. Dollars of $2,000 per day or $5,000 per Week.
You can purchase up to $10,000 per week of Bitcoin.
How to withdraw Bitcoin on Square Cash App
Now, Here’s how you can practice some good Operations Security (OPSEC) habit.
- Tap on [BTC] Bitcoin.
- Under ‘Wallet‘ > Tap on ‘Withdraw Bitcoin‘
- You will see the available amount of Bitcoin for withdrawal.
- Type in the full amount of BTC up to 8 decimal places shown.
- Tap Withdraw.
- The app will then bring up your camera app in order to scan the QR code of your Bitcoin wallet address.
- Connect and access your Hardware wallet and open the ‘Receive btc‘.
- Once the QR code is displayed, scan it.
- You will be asked to confirm the withdrawal of your BTC to your hardware wallet.
- Double and Triple check the first few and last few letters of the address.
- Confirm & enter your pin.
*It is wise to send a small TEST amount of BTC first before transferring the whole amount.
Related posts I think you should read, check out the first one on how much more Bitcoin you can get from buying with the Cash App compared to Coinbase:
- The Easiest Way to Buy Bitcoin without Paying Any Fees
- The Best Cryptocurrency Exchange 2018 (+7 Bonus Categories )
- 10 Master Bitcoin & Cryptocurrency Wallets That’ll Instantly Empower You
- 3 Bitcoin Wallets That Are Iron-Clad, Unhackable and Time-Tested
- Ledger Nano S: A 6-Step Walkthrough Guide for Non-Experts
Below, If you like to read it later, Pin it!