- June 17, 2022
While many know 2022’s been a rough year for cryptocurrencies, buying, selling, and trading crypto remains popular as more become comfortable with digital assets. Activity has been bolstered by the vast and growing range of exchanges, platforms, and apps allowing crypto transactions.
While those outside the Bitcoin world might be relatively unaware of exchanges like Coinbase and Binance, many have heard about how popular payment apps like Venmo and CashApp offer crypto functionality.
CashApp, formerly Square Cash, was initially released in 2013 and made headlines when the platform added the capacity to buy, sell, and send Bitcoin in 2018. According to Jack Dorsey, Bitcoin functionality emerged as Cash App saw the crypto as “a long-term path towards greater financial access for all.”
As of April 2022, CashApp users can also automatically invest some or all of their direct-deposit paychecks in Bitcoin. Earlier in the year, CashApp also introduced (send only) integration with the Lightning Network.
Founded in 2009 and owned by PayPal since 2012, Venmo users in every U.S. state except Hawaii can use Venmo to buy, sell, and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Crypto transactions on the mobile payment app are facilitated through a partnership between PayPal and Paxos Trust Company. Paxos secured a New York State Department of Financial Services Trust Charter For Digital Assets in 2015 and issued the Binance USD, PAX Gold, and PAX Standard asset-backed tokens.
Both CashApp and Venmo remain top-rated mobile payment apps with crypto functionality. But how do these two platforms stack against a robust crypto wallet like ByteWallet?
Created by the makers of Byte Federal crypto ATMs, ByteWallet users have access to a secure, noncustodial tool, ensuring users own their private keys. In addition, the intuitive and user-friendly wallet supports the Lightning Network (sending and receiving) and permits users to store cryptos like Bitcoin, Ethereum, Litecoin, Dogecoin, and Marscoin.
Here’s a breakdown of ByteWallet, CashApp, and Venmo’s offerings across a few key areas.
Uniquely, ByteWallet users have the opportunity to participate in many traditional banking services. For example, users can open a free bank account within the wallet that includes a standard account number and routing number for bank transfers, check cashing, and wire ability. ByteWallet also comes with the opportunity to order a crypto-friendly free physical Visa debit card and set up a ByteWallet virtual card for tap payments.
CashApp and Venmo offer much less. While CashApp and Venmo offer a debit card option, banking functionality on both apps is less than ByteWallet. CashApp and Venmo users can’t set up an in-app account with a traditional bank account and routing number. ByteWallet, CashApp, and Venmo all offer the ability to send money between users for free.
ByteWallet offers a much more comprehensive range of supported cryptocurrencies than CashApp and Venmo. ByteWallet users also have the opportunity to directly purchase crypto without having to go through a third party (and pay higher fees). ByteWallet’s fees are just 2.5% for any cryptocurrency.
Additionally, ByteWallet allows users to directly swap between coins, a feature not found on CashApp or Venmo. ByteWallet (send / receive) and CashApp (send) also include Lightning Network integration, which Venmo does not support.
While all three platforms have a range of security measures, crypto users know it’s crucial to find a secure wallet for their coins. ByteWallet is a fully-fledged crypto wallet that empowers users by letting them maintain access to their private keys. The best online wallets store private keys on the app itself, ensuring users retain control over their funds.
In contrast, CashApp and Venmo maintain custody over crypto assets that are on the platform. In short, this means users are not entirely in control over their money unless they move coins to an external wallet on their own time. ByteWallet users do not need to worry about this.
Overall, ByteWallet’s crypto wallet, including a full-blown bank account, is more advantageous than CashApp and Venmo.
ByteWallet can be downloaded by any crypto user worldwide, while usage (especially with crypto) on CashApp and Venmo can still be limited by jurisdiction. Aside from ease of access, ByteWallet’s ease of use, wide range of supported cryptocurrencies, and robust traditional banking support make the tool much more useful than both CashApp and Venmo.
Click here to learn more about ByteFederal’s ByteWallet and start downloading the wallet!