Jack Dorsey's Cash App Now Allows Automatic Bitcoin Purchases
Jack Dorsey’s Cash App Now Allows Automatic Bitcoin Purchases
May 21, 2020
Jack Dorsey's Cash App Now Allows Automatic Bitcoin Purchases
Jack Dorsey’s Cash App Now Allows Automatic Bitcoin Purchases
May 21, 2020

Cash app, a mobile subsidiary of Jack Dorsey’s payments company Square now allows users to make automatic purchases of bitcoin.

CEO of Twitter Jack Dorsey’s mobile payment service Cash App had enabled automatic purchases of bitcoin at regular intervals, such as daily, weekly, or fortnightly:

The new feature provides users with the ability to gradually gain exposure to the original cryptocurrency without exposing themselves to too much volatility risk. Although a minimum purchase of $10 is required.

Cash App was initially launched in 2019 allowing users to deposit BTC and facilitate app-to-app payments in fiat currencies.

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The company disclosed earlier this year that just under half its total revenue, around $178 million, came from bitcoin purchases in Q4 2019. First-time bitcoin buyers on the platform doubled in Q3 2019.

However, users now have the option to set up automatic purchases denominated in satoshis which, at 0.00000001 of a bitcoin, is the protocol’s smallest transaction unit.

This might indicate a gradual trend for traders and investors to resort to a smaller unit of account in response to the Bitcoin protocol itself increasing in both size and value.

Although, Cash App isn’t the first to denominate payments in satoshis, but it is the most high profile payment apps to do it so far.


Source: CoinDesk | Image: Unsplash

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Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.