When we want to make transactions using Bitcoin, we always want to use an easier, faster, and more convenient method. With the cash app you can buy and send Bitcoin but before we get into how to use the cash app to buy and send Bitcoin, let’s look at what the Cash app is all about.
What Is Cash App?
Cash App is a mobile app that allows users to send money to one another using their mobile phone.
Cash App was released in 2013 as Square cash by Square Inc and was only used for the sending and receiving of fiat currencies only the App started to support the trading of Bitcoin in January 2018.
What Are The Services Offered By Cash App?
The Cash App allows its users to send and receive money from another cash account through the app or email. It also offers a debit visa card known as a cash card to its users with which they can use to withdraw money from ATMs or to send to any bank account.
Cash app users are also given a unique username known as $cashtag to send and request money from other users. The app also supports buying stocks and Bitcoins and the ACH (Automated Clearing House) payment system.
How To Get Started On Cash App
Before you can use the cash app, you need to download the app, however the app only supports two countries: the US and the UK. If you are not from these countries, you can create an account using a VPN from the above countries.
Next, you download the app from the play store to use an Android or Apple store for IOS users.
After downloading the app, you create an account using your phone number or email and then fill in your name.
Next, you will be asked to add your debit card only if you have a US or UK bank account. If not, you should click on skip. Take note that if a bank account is not linked, you will not be able to send or receive money, but you will still be able to buy and send Bitcoins.
To complete your account creation, you have to create your own username, also known as $Cashtag. After you get your $Cashtag your account creation is complete.
How To Buy Bitcoin On Cash App
After you have successfully created your Cash App account, you need to verify your account (Identity) before you can start buying Bitcoins.
To verify your identity, your full name and Social Security Number will be required. It will take some minutes to 24 hours for the verification to be successful.
When your identity has been verified, you will be notified. Cash App has a Bitcoin weekly purchase limit of $100,000.
You should be aware that Cash App charges a transaction fee for every Bitcoin purchase.
To buy Bitcoin from Cash App, you can follow the following steps:
- Log into your Cash App account.
- After you have logged in and successfully verified your identity, you will be taking to the home page. At the bottom of the page, you should click on the investing icon (the picture of a curved line).
- You will be shown two options of stocks and Bitcoin. Tap on Bitcoin.
- The next screen will show you a buy button and a chart of the Bitcoins performance history in the market. Tap on buy.
- Then input the amount of Bitcoin you want to purchase in currency value and click on next. You will be shown a summary of your transaction in the next screen, view and make sure everything is correct, then select confirm to finalize your transaction.
- Your wallet balance can be viewed in the Home tab.
How To Send/Withdraw Bitcoin On Cash App
After purchasing your Bitcoin, it is safer to withdraw it and send it to your external Bitcoin wallet because if anything happens to your Cash App account, you will lose your Bitcoin.
To withdraw your Bitcoin, follow the following steps:
- Click on the home page icon
- Select Bitcoin your wallet balance will be shown to you along with the wallet address which you will need when withdrawing your Bitcoin
- Click on withdraw Bitcoin, then input the amount of Bitcoin you want to withdraw
- Copy and paste the wallet address or scan the QR code with the address
- Make sure you have the correct wallet address. If you send to the wrong address, you cannot retrieve your Bitcoin
- Then enter your Cash App pin code and select Withdraw.
Before you can make a Bitcoin withdrawal, you must have at least a balance of 0.001BTC, and the transaction can take as long as 5 to 60 minutes to be successful. Cash App offers one of the easiest, fastest, and cheapest ways to buy and trade Bitcoins.
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