CashApp Sold $1.76B Worth of Bitcoin During Q3 2022: Down 3% Year Over Years29.q4cdn.com/628966176/files/doc_financials/2022/q3/Block_Shareholder-Letter-3Q22.pdf
365 sats \ 11 comments \ @2big2fail 3 Nov 2022 bitcoin
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21 sats \ 1 reply \ @k00b 3 Nov 2022
From the description on the graphic in the upper right on page 8:
Bitcoin gross profit was $37 million in the third quarter of 2022. The total sale amount of bitcoin to customers, which we recognize as bitcoin revenue, was $1.76 billion. Bitcoin gross profit was 2% of bitcoin revenue.
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0 sats \ 0 replies \ @k00b 3 Nov 2022
2% fees are pretty dang high.
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1 sat \ 4 replies \ @siggy47 3 Nov 2022
I don't know if this played a role in the totals, but Cash App has the highest fees to buy, and if you don't spring for priority pricing, waiting around to move your bitcoin off the app takes forever.
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125 sats \ 2 replies \ @SatRat 3 Nov 2022
Have you tried lately? I think it’s better now and lightning was just implemented. Basically instant settlement. Also even if you choose no fee (24hrs) it’s usually just as fast as the other two options. Just FYI.
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11 sats \ 1 reply \ @siggy47 3 Nov 2022
Thanks for the input. Even with my complaining, I still dca with it every day! The one thing I always will appreciate about cash app is that when volatility is peaking and all other exchanges are down, I can always smash buy a big dip on cash app. It is reliable.
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0 sats \ 0 replies \ @SatRat 3 Nov 2022
I think cashapp is the closest implementation of an on ramp for the masses. Of course I am aware of the KYC/AML requirements of services like cashapp but just for usability, scaling, and mass adoption I think it’s top shelf. My hope is that a more privacy focused iteration comes along or one of the bitcoiner’s great builds become ubiquitous but until that happens most will use the existing on ramps like cashapp/Venmo/PayPal/exchanges.
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0 sats \ 0 replies \ @Jem 4 Nov 2022
CA fees depend on the order size. You can see this in app by trying to buy different amounts. I just tried $1, $100 and $1000. Fees were ~ 3%, 2.3% and 1.7% respectively. 2% must have been the average.
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0 sats \ 1 reply \ @Jorj_X_McKie 4 Nov 2022
BTC:USD down approximately 70% but CashApp only 3% ? That seems like a big win to me.
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0 sats \ 0 replies \ @Jem 4 Nov 2022
I agree, 3% down seems like growth when adjusted for the depth of this bear.
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0 sats \ 1 reply \ @GeorgeOrwell 3 Nov 2022
What are the fees for withdrawing from Cash App to for example WoS? Besides the routing fees.
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0 sats \ 0 replies \ @rijndael 3 Nov 2022
No fee for lightning
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