Cash App is a mobile payment service for P2P transfers. The app was previously known as Square Cash and it was launched in March 2015. Cash App’s parent company is Square, which is a regulated financial services company and payments provider. Square was co-founded by Jack Dorsey, who is the CEO and co-founder of Twitter. In January 2018, Cash App rolled out support for Bitcoin purchases.
Is it Safe to Use Cash App to Invest in Bitcoin?
One of the reasons why Cash App is a safe option to invest in Bitcoin is that a regulated payments provider owns it. As a result, there is no risk of the company folding and disappearing with your Bitcoin. However, you must follow the basic security guidelines when using Cash App.
For instance, you must always keep your phone securely locked. Besides that, you should never share your account details with anyone. To ensure your Bitcoin holdings are safe, you should not store the credentials for your Cash app account in a place where they can be accessed remotely. The Cash App comes with various security locks such as a PIN, face ID, and touch ID.
Store Your Bitcoin Offline
Purchasing Bitcoin through Cash App is quite easy. However, once you purchase the Bitcoin, you should avoid storing the coins within the Cash App wallet. Instead, you should transfer your Bitcoin to an offline wallet address. Please note that a BTC transaction is irreversible. As a result, once you send your BTC to an address, it cannot be reversed. It is thus important for you to check the wallet address to which you are sending the BTC to ensure that it is the correct one.
Cash App Limited investment Options
Investing in Bitcoin through Cash App is a great idea for beginners in the crypto space. However, Cash App has limited options when it comes to crypto investing. The app is primarily designed as a way to buy, send, and receive Bitcoin with ease. If you want more options, you should consider using a dedicated crypto exchange such as the OKEx crypto exchange.
