The Square Cash App is becoming an increasingly popular way to buy Bitcoin, with volume in Q2 2019 reaching USD 125 million, nearly double the volume seen in the first quarter. USD 125 million of volume over the course of three months is still small relative to major cryptocurrency exchanges such as Coinbase, which has USD 10-20 billion of volume per quarter. That being said, it seems the Cash App has the potential for growth in the Bitcoin sector because it makes it easy for United States customers to buy Bitcoin directly with their debit cards.

Along with the news of rising volumes, Square has announced that there will now be a 1.76% fee for Bitcoin purchases. However, this fee was apparently present already in the form of the spread between buying and selling prices. Now the spread is gone and this flat fee has replaced it, which increases transparency according to Square. Indeed, off of the USD 125 million of Bitcoin volume in Q2 2019, Square earned USD 2 million, which is approximately the 1.76% fee, even though the flat fee had not been implemented yet.

Running the numbers, the Square Cash App is cheaper for buying Bitcoin for purchases up to USD 171, but for purchases bigger than USD 171, Coinbase is cheaper. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow on Twitter: @bitcoinnewscom
Telegram Alerts from

Image Courtesy: Pixabay
Comments are closed.

Check Also

Bitcoin Puzzle $17,000 Remains Unsolved

Crypto exchange Phemex has put out a Bitcoin puzzle which holds 2.1 Bitcoins worth USD 17,…