Wall Street has just made Jack Dorsey’s week by announcing that BTC trading will have boosted Square Cash’s quarterly figures. Investors were indeed thrilled with the news and the stocks rose nearly 5% by the end of Wednesday when the news was released.
What is Square Cash?
The app was one of the forerunners in mobile payments enabling users to transfer and request money – whether individual or business – between each other.
The company – Square Inc. – was very sharp and saw a gap in the market with mobile payments rising very quickly. It, therefore, dedicated its app to plug this gap and also allow greater access to finances for everyone in the future. Solving not only a short but also long-term problem. A very good business decision that is really starting to pay off now. Although the app does not work in web stores or at the point of sale at the moment, it is very easy to use and is one of the most effective payments apps you can find. It is always upgrading and always changing for the better.
Square Cash has supported Bitcoin trading (in beta) since January 201, and it has been reported that between 2 and 6% of Square Cash’s customers trade in BTC already. Square is very careful to ensure that data is secure. Transactions are encrypted, and all information is sent to the Square Cash servers securely. The Bitcoin you have are tied to Square and not your device, which means that you don’t have to worry about remembering passwords or losing your cell either. There are positives and negatives here for all users but in general, being tied to software rather than a device is better for the user in the long run.
The app is extremely popular, and by mid-February 2018, there were over 7 million users active on the app. It is growing at a mind-blowing rate because it offers customers the very positive experience of being able to trade instantaneously from their Cash App. This is a huge hit with traders especially.
The ever-present CEO – who also runs Twitter – is always on the lookout for improving and developing the app and offering the next best thing to its users so who knows what will be available next. This is one company that will keep on striving to improve and will not be stagnant at any moment. The huge rise in stock this week will allow the company to look towards a more international dimension. The CEO has the foresight and the financial backing to do that and make industry-changing decisions in the process.
The future is looking bright for Square Cash, but the ever business-minded owner Jack Dorsey is in full belief that BTC will outgrow fiat money. He is sure that BTC will become the single currency of the world and the Internet within the next 10 years. Let’s see how that works out as Cryptocurrencies develop and mold the future.