This article will discuss whether the Cash App is a Bitcoin Wallet, along with the pros and cons of buying Bitcoin on this platform.
Is Cash App a Bitcoin Wallet?
Yes, Cash App is a Bitcoin Wallet but not a full-fledged one, although it has a digital wallet that can store Bitcoin, You can send and receive Bitcoin to and from an external wallet using Cash App, but it has limited features compared to a traditional Bitcoin wallet.
It’s important to note that many cryptocurrency exchanges out there like Coinbase and Binance allow you to buy different crypto coins, including Bitcoin. On the other hand, Cash App only allows you to deal in Bitcoin and you can’t use it to buy any other cryptocurrency.
However, if you’re using Cash App already for online payments, you can use it to buy Bitcoin easily without making a new account to any other crypto exchange.
How to Set up Bitcoin Wallet?
Here are the steps to set up a Bitcoin wallet with Electrum:
| Step | Action |
|---|---|
| 1 | Once you select Electrum as your preferred Bitcoin wallet |
| 2 | Download the Electrum wallet app from the official website |
| 3 | Install the app on your computer |
| 4 | Open the Electrum app and create a new wallet |
| 5 | Choose a name for your wallet and select the wallet type (Standard or Segwit) |
| 6 | Set up your wallet password |
| 7 | Write down and keep your seed phrase in a safe place |
| 8 | Choose the server to connect to |
| 9 | Fund your wallet by purchasing Bitcoin from an exchange or transferring Bitcoin from another wallet |
| 10 | Send or receive Bitcoin by sharing your wallet address with others |
Remember to keep your wallet secure by following best practices like backing up your wallet, using a strong password, and enabling two-factor authentication.
Research and choose a Bitcoin wallet that suits your needs. There are many options available, so take your time to choose one that works best for you. (In this Tutorial, we are gonna use Electrum)
Cash App: Buying Bitcoin
As mentioned, you can buy and sell Bitcoins using the Cash app. Consider using the steps listed below to complete the buying process.
- Open your Cash App.
- Tap on the Bitcoin tab located on the home screen.
- Tap on the “Buy BTC” button.
- Enter the desired amount.
- Enter your PIN code and tap on the “Confirm” button.
The entered amount of Bitcoin will be added to your Cash App account. You can now withdraw these coins to a non-custodial wallet with private keys.
How to Deposit Bitcoin Using the Cash App?
Use the following steps to deposit Bitcoin in your Cash App:
- Open your Cash App and Tap the Bitcoin tab.
- Tap on the “Deposit Bitcoin” button.
- Use your external wallet to share, copy, or scan your Cash App Bitcoin address.
- Use your Touch ID or enter your PIN to confirm the process.
It’s important to note that you must enable withdrawals and deposits for Bitcoin to perform the above process. Cash App allows you to deposit up to $10,000 within seven days.
You can’t deposit any other cryptocurrency using the Cash App as it only supports Bitcoin, and you will lose your funds if you try to deposit any other cryptocurrency.
The CashApp wallet address, which you can use to deposit bitcoin to your account, is unique. This wallet address will also change after every deposit. You can use the following steps to view your address:
- Tap the “Bitcoin” tab location of the Cash App main page.
- Tap on the “View Bitcoin Address” button to view your CashApp wallet address.
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Cash App: Sending Bitcoin
You’ll need to enable Bitcoin withdrawals and Deposits if you want to send Bitcoin to other Cash App users. To allow Bitcoin withdrawals, you’ll also need to complete the verification process. After that, you can use the following steps to send Bitcoin to other users with a Cash App account.
- Open your Cash App and tap on “USD” to toggle from USD to BTC.
- Enter the amount you want to send and tap on the “Pay” button.
- Enter the email address, registered phone number, or CashTag of the recipient.
- Tap “Pay” to complete the process.
You can also use the Bitcoin tab to send Bitcoin.
- Tap on the Bitcoin tab and select the Airplane button.
- Tap on the “Send Bitcoin.”
- Enter the desired amount.
- Enter the email address, registered phone number, or CashTag of the recipient.
Other people in your Cash App contacts can follow the same process to receive Bitcoin from them.
Cash App: Receiving Bitcoin
You can start receiving Bitcoin in your Cash App account from any wallet using the blockchain.
- Open your Cash App and tap on the Bitcoin tab.
- Tap on the Airplane button.
- Choose the “Deposit Bitcoin” button.
- Copy your Cash App Bitcoin address and people who have external wallets to receive Bitcoin from them.
You can also use your Cash App to scan the QR code of an external Bitcoin wallet address.
Can You Send Bitcoin to Non-Cash App Users?
Yes, you can send your BTC coins to any blockchain wallet by using on-chain Bitcoin transactions by using the following steps:
- First, open your Cash App and go to the Bitcoin tab.
- Next, tap on the Airplane button and select “Send Bitcoin.
- Tap on the screen’s left corner to access the QR code scanner. You can also tap on the “Send” button if you want to enter any external wallet address manually.
- Tap the “Next button” and choose the withdrawal speed of the transaction.
- Tap on the “Confirm & Send” button to initiate the transaction.
You must withdraw at least 0.001 BTC coin to complete this transaction with the Standard withdrawal speed. However, you can withdraw Bitcoin using Priority or Rush withdrawal speeds with no minimum amount.
Pros of Using the Cash App for Bitcoin
Most people use Cash App to buy Bitcoin because they’re already using the company’s online facilities. In addition, it makes the management of both crypto and fiat currency easy.
Cash App is user-friendly, and you can use its easy processes to buy and send bitcoin.
Using the Bitcoin addresses and QR codes is also very easy to perform different Bitcoin transactions even with external wallets.
Cons of Using the Cash App for Bitcoin
Cash app supports only Bitcoin and no other cryptocurrency.
You need to pay small transaction fees for buying and selling Bitcoin but the fee structure for BTC coins isn’t clear.
Square’s Cash App is one of the most popular platforms to receive and send money online. Besides dealing with fiat currency, Cash App also allows you to receive, send, hold, buy, or sell Bitcoin.
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