DeutschCash App releases Bitcoin to all its 58 million users. The payment app, popular in the USA, could significantly boost the use of BTC. Users can pay with BTC, even if they haven’t previously held Bitcoin. This increases the incentive for businesses to support the cryptocurrency.
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Cash App: Payment Service Enables BTC for 58 Million Users
The US payment service Cash App is releasing Bitcoin for its 58 million users – this is evident from a video from Square. The application already integrated Bitcoin payments for its users in spring 2022. To use the digital asset, customers previously had to hold BTC – that is now changing.
“This feature will be rolled out starting tomorrow and allows you to pay via Cash App with your US dollar balance using Bitcoin – without actually holding Bitcoin,” Cash App developer Miles Suter wrote on Wednesday.
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Cash App is an application particularly popular in the USA. It comes from Block – a company of Twitter founder Jack Dorsey. Block already released the app in 2013. Due to its simplicity and free, instant transactions, the application has already established itself among a broad user base.
Cash App is not available in countries like Switzerland. Besides the US market, it is currently only available in the British market.
With the latest software update, all 58 million users can send transactions via Bitcoin without having to acquire BTC specifically for it. The conversion of a fiat currency into the cryptocurrency happens automatically in the background.
Block primarily aims to provide fresh incentives for businesses to accept Bitcoin. In this way, the cryptocurrency could gain increasing importance as a means of payment. At the same time, demand for BTC could grow and cause a rising price.
Merchants directly benefit from the new option. They are exempt from Square fees of 1.75%. Furthermore, these payments cannot be reversed.
That’s why Cash App could Make Bitcoin an Everyday Payment Method
With this new feature, Cash App makes an important contribution to the crypto ecosystem. For merchants, BTC now has a particularly high appeal. The costs for accepting the cryptocurrency are lower than with any other digital payment system. Unlike when using Visa or Mastercard, businesses do not have to pay usage fees.
Furthermore, transactions occur in real-time thanks to Cash App. The sent balance is therefore immediately available to the recipient. The payment service thus offers enormous incentives for the acceptance of Bitcoin.
In the future, Cash App aims to remove further hurdles. Therefore, the application will support Stablecoins in the near future. In addition, the acquisition of BTC should be free of charge.
“For traditional one-time purchases, fees and spreads apply, but we have created an entire ecosystem of ways to collect Sats for free – such as Auto Invest, Paid In Bitcoin, and Round Ups.”
Cash App can only provide many of its functions because the movement of funds is merely simulated. In fact, the funds are in constant custody of the service. Product Manager Suter is aware of this fact. The current situation is only an intermediate step. Ultimately, the goal is for users to independently manage their coins.
The latest update also includes a Bitcoin map where users can discover cryptocurrency acceptance points. Jack Dorsey recently introduced this via X.
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