First Time Bitcoin Buyers on Square Have Doubled Since Last Year

[cheezcarls]

Payments processing company, Square, has released a letter to shareholders that detailed the financial outcomes for Q3 2019. Bitcoin sales via the company’s Cash App reached an all-time high of $148 million, while also recording a 245% growth in first time Bitcoin buyers from the same time in 2018.

Square has released the financial figures of Q3 2019 in a shareholder letter made public on Nov 6. The letter states that bitcoin generated $148 million in revenue and $2 million in gross profit. The letter cites an improved customer interface for the new influx of investment.

You can read the full news right here

I’m kind of familiar with Square, but never used them as a payment processor. However, I liked the development that they have for the customers. Now that the number of first time Bitcoin buyers had doubled, it seems that the growth of Bitcoin adoption is endless and unstoppable.

Other payment processors such as Paypal, Payoneer and Skrill (correct me if I’m wrong) have never adopted Bitcoin yet in their system. Although Paypal had jumped to partner with Libra, they’ve backed out in just a few months.

I honestly think that Square is way ahead of the other centralised payment processors because of embracing the blockchain technology itself. It’s a good sign, and I believe the growth of first time Bitcoin buyers on Square would be much higher next year.

What do you guys think about this anyway? Let me know your thoughts and comments on this one. Thanks in advance!

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[NextDoor125]

Since you have studied Square, you know whether you will use their services or not. If they offer good and you think their service is good then you must subscribe to them.

[hugeblack]

If you see reviews on that application, many talk about some problems in payment methods and the delay in obtaining currencies, so I think that the application will get a negative evaluation for beginners.
Jack is one of the active members and will make a lot of effort to develop the application, so I would not be surprised if he made more profits.

[davis196]

Cash App looks very promising.Paypal gets worse every year,with their constantly increasing fees and incredibly weird policies.If you are a business owner accepting payments via Paypal,they basically own your money and you are their slave.It's good to know that PayPal's competitors like Square gain recognition and try to expand into the crypto world by accepting Bitcoin.

[panganib999]

Cash App looks very promising.Paypal gets worse every year,with their constantly increasing fees and incredibly weird policies.If you are a business owner accepting payments via Paypal,they basically own your money and you are their slave.It's good to know that PayPal's competitors like Square gain recognition and try to expand into the crypto world by accepting Bitcoin.

Day by day, Square users are multiplying, what do you think is the reason? Good features and fast transactions is the common factors that help Square to bec ome more appreciated by the people. That's really the best decision Square has ever made, they enter the crypto world and they have a good service for the customers. In terms of Paypal, it is also a good one but minor errors are the reason why sometimes they aren't reliable enough to buy btc with. People prefer a more well-founded platform or apps that can satisfy their need in cryptocurrency.

[kryptqnick]

Cash App looks very promising.Paypal gets worse every year,with their constantly increasing fees and incredibly weird policies.If you are a business owner accepting payments via Paypal,they basically own your money and you are their slave.It's good to know that PayPal's competitors like Square gain recognition and try to expand into the crypto world by accepting Bitcoin.

In my country, PayPal is not popular, because we have super-weird limited access to it. We can send money via PayPal but we cannot receive it. It's good that the alternatives are appearing because perhaps countries like mine would be able to adopt it instead of PayPal in the first place. For now, however, Cash App is extremely limited and, if what I read is right, is available only to people in the US and the UK. Moreover, the app only allows sending money within a country, no international payments are available. Apart from that, I am wondering how it deals with the US taxation system which some claim calls for tax payment every time a crypto-to-fiat (or even any crypto transaction, Idk) transaction is made, which sounds ridiculous.