Square’s Cash App now lets you use bitcoin
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.