Did you know that you can use Cash App to buy and send Bitcoin? Buying and selling Bitcoin with Cash App is easy, fast, and secure.
In this article, we will discuss exactly the step-by-step process of how to buy and send BTC on Cash App.
To send Bitcoin from Cash App, Tap on the profile icon, visit “Bitcoin” and select “Withdraw Bitcoin.” Choose the amount of Bitcoin you want to send, either scan a QR code or enter the recipient’s wallet address, enter your Cash App PIN code, or use Touch ID to confirm the transaction.
How To Send Bitcoin From Cash App?
Here are the steps to send Bitcoin from Cash App:
|1||Open the Cash App and select the profile icon in the upper left corner.|
|2||Scroll down to “Funds” and select “Bitcoin” to view your total balance.|
|3||Tap on the “Withdraw Bitcoin” button.|
|4||Choose the amount of BTC you want to transfer.|
|5||Either scan a QR code or manually copy/paste the recipient’s wallet address.|
|6||Confirm the transaction by entering your Cash App PIN code or using Touch ID.|
How To Buy Bitcoin On Cash App?
Here are the steps to buy Bitcoin on Cash App:
|1.||Open the Cash App and click on the “Investing” tab on the home screen.|
|2.||Click on the Bitcoin tile.|
|3.||Click on the “Buy” button.|
|4.||Enter the amount of Bitcoin you want to buy or the amount of money you want to spend.|
|5.||Review the transaction details and click on “Confirm”.|
|6.||Enter your Cash App PIN or Touch ID to complete the transaction.|
|7.||You can view your Bitcoin balance by going to the “Investing” tab and clicking on the Bitcoin tile.|
Fees to Buy Bitcoin On Cash App
When you buy or sell bitcoin on Cash App, you may be charged a small fee, which is shown on the trade confirmation page before you complete the transaction.
The price of bitcoin on Cash App is based on the mid-market price, which is the average price of bitcoin currently selling across other major exchanges. This average price may not be the exact price you will pay or receive, but it’s how Cash App calculates its bids.
The margin or spread may differ when buying or selling bitcoin on Cash App, and it may also differ from other marketplaces.
If you choose to withdraw bitcoin, you can choose between Standard, Rush, or Priority deposit speeds. Expedited withdrawals will incur a network fee, while standard withdrawals won’t.
The exact fee for Rush and Priority withdrawals will depend on the congestion of the blockchain at the time of your transaction.
You can check the fee and exchange rate of a specific Bitcoin purchase or withdrawal by tapping the Activity Tab on your Cash App home screen, selecting a Bitcoin transaction, and tapping the “…” in the top right corner.
Cash App charges two kinds of fees for your bitcoin transactions:
- Service fee for the transaction and
- Additional fees are determined by price volatility across U.S. exchanges.
Apart from the option to purchase Bitcoin, Cash App also added the ability to even purchase stock without fees.
This feature can be accessed on the rising curved line in the bottom menu and gives two tabs to switch between buying Bitcoin and stocks.
How much Bitcoin can I buy on Cash App?
Cash App currently allows you to purchase Bitcoin worth $100,000 a week and can withdraw $2,000 of Bitcoin a day or $5,000 a week.
Buying and sending Bitcoin on Cash App is pretty straightforward and convenient.
>> Read: How To Find Cash App Bitcoin Wallet Address?
Make sure to always double-check the Bitcoin wallet address to send to. In the case that you enter the wrong address in Cash app, your bitcoin will be lost forever. Hence, it is best recommended to copy and paste it from your receiving wallet to avoid any small character errors.
You need to have at least a 0.001 bitcoin balance to make a withdrawal. Withdrawal won’t be processed immediately and take some time for your transaction to be confirmed on the network.
Related read: Cash APP Support Phone Number – Contact Guide
Transfers usually take anywhere from 5-60 minutes depending on network congestion and how fast new blocks are mined.
Updates on Cash App Bitcoin
Bitcoin’s weekly buying limit on its own Cash Ap was quietly lifted in early May 2020 from $10,000 to $100,000.
Jack Dorsey the CEO of both Twitter and Square Inc has made their intention on Bitcoin and its growing adoption.
In November of 2020, the Q3 of Square’s stock soared as their financials were reported to beat their investor expectations by a long shot with a huge reason for that performance as 80% of Cash Apps revenue came from Bitcoin sales.
Square reported Quarterly Bitcoin revenue of over $1 Billion for the first time and it seems like they are working on more features. CashApp would now allow users to make recurring Bitcoin buys that will allows purchasers to practice an investment strategy known as Dollar Cost Averaging to remove the risk of “going all in” at the top.
>> Read: Send Bitcoin from Cash App to Coinbase
Remember that Bitcoin is volatile and risky with the charge fluctuating heavily. Other expenses for BTC transactions include buying, selling, and maybe chickening out.
Buying and Sending Bitcoin with Cash App is super easy and convenient. Hopefully, this guide helps you on how to send Bitcoin from Cash App.
Also Read: >> Read: How to Add Money to Cash App Card?