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7 Indicted in $300,000 Queens Bitcoin Theft, Say Prosecutors

7 Indicted in 0,000 Queens Bitcoin Theft, Say ProsecutorsSeven individuals have been indicted for stealing over $300,000 in bitcoin from a Queens resident. The charges against them include grand larceny, money laundering, and identity theft, stemming from a lengthy investigation into a cryptocurrency wallet hack. Using advanced hacking techniques, the group allegedly stole the bitcoin and now face potential sentences of five to […]

Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Queens Bitcoin Heist: Seven Charged With Grand Larceny and Money Laundering

Queens Bitcoin Heist: Seven Charged With Grand Larceny and Money LaunderingSeven individuals have reportedly been indicted on charges of grand larceny, money laundering, and identity theft for stealing $300,000 in bitcoin from a Queens auto body shop owner. The victim’s 5.75 BTC, originally valued at $92,000, was taken by 20-year-old Aaron Peterson Jr. in November 2022 and later used to purchase luxury items, including a […]

Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Cash App to shut down in the UK, citing focus on US market

Cash App, a popular mobile payment platform, will cease operations in the United Kingdom by September 15. Block, the fintech company behind Cash App, announced the closure on Thursday. The decision to withdraw from the UK market comes as part of Block’s strategy to prioritize its focus on the United States and deprioritize global expansion.

The post Cash App to shut down in the UK, citing focus on US market appeared first on Crypto Briefing.

Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Jack Dorsey’s Block to use 10% of Bitcoin profit to buy BTC every month

Block, Inc. co-founder Jack Dorsey told shareholders its Bitcoin-buying plan during an earnings call, saying its an “investment in a future where economic empowerment is the norm.”

Twitter co-founder Jack Dorsey said his fintech firm Block, Inc. will flip 10% of its gross profit made off its Bitcoin products into buying Bitcoin (BTC) every month.

“Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases,” Dorsey wrote in a May 2 shareholder letter inclusive of its better-than-expected first-quarter results.

“We were one of the first public companies to put Bitcoin on our balance sheet,” he added. Block bought $220 million worth of BTC across Q4 2020 and Q1 2021.

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Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Block, Inc. Q1 results top estimates, shares jump after-hours

Block’s first-quarter 2024 results beat Wall Street analyst estimates on earnings and revenue which saw its share price surge after the bell.

Fintech firm Block’s first-quarter results have beat Wall Street analyst revenue and earnings expectations which saw its shares jump after-hours.

On May 2, Block, Inc. posted its Q1 2024 results showing revenues of $5.96 billion — beating estimates from analytic firm Zacks by 3.54%.

Block’s earnings per share was $0.85 — up from Zack’s $0.62 per share estimate. Its Q1 gross profits reached $2.09 billion, up 22% from the year-ago quarter.

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Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Block Unveils Bitcoin Conversion Feature for Square Merchants 

Block Unveils Bitcoin Conversion Feature for Square Merchants On Wednesday, Block, the financial services firm, disclosed that merchants using Square can convert their daily sales into bitcoin through the Cash App. Block’s founder, Jack Dorsey, revealed this update on X, and as of today, merchants have the option to transfer between 1-10% of their Square-generated earnings into bitcoin, the leading crypto asset by […]

Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Wallet of Satoshi vanishes from Apple and Google’s US app stores

Apple is facing the wrath of crypto users yet again as a popular Bitcoin Lightning wallet disappeared from its U.S.-facing App Store.

Bitcoin (BTC) Lightning payments app Wallet of Satoshi (WoS) has disappeared from Apple’s App Store and Google’s Play Store in the United States as it closes in on over 1 million transactions for November.

On Nov. 24, several users and crypto community participants shared on X (Twitter) their attempts to search for the WoS app, which turned up no results or redirected users to competing wallet apps.

However, the WoS app still appeared for download on the Australian Apple App Store and the Australian and Singapore Google Play Store versions at the time of writing.

Apple’s U.S. App Store doesn’t return results when searching for Wallet of Satoshi. Source: Apple

Wallet of Satoshi is a popular Lightning payments platform that is on pace to process over 1.1 million Lightning payments in November, according to industry author and podcaster Kevin Rooke.

Rooke added that it would be the firm’s “largest month of Lightning payments ever.”

