Jack Dorsey may not be a champion of free speech, as is evident in his bannings on Twitter before Elon Musk took over, but he is one of crypto’s biggest supporters.
Dorsey’s and Square’s Cash App (SQ), is more than just a place to pay your friends back for half-apps at Applebees. In fact, it is one of the most easy-to-use crypto wallets on the market. Here’s why Square, now named Block Inc (XYZ)., is one of the most important blockchain apps.
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Unlike PayPal, CashApp can be used as a fully functional, custodial crypto wallet. In other words, while you don’t own your private crypto keys, you can actually use the bitcoins you’ve purchased with CashApp. You aren’t merely investing in the value of crypto like on PayPal or Robinhood — you actually hold the tokens and can send them to friends.
“I don’t think there’s anything more important in my lifetime to work [referring to Bitcoin].” — Jack Dorsey, CEO of Block
Furthermore, bitcoins purchased elsewhere, for example, on Binance or Coinbase, can easily be transferred to your Square wallet.
One major drawback is that, like PayPal; there is a $10,000 limit to the number of bitcoins you can add to your account, so CashApp is not an ideal choice (especially for large crypto investments).
However, unlike PayPal, CashApp has a weekly limit and not a monthly limit for BTC purchases.
CashApp is very similar to buying BTC on Coinbase and Binance. After you withdraw your bitcoins to your personal wallet they are 100% yours and yours alone.
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PayPal vs CashApp: Which Is Better?
While PayPal has a much bigger user base (377 million vs. Cash App’s 36 million), Square’s payment app CashApp is a more helpful tool for buying and owning Bitcoin.
With PayPal, you don’t actually get to own any bitcoins, you only have a BTC balance displayed on your account. You cannot transfer or withdraw any crypto destroying the practical applications of this asset.
Really, PayPal’s biggest benefit over Square is the number of different cryptocurrencies you can buy.PayPal offers Bitcoin, Ethereum, Litecoin and Bitcoin Cash, while CashApp only offers BTC.
Square, on the other hand, has some of the best functionality of any other centralized exchange. If you want to diversify your crypto portfolio, look no further than Square.
While Jack Dorsey is a hippie who doesn’t believe in freedom of speech, he and his company did a good making CashApp a decent way to purchase BTC.
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Key Takeaways
- Dorsey’s and Square’s Cash App (SQ), is more than just a place to pay your friends back for half-apps at Applebees.
- Unlike PayPal, CashApp can be used as a fully functional, custodial crypto wallet.
- With PayPal, you don’t actually get to own any bitcoins.
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