Fitz Tepper (@fitztepper)” /> A few months ago we wrote that Square’s peer-to-peer payment app called Square Cash was running a bitcoin trial for select users. These users had the ability to buy and sell bitcoin using whatever payment method they had attached to the app.
Well now the payments company just announced that all users (except those in New York, Georgia, Hawaii, or Wyoming) have access to bitcoin trading in their app. Users can buy up to $10,000 worth of bitcoin a week as well as deposit it from other addresses.
The app isn’t adding a fee to purchases, but the sale price will be a mid-market price averaged from different exchanges, and include a spread. Your 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 The company also created an interactive website/storybook that explains bitcoin to the average person. Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers.
We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step. Read more from techcrunch.com…
thumbnail courtesy of techcrunch.com