Cash app: Twitter CEO Jack Dorsey presents Bitcoin savings plan for more than 7 million users

cash app

In order to promote the adaptation of cryptocurrencies like Bitcoin, the simple purchase of digital assets plays an important role. Users do not want to make life difficult with complicated exchanges or lose their capital through an application error. The Cash app is one of the most popular apps in the U.S. and allows you to easily buy bitcoins. A new function is intended to motivate investors to make regular purchases.

Regular, automatic purchase of bitcoins (BTC)

The U.S. cash app was developed by Square Inc. CEO at Square Inc. is none other than that Twitter CEO Jack Dorsey personally. He founded the company with Jim McKelvey and made it what it is today. The company generated sales of 2019 billion euros in 4,7. More than 3.800 employees ensure this success at Square. Capital and sufficient knowledge are therefore sufficiently available to the US financial services provider.

The Cash App is used by more than 7 million people who can only transfer money using the phone number. Since 2018, users can buy bitcoins directly in the app. A new feature is now available to these users. The saving function makes it possible to set up standing orders for his account in the Cash App. But not like a savings book with Fiat, but with bitcoins.

The user can decide whether the orders are carried out daily, weekly or every two weeks. In addition, the view can now be switched: from USD to Satoshis (What are Satoshis?). Regular purchases are designed to take advantage of the so-called dollar cost average effect.

What is the DCA effect? (Dollar cost average)

Buy low, sell high sounds like the probably best known rule in the crypto and trading world in general. It describes the process of selling your assets at a high price and buying or buying at a low price. Unfortunately, it's not as simple as that.

That is why investors take advantage of the cost average effect. Regular purchases minimize the risk of suffering high losses. Because should the price fall, you shouldn't cause panic, but use the low price to your advantage and buy again. And exactly this effect is achieved by the new function of the cash app.

The savings plan function is initially only available to customers from the USA.

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