Should you use Cash App to buy Bitcoin?
Square’s Cash app has grown into an incredibly popular financial services platform, with 40 million active users and a ton of valuable features. For example, Cash App users can send money to friends and merchants, receive direct deposits, get a debit card, and get started with stocks with as little as $ 1.
Cash App also allows users to buy, hold, send, receive and sell Bitcoin. When it comes to buying Bitcoin and other cryptocurrencies, you have several great choices, from full cryptocurrency exchanges to apps like this, so it’s important to determine the best choice for you. . With that in mind, here are the pros and cons of using Cash App to buy Bitcoin.
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Reasons to use Cash App to buy Bitcoin
The main reason you might want to consider Cash App for buying Bitcoin is the same reason most people use Cash App for other things – that is easy.
Cash App is one of the most user-friendly financial apps out there, and this is also true when it comes to buying Bitcoin. To buy Bitcoin through your Cash app, simply tap the Bitcoin tab on the home screen, tap “Buy BTC”, select or enter an amount and confirm the transaction. It is so easy.
Cash App also makes it easy to send Bitcoin to other people (or another Bitcoin wallet you own), as well as to receive Bitcoin. Sending Bitcoin to other Cash App users is a very quick and easy process, and sending to external wallets using a QR code or Bitcoin address is not much more. hard.
Potential Cons of Using Cash App to Buy Bitcoin
While Cash App is one of (otherwise the) the easiest places to buy, sell, receive and send Bitcoin, it’s not without its drawbacks. Here are some of the most important:
Costs: Not only does Cash App charge a fee for buying and selling Bitcoin, the fees are not transparent. There is no published fee schedule, and on the Cash App website it says: “Cash App may charge a nominal fee when you buy or sell bitcoin. If so, the fee will be indicated on the transaction confirmation before completing the transaction. “
Bitcoin only: For now, at least, Cash App only offers Bitcoin. Most other app-based ways to buy Bitcoin offer at least a few other cryptocurrencies.
Simple platform: It is one of the greatest strengths and weaknesses of Cash App. There are a few educational tools for Bitcoin, but not many. Other platforms have extensive educational resources which can be extremely valuable when learning Bitcoin and other cryptocurrencies.
Is it good for you?
There is no perfect place to buy Bitcoin, and Cash App is no exception. If you’re just looking to dip your toes in Bitcoin waters, Cash App could be a good place to start. On the other hand, if you are looking to learn as much as possible and take cryptocurrencies seriously, one of the full crypto exchanges might be a better choice for you.