As Bitcoin is a new form of digital currency there are some inherent risks. Unlike physical currency, digital currencies are stored in digital wallets.
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Contact us. A lot of BTC gets bought and sold on Cash App , but profits on those sales do not represent a meaningful portion of income for Square.
For example, users who want to control their own assets will want to use an app that lets them withdraw bitcoin, which not all of these do. For new entrants to the space, you will soon come across an adage: DYOR do your own research. Anyone serious about crypto takes responsibility for double-checking third-party recommendations, and the information above is no exception.
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Others view bitcoin less as a currency than as new store of wealth more accessible to everyday Americans than the stock market, which Square says is part of its motivations in offering cryptocurrency purchases. We think bitcoin is a way that could enable that for the future.
Tom Maxwell.