Square Cash App Tests Bitcoin Buying and Selling
The Bitcoin and cryptocurrency wave has brought a new revolution in the financial world by offering a completely democratic and decentralized way of transacting money without any sort of interference from third-party financial institutions like banks.
Bitcoin has now gained a significant recognition in the past year and is on the verge of establishing itself as a formidable digital currency that can be used for daily transactions. The Bitcoin mania is getting so big several companies offering online digital payments services have started to include it in their operations.
The Square Cash App which is one of the most widely used apps for individuals and businesses for money transferring and is currently testing the option of buying and selling Bitcoins. As per reports, a limited number of users of the Square Cash App were given the option of buying and selling Bitcoins through their own user accounts. This new feature is currently in the testing phase and it currently doesn’t allow to send or accept Bitcoins. Also currently being in the testing phase there is no word about the services fees associated or any sort of daily limits for buying and selling Bitcoins.
On providing this new feature, a Square spokesperson said “We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. 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. 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.”
The original Bitcoin currency has had a great time this year so far with its valuation soaring by nearly seven times since the start of 2017. Since the mid of October 2017, Bitcoin was on an unprecedented bull-run taking its prices to new all-time high close to around $8,000 and its valuations crossing $100 billion by market cap.
However, in the past week, Bitcoin was in a solid correction mode as the price fell by over 30% after hitting a record high of $7879.06 on November 8. but in a week time, it has managed to restore the lost grounds and is now convincingly trading around $7,500 mark.
The recent jump of over 10% in its value in the past 24 hours is attributed to the announcement by Square CEO Jack Dorsey about the payments app testing for buying/selling of Bitcoins of some selected user accounts.
One lesson that can be learned over the recent price fluctuations is that unlike the stock markets, the volatility associated with cryptocurrencies is still very much high in comparison and hence if Bitcoin has really to emerge itself as an everyday currency, some sort of stability needs to be ensured for users to openly accept it.