Square’s peer-to-peer payment app called Square Cash, which is a Bitcoin trading app, is now available for all users (except those in New York, Georgia, Hawaii, or Wyoming). Users have the ability to buy and sell bitcoin using whatever payment method they have attached to the app.
Users can buy up to $10,000 worth of bitcoin a week as well as deposit it from other addresses.
User’s Bitcoin are held by Square, meaning they are tied to your account and not device. While this isn’t necessarily the best for security it’s definitely better for the average user who can forget their password or lose their phone and still be able to recover their coins
In a statement given to TechCrunch the company said:
“Cash App empowers people with access to the financial system, and our customers have shown interest in a simple, approachable way to buy and sell Bitcoin. Through our pilot, we’ve learned a great deal about how we can make this experience faster and easier and we’re excited to expand its availability.” – Square Spokesperson
Author: Sara Bauer