Gift giving is now in season with Christmas and other holidays right around the corner. If you’ve ever thought about giving friends or a loved one stocks or bitcoin as a holiday present, Cash App is making it easier than ever to do so.
Cash App Permits a New Way of Sending BTC
Cash App has unveiled a new feature that will permit peer-to-peer payments amongst users. Owned by Block (formerly known as Square), Cash App is permitting users to send bitcoin and traditional stocks as gifts to other users of the platform.
To be fair, cryptocurrency exchanges like Coinbase and financial services companies like Stockpile have been doing things like this for years. However, this will ultimately be the first time in which such an option is available through a simple P2P app.
What’s unique about this situation is that under normal circumstances, Cash App would allow users to simply send bitcoin to any $Cashtag situated on the app. However, now it appears customers can simply use their debit cards or attached USD accounts to send the BTC in question. This a huge step forward given that the receiver doesn’t necessarily need to own bitcoin or crypto themselves to be able to receive the financial gift, nor does the sender have to own it either. They can simply pay with cash and have the BTC sent to the appropriate person.
In addition, the initial process of sending bitcoin to a recipient was done through the Cash App investing tab. Now, all one needs is a linked cash balance or debit card to do so. The market value of the stock or bitcoin is sent in cash, and the user garners the assets from there. If they do not wish to accept stock or bitcoin, they can ultimately receive the cash instead.
The system doesn’t just work for gift giving. Rather, individuals can also use the bitcoin and stock sending options to pay back friends or even split bills. What’s most important is that this could potentially see a whole new wave of digital currency traders entering the forum and getting involved in what is now a mainstream financial space.
Other Companies Do Things Like This, Too
Cash App has faced quite a bit of competition over the past year from applications such as PayPal and Venmo, which allow users to not only send bitcoin and crypto, but also hold it, buy it, and trade it as well. Venmo also recently added the ability for users with linked credit cards to purchase bitcoin with their cash back. This was designed as a way of bringing new traders onboard without having to worry about any complications that might arise from digital currency purchases.
The new feature launched earlier in the week and thus far is only available to users based in the U.S.