Updated: Apr 29, 2019
Payment platform app Square just surpassed Coinbase as the world’s most popular iOS app for buying bitcoin. Square surpassed Coinbase on 12.10.2018. Square’s bitcoin buying app is called Cash App btw. Cash App didn’t just surpass Coinbase: the app is currently at the top of the charts for free mobile apps on the iOS store, ahead of popular mainstream apps like YouTube states Anthony Davian.
How did Square’s Cash App suddenly take over from its well-established competitor, Coinbase? Let’s take a closer look. Square initially rose to prominence as a payment platform for merchants, allowing merchants to easily accept various payments on mobile devices. Merchants could avoid conventional point of sale solutions or options like PayPal. Long before Square’s Cash App integrated bitcoin, the platform was already being used as a popular online payment platform. Millennials and other tech-friendly individuals are increasingly turning to solutions like Square and Venmo over conventional banking systems. Square’s popularity among tech-savvy business owners and millennials helped it position itself perfectly for the rise of cryptocurrency. Some of the most prominent crypto users in the world are millennials according to Anthony Davian.
Today, Square’s Cash App makes it easy to purchase bitcoin. In fact, Cash App might be the easiest way for an average American to purchase bitcoin. The Square app is already connected to your bank accounts and credit cards. You can buy bitcoin using your traditional payment methods with just a few taps from within the app. Users looking for a fast and easy way to buy crypto over their mobile device would be hard-pressed to find an easier solution than Cash App.
One of the other reasons why Square’s Cash App is so popular is because it’s not focused on profitability: the company has stated that its bitcoin service is not designed to be a major monetization engine for the company. The short-term goal of Square’s Cash App is to boost utility and attract users. In the future, the company might emphasize profitability with its bitcoin trading services. For now, however, the company is focused on creating the best possible user experience. Ultimately, Cash App has overtaken Coinbase on crypto exchanges for now – but it remains to be seen if that will continue moving forward. Today, Cash App is the number one trending app on the iOS mobile app store, but things can change quickly in the world of crypto. Especially if an exchange like Binance really starts to attack this segment of the market states Anthony Davian.