Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Although the company recorded a lower volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of revenue than last quarter for operations with Bitcoin, the figures reinforce the prospect that for Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. the line of business associated with digital currency trading is of great importance.
Block, Jack Dorsey’s payments company formerly known as Square, recently disclosed that it recorded about $1.73 billion in sales of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. through its Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. App, all this during the first quarter of 2022.
Block registered USD $1.73 billion in sales of Bitcoin by means of Cash App
The information in question was disclosed in a letter to shareholders, which was recently released to provide a balance sheet on the performance of the company. Block during this period.
In relation to Bitcoin sales recorded through Cash App, the team of Block he said:
“Cash App generated USD $1.73 billion of bitcoin revenue and USD $43 million of bitcoin gross profit during Q1 2022, down 51% and 42% year over year, respectively. On a two-year CAGR, bitcoin revenue and gross profit grew 138% and 155%, respectively.”
And they add:
“The year-over-year decline in Bitcoin revenue and gross profit was primarily due to the relative stability in the price of the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. during the quarter, which impacted consumer demand and trading activity compared to the prior year period. Bitcoin revenue and gross profit were relatively consistent compared to the fourth quarter of 2021. In future quarters, Bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market an area or arena, online or offline, in which commercial dealings are conducted. price of BTC.”
Con relación al trimestre previo, vale acotar que Cash App generated an estimated $1.96 billion in sales of Bitcoin, producing $46 million in gross digital currency trading profits.
Increasing focus on Bitcoin
Although there is a quarterly drop in comparison to other periods, the fact that Cash App de Block such a high level of transactions with Bitcoin reflect a commitment on the part of the company to involve digital currency in its business operations.
It is important to note that Cash App generated USD $2.46 billion in revenues and USD $624 million in gross profit during the first quarter, of which the operations with Bitcoin account an account is essentially a whose purpose is to track the financial activities of a specific asset/ for about 70 per cent and 8 per cent of these figures respectively.
By 2021, the company had capitalized more than $10 billion in sales of Bitcoins, representing $218 million in associated gross profit.
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Version by Angel Di Matteo / DiarioBitcoin
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