I've written about how Paypal is the worst place to get your bitcoin, but Square's CashApp is no better. Jack Dorsey comes across as a Woodstock hippie, but his company siloes any bitcoin you buy just like Paypal.
That's right — if you buy bitcoin on Jack's app, you can only remove it to a single wallet. Basically, you identify yourself, opening yourself to a world of unfair taxation and possibly confiscation.
Read this article if you want to understand why centralized entities siloing bitcoin is bad for you and bad for bitcoin.
I will say that I'm happier with Dorsey having access to tons of your bitcoin than Paypal CEO and legal scammer Dan Schulman. When the government comes to regulate these centralized entities and confiscate their bitcoin, I believe Dorsey would fight. Maybe. Schulman and Paypal wouldn't. Regardless, I'm not giving the little bit I have to anyone.
In the world of blockchain, your right to custody your money is worth real money outside of the value of the money itself. Your right to custody is worth an entire interest rate that's multiples of what your bank pays. When you buy your crypto from Paypal or CashApp, you give up this money for free. They take it from you.
Take the time to learn about custody if you don't know about it. It's seriously not hard to get a digital wallet. You took the time to learn that stupid administrative process because your boss told you. Why don't you have time to learn a technology that could one day help you fire that motherfucker?
