One of the most popular crypto apps for buying and selling Bitcoin and cryptocurrencies recently announced that users can now use its Cash App to buy Bitcoin in all fifty US states.
The announcement spread like wildfire on the social networks, coming from Cash App’s Twitter profile.
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
As we can see from the announcement, buying Bitcoin via Cash App will be effective immediately – and users also reported the wide availability on Twitter.
The CEO of Square, Jack Dorsey, has long expressed his bullish view on the cryptocurrency. As he once stated:
“The internet will have a single currency – and I believe that this will be Bitcoin.”
Meanwhile, Square’s cryptocurrency profits have doubled in the second quarter of 2018 – which is a reason more for the official announcement about buying and selling Bitcoin from its Cash App.
Despite the fact that this functionality was added in late 2017, the simple mobile interface was then available to users in selected states. As soon as Square acquired a BitLicense from the New York Department of Financial Services, the support was added in all 50 states.
The Head of the Cash App, Brian Grassadonia, noted the significance of this approval, stating:
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.”
Square recently reported that it generated more than $70 million in Bitcoin-related activities in the first half of 2018, earning less than a half million dollars in trading fees.
Bitcoin’s Problems Can Be Solved By Leaving The Proof-Of-Work System: BIS
“Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality.”However, in the study there is little praise for the Lightning Network as well, claiming that it could help but the real remedy for improving the network would be by saying goodbye to the proof-of-work method. Leaving the protocol would likely require a sort of coordination and possible institutionalization. The conclusion is basically that ‘’in the digital age too, good money is likely to remain a social construct rather than a purely technological one.’’ The Bank for Institutional Settlement is basically a group of 60 central banks which account almost 95 percent of the global GDP. BIS issued another report a few weeks ago where it was explained that nearly seventy percent of the central banks in the world are researching the option for a central bank digital currency and how to issue it. The major financial institution found a solid correlation last September between the crypto prices and the news about regulation that swamped the news platforms worldwide.
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UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
Wall Street Investors Need ETNs To Join The Crypto Space: CBOE President
“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. [...] Absent that leg and introducing trackers or notes, I think we will be in this, 'It trades every day, but it is not the story.'”He also said that the main reason why regulators did not approve a Bitcoin exchange-traded product such as the (still-pending) ETF applications is that the regulators cannot protect investors from manipulation on a market. “You answer that question, you get your first ETN,” the president of CBOE concluded.
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