Purchasing cryptocurrency remains one of the biggest problems to be overcome in this industry. Signing up for an exchange and verifying one’s identity is very cumbersome. Moreover, there is no convenient and fast way to buy cryptocurrency either. Square is looking to make an impact in this regard, as its Bitcoin purchase option is coming to more app users very soon.
Square Expands Bitcoin Functionality
A lot of people were taken aback when Square suddenly announced in-app support for purchasing Bitcoin a few weeks ago. Given the global attention Bitcoin is getting right now, it is not surprising to see companies scrambling to provide some degree of support for cryptocurrency. For now, this feature is only available to select Square app users, but that situation will change very soon. After all, more and more consumers want access to this cryptocurrency.
To cater to this demand, the Square team will allow more users of its Cash app to purchase Bitcoin. It is unclear how many people this will affect, but it is good to see the company taking this step during such an exciting time for the world’s leading cryptocurrency. Being able to buy and sell Bitcoin using the Cash app is pretty significant, although it remains to be seen how much BTC people are actually buying in this way. After all, the Bitcoin price is soaring to new heights, making it more expensive to own even a small part of one.
Companies such as Square are setting the tone in the world of finance right now; that much is certain. Although the Cash app may only target a very niche market right now, there will be more competitors offering Bitcoin-related services in the future. This will bring much-needed competition to all Bitcoin exchanges, which often have horrible infrastructures and can’t keep up with customer demand. Kraken is a notorious example of this, as its service continues to degrade every week. A big update will come to this exchange in the future, but no one knows for sure what to expect.
So far, it seems Square has gotten a lot of positive feedback regarding its Bitcoin purchase feature. If that weren’t the case, there would be no reason to roll out this feature to even more users. With the Bitcoin price now comfortably over US$12,000, it is evident even more people will be demanding ways to buy cryptocurrency in a convenient manner. A lot of things are happening in the cryptocurrency world right now, and no one wants to miss out on this craze.
How all of this will play out in the long run has yet to be determined. Although Square is certainly setting the tone in this regard, it is evident Bitcoin is still a very niche market right now. Most people see it as a speculative tool first and foremost, rather than an actual currency. The lack of regulation in the US and Europe isn’t helping matters either. The Bitcoin market is firing on all cylinders, but it still represents chump change in the world of finance right now.
Speaking of regulation, this service provided by Square could eventually harm the company’s reputation. If US regulators suddenly decide to crack down on trading platforms providing customers access to Bitcoin, Square will have a full plate of issues on its hands. At the same time, now is the most opportune time to take a gamble in this regard, as the demand for Bitcoin has never been higher.