Apple and Wallet of Satoshi did not immediately respond to a request for more details.

Related: Demand for Bitcoin could grow by up to 10x within 12 months: Michael Saylor

Apple levies a hefty 30% tax on in-app payments, which it maintains a tight leash over and has been a barrier for crypto platforms wanting an App Store presence.

On Nov. 17, a group of disgruntled PayPal Venmo and Block Cash App users filed a class-action lawsuit against Apple, claiming the company had entered into anti-competitive agreements with PayPal and Block to restrict the use of crypto technology and payments on iOS.

Apple has a history of removing crypto apps, with the firm delisting the Nostr-based Damus app over a Bitcoin tip feature in June. It also briefly pulled the MetaMask wallet app from its App Store in October.

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Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Apple sued for blocking crypto tech for P2P payments

Apple faces a class action over alleged anti-competitive conduct in the iOS peer-to-peer payments market.

Disgruntled consumers have filed a class-action lawsuit against Apple claiming the tech giant has conspired to limit peer-to-peer payment options on its devices and block crypto technology from iOS payments apps.

The Nov. 17 complaint filed in a California District Court alleges Apple entered into anti-competitive agreements with PayPal’s Venmo and Block’s Cash App to restrict the use of decentralized cryptocurrency technology in payment apps, which caused users to pay "rapidly inflating prices."

“These agreements limit feature competition—and the price competition that would flow from it—marketwide, including by barring the incorporation of decentralized cryptocurrency technology within existing or new iOS Peer-to-Peer Payment apps,” the filing says.

The plaintiffs also claimed Apple uses “technological and contractual restraints,” including hardware-enforced App Store exclusivity and “contractual limitations on web browser technology” to “exercise unfettered control over every app installed and run on iPhones and iPads.”

With these restraints, Apple can — and does — force new to market iOS P2P payment apps to bar crypto "as a condition for entry," the suit claimed.

Excerpt of the suit alleging Apple restricts decentralized payment technology. Source: PACER

The plaintiffs describe themselves as customers who have paid inflated fees due to Apple’s restraints of trade across the iOS P2P payment market.

They seek to recover for excessive fees and overcharging due to Apple’s alleged anticompetitive conduct and injunctive relief barring the firm from continuing to enter into and enforce anticompetitive agreements restraining iOS P2P Payment Market competitors and would-be entrants.

Related: Apple’s 30% tax rules will stay for now, crypto and NFTs may have to wait

The 58-page class action details the history and rise of peer-to-peer payment apps and decentralized cryptocurrencies and Apple’s entry into this market.

In April, the Court of Appeals for the Ninth Circuit ruled Apple violated California’s competition laws by not allowing apps to direct users to non-Apple linked payment solutions.

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Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

How to buy Bitcoin with Cash app

A step-by-step guide to buying Bitcoin on Cash App, including guidance on fees, the auto invest feature and security tips to empower your cryptocurrency investment journey.

Cash App, a multipurpose financial app, offers various capabilities, including money transfers, investment options and cryptocurrency purchases. Serving as a comprehensive financial tool, Cash App provides users the capacity to handle transactions, invest in stocks, and explore digital currencies like Bitcoin (BTC). The app aims to streamline financial tasks and assist users in navigating the modern financial landscape.

What is Cash App?

Cash App, created by Block Inc (formerly Square Inc), is a peer-to-peer (P2P) mobile payment service offering stored value services resembling deposit accounts. This innovative platform empowers users to access financial services without incurring the standard fees that accompany traditional banks.

As a non-banking financial solution, Cash App enables individuals to transfer and receive money, pay bills, file taxes and invest in stocks, complemented by the convenience of debit cards. With a sizable user base of 51 million individuals, Cash App offers an alternative to buying and selling Bitcoin on crypto exchanges.

The app’s expansion began in 2018, opening the doors to cryptocurrency transactions limited solely to Bitcoin and cementing its place as one of the prominent mobile payment apps available in the United Kingdom and the United States. Starting from 2023, Cash App users can conveniently monitor their Bitcoin transactions to streamline tax reporting using the TaxBit integration, simplifying the process of calculating taxes for BTC holdings.

