Cash App, a popular money transfer and Bitcoin-investing app, has added support for an automatic-purchasing option.
Moreover, there is a new option to display the balance in terms of satoshis (sats) rather than in decimals of a bitcoin.
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A satoshi is 0.00000001 bitcoin, making 10,000 sats worth about one US dollar at time of writing.
A common complaint among novice Bitcoin investors is the inability to buy a single bitcoin, making the (purely cosmetic) satoshi option an attractive method of onboarding more Bitcoiners.
Jack Dorsey, CEO of both Twitter and Squar (the company behind the Cash App), posted a screenshot of the updated features on Twitter today:
You can now do automatic recurring purchases of #bitcoin in @CashApp. Daily, weekly, or every 2 weeks. And change the display to sats. #stackingsats pic.twitter.com/kOlxQtkuwd
— jack (@jack) May 18, 2020
The automatic-purchasing feature, also generally known as the dollar-cost averaging (DCA) method of investing, is definitely the simplest method of trading/investing but also surprisingly difficult to beat as a strategy:
tfw memes become reality
— Matt Odell (@matt_odell) May 18, 2020
This is because timing any market can be difficult, even for experienced traders.
Thus, DCA is a way for an investor to lower their overall buy cost over time. However, the DCA strategy is only effective if the market traded (here Bitcoin) is expected to continue rising.
Featured Image Credit: Photo via Pixabay.com
