Block, formerly Square, allows users to give away BTC for the holidays using the Cash app

The digital payment company Block, formerly called Square, Â announced that Cash App users will be able to gift their friends and family with both cryptocurrencies and stocks during the holidays.

According to a tweet on Tuesday Cash app He said that its users (roughly 40 million active people monthly) will be able to send up to $ 1 in Bitcoin (BTC) or stocks as gifts, just like they have done with cash before. The payment company joins others like PayPal and Coinbase, which allow users to send cryptocurrencies to third parties as payments or gifts.

Cointelegraph reported on Dec. 7 that a study by the lending firm BlockFi showed that many Americans would be willing to accept cryptocurrencies, including BTC, Ether (ETH), and Dogecoin (DOGE), as gifts this holiday season. However, the same survey found that the majority of respondents did not have the necessary knowledge to transfer cryptocurrencies. Many critics have cited sending BTC to newbies as part of the reason so many coins have been lost since 2009.

Block, formerly Square, allows users to give away BTC for the holidays using the Cash app
Block, formerly Square, allows users to give away BTC for the holidays using the Cash app

Other projects accept cryptocurrency donations over the holidays to help those in need. Fintech company Unbanked announced earlier this month that it would allow cryptocurrency donations to Toys for Tots, a United States Marine Corps program that collects toys to distribute to disadvantaged children. In addition, platforms like Giving Block allow nonprofits and charities to accept donations in cryptocurrency.

Similar Posts