The official Cash App Twitter account announced today that you can receive bitcoin deposits to your app directly.
Without fully embracing the role of bitcoin wallet, the Cash App has taken another step in that direction.
The app doesn’t have all the standard features of a typical bitcoin wallet. It allows you to buy BTC, for example, but you can’t immediately withdraw it.
Your account needs to be at a certain status of verification. In regular bitcoin land, merely having a wallet is enough verification to have coins.
Still, the ability to receive bitcoin from outside the app is a step forward for the Cash App. If it adds other features for bitcoin, it could quickly become one of the most popular bitcoin wallets.
Another trendy wallet is, of course, Coinbase.
A rather new industry, many people don’t have the chops to fully educate themselves on what type of wallet they perhaps should be using. Coinomi, Edge, and other wallets in the app stores allow you to control your crypto without having to go to much trouble.
You don’t, for example, need to maintain a full node.
Both Coinomi and Edge will allow you to store multiple assets.
In Bitcoin, the absolute safest way to operate is to run your own full node and connect to it with light clients, but most people don’t do anything like this.
It might be safe to say that the majority of bitcoin that actively circulates sits on exchanges, in hot wallets of another kind, or in managed wallets of another type – such as Coinbase.
Cash App is a managed solution as well. However, it’s been a top-rated app for its other purposes.
As it turns out, people having easy access to acquiring bitcoin isn’t enough to drive them over the edge. People need more than that – they need a reason to get it.
Fear of missing out, or FOMO, is a powerful force which might kick into effect as the price ratchets further and further upward.