TL;DR Breakdown
- Block-owned Cash App will allow the users to invest their paychecks in Bitcoin.
- The announcement of this revolutionary change in Cash App was made at the ‘ Bitcoin 2022’ conference.
- The users will be able to get any amount invested in Bitcoin using Cash App.
The development of blockchain technology is adding to the real-life use cases of crypto. As these changes have taken place, more customers are looking for solutions to connect to crypto without using any special equipment. For this reason, many mainstream companies are working on introducing solutions within their already present system. They have introduced modifications to their already working system, which have helped users access these services using the same apps.
One of the new additions is the Cash app which will provide the same services. Here is a brief overview of how it will help users connect to Bitcoin and invest in it directly.
Cash App
The Cash App is one of the most popular payment services developed by Block Inc. in 2013. Block was previously known as Square. It is known for free payments as it doesn’t charge for transactions. Even though it is only available in the US and UK, it has many customers.
As the Cash app has announced that it will also be supporting Bitcoin, the number of customers is expected to grow further. Its mobile app doesn’t require the tedious transaction process; rather, it has simplified payments for the users.
The New Feature of Direct Investment into Bitcoin using Cash App
The increase in the value of Bitcoin has led to further investments. Various solutions are available for customers to invest in Bitcoin, but the Cash app has taken an extra step. It has connected the users directly to Bitcoin, where they will be able to invest their capital without any intermediaries.
The announcement came from Cash App Bitcoin product lead Miles Suter. He announced it at the ‘Bitcoin 2022‘ conference in Miami. The ongoing conference has seen many announcements and progress for Bitcoin. One of these includes Michael Novogratz’s prediction of Bitcoin crossing $500K.
According to Suter, Cash App has introduced a new feature for its users. This feature is named ‘Paid in Bitcoin,’ and it will be available to those customers who have activated Cash Cards. It will allow them to convert a specific amount of sum to Bitcoin without any charges. It contrasts with many crypto exchanges that charge the customers for this service.
The customers would have the freedom to convert the whole funds to Bitcoin or a part of it. The range extends from 1% to 100%, thus giving them the freedom to choose according to their will. They will also choose to reverse the process and get back their money in dollars. Along with that, other two features were also announced, including rounding up their sum to the nearest dollar while the remaining will be invested in crypto. Cash App had also introduced integration with Lightning Network, which serves as layer 2 for Bitcoin. The users of the Cash App will be able to get the transaction in an average of 10 minutes which is one of the fastest available.
Benefits of this Feature to the Users
The main benefit of this integration is getting the process simpler for Bitcoin investors as they won’t have to go through the tedious process of exchanges. Cash App is known for reliability amongst customers, so it will make the process of investments credible.
As the users get direct access to Bitcoin investment using this feature, Bitcoin will also be benefitted from it. As Bitcoin goes high, users will be able to get their profit without paying exchanges or other intermediaries.
Final Thoughts
Cash App’s announcement of direct investment to Bitcoin opens portals for users to easily invest. As they will be able to get their funds directly converted to Bitcoin, they won’t have to wait for long to go through the exchange process or other requisites. Its integration with Bitcoin will also make the process simpler.
