Recent news shows that Square’s CashApp has enabled Bitcoin deposits for its users. The app previously offered to purchase, sell and transact Bitcoin to other addresses. However, judging by user reviews, not all CashApp users have this feature.
Just recently CashApp users started tweeting that the popular payments application has enabled Bitcoin deposits. Although many users show appreciation and gratitude, of course, just as many users say that either their apps haven’t yet got the feature, or that trusting such third parties your Bitcoin as CashApp and similar, is reckless and doesn’t imply on you holding your keys. However, CashApp has done similar activities in the past. In November 2017, they also allowed several users to buy and sell Bitcoin. Later, they announced this feature to all users.
Additionally, about a week ago, Marty
Bent tweeted an image, showing that he can accept Bitcoin deposits on
This points out to question – How long has Square prepared for this move? How long have they developed this feature? This means that they gave access to a round of selected people to test their app before they announce it publicly.
However, users have reported that if
you have enabled the withdraw function once on your CashApp, the
company will ask you questions about your job position, source of
income and other KYC type of questions, in order to enable the
Square Along with Jack Dorsey, the CEO,
Heavily Invests in Bitcoin
It is well known for crypto enthusiasts that Square and Twitter CEO Jack Dorsey is a massive Bitcoin proponent. In addition to that, earlier reports show that Square in the first quarter of 2019 alone was bringing in $65.5 million revenue through Bitcoin. The actual profit was somewhat around $830,000. Square also has another side company – Square Crypto, which is focusing only on Bitcoin. At the moment, they are hiring new developers, in order to develop tools for the Bitcoin blockchain. CoinDesk reports that former Google director Steve Lee has been recently named as the first new member of the team, however, his role hasn’t yet been specified.
As for the CEO Jack Dorsey, as mentioned above, he is a massive Bitcoin proponent. Once he has said that Bitcoin will become a global currency for all. Another interesting fact is that he has revealed that he is buying Bitcoin for as much as $10,000/week.
In addition to this news, it is worth mentioning that Square’s CashApp, currently is only available in the United States.
Today on March 8, 2019, Jack Dorsey, the CEO of Twitter and Square, announced on his Twitter feed that he recently purchased a Trezor wallet with Bitcoin. That way he continues to show his support for Bitcoin and the Bitcoin community in general. Recently he has been stepping up his cryptocurrency game. He purchased it through the Cash App, which is developed by his company Square.
What is Trezor?
Trezor is a hardware wallet for securing your crypto assets such as Bitcoin and others. Unlike traditional cold storage methods (offline storage or paper wallets), Trezor makes secure payments without exposing your private keys to a potentially compromised computer.
How does Trezor work?
Trezor is a small single-purpose computer. It is designed to protect your private keys from possible online and offline risks. To do this, Trezor keeps the private keys away from the Internet and confirms the transactions in-device. That way, you can always check the screen for the right address, amount and transaction fee before sending your bitcoins. This means that even if you plugged your Trezor in an infected computer, your Trezor still remains in full control over your private keys.
With Trezor you can store up to 500+ coins and ERC20 tokens.
To check out deals on Trezor and to purchase one for your holdings, just like Jack Dorsey, click this banner:
Jack is a strong Bitcoin believer
This is not the first time that Jack Dorsey tweets about Bitcoin-related things. He has supported Bitcoin for quite a while. His company’s developed money application CashApp has full support on Bitcoin transactions since 2018. Cash App allows people to purchase, send and receive Bitcoin.
Later he appeared on the Joe Rogan Experience podcast, where he shared his beliefs about Bitcoin as such. He said:
“I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet.”
Jack only holds Bitcoin
After this, many Bitcoin believers started asking Jack about what other cryptocurrencies does he support and what are his hodlings. To what he replied that he only holds Bitcoin.
This news came out as a storm for Bitcoin supporters. Not just because the CEO of Twitter endorses Bitcoin, but also because he really understands what Bitcoin is and what can such a currency do to the world. Jack can easily justify his opinion on why he only holds Bitcoin and not other crypto-assets.
Tippin on Twitter
Not long after this, Tippin started to offer Bitcoin tips for tweets through Lightning Network. Tippin is a Chrome and Firefox browser extension that enables tipping on Twitter by adding a tip button to every single tweet.
Twitter users immediately started exchanging Bitcoins with one and other. Some say that allowing tipping to other users will increase the content quality. If you want to start tipping Jack and others small Bitcoin donations, all you need is a Lightning Network enabled Bitcoin wallet such as Eclair wallet (for Android) or BlueWallet (for Android and iOS).
Jack Dorsey starts actively using Lightning Network
Since Jack got into tipping with Lightning Network, it looks like he started enjoying this relatively new money transacting system. Not only because he supports Tippin, but also because after joining Tippin he got a Casa HODL Lightning Network node.
Casa HODL offers a product which allows you to access Lightning Network without the command-line hassle. You just plug it in and without coding you can grant access to Lightning payments.
After this many tweeters congratulated him on his decision to join the Bitcoin revolution.
Jack buys $10,000 worth of Bitcoin every week!
Ever since he became such a positive Bitcoin activist, he has appeared on many Crypto and not so crypto-related podcasts. For example, in a recent podcast “Tales From The Crypt” with Marty Bent, he revealed that he is periodically accumulating Bitcoin around $10,000 a week. Also, he shared a sort of a prediction, if you will. He said that in 10 years or less, Bitcoin can become the currency of the internet.
“Imagine being born this year, growing up only knowing that the potential for a global currency exists. That is exciting. What that person does with that realization is amazing. It feels like that just accelerates things even faster. So I think there’s a massive acceleration that’s going to happen within the next 10 years,”
he said in the podcast.
This gives a very strong push towards mass adoption for Bitcoin. Not only because Jack has 4.2 million followers (that helps a lot), but also because he is sort of a thought leader. His opinion matters, just like Elon Musk. People look up to these public figures and take their opinions into deep consideration.