Square Cash, also known as “Cash” or Square, Inc. has recently added Bitcoin investing to their list of services. Square Cash allows users to transfer money using a phone app. The platform now boasts over 7 million users, as of 2018.
Why Square Cash Fails To Provide Real Bitcoin Services
With their new found interest in Bitcoin and blockchain technology, Square, Inc. is now allowing users to purchase and hold Bitcoin in their app. The catch is, they hold the blockchain asset, not you. We explored their new service offering and were completely let down. It turns out you can’t send or receive Bitcoin from the Square app. There are no bitcoin addresses to be seen. Bitcoin and blockchain are all about transparency and the Square Cash app gives users the opposite. They tell you that you now hold Bitcoin in the app but how do you know? You simply can’t verify the information. We doubt they are lying about any of the info displayed, but how would you know otherwise?
If Square Cash wants acceptance from Bitcoin investors, they will have to update their app and make it more transparent. There needs to be proof of purchase on the Bitcoin blockchain. Verifiability is paramount in the blockchain space.
What we liked was their beautiful landing page and informative information about Bitcoin and it’s anonymous creator, Satoshi Nakamoto.
Check out some screenshots from https://cash.me/bitcoin :
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