Square Cash App - Buying and Selling Bitcoin

Discussion in 'Bitcoin and Cryptocurrency' started by Millard Baker, Nov 16, 2017.

  1. Millard Baker

    Millard Baker Member


    Square Cash is letting some users buy and sell Bitcoin

    Square is testing cryptocurrency support in their Cash app, according to TechCrunch reader Zach Miles on Twitter and confirmed by the company.

    The trial, which seems to only be available right now to a small number of users, lets you buy and sell bitcoin directly in the app.

    The interface is very basic. Users who have access to the beta can swipe right from the Cash Card page to access bitcoin functionality. Once there users will see a balance in USD and BTC, a graph showing performance over the last day, month or year and buy / sell buttons.

    There is a button to generate a wallet address – but the balance in one wallet address we checked didn’t match the user’s bitcoin holdings, meaning Square is likely using pooled wallets to hold user funds and not storing private keys on a user’s device, similar to how Coinbase works.

    Square Cash Is Testing Letting Some Users Buy and Sell Bitcoin

    Square, best known for its technology that allows merchants to process credit card transactions without a cash register or expensive system, says its customers have shown an appetite for the “alt-currency.”

    “We’re always listening to our customers and we’ve found that they are interested in using the Cash app to buy bitcoin,” a company spokesperson said.

    “We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here,” Square said.​
    ChestRockwell, ToneDaBone and Eman like this.
  2. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    Nice, and bet that someday could carry over to allowing Square users have Bitcoin as a payment option in addition to credit cards when paying merchants for purchases via Square.
    Millard Baker likes this.
  3. Millard Baker

    Millard Baker Member

    Masters Power and Eman like this.
  4. Millard Baker

    Millard Baker Member

    Square shares climb after the payments company launches bitcoin trading for most users

    Nearly all users of Square's Cash payments app can now buy and sell bitcoin on the platform, CEO Jack Dorsey announced Wednesday.

    The service will not be available for customers in New York state, Georgia, Wyoming and Hawaii, according to Square's website.


    Customers are limited to $10,000 in bitcoin purchases a week through the app, but there is no limit to the amount that can be sold, Square said on its website. Users cannot send bitcoin directly to other Cash users.

    Square said it will hold the bitcoins on behalf of its customers.

    The company also said it would not add other fees to bitcoin transactions and would calculate prices by looking across major exchanges

    ChestRockwell likes this.
  5. ToneDaBone

    ToneDaBone Member

    Can't say enough good things about this app. I ran into lots of issues with bitcoin over the years. I started with coinbase and was buying gear and sending BTC to sources directly from coinbase before I realized this was a no-no. After getting banned from coinbase, all the others I've tried (cex.io, coinmama, a few others I can't remember) were all a pain in the ass. Took forever to verify. Horrible interface. Just made my first transaction tonight on Cash app and it's just so simple. No fees is just the icing on the cake.
    wickedbit likes this.
  6. TideGear

    TideGear Member

    What payment method are you using to purchase the btc?
  7. ToneDaBone

    ToneDaBone Member

    I'm depositing cash into my Square account using my debit card, and then buying bitcoin with the cash in my account. Both transactions are processed instantly.
    sinewave3 likes this.
  8. DrinkFlintWater

    DrinkFlintWater Member AnabolicLab.com Supporter

    I just joined cex.io recently. The transaction wasnt bad but im reading terrible reviews = positive reviews 50/50. Not sure i want to make large transactions on it, ATM
  9. ToneDaBone

    ToneDaBone Member

    They stopped doing business in the state I live in and didn't offer much explanation. I'm not sure why. Never had that issue with any other exchanges but it forced me to look elsewhere. Cash app is just so much easier imo.
    DrinkFlintWater likes this.
  10. Masters Power

    Masters Power Member AnabolicLab.com Supporter

    I have the cash app. as well. Can you transfer the bitcoin to a separate wallet after you purchase? The narrative makes it a bit unclear whether that is an option or not.
  11. ToneDaBone

    ToneDaBone Member

    Yup. Per the website:

    Sending Bitcoin to an External Wallet
    To withdraw your Bitcoin:

    1. From your Cash App, tap the icon in the upper-left.
    2. Scroll to Funds and tap Bitcoin.
    3. If you see Enable Withdrawals, you’ll need to verify your identity by following the prompts in app.
    4. Once you’ve verified your identity, or if you have in the past. Select Transfer Out and tap Confirm.
    5. Either scan the QR code from your external wallet or tap Use Wallet Address at the bottom of your screen to enter the address manually.
    6. Tap Confirm.
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  12. TideGear

    TideGear Member

    What external wallet do you guys recommend? I've been doing what you're not supposed to do and sending from coinbase. I wanna try this app you're using and it sounds like I'm gonna need an external wallet
  13. ToneDaBone

    ToneDaBone Member

    I use blockchain as does almost everyone I know. I honestly don't know of many other options that aren't tied to an exchange. Exchanges are thought to be bigger targets for hackers.
    wickedbit likes this.
  14. TideGear

    TideGear Member

    Ok thanks
  15. TideGear

    TideGear Member

    The square cash app isn't working for me. The instructions say once you tap the dollar amount at the top then you should be able to swipe left and then you can buy bitcoin. It doesn't do anything when I swipe left. Any ideas?
  16. ToneDaBone

    ToneDaBone Member

    Add cash first. Then choose buy BTC with the cash you deposit. Have you already submitted your CC info and ID?
  17. TideGear

    TideGear Member

    I added my debit card. It showed up as regions bank and I added $1.
  18. ToneDaBone

    ToneDaBone Member

    Did you submit pic of your ID? Other than that the interface is super simple and there's only really a handful of options. I don't remember the specifics of the process but I'm sure if you tried a few things you're bound to figure it out.
  19. TideGear

    TideGear Member

    I wasn't asked for a pic of my ID. I've tried everything and there is nothing in this app about bitcoin
  20. TideGear

    TideGear Member

    GOT IT!! I had to add a phone number
    ToneDaBone likes this.