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Jack Dorsey’s Cash App Now Allows Automatic Bitcoin Purchases

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:

You can now do automatic recurring purchases of #bitcoin in @CashApp. Daily, weekly, or every 2 weeks. And change the display to sats. #stackingsats — jack (@jack) May 18, 2020

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 now lets you schedule automatic stock and bitcoin purchases. By spreading purchases out over time, you may minimize the impact of market swings. — Cash App (@CashApp) May 18, 2020

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

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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