You might be familiar with the term ‘Cash App’, usually used in reference to the widely popular digital wallet where users can store, spend, or transfer money. The app has a decent feature set, but with a crowded marketplace it’s difficult to know which one to try.
The app allows users to purchase items with either bitcoin or fiat currency using a digital wallet. It also has a built-in exchange rate that adjusts according to the market fluctuation of the five major fiat currencies and three major cryptocurrencies. For example, when the dollar drops in value, all other dollar-denominated transactions are subject to a loss in value. It also provides a one-stop-shop for U.S. state and federal government resources, such as voting information and healthcare resources. Since its launch, the app has been downloaded over 500 million times and is available in over 200 countries.
Now, let’s dive into the details as to why you might want to try out the Cash App.
One of the things that make the Cash App stand apart from competitors is the sheer volume of features that it offers. Not only does it support crypto-to-fiat currency conversion, but it also provides an array of traditional money-related functions such as sending and receiving money, budgeting, and the saving tool – which we’ll talk about in a bit.
Users can also set up alerts for different notifications, such as when someone tries to deduct money from their account or when they reach a certain spending limit. They can save photos from celebrities to access their entire filmography, and there’s a birthday feature that lets users wish their loved ones a happy birthday.
Additionally, the digital wallet provides a search bar that allows users to find items that they want to purchase, as well as a wish list feature that allows them to keep track of items they want to purchase but have already saved in the wallet. There are a number of useful and unique features in the Cash App that make it stand out from the competition.
Security And Privacy
When it comes to security and privacy, the Cash App takes the cake. The wallet is a joint venture between Google and Facebook and as a result, the security and privacy of your personal information is incredibly important to the companies. They claim that they take privacy and security seriously and that your personal information will be well-protected.
The app uses a combination of blockchain and familiar cryptography to store your personal information securely. When you make a transaction, the information that you provide, such as your name, email address, and phone number, is digitally signed to create a digital identity that is then stored on a blockchain. This prevents any third parties from impersonating you and committing fraud.
Additionally, the companies say that they never share your personal information with anyone, including advertisers. And finally, they point out that while they take security and privacy seriously, due to the nature of the beast, cryptocurrency transactions are inherently more vulnerable to attack than traditional bank transfers.
Vast International Support
While the support for cryptocurrencies and blockchain within the app is quite helpful, what’s truly exceptional is the fact that the app offers support in over 200 countries. When you’re traveling abroad, especially to a country that doesn’t have much of a local currency exchange, it’s extremely handy to have a US-based digital wallet that can handle your money in any country.
In 2018, the company launched a completely revamped user interface that is both user-friendly and stylish. The new layout makes using the app much simpler and more convenient. And last but not least, the update also greatly improved the app’s speed. It now feels much snappier and more responsive than ever before.
How Does It Work?
When you first download the app, you’ll be asked to create a free Google account. After that, you can use the app without any limits or restrictions. However, if you want to take advantage of all the features, you’ll have to upgrade your account to a paid one.
To do this, you’ll need to link a credit card to the account. You can then use the app to make purchases in any country with an active data connection.
As mentioned above, since its creation, the app has been downloaded over 500 million times and the number continues to rise. This is mainly attributed to the fact that it offers great value for any cryptocurrency or fiat currency enthusiast. Additionally, the massive popularity of TikTok has made its way into the mainstream and now even non-tech savvy people are aware of what cryptocurrency is and how it functions. Especially in light of the fact that the Winklevoss twins’ crypto exchange, the Gemini, allows you to buy and sell any cryptocurrency (including Bitcoin) with a simple click of a button.
However, the app has also attracted a great deal of malicious users who try to take advantage of the fact that the app is so easy to use. That being said, the companies behind the Cash App have taken several steps to mitigate this issue. First, they allow you to set a PIN code that is required for any financial transaction. Second, they offer a free account that has limited functionality and restricted access to some features. Lastly, they point out that since the app is decentralized, there is no way for anyone to charge you for using it. And if there were, they’d have to take you to court and prove that you didn’t disable the charge.
Where Can I Use It?
As mentioned above, the app is based in the U.S. and as a result, it has limited functionality when used outside of the country. For instance, if you’re in Germany and want to use the app, you’ll have to download the German version. Similarly, if you’re in the U.K. and want to use the app, you’ll have to download the British version. And last but not least, if you’re in China, you’ll have to download the Chinese version.
As a travel destination for those who want to spend their money locally, the U.S. also bans the import of some items, including digital currencies. So, if you’re going to Japan, you’ll have to leave the house with a thousand yen in cash. Or, if you’re traveling to South Korea, you’ll have to bring a thousand dollar bill with you (even if you only want to spend 100 dollars).
Is It Worth It?
Considering all the features that the Cash App provides, the answer is a resounding yes. Not only does it provide value in terms of convenience and quick transaction times, but it also provides a safe and secure place to store your money. Additionally, the amount of money that you can store is incredible. With the basic 1 Google account, you can have up to a million dollars in different cryptocurrencies and fiat currency stored in the app. The amount of money that you can store is limited only by your imagination and how much you want to spend on shopping (at least for now).
In our opinion, if you’re into cryptocurrency, dash, or any other form of digital currency, the Cash App is a no-brainer and we highly recommend it.