Bitcoin price may still be declining, but that has not stopped some major companies from piling onto cryptocurrency craze. Previous month it was Kodak, while now Square (the mobile payments that company did create by Twitter co-founder Jack Dorsey) is jumping on Bitcoin bandwagon.
On Wednesday, Dorsey has announced that Square Cash, the company’s reply to Venmo, will let you buy & sell Bitcoin from inside the application. The entire process looks simple, but here is a quick guide to invest in the original cryptocurrency with Cash if you require some help.
Before getting started you will need ensuring that you have some money in Square Cash. You have it by adding money directly into your account, or just wait until someone does send you money with Cash & use that to buy Bitcoin. You will also require to agree to the company’s terms of service for virtual currency.
Once that is out of the way, open the Cash application and select Cash Card, or tap on the dollar amount at the top of the screen. Later, swipe left and you will see the Bitcoin symbol. Tap on “Buy” and select the amount you want to spend using the slider (also you can swipe up to enter a specific amount). Now hit “Buy BTC” & confirm with your password.
Undertake the same way by opening the application, selecting Cash Card, & swiping left to the Bitcoin page. Then select “Sell” instead of “Buy,” decide the amount you want to sell & confirm it. You only sold some Bitcoin.
Square Cash has noted that its prices are based on the wider cryptocurrency market, which could change rapidly over the course of a day or even a few hours. So, think carefully before selling or buying.
In case you plan to hold onto your Bitcoin for a while you may want to keep it somewhere that is safer than your Square Cash account. The app makes it easier to send your digital currency to an other wallet.
To begin, just open the app & hit the icon in the top left corner. Now scroll over to Funds & select Bitcoin. To “Enable Withdrawals” you will need to prove your identity by replying some questions in app. Later, tap on “Transfer Out,” to confirm it, & scan in the QR code for the wallet address you are in want of sending your Bitcoin too. Now, again hit Confirm to finish, though it could be few hours before the transfer gets processed.