Cash app, the popular money transfer and investment app from Bitcoin started by squareAdded support for a call option at fixed time intervals Automatic investing. It allows accumulate Satoshis automatically.
Also the application that had already announced the immediate purchase / sale of Bitcoin In 2018 it now offers a new option to display the balance directly in relation to Satoshis (sats) instead of decimal places from Bitcoins.
As you know, a Satoshi corresponds to 0.00000001 Bitcoinswhat makes 10,000 sats are worth approximately $ 1 at the time of writing this note.
Accumulate Satoshis automatically with Cash app from square
Depending on the medium Cryptoglobe, a common complaint among inexperienced investors in Bitcoin is the inability to buy a single one Bitcoinwhat that does the option “Satoshi ” be a more attractive way to integrate more Bitcoiner.
Under the hashtag #StackingSatswhat that means “Accumulating Sats”, Jack Dorsey, CEO of Twitter and square (the company behind the app Cash app), tweeted a screenshot of the functions updated today:
You can now make # bitcoin purchases automatically in #CashApp daily, weekly or every two weeks and change the screen to sats. #StackingSats
You can now make recurring purchases from #bitcoin in the @CashApp. Daily, weekly or every 2 weeks. And change the display to sats. #stackingsats pic.twitter.com/kOlxQtkuwd
– jack (@jack) May 18, 2020
The growth of Cash app
Jack Dorsey has appeared as a relevant lawyer for in recent years Bitcoin, and alone Bitcoin.
According to CryptopotateDorsey once told Joe Rogan about it when he made his first podcast appearance Bitcoin would “the only cryptocurrency that is considered for use in the Square cash app ”. Dorsey later told the interviewers that she thought so Bitcoin would become “the official currency of the Internet “.
In December 2019 square published a job offer in search of a developer capable of “New properties“Like limit orders and automatic investment. Dorsey then announced his team”Blue sky“To design decentralized standards for social networks.
DCA simple but “hard to beat”
Continuously Cryptoglobeand claims that the automatic buy function, also commonly known as the average investment dollar cost method (DCA or dollar cost averaging) is definitely the easiest method of trading / investing, but also “difficult to beat as a strategy“” In this context, the media cited a Tweet by Matt Odell in response to Dorsey:
Memes come true
Two memes become a reality
– Matt Odell (@matt_odell) May 18, 2020
To the Cryptoglobe, that’s due to the time of every market “it can be hard “, also for experienced dealers.
So, he adds DCA This is one way to lower the overall cost of your purchase over time. The strategy, however DCA “”it is only effective if the market traded (Bitcoin in this case) is expected to continue to grow “.
On Automatic investing
The middle CoinTelegraph said square already contains a wallet Bitcoin and quoted the statement from the company’s website above Automatic investing::
“You don’t need perfect timing if you think long term. With Auto Invest you can configure it and forget it by averaging the dollar costs. “
He also said CoinTelegraph as Automatic investing An account holder can currently make daily, weekly, or monthly purchases. with a minimum of USD $ 10.
¿Bitcoin flows in square?
according to CoinTelegraphand with the website calculator dcaBTCA weekly purchase of $ 10 over the past three years brought around 65% of profits from $ 1,570 to $ 2,588 on May 15th.
According to the medium, the use of cryptocurrency has increased thanks to the implementation of the wallet and retail purchase functions.
As reported CoinTelegraphthe bulk of the USD 528 million square sales in the first quarter came from Bitcoin. The growth in Bitcoin As reported, it was also used for sales of USD 166 million in 2018 DailyBitcoin.
Together with the investment giant Grayscale, It says CoinTelegraph, square consumed more than half of all BTC mined in the first quarter of the year.
USA: residents can use Cash app, from squareto receive stimulus payments from the government
cashbox App from square announces the implementation of commission margins for the purchase or sale of Bitcoin
Jack Dorsey: The Arrival of lightning to the app from square cashbox it’s a matter of “when“, Do not give “Yes“”
Cash app from square started buying and selling Bitcoin in all 50 states of the United States
Sources: Cryptoglobe, CoinTelegraph, Cryptopotato.
Report by Arnaldo Ochoa / DailyBitcoin.
Paul Hanaoka’s picture on Unsplash