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How are cryptocurrencies moving? Binance moves more bitcoins in a day than Square did in all 2018

The volume of Bitcoin transactions in Square and Binance is a key metric for cryptocurrency investors that follow market movements. Unlike much of the cryptocurrency exchange industry, which suffers from inflated figures, investors rely on Binance and Square numbers.

That’s because Square is hooked on the SEC to keep their numbers in order, and Binance is like that. It is the most reliable exchange of cryptographic currencies among digital asset investors despite the light financial regulations of Malta where it is incorporated.

What do these numbers tell investors?

Square’s fourth quarter letter to shareholders reported that the payment giant processed more than $ 50 million in bitcoin purchases in the fourth quarter of 2018, a year-end increase in bitcoin purchases that placed the annual total of Square at $ 166 million for 2018.

Growth is not bad since November 2017, when Square’s founder, Jack Dorsey, added the purchase and sale of Bitcoin, and a portfolio custody service, to the widely used Cash App.

Adding Bitcoin to the cash application was a very profitable move for Square.

It’s what people do, brother

The company fintech is worth more than another thousand dollars of Dorsey, Twitter.

Earlier this month, Jack Dorsey announced that the Square Cash app, “one of the most widely used mobile payment applications in the US market, became the second most popular free mobile app in the Apple App. Store “. Square is not in a bad position to buy some businesses with that reference rate.

Thirteen months after Dorsey added Bitcoin to its Square Cash payment platform it almost doubled its market valuation during that time to a total of $ 29 billion, while the rest of the US stock market was in a cycle of grim correction.

Now this is great news. Right?

Very impressive. People paid Square a fee through their mobile phones to sell them $ 50 million in Bitcoin in three months. That sure is a sign of the times.

But let’s put it in perspective.

Those are some Dorsey rookie numbers

It took Square all year to move the type of Bitcoin that Binance moves on a busy day.

According to the New York-based encryption analysis firm Chain Open Research, the total volume of Binance’s operations for a month from November 15 to December 15, 2018 was $ 20 billion.

Now those are some outstanding numbers

Jack Dorsey is in a good position to buy some business with that $ 5 fee for referring friends to the Cash application. And at # 2 in the Apple app store is showing up. But move, Jack.

Binance made so much money last year that Binance CEO Changpeng Zhao permanently destroyed $ 446 million in his own cryptocurrency, Binance Coin, as a way to uniformly transfer all that value to the holders of BNB’s remaining currency. Trading volume will only increase for Binance in 2019 after the exchange adds the option for users to buy cryptocurrency with credit cards.

Binance is used to save, invest and perform cryptocurrency transactions. It is an opportunity that Jack Dorsey has decided to transmit.

The square is used to make payments

Binance has catered to technology enthusiasts and visionaries in the curve of adoption of the cryptocurrency market, innovators and early adopters.

Square caters to the pragmatists, the early majority.

And while Binance offers an easily customizable basket of cryptocurrencies with a wide selection, Square focuses especially on Bitcoin. Dorsey has said that Cash App will only facilitate purchases of bitcoins. That is consistent with his estimate that Bitcoin will become the world’s reserve currency.

Which would make it an even more distant place among cryptocurrencies for total market value, market share and volume of transactions.

And it is an aggressively deflationary currency

So, if this happens, each bit will be incredibly valuable compared to the BTC price today and this basically reorders the financial incentives on a personal and global scale.

Bitcoin is tough. Bitcoin has principles. Bitcoin is native to the ideals of the internet. And it’s a great brand. – Jack (@jack) February 5, 2019

We will know that the pragmatic majority is adopting the cryptocurrency in full swing when Square has its numbers in the range of the amount of coins that move through the Binance exchange.

How will the Cash App compete?

When asked earlier this month about the Lightning network of Bitcoin in the podcast Stephan Livera, Jack Dorsey confirmed that the Cash application is compatible with Lightning. Lightning performs bitcoin payments quickly with ultra-low transaction rates.

The Lightning Network reached a maximum capacity of $ 2 million last November. Capacity in L.N. is: “the amount of money that is locked in smart contracts in the platform and, therefore, the amount of funds that can be negotiated instantly at any time.”

Cash App is making a move for Early Majority pragmatics to adopt bitcoin for daily cash payments, and Jack Dorsey bets will be the fattest part of the fish.

Published inCryptocurrencies

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