Square Looking To Compete With Cryptocurrency Exchanges
Square has recently decided to begin a trial that allows some of their users to be able to use the Cash App to buy and/or sell some bitcoin.
Right now, crypto exchanges like Coinbase are charging around 3.99 percent for their service, but during this trial period Square allegedly hasn't been charging users any fee for the transaction.
And who decided to make the move to endorse BTC? We have the users to thank. It was the users themselves who called for the changes to be made, according to the company, they wanted to be able to buy and sell cryptocurrency.
At this present time, it isn't all users who are able to access it, they've only been experimenting with a small number of users.
Since they launched the project, a number of crypto-users have posted to social media, praising their experience in using the platform to purchase bitcoin.
The founder of Square, Twitter CEO Jack Dorsey, has previously stated that no matter what form of payment is trying to be used, that a merchant should always seek to try and make that sale.
Whether they are using a credit card, cash, checks, their phone, or bitcoin, the merchant should try to make the sale Dorsey admits.
It's estimated that Square saw roughly $50 billion worth of purchases go through their system in 2016 and it's been growing steadily. They are expected to do at least $100 million or more this year.
Pics:
via thesweetsetup.com/apps/the-best-peer-to-peer-payment-system/
via twitter.com/jackmallers?lang=en
via twitter.com/IamNomad/status/932433384185442305
via twitter.com/search?q=%40square&src=typd
Sources:
http://www.businessinsider.com/square-cash-enables-atm-access-2017-11
http://www.businessinsider.com/square-is-taking-on-the-big-cryptocurrency-exchanges-2017-11
https://www.cnbc.com/2017/11/20/credit-suisse-square-to-post-30-million-in-annual-sales-from-bitcoin.html
https://www.recode.net/2017/2/23/14703104/jack-dorsey-square-thriving
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This is awesome @doitvoluntarily ! And it. Looks so easy to use , even I could do it ! LOL! and im pretty sure they wont have a problem getting 10 mil. Crypto buyers over 2 years !! Im looking forward to trying something like this out here in Canada , if or when it becomes available ! Thanks for sharing this awesome information ! Upped and resteemed @karenmckersie ! 👍😃👍💕
Hey @doitvoluntarily thanks for the nice information in the form of nice post as well a lot of things are still come to light in a while, by the way thanks for your effort.
Hmmm.... i started using coinbase but this is only open to experimental users anyway.
💕😃 Also ! Thank you sooooo much @doitvoluntarily for the awesome donation of $ 9.00 SD towards my #popcontest ! You have been such a great supporter ever it started 15 weeks ago ! Your awesome my friend , and its much appreciated ! I also received a donation from arbitrarykitten who won 4.25 in the last contest ! She donated it back towards this one !! Its fantastic , and starting to grow in popularity !! I will be doing my midweek update on Wednesday with special mentions !! Love all the positive vibes that are getting spread around , Woot Woot !👍👍👍💕😃
Thanks @doitvoluntarily for this great crypto news update.
Cryptocurrency is just progressing
More evolving positive news yet to come
Competition is healthy and helps to keep prices low. Experienced companies would complain. Is it a fair concern they raise? Thanks for writing the post my friend.
woooow! That's great. Thanks for information. We love all bitcoin =)
btc is the cryptocurrency
This is a big deal to me. I know several of my customers use square, so this makes it potentially easier for me to charge them in BTC.
More than that, if I can have another way to buy BTC, I will probably get an account to do so. That is a lot of winning for all parties.
cryptocurrencies exchanges should lower the transaction fees and also add more wire to pump the fiat money in crypto exchanges.