Square payment app now has Bitcoin! Huge news!

[thecodebear]

The popular payment app Square has just rolled out buying, selling, and storing Bitcoin with their app. Only rolled out to a few users right now. No sending or receiving Bitcoin yet, but obviously those features will be added.

This is huge news because it creates a competitor for Coinbase. I've been saying for a while that Bitcoin won't grow out of it's niche market until there is robust competition offering a safe, easy, and immediate way to buy and sell bitcoin to and from credit cards and bank accounts. So far Coinbase has been pretty much the only good way to do this online. Square now represents the first competitor of Coinbase. More importantly it is a service that already exists outside cryptos and is popular with the general public. This means a lot more people will be exposed to an easy way to buy bitcoin without having to research how to buy Bitcoin. Since Venmo and Paypal are competitors of Square I wouldn't be surprised to see them offer Bitcoin some time next year.

This is the start of Bitcoin being rolled out to the masses. Opening up your normal money app you already use and buying/selling/sending/receiving bitcoin with a few taps is how Bitcoin adoption goes from tens of millions to hundreds of millions of people, and eventually billions.

[Millinillion]

This is good news for Bitcoin. Why? because Square Cash is the most downloaded financial app on both iOS and Android.

[avikz]

October and November is crazy for bitcoin and overall crypto community. We have seen a lot of ups and downs and lots of positive and negative news during this months. While JMP and DBS bank chiefs are trying to discourage bitcoin users by saying it as a ponzi scheme, CME and Man group decided to venture into bitcoin. So a lot of contradiction of thoughts are going on around the market and the bitcoin price remained positive overall.

Now this another news is worth celebrating. Bitcoin is taking baby steps towards mainstream economy as more and more corporate companies are showing interest in bitcoin. I am sure that a lot of other companies are thinking about venturing in to bitcoin now. So the success of CME, Man group and Square payment will have a lot of impact on their decision. I see that the market has already started reacting in a positive manner after a small bad patch of BCH incident.

[scottykarate]

And it's just getting started! Hopefully the growth in adoption by the mainstream in 2018 will be like the ride in price for Bitcoin in 2017!

[jseverson]

I understand they're only on the testing stage so far, but I didn't know they already rolled out the features to some users. I know it's not final yet, but if they truly do go ahead with their support of Bitcoins, it would be monumental for Bitcoin's long-term outlook. It also seems like Square's stock surged after their announcement, so it's obviously mutually beneficial and shows that people actually want this.

It only takes a few risk-takers for several other companies to want to join the fold, not wanting to miss out on being pioneers.

[thecodebear]

I understand they're only on the testing stage so far, but I didn't know they already rolled out the features to some users. I know it's not final yet, but if they truly do go ahead with their support of Bitcoins, it would be monumental for Bitcoin's long-term outlook. It also seems like Square's stock surged after their announcement, so it's obviously mutually beneficial and shows that people actually want this.

It only takes a few risk-takers for several other companies to want to join the fold, not wanting to miss out on being pioneers.

Yea by testing they mean they rolled it out to a small number of users, not just that its in a testing stage of development, it's actually live for select users now.

And yes this will be monumental for BTCs long term outlook. Other companies will follow suit in order to be competitive with Square and in the near-ish future anyone will be able to use Bitcoin with the payment apps they already own. Hello to an avalanche of demand!

[secondgarlic]

This is great news. I love that mainstream applications and institutions are picking up on bitcoin and cryptocurrency in general.