Square’s Cash App, a payment platform, has recently succeeded in surpassing Coinbase as the most widely used iOS app to purchase Bitcoin. Square has also manage to overtake other popular iOS apps like Youtube, making it one of the most popular apps on the market.
Founded by CEO of Twitter, Jack Dorsey, Square received major popularity among retailers and shoppers before its successful integration of Bitcoins. With the announcement made to support purchases of Bitcoins through the entirety of the United States earlier this year, Dorsey leveraged his customer base by allowing Cash app users an easy way to purchase cryptocurrency. Since Square’s currently customers base has already gone through the process of uploading verification and banking information, purchasing bitcoin was easy.
It also successfully attracted the attention of Bitcoin’s main demographic and Cash app target audience: Millennials.
With some of the current popular cryptocurrency exchanges, customers are forced to make a deposit from their bank to purchase bitcoins. This can be quite inefficient and creates unnecessary risk of technical issues and payment delays.
Furthermore, cryptocurrency exchanges will want their users to complete a KYC (know Your Customer) verification. This requires to government-issued documents such as drivers licenses or passport and can take a couple of days to receive access. Other cases requires income evidence or bank statements necessary to increase account limits.
These troublesome inefficiencies and processes have made it much easier for consumers to stay with Square as their Bitcoin purchasing app of choice. Millennials are already familiar with this app, use it quite regularly, and have already succeed in finalizing their KYC process.
With how seamless Square has become to use over other applications like Coinbase, it’s no wonder the Cash app has succeeded in becoming top dog. Another key matter to remember is that winter holidays are coming, meaning people are purchasing Christmas presents in a rapid fashion, and Square can definitely make things easier for those who are too busy to go store shopping.
Are you using Square as well?
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