Square’s Cash app lets you instantly buy, sell, and store Bitcoin. Thus, Square’s Cash app doubles as a simple Bitcoin exchange and wallet. You can also transfer Bitcoin from your Cash App account to other Cash app accounts.
Previously the simplest way to buy Bitcoin was Coinbase. Coinbase is still an excellent choice for all-in-one crypto service, especially when paired with Coinbase Pro (the Coinbase-run exchange).
However, it is likely that Square now has the simplest platform to use to buy Bitcoin.
The Cash App is an app that lets you transfer dollars and Bitcoin between peers and businesses, stores dollars and Bitcoins, pairs with its own debit / credit card, and now also offers instant buying and selling of Bitcoin in most states.
This means its easier than ever for businesses and individuals to accept Bitcoin as payment, but it also means its easier than ever to invest in Bitcoin (either to hodl or to buy and sell relatively quickly; although please note, the Cash App is not for day trading).
Does that mean you don’t need Coinbase anymore? No, not at all. Coinbase is geared toward being an all-in-one custodial wallet, broker, and exchange. If anything, Square’s Cash app is simply a nice compliment to Coinbase, just like Bittrex or Kraken is a nice compliment to those services as well, and just like Robinhood will be a nice compliment when it rolls its crypto services out.
Square Cash App is not a full wallet: You can’t transfer Bitcoin to or from a wallet using the Cash app. You can buy Bitcoin and sell Bitcoin via the app, but it doesn’t otherwise function as a wallet (you can’t send or receive Bitcoin to an outside address). So again, you’ll still want to use other apps like Coinbase for the full crypto experience. In words, the Cash App is a custodial wallet of sorts, but it is a closed system.
How to Buy/Sell/Send Bitcoin With the Cash App: To buy/sell Bitcoin with the Cash App: download the Cash App, input your info and bank account, and then hit the buy button under Bitcoin. To send Bitcoin to a recipient with a Cash App account, hit the “pay” button. To sell, just hit the sell button under Bitcoin.
TIP: The app allows Bitcoin trading in all U.S. states aside from New York, George, Hawaii, and Wyoming (the idea is to get the app going in these locations soon).
"Square’s Cash App" contains information about the following Cryptocurrencies: