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Payment platform Square has just passed Coinbase as the world's most popular iOS app for buying bitcoins. Square, which is managed by Twitter CEO Jack Dorsey, has today passed Coinbase, as reported by CCN.com. The bitcoin purchase app of Square is called Cash App.
Cash App has not exceeded only Coinbase: the app is currently at the top of the charts for free mobile apps on the iOS store, ahead of popular popular apps like YouTube.
The easiest way for every single person in America to buy bitcoins is the number 1 on iOS today 💪 @CashApp pic.twitter.com/nYUt6tSkIJ
– Miles Suter (@WahWhoWah) December 8, 2018
This indicates a growing demand for digitized payment solutions in the mobile app market in the United States. How was it Cash App of Square will it suddenly take over its claimed competitor, Coinbase? Let's take a closer look.
Accessibility is the king
Square initially became prominent as a payment platform for merchants, allowing merchants to easily accept various payments on mobile devices. Traders could avoid conventional point of sale solutions or options like PayPal.
Long before the integrated bitcoin of Square & # 39; s Cash App, the platform was already used as a popular online payment platform. Millennials and other technology-loving individuals are increasingly turning to solutions like Square and Venmo over conventional banking systems.
Square's popularity among business owners and millennial technology experts has helped to position itself perfectly for the rise of cryptocurrency. Some of the world's most important crypt users are millennials.
Today, Cash App of Square makes bitcoin buying easy. In fact, Cash App could be the easiest way for an average American to buy bitcoins. The Square app is already connected to your bank accounts and credit cards. You can buy bitcoins using your traditional payment methods with just a few taps within the app.
Compare the Cash App process with the use of an exchange. A conventional cryptocurrency exchange requires completing the KYC verification, waiting several days before a transfer or similar transfer is completed, and then making an exchange on the exchange order backlog.
Users looking for a quick and easy way to purchase encryption on their mobile device may be faced with a simpler solution than the Cash app.
Square is the best option for Crypto American users
It's no secret that technology-savvy mobile users want a quick and easy way to purchase encryption on their phones. Other app developers abroad have already understood this.
In South Korea and China, for example, users are jumping on apps like KakaoPay and AliPay, both functions like Venmo and Square: they are alternative money transfer apps that work with the traditional banking system while offering easy money and fast transfers.
Square and its Cash App are simply the best option for American users.
Square is not trying to monetize its Bitcoin trading right now
One of the other reasons why Square's Cash App is so popular is because it does not focus on profitability: the company stated that its bitcoin service is not designed to be an important monetization engine for the company.
"It's not an important monetization engine, the goal is to keep driving the utility in the Cash app," explained CFO in the square, Sarah Friar, at the start of this year. in an interview with CNBC.
The short-term goal of Square & # 39; s Cash App is to increase utility and attract users. In the future, the company could emphasize profitability with its bitcoin trading services.
For now, however, the company focuses on creating the best possible user experience.
"Bitcoin, for us, does not stop to buy and sell We believe that this is a transformation technology for our industry and we want to learn as quickly as possible," said Jack Dorsey, CEO of Square, in an interview .
Ultimately, Cash App has overtaken Coinbase in cryptographic exchanges for now – but it remains to be seen if this continues to move forward. Today, Cash App is the number one trending app in the iOS mobile app store, but things can quickly change in the world of Crypto.
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