Cash App vs Bolt Wyre | When Will Bitcoin Become An Everyday Currency?

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bitcoin and cash app

Cash App’s stated mission is to “make Bitcoin usable as a currency.” Today they announced a step that brings that objective closer to reality, letting customers designate part or all of their paycheck deposits to be converted into Bitcoin, all within Cash App.

Next up is letting customers receive Bitcoin via QR code or payment request through Cash App’s Lightning Network

Online checkout company Bolt also had their own announcement today, the purchase of crypto infrastructure company Wyre Payments. Their goal is to enable Bitcoin and other digital currencies to be used for payments to online retailers on their platform.

Cash App and Bolt may become successful making Bitcoin more practical as an everyday currency, but technical hurdles are only one factor. As long as investors believe Bitcoin may increase significantly in value there will be reluctance to spend it. 

Investors are not likely to forget Laszlo Hanyecz’ purchase of two Papa John’s pizzas for 10,000 BTC in 2010. Those Bitcoins were only worth about $40 then, but would be worth more than $436 million today.

Following is Crypto Briefing .com’s post about Cash App’s BTC paycheck announcement:

Image via Pixabay

“Just Pay Me In Bitcoin:” Cash App Will Make It Happen

Cash App has added a new feature that lets customers invest their paychecks into Bitcoin. 

Block’s payments app announced the update at Bitcoin 2022 in Miami earlier today. “Paid in Bitcoin” will let U.S. customers with an active Cash Card allocate either a portion or the whole of their paychecks to Bitcoin automatically in-app. Customers will be able to opt in to have their funds converted into Bitcoin from today. 

In addition to the paycheck update, Cash App also revealed a new feature called “Round Ups” that will let customers round up their card payments to the nearest dollar and invest that sum in Bitcoin or other assets. Cash App has also announced that customers will be able to receive Bitcoin payments via Lightning Network, the Bitcoin Layer 2 solution it integrated with in January. 

Block (formerly Square)

Block, Cash App’s parent company, has been making significant efforts to help Bitcoin adoption grow in recent years. It’s currently working on a Bitcoin-focused decentralized exchange similar to those on smart contract networks like Ethereum. The project is called TBD and its Twitter page promises “an open, decentralized financial system for all.” Block’s founder and CEO Jack Dorsey is known for his unwavering belief in blockchain technology, and specifically Bitcoin. While he hasn’t been shy about criticizing Ethereum and Web3, he’s said that he wants to help the top crypto asset become “the native currency of the Internet” on multiple occasions. 

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