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

May 2, 2024 Coin Telegraph

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

May 2, 2024 Coin Telegraph

Block Unveils Bitcoin Conversion Feature for Square Merchants

April 25, 2024 Bitcoin.com

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

November 24, 2023 Coin Telegraph

Apple

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.

Wallet of Satoshi banned in the US? pic.twitter.com/S44qN5UI2U
— ck (@ck_SNARKs) November 23, 2023

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.

Wallet of Satoshi is on pace to process over 1.1 million Lightning payments in November.

This will be their largest month of Lightning payments ever.

⚡️ pic.twitter.com/oCxIce7kit
— Kevin Rooke (@kerooke) November 22, 2023

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.

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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Apple sued for blocking crypto tech for P2P payments

November 21, 2023 Coin Telegraph

Apple

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.

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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How to buy Bitcoin with Cash app

August 21, 2023 Coin Telegraph

Buy Bitcoin

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.

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

May 5, 2023 Coin Telegraph

Cash App Bitcoin revenue tops billion in the first quarter

block

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.

Our Q1 earnings are now available. $SQ https://t.co/oGcnRuzFb3
— Block Investor Relations (@BlockIR) May 4, 2023

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.

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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San Francisco authorities make arrest in stabbing of Cash App creator Bob Lee

April 13, 2023 Coin Telegraph

Cash App

Police chief Bill Scott said there was evidence that the suspect and Bob Lee knew each other but did not comment on the possible motive of the attack.

The San Francisco Police Department has arrested a tech executive named Nima Momeni in connection with the April 4 stabbing of Cash App creator Bob Lee.

In an April 13 press conference, the SFPD announced Momeni was in custody following the execution search and arrest warrants in San Francisco and Emeryville, a city across the bay. Police chief Bill Scott said “the evidence shows that [Momeni and Lee] knew each other” but did not comment on the motive of the stabbing, adding the case was not yet closed.

*SFPD Chief Bill Scott addresses reporters on April 13. Source: Facebook*

The death of Lee, known by many in the tech world for creating the mobile payment service Cash App, sent shockwaves through the crypto space. The news that Lee knew Momeni suggested the attack was not random, despite some media outlets pointing to San Francisco as a “crime-ridden” city.

“We knew nothing about the facts of this case immediately after it happened, none of us did,” said San Francisco district attorney Brooke Jenkins. “My urging, through Twitter, through the news was to really press upon not just the media but the residents of San Francisco and everyone else not to draw conclusions about what happened in this case.”

1/ Protecting public safety & holding violent/repeat offenders accountable is a top priority for my administration. We work closely w/ @SFPD & bring forward charges when arrests are made & there is enough evidence to prove beyond a reasonable doubt that the defendant is guilty. https://t.co/vq7fYoAjdP
— Brooke Jenkins 謝安宜 (@BrookeJenkinsSF) April 5, 2023

It’s unclear at the time of publication what charges, if any, Momeni could face in connection to Lee’s death, but San Francisco Mayor London Breed referred to the case as a murder. In addition to developing Cash App, Lee had been the former chief technology officer of Square — later rebranded as Block — the chief product officer of MobileCoin, and a father of two.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Cash App creator dies following stabbing in San Francisco

April 5, 2023 Coin Telegraph

Bill Barhydt

Bob Lee, the creator of Cash App and the former technology chief at Square, has died after an unknown attacker stabbed him.

Bob Lee, the former chief technology officer of Square and creator of Cash App, has died following a stabbing in San Francisco in the early hours of Tuesday, April 4 local time.

Bill Barhydt, the CEO of crypto wallet company Abra, tweeted on April 5 that Bob Lee “was killed in SF early today,” sharing a report from a local media outlet that reported on Lee’s death but did not name him.

I just got devastating news that our friend Bob Lee (@crazybob ) was killed in SF early today.

Bob was a dad, the former CTO of Square where he created Cash App & CTO of Mobile Coin. He was a generous decent human being who didn’t deserve to be killed.https://t.co/RnzA1Idpun
— Bill Barhydt (@billbarhydt) April 5, 2023

Jack Dorsey also confirmed the death of Lee on the decentralized social media platform Nostr. “It’s real. Getting calls. Heartbreaking,” a screenshot of Dorsey’s post reads.

*Dorsey responded to a post asking if Lee’s death was real. Source: Nostr*

An April 4 notice from the San Francisco Police Department (SFPD) explained officers attended to a report of a stabbing at approximately 2:35 am local time, finding a “43-year-old adult male victim suffering from apparent stab wounds,” adding:

“Officers rendered aid and summoned medics to the scene. The victim was transported to a local hospital with life-threatening injuries. Despite efforts by first responders and medical personnel, the victim succumbed to his injuries.“

Former UFC fighter, Jake Shields, tweeted on April 5 regarding the killing of a “good friend” in one of the “good” neighborhoods of San Fransisco. He later revealed it was Lee, saying he hoped it “will at least bring attention to these problems” as he was “extremely high profile.“

RIP brother #bobLee pic.twitter.com/Hxd3lZmhyl
— Jake Shields (@jakeshieldsajj) April 5, 2023

The SFPD said Lee’s death is being actively investigated as a homicide. No arrests have been made, and those with information are urged to contact the department, which can be done anonymously.

Lee was the chief product officer of MobileCoin, the creator of a privacy-oriented cryptocurrency of the same name.

He gained prominence in the tech industry for being the first chief technology officer of the Dorsey-founded payments platform Square — later renamed Block — and for creating the popular mobile payment service Cash App.

Lee was a proponent of cryptocurrencies, and said in a statement when he joined MobileCoin in December 2021 that “the traditional financial system leaves behind hundreds of millions of ‘unbanked’ people worldwide and consequently excludes them from the associated benefits.“

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Block’s Q4 Bitcoin revenue down 7% on crypto price decline

February 24, 2023 Coin Telegraph

Bitcoin revenue

Block Inc. outperformed analyst expectations and saw its share price jump in after-hours trading, but its Bitcoin revenue dipped due to price declines.

Jack Dorsey’s payment company Block Inc. reported $1.83 billion of Bitcoin (BTC) revenue from its Cash App business unit in the fourth quarter, representing a 7% fall from the same time last year.

In its Q4 and full-year results announced on Feb. 23, Block attributed the fall in Bitcoin revenue to the decline in BTC price in the year. Bitcoin fell approximately 65% throughout 2022.

This fall in revenue led to a 25% year-on-year drop in Bitcoin gross profit for Cash App, which fell to $35 million in the quarter.

Cash App is a mobile phone payment processing app created by Block, which added support for transactions via the Bitcoin Lightning Network on Oct. 25. It generates Bitcoin revenue by selling Bitcoin to customers through the app.

*Cash App gross profit graph from Q4, 2021 to Q4, 2022 Source: Block Inc Q4 shareholder letter*

For the full 2022 year, Cash App generated $7.11 billion of Bitcoin revenue and $156 million of Bitcoin gross profit, down 29% and 28% compared to 2021, respectively.

Meanwhile, Block Inc. reported a widened net loss of $114 million for the quarter compared to a loss of $77 million in 2021. Its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increased 53% to $281 million compared to the same time last year. Total revenue in the quarter was $4.65 billion.

The share price of Block jumped in after-hours trading following the earnings report.

*Block Inc. (SQ) share price action over the last day. Source:* *Barron’s*

Some analysts have attributed the jump to the firm’s gross profit growth, which was up 40% in Q4 compared to the prior year, and also beat analyst expectations.