Square’s Cash App now lets you use bitcoin

Posted: 1 February 2018 10:35 am

shutterstock bitcoin numbers 738x410

Cash App now lets you buy up to $10,000 of bitcoin per week, and maybe soon spend it on the Lightning Network.

Bitcoin is now on Cash App, Square announced on 31 January.

"We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step," co-founder and chief executive Jack Dorsey said on Twitter. It might be a small step because there are a few restrictions still in place.

There's no sell cap, but buying limit is limited to a hefty-for-most cap of $10,000 per week, and users still can't send their cryptocurrency directly to other Cash App users.

Square began testing crypto trading among a "small number" of users late last year according to Forbes, and claims that "unlike other apps, most of [its] buys and sells happen in seconds". Prices will be calculated and determined by prices on major exchanges at the time of transaction.

Just as importantly, the announcement was accompanied by a very nicely illustrated bitcoin for kids style web book.

It might not be the most technically detailed explanation, but you can never have a simple enough explanation of something as new as bitcoin.

It's not the only way to pay with bitcoin, but it might be one of relatively few to spring up recently. Bitcoin's scaling problem has seen a bit of market withdrawal from companies dropping it as a payment method.

High fees and slow transactions don't mesh too well with point of sale payment systems, and some projects like bitcoin debit cards have moved to the backburner until a solution appears.

This might be showing up soon in the form of the Lightning Network. It's accelerated into mainnet testing, and might see bitcoin become a much more widely used payment system in the near future.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news


Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site