Buy Bitcoin with Cash App

Before initiating the process of purchasing Bitcoin through Cash App, several preliminary steps are essential to ensure a smooth experience. Firstly, install the Cash App and create an account. Then, link the Cash App account to a checking or bank account. Once this link is established, Bitcoin purchases can be made. Additional security verification may be needed to enable investment features of Cash App, including buying Bitcoin.

It’s essential to be aware that Cash App only enables Bitcoin transactions, and its investing balances are not Federal Deposit Insurance Corporation (FDIC)- and Financial Services Compensation Scheme (FSCS)-insured. However, there is limited Securities Investor Protection Corporation (SIPC) coverage of fiat investing balances. As you embark on the journey to buy Bitcoin on Cash App, remember these fundamental prerequisites for a hassle-free transaction process.

Steps to buy Bitcoin on Cash App

  • Launch Cash App and log in to your account.
  • Ensure that your Cash App account has sufficient funds. You can add money to your account using your linked debit or credit card or receiving direct deposits.
  • Tap on the “Investing” section located at the bottom of the screen.
  • Look for the “Buy Bitcoin” option and tap it to proceed.
  • Enter the amount of Bitcoin you wish to purchase or use the slider to select a specific amount.
  • Enter your PIN and review the transaction details, including the current BTC price and any applicable fees.
  • Tap the “Buy” button to confirm your instant Bitcoin purchase.

Auto Invest Bitcoin on Cash App

The Auto Invest feature can be utilized on Cash App to schedule recurring Bitcoin purchases that correspond to one’s preferences. By streamlining the accumulation of BTC over time, this function eliminates the necessity for manual transactions. This feature allows users to allocate a portion of their paycheck to Bitcoin consistently and spread out Bitcoin purchases to mitigate price fluctuations.

Steps to set up Auto Invest on Cash App:

  • Access the “Bitcoin Investing” screen and tap “Buy.”
  • Click the drop-down menu labeled “Change Order Type.”
  • Choose a frequency — daily, weekly or every two weeks — and tap “Done.”
  • Opt for a preset amount or customize by tapping “...” and entering your desired amount.
  • Press “Next,” keeping in mind that there’s a $10 minimum for Auto Invest purchases.
  • Confirm your selection to set up automatic investments.

Cash App fees for purchasing Bitcoin

Cash App may impose fees for Bitcoin transactions depending on transaction size, and the current mid-market price of Bitcoin will apply to the purchase. The app also includes a spread, resulting in paying slightly more than the market value for the Bitcoin or selling slightly below market value.

The margin may differ when purchasing Bitcoin using Cash App compared to selling it. The margin and prices can also vary from what is advertised on other marketplaces.

During transactions with Bitcoin, Cash App will impose two types of fees: One of them is the service fee, and the other is an extra fee based on the price volatility across exchanges in the United States. The fees will appear on the confirmation of the trade before completing the transaction. In this way, if there is a disagreement with the final price, the option not to proceed is available.

Who can buy Bitcoin with Cash App?

To buy Bitcoin on Cash App, users must fulfill specific requirements. To use the application, a person needs to be at least 18 years old and over the age of maturity in their residence state. Additionally, they must be individuals, not businesses or other entities, and use the service for personal use only. Cash App is available in the U.K. and the U.S., and all 50 U.S. states can access the platform to purchase Bitcoin.

However, complete anonymity might not always be attainable. Certain government-issued or digital currency transfers may request users to provide personal information, such as their name, phone number, address, taxpayer identification number, birth date, email, government identification number and bank account details. Additionally, users may also be asked to disclose their money source and employment information.

Get Bitcoin with Cash app via Bitcoin Boost

Another way to get Bitcoin on Cash App is to earn it. The Bitcoin Boost function enables you to accumulate Bitcoin with each Cash Card transaction. Upon selecting a Bitcoin Boost and purchasing a Cash Card, the earned Bitcoin is automatically added to your Bitcoin balance.

Steps to implement a Cash app Bitcoin Boost

  • Access the “Cash Card” tab on your home screen.
  • Tap “Save with Boost,” choose a Boost and then click to add Boost.

Cash App does not charge any fees on Bitcoin Boost. For transaction-specific Bitcoin earnings, refer to your “Activity” tab and tap the relevant Cash Card transaction.

Security and safety measures offered by Cash app

Cash App complies with PCI Data Security Standard (PCI-DSS) Level 1, the highest security compliance standard for merchants that accept payments. As a user, this implies that your data is secured and encrypted.

