Online money transfer services and bitcoin are currently the two most talked-about topics in the market. Combining these subjects, Cash App by Square Inc. has led the way to bring bitcoin purchases into prominence. While Cash App is a reputed online payment platform, bitcoin is one of the most used cryptocurrencies (digital currency). Cash App not only facilitates online money transactions, but it also allows the users to buy Cash App bitcoin, stocks, and pay small businesses. The CEO of Square Inc, Jack Dorsey, has also expressed his opinion on bitcoin. He said that bitcoin will play a significant role in building Cash App infrastructure in the coming future.
Read on to find out how to buy bitcoin with Cash App within a couple of seconds!
Cash App Bitcoin Fees
There are two kinds of charges for Bitcoin Cash App transactions: Service fee for each purchase that depends on market activity and Additional charges that fluctuate on the basis of US exchanges. Last year, the company changed the Cash App bitcoin fees structure.
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Fees for all Bitcoin purchase are 1.75% using Cash App. However, the trading fees may vary on the official website due to price volatility.
How to buy bitcoin on Cash App?
Cash App upgraded its layout to add a feature for purchasing stocks. This feature is merged with buying Cash App bitcoin. It can be accessed on the home screen, where you will find a menu with curved line icons. Once you tap that icon, you will be navigated to the ‘Investing’ screen with two tabs: Buying Stocks and Bitcoin.
Some of the common queries of Cash App users are – ‘How to buy bitcoin with Cash App?’ and ‘Is it difficult to buy Cash App bitcoin?’ Well, the answer is that the process of buying bitcoins is pretty simple. But before you do that, you must know Cash App allows you to purchase up to 10,000 worth of Bitcoin in a week.
Here is a step-by-step guide to help you understand how to buy bitcoin on Cash App:
- Open the Cash App on your mobile phone or tablet.
- Click ‘BTC and Cash’ located at the top of the screen.
- To select the tab with BTC symbol, you will have to swipe right or left on either side at the top right corner.
- On the next page, you can ‘Swipe up’ or use the slider to enter the amount of Cash App bitcoin that you wish to buy.
- Type the Cash App Pin or use Touch ID that is used as the safety lock for the application.
- Tap the ‘Confirm’ button and you are done.
- The confirmation screen will display all the details of your bitcoin transaction, including the funding source, fees, the amount of Bitcoins to be bought and exchange rate.
How to send bitcoin on Cash App?
Follow the directions stated below to know how to send bitcoin on Cash App:
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- Launch the Cash App on your device.
- Select the Profile icon located at the upper left corner of the screen.
- Scroll the funds displayed and tap the ‘Bitcoin’ option.
- Verify your identity for the withdrawal of the funds.
- Once the verification is complete, you can select the Cash App bitcoin amount to transfer.
- Click ‘Confirm’ to move further.
- Select the QR scanner from the external wallet.
Copy/paste the Wallet Address that appears at the bottom of the screen.
- Press the ‘Confirm’ button.
Things to keep in mind about Cash App bitcoin withdrawal:
- In a week, you can receive up to $10,000 as deposits in the Cash App wallet.
- There is a maximum limit for the withdrawal of Cash App Bitcoin, i.e. up to $2000 a day or $5,000 within a week.
- Generally, transfers to external wallets can take 30 to 40 minutes to process and sometimes, even longer than that.
- After you make a bitcoin Cash App purchase, the next step is to transfer it to a non-custodial wallet (hardware wallet) that you can control. It is because the Cash App Bitcoin wallet is custodial, which means you cannot control the private keys for it.
- You must know that once your Cash App account is suspended, you will also lose access to your bitcoin. So, it is highly recommended to move bitcoin to a non-custodial wallet like Ledger Nano X as soon as possible.
Cash App Bitcoin Withdrawal
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Here are the instructions that you need to follow to withdraw Cash App bitcoin:
- On your Cash App home screen, tap the ‘Banking’ tab.
- Now, you will be directed to the ‘My Cash’ screen where your total balance is displayed.
- Select the ‘Bitcoin’ option.
- Then, press the ‘Withdraw Bitcoin’ button.
- Enter the amount you wish to transfer.
- Either ‘Scan a QR code’ address or enter ‘Use Wallet Address’ manually.
- Input your PIN or use Touch ID to confirm.
NOTE: Before you hit the withdraw button, always double-check the wallet address entered.
You can also view your Cash App Bitcoin limits and progress by following the steps given below:
- Head over to the ‘Banking’ tab and click on it.
- Tap ‘Bitcoin.’
- Go to the ‘Bitcoin Limits’ section.
- Tap ‘View Limits Progress.’
It is absolutely safe to purchase or transfer bitcoin on Cash App using the guide mentioned above. In case you face any problems during this process, you can take help from the Cash App Customer Support team. And not just this issue, you can discuss any problems that you confront on Cash App with the representatives. They will provide the most suitable solution to your query.