Square Bringing Many Newbies to Bitcoin BUT is now charging fees.

[wry]

In the classic good news bad news that so frequently makes up crypto related news, Square announced that first time bitcoin buyers on its Cash App doubled in the last quarter.  Maybe the leading edge of widespread adoption is here!

However, in the bad news department they have also started charing fees for buying Bitcoin.  When they first introduced Bitcoin they did not charge.  While I understand the need to cover their costs and make profits, the analysis done by Coindesk suggests their fees for some purchases are higher than Coinbase.  I hope they can scale them back a bit in time.

Link for new buyers:  https://www.coindesk.com/first-time-bitcoin-buyers-doubled-in-squares-q3-report

Link for new fees: https://www.coindesk.com/squares-cash-app-now-charging-fees-for-bitcoin-purchases

[bmg]

That is one of the things I think we can all expect from companies like Square.   As soon as they get popular they start to charge for services that the started off doing for free.

[wry]

 

That is one of the things I think we can all expect from companies like Square.   As soon as they get popular they start to charge for services that the started off doing for free.

Yeah, they are business and have to cover their expenses, but it still makes me a bit sad and it's not like they have to charge such high fees.  Before the fees were just part of the bid-ask spread, but now they are charging up to 1.76%.