Bitcoin has come along way, and not just from a value perspective. The cryptocurrency has gone from mainstream obscurity to becoming a household word. If you tune in to Bloomberg or CNBC on any given day you’re now likely to hear about Bitcoin. But, regardless of it’s newfound pop-culture, millionaire-making, controversy fueling status, it’s still too difficult for a regular Joe to buy bitcoin. But, that might be about to change.
Square is currently allowing some users of their Square Cash App to both buy and sell bitcoin.
A surprise for Square Cash users: buying Bitcoin
Square quietly added the ability for users of their Square Cash App to both buy and sell bitcoin. A quick check on Apple’s App store and the Square Cash App doesn’t tout the cryptocurrency capability. That might be because it’s not a permanent feature, but a test to see if users will embrace the new option.
Reports are that Jack Dorsey’s stance is a cautiously optimistic one, believing that making their customers’ lives easier comes first, and that bitcoin fits that posture. A Square spokesperson speaking with CNBC expressed:
“We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers.”
The spokesperson continued on to address cryptocurrencies from a global perspective:
“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.”
Where to find the Bitcoin option in the Square Cash App
If, like us, we haven’t personally been able to buy cryptocurrency in the Cash app. But, thanks to the Internet, and one of Jack Dorsey’s other projects, Twitter, we can share where the functionality can be found.
the experience is instant and seamless. here is a video showing where it is in the app: pic.twitter.com/GMJulaQWVr
— Zach Miles (@zachmil_es) November 15, 2017
Who can buy and sell bitcoin on the Square Cash App?
It’s hard to tell. There’s no clear direction on what drives inclusion or exclusion from the bitcoin functionality being piloted. We weren’t Square Cash App users and downloaded the App ourselves to see if we’d have the magic Bitcoin option.
After answer every prompt, adding a checking account, validating our physical address, inviting several friends, opting for the physical Square Cash App card and sending money to a friend, we still didn’t see the Bitcoin option. While the steps we went through likely help one be in the pool of potential candidates, our lack of a history using the service is probably among the highest scrutinized criteria.
Another safe way of buying bitcoin instantly
If you’re like us and not amongst Square’s bitcoin guinea pigs, that doesn’t mean buying bitcoin is out of reach. Sure, Square Cash looks like a dead simple way of buying and selling bitcoin, but they’re far from being the only game in town.
Enter Coinbase. We’ve looked into Coinbase before from a safety perspective and have no hesitation in recommending it. Today, as things stand, Coinbase is the most inclusive, straightforward way of buying (and selling) not only bitcoin, but ether (Ethereum’s currency) and Litecoin.
So, if you’re looking to buy bitcoin, don’t feel left out. To be clear, we’ve bought not only bitcoin, but Ethereum’s ether and Litecoin from Coinbase, too.
In the mean time, we’ll keep checking our Square Cash App.