Cryptocurrencies like Bitcoin or Ethereum are new, emerging financial technologies and assets. The unfamiliarity with the new technology can make getting started in crypto seem like a daunting process.
A handful of companies, however, provide easy access to buy Bitcoin and gain exposure to the crypto market. Of those, the two most popular of those easy-to-use fiat on-ramps remain relatively unchallenged, and according to a new poll, are unlikely to lose their leadership positions.
Coinbase and Cash App Top Crypto Market Poll
Buying Bitcoin is a very easy process, and anyone can do so in just a few steps. Simply sign up to Coinbase or Cash App, add your personal details and bank, debit, or credit card information, potentially upload some documents depending on how much you are looking to buy, and in just a few clicks and no time at all anyone can load up on the first-ever cryptocurrency.
The two brands provide quick and painless access to the crypto market, so it is no surprise that they received the most votes as the crypto community’s favorite places to buy Bitcoin.
Where is your favorite place to buy $BTC?
— Hashoshi (@hashoshi4) October 16, 2019
The votes were tallied as part of a Twitter poll created by cryptocurrency-focused YouTube personality, Hashoshi. The poll revealed San Francisco crypto exchange Coinbase as the clear leader, followed by the Cash App, and “Other.” Crypto.com was also mentioned but received the smallest amount of votes.
Anyone voting with “Other” was asked to reveal which platforms they use to buy Bitcoin. Common responses included the Voyager app, Level, LocalBitcoins, and the Winklevoss-owned Gemini.
Investors Prefer to Buy Bitcoin on Coinbase or Cash App
It’s certainly not shocking to see Coinbase top the list. It’s easily among the most popular platforms in the United States, where the largest portion of crypto investors reside. At the height of the crypto bubble, Coinbase topped the Apple App Store list of popularly downloaded apps making it a household name alongside Bitcoin.
Where did you buy your first bitcoin? And where do you buy bitcoins now?
— Zack Voell (@zackvoell) October 16, 2019
Cash App, nearly missed out on the crypto bubble entirely, only first debuting Bitcoin buying to a small subset of users just as the bubble began to pop, and rolled it out to the masses later in 2018.
Related Reading | Steep Fee Hike as Crypto Clamoring for a Coinbase Killer
But the late start didn’t hurt Cash App, which is said to be absorbing as much as 10% of the freshly mined Bitcoin supply each and every day. This number is expected to increase to 200% by next year if the company’s growth projections stay on target.
It’s not all roses for the market leaders, though. Earlier this month, Coinbase raised its fees on its Coinbase Pro platform, causing upset across the industry. However, regardless of the fees, it seems that Coinbase will likely remain the market leader in the days ahead until either Cash App can entirely unseat them from the throne, or until a new leader emerges.