thousands of Investopedia traders and trade your way to the top
- Jane Taylor
- Dec 18, 2019
- 1 min read
At the close of 2017, Cash App started allowing users to make use of their own in-app accounts to purchase and sell Bit coin. The program will not charge individuals a fee for using this service, yet it's the sole service Money App provides which was profitable so far . Hence that the concern is: How can Cash App earn cash with Bit coin? The clear answer: just like every bitcoin exchange. There's usually a 1 4% gap in what Bit coin exchanges and also individuals cover Bit coin. Cash App facets these gaps in to the costs it includes its own users, thus generating earnings on the trades it eases.
By way of instance, Money App may possibly get a Bit-coin from 1 user for $9,900 and sell it to yet another for $10,000, making $100 in revenue. Cash App computes this price gap based on changes in the price of Bit-coin. This may not appear to be much, but it also accumulates. As stated by Square's yearly report, Money program generated $166.5 million in Bit coin revenue in 2018 and gained $1.7 million.
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