Square Reports Solid Use and Profits of its Bitcoin Operations!

[wry]

In the good news department, today payment processor and well know app maker Square reported that its Bitcoin segment:

Quote

Recorded sales of $166,517,000, the cost of purchasing the cryptocurrency for the year was about $165 million. That left the firm with a net profit from bitcoin sales of $1.69 million.

What was even more exciting was that sales picked up towards the end of 2018 despite the long crypto winter - $95 million in second half versus $71 million in the first half.

Given Squares wide acceptance and solid mind share I was really encouraged by this.  I looked into the Square Cash app and while it does allow you to buy and sell Bitcoin it does NOT allow you to send your Bitcoin to the app.  So I was a little bummed about that.  Still, as many have started to note, while the steady decline in price over 2018 has discouraged a lot of traders and speculators there is clearly a lot of work being done on the infrastructure side of Bitcoin!

Does anyone use the Square Cash App?  How is it?  What have you noticed regarding the Bitcoin and crypto infrastructure build out?

Link to story:  https://www.coindesk.com/square-sold-over-166-million-in-bitcoin-last-year

[williamshennie9]

Some positive news in the crypto market for a change. Lovely! Always good to hear record sales reports when all you see is the price of crypto getting lower and lower.

I've never personally used the app, but definitely something I'm going to look into

[Kate]

I haven't used the app yet but am looking forward to but as you said we can't send bitcoin to the app from an external place sucks but probably for security reasons so there is no money laundering. 

[skillex]

Its a really nice start for the year knowing that news that Square company the famous app maker makes a use and earned profits. Hope that by this, more app makers companies worldwide will be encouraged to get use of Bitcoin's true worth. And by this i can see the future Bitcoin will into.