While Cash App provides a convenient way to buy Bitcoin, it’s essential to prioritize security. Consider implementing two-factor authentication (2FA) and using a robust and unique password for your account to protect your Bitcoin wallet and transactions.

By enabling 2FA, requiring a PIN to transfer cash and activating alerts for account activity, you may increase the security of your Cash App account. If your card is lost or stolen, it’s possible to deactivate it to prevent fraudulent charges. Also, avoid sharing sensitive information with anyone and be cautious of potential scams related to cryptocurrency purchases.

Drawbacks to buying Bitcoin via Cash App

While Cash App provides an alternative platform to buying Bitcoin, there are some drawbacks to consider. Firstly, if you are an investor interested in diversifying your crypto portfolio beyond Bitcoin, Cash App falls short, as it only offers the option to buy Bitcoin and does not support other cryptocurrencies. Unlike traditional brokers, Cash App’s investment options are limited, restricting your ability to explore various digital assets.

Moreover, it is essential to note that, unlike traditional banks, Cash App’s Bitcoin and investing balances are not insured by the FDIC or FSCS. This means that your funds held within the app are not protected in the same way as they would be in a bank account. However, investing balances may be covered by SIPC in some cases. Also, in the U.S., Cash Card offers your account benefits from FDIC coverage, ensuring security for up to $250,000 of your Cash App account balance.

Therefore, exploring dedicated crypto exchanges may be more suitable for investors seeking a more comprehensive range of investment options and the security of FDIC insurance.

Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO

Cash App Bitcoin revenue tops $2 billion in the first quarter

Block’s Q1 earnings report reveals a 25% year-on-year increase in Bitcoin revenue from the fintech firm’s flagship product Cash App.

Fintech firm Block, owned by Twitter founder Jack Dorsey, has reported a staggering $2.16 billion in Bitcoin (BTC) revenue on its bellwether product Cash App in Q1.

According to a shareholder letter announcing its Q1 2023 earnings, Block (NYSE:SQ) reported that its Bitcoin revenue — which counts BTC revenue as total sales of the cryptocurrency to customers — was up 18% from $1.83 billion in Q4 and 25% from Q1 2022.

Cash App’s total profits reached over $931 million in the first quarter of 2023, marking a 49% increase year-over-year. Notably, Cash App’s profit paled compared to the company’s gross profit, which came in at $1.71 billion. Block also owns the popular business payment service Square, which reported a slight (3.8%) decline in profits from the fourth quarter of 2022.

According to the shareholder letter, the multi-billion-dollar Bitcoin revenues were driven by “an increase in the quantity of Bitcoin sold to customers,” and were “partially offset” by a decrease in the market price of Bitcoin, compared to the same timeframe in 2022.

The fintech firm also reported an earning per share of 40 cents, beating analyst expectations of 35 cents per share by 14%, with its first-quarter revenue rising 26% year-on-year.

Block’s gross profits are up 32% year-on-year. Source: Block shareholder letter

Speaking to investors in the earnings conference call, Block CEO Jack Dorsey identified both artificial intelligence and “open protocols” as technologies that would aid the company in proactively responding to the “significant shifts” in the global financial system He cited continued United States bank failures and de-dollarization as the primary culprits.

The equities market took kindly to Block’s earnings filings. The fintech firm’s share price briefly surged 5% to $63.50 in after-hours trading, before settling down to a 2.5% gain at the time of publication.

Related: Jack Dorsey’s nano Bitcoin mining chip heads to prototype

This uptick marked the first instance of relief from a steady decline in Block’s share price, which suffered a significant 25% hit following the release of a scathing report penned by famed short sellers Hindenburg Research.

On March 23, Hindenburg slammed Block for “systematically taking advantage of the demographics it claims to be helping,” and declared that Block’s success with Cash App only hinged on a “willingness to facilitate fraud against consumers and the government.”

“Hindenburg is known for these types of attacks, which are designed solely to allow short sellers to profit from a declined stock price,” wrote Block in response to Hindenburg’s allegations. “We have reviewed the full report in the context of our own data and believe it’s designed to deceive and confuse investors.”

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Telegram is becoming a one-stop app like China’s WeChat — Bitget CEO