In the midst of the mania surrounding the official announcement of Facebook's fake blockchain, Cash App started rolling out the ability to deposit bitcoin onto their app to some of their users.
[Disclosure: Cash App sponsors my dope podcast.]
In the midst of the mania surrounding the official announcement of Facebook's fake blockchain, Cash App started rolling out the ability to deposit bitcoin onto their app to some of their users. Uncle Marty now has access to this feature, which should be rolled out to every user in the near future. This is a huge step for a company whose foray into Bitcoin has been hyper-focused and meticulous up to this point. Taking their time as they experiment with this nascent technology and sound money. Soon, 15 million+ users will be able to buy, sell, send and receive bitcoin via the Cash App.
Couple these abilities with Cash App/Square's other suite of products and functionalities like the Boost program and you can begin to imagine the Bitcoin-centric possibilities that can emerge on their platforms. Sats back via the Boost program. Save 5% at Whole Foods and auto-convert it to BTC and funding your Boost card with BTC when in a crunch are two use cases that jump out right away. Helping to close the loop and giving users more options when using Bitcoin on their app.
It should be noted that Cash App will have personal info on you, so make sure your Bitcoin-use off the app is locked down. The best practice when sending to Cash App is to make sure your UTXOs have been mixed via wallets like Wasabi or Samourai so that you have a certain level of financial privacy. When sending from the app you're going to want to send to a personal wallet and then through a mixer (you'll have to hop to a mixer this way until bech32 addresses are supported via the app) to ensure you're not being followed on the chain. Be extra cautious of sending directly from certain services that may be frowned upon by the US Government (think off-shore gambling) and never keep more on the app than you are willing to lose.
With all of that being said, it is so fascinating to see the dichotomy of Square/Cash App's approach to "crypto" when compared to other tech behemoths like Facebook. Jack Dorsey and crew seem to be honed in on making Bitcoin as robust and useful as possible. Solely focusing on it while ignoring other projects. Even going as far as to start funding open-source contributors working on the protocol. Meanwhile, we have Facebook going another route, attempting to pawn off a permissioned system with 10 nodes as a blockchain. It will be interesting to see what strategy wins out in the long-run. I know who I'm more confident in at this point.
Huge fan of eating dinner at 9:30 PM. I was made for the Spanish lifestyle.