American digital wallet service Cash App has declined a crypto analyst’s Bitcoin transaction for no clear reason.
In an X post on 28 November, Mati Greenspan who is the founder of crypto research firm Quantum Economics shared a screenshot of his conversation with the Cash App customer care team about why his transaction was denied.
The customer support said the declined transaction was a security measure taken for his protection in line with the company’s policy.
Going against Bitcoin
The idea behind the creation of Bitcoin was that anyone from any part of the world should be able to send and receive the digital currency without hindrance or a third party.
Cash App as a wallet service facilitates Bitcoin transactions between users and also non-users. Though Greenspan has used the app for some time, it denied an international transaction he wanted to initiate this time, which directly contravenes the very principle of unhindered transactions upon which Bitcoin is built.
In his complaint, he said “this is a gross violation of the Bitcoin principles’, because he should freely spend his Bitcoin the way he wants without any hindrance.
Apparently, this isn’t the first time the app has done this, because it is stated on the website that it occasionally cancels transactions for the user’s protection, and other users have reported similar incidents.
Because of this incident, some of Greenspan’s over 50,000 followers are already turning their back on Cash App, and more may do the same.
Is the bull market to blame?
Bitcoin and the entire crypto market is currently in a bull market that has made Bitcoin the asset with the highest year-on-year ROI, though the market has retraced slightly in the last two days.
Historically, such bull markets come with issues such as increased Bitcoin scams, which may have triggered the security-consciousness with Cash App.
Hopefully this doesn’t continue though, as it could cause Bitcoin users to abandon the app for good.
ReadNext
