It looks like Square Cash is beta testing on a small group of people a feature where you can buy and sell bitcoin on their app. This would be huge as a lot of people have the Square Cash app, and having this feature would help distinguish itself from Apple Pay. Most importantly for people here, it would offer an alternative to Bitpay (and Coinbase) where you can send Bitcoin to the Square Cash wallet and sell the Bitcoin and either deposit the funds into your bank account or use the debit card they offer to spend the funds.
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Just checked my app today and saw the ability to buy and sell Bitcoin was activated on my account. It has the ability to buy and sell and send out Bitcoin (however you have to get verified taking a picture of your DL and a separate selfie proving it's you), but does not yet have the ability to receive Bitcoin and sell. So for now, if you're looking to use it for funding a sports book, it's useful if you want to quickly obtain Bitcoin to fund a book since it allows me to purchase up to $10,000 in Bitcoin using my debit card. However, if you're cashing out, you still need another option.
Also, here is a comparison to the price on there vs. Coinbase. One benefit also is no fee to buy compared to CB. Once I get verified to send out Bitcoin, I'll update if they charge a miner's fee or if they eat it.
Price:
$13,312 Cash App
$13,325 CoinbaseComment -
Once I get through verification I'll see how they do with regards to instant availability of purchases and how long it takes to send out.
Edit: Just bought $25 worth as a tester and the rate they sold it to me at was slightly more than the going rate. After I was done, I now have $24.70 worth, so a little over 1 percent in actuality if you want to consider how much you're paying which beats the hell out of Coinbase instant purchases. (Their FAQ said there's no fee, but their selling price may contain a spread to protect against volatility so that's where the 1% comes in.)Comment -
Finally got through verification in order to withdraw after reaching out to support who was apologetic and basically alluded they are working out the bugs in the system. When buying, Bitcoin is immediately available in your account once you purchase, however they require an extra step of first manually depositing money into your Cash App account, then buying rather than it directly debiting from your account when trying to purchase. Funds are immediate if your debit card is linked to your account and there's no fee as mentioned before. I can purchase up to $10k/week, but I don't know what my debit card limit is if that may conflict.
For my first withdrawal, I sent a small amount as a test transaction. Withdrew by going to the Bitcoin account in the app and tapped "Withdraw Bitcoin" on the bottom of the screen. You can either use the slide bar to select how much bitcoin or can slide the box up and manually enter in the amount, in Bitcoin, you want to withdraw. The next screen asks you to scan a QR code, but give you an option to tap and enter the address manually. It then asks you to confirm and enter your pin for authentication. Wasn't charged a mining fee.
Only issue is that it isn't immediately sent to the mempool, but is placed "in-review" first (which I think gets shorter after you have a history), before sending the Bitcoin and will show as "in-review" in your transactions until it's officially sent.
Transaction Updates:
Transaction 1: Finally appeared in the mempool after close to 7 hours "in-review". Transaction was placed in the next block after placed in the Mempool (which took 9 minutes). So if they can improve on the "in-review" time, this is a great potential alternative option to send funds to a book.
Transaction 2: Sent the remaining Bitcoin out. This time the "in-review" process was 4 hours, so it seems to be going down once you have a history. Transaction was placed in the next block once it hit the mempool like the first one.Comment -
To those in the 50 states: If you have the app, check it. They activated the feature to pretty much all users but a handful of states (I think NY being one of them). Spread is anywhere between 1-1.5% on purchases and free withdrawals. Currently working on ability to deposit into the app and sell, but you now have an alternative to Coinbase (still have to wait a few hours for the withdrawal to process, but hopefully that improves).
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">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.<br><br>We also made this! <a href="https://t.co/z3u0liDNk4">https://t.co/z3u0liDNk4</a></p>— jack (@jack) <a href="https://twitter.com/jack/status/958743238512328704?ref_src=twsrc%5Etfw"> January 31, 2018</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Comment -
Great info mrpapageorgio
Thanks for sharing..Comment -
Thanks, I don't want to spam the forum with new threads to updates. Also want to give people an option to buy that doesn't involve Coinbase. Still need them or another option to sell, but it gives more choice.Comment -
Surprised no one else has chipped in with anything, but guess it has just started..Comment -
Not available in my app, was Washington one of those states?Comment -
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">We aren’t yet rolled out in New York, Georgia, Hawaii, or Wyoming – but we’re working on it! Stay tuned.</p>— Cash App (@CashApp) <a href="https://twitter.com/CashApp/status/958716720809725957?ref_src=twsrc%5Etfw"> January 31, 2018</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Someone said they were having trouble in the Twitter thread and they said to troubleshoot by updating the app (I'm assuming that means re-installing also if there isn't an update showing up). When you open the app, you should see it on top say "Cash & BTC" if successful. If not, I would suggest contacting support.
Edit: Also saw a tweet from support saying to make sure your phone number is linked to your account (I'm guessing that's how they check residency to buy). If you want to withdraw to an external wallet, you'll need to provide your ID and a selfie before being able to withdraw.Comment -
Any updates?Comment -
Cash App is fine if you want to buy $25 of BTC here and there... if you try to purchase $500 a few times, they will shut you down.Comment -
Interested in this. So once you purchase the bitcoin using cash app do you send it straight to the book or to blockchain?Comment -
Used the cash app to purchase $100 btc last week. Quick and easy...
This week, I can't deposit the cash into the app to purchase btc. Not sure what happened and their support is useless.Comment
