Did you send some bitcoin to an old address on your Cash App, and you’re wondering what may happen or if you’ve lost your funds?
Continue reading to find out this and more!
You’re probably new to Cash App and sent some bitcoin to an old address and wondering what may happen.
Well, the fact is that your Cash App bitcoin address changes each time you receive a deposit. The reason is to help protect users’ privacy since people can track bitcoin transactions on the blockchain.
When you send bitcoin to an old address or deposit bitcoin to an address previously generated by your Cash App account, you’ll still receive the funds as all bitcoin addresses generated on your account remain valid.
However, it’s always recommended to use the current address generated. So, remember to check your Cash App account for the recent bitcoin address before making a deposit.
Now that you know the outcome of sending bitcoin to an old address on Cash App, let’s consider other info you should know about sending or receiving bitcoin on Cash App.
RELATED READ: Is Cash App a Bitcoin Wallet? How to Set Up Bitcoin Wallet on Cash App?
Contents
How to Find Your Cash App Bitcoin Address?
Finding the bitcoin address in your Cash App account is a no-brainer! You can do this by following the easy steps listed below:
- Open the Cash App on your mobile phone and log into your account
- On your home screen, tap the “Banking” tab
- Click on “Bitcoin”
- Select “Deposit Bitcoin”
- You’ll find your most recent bitcoin wallet address
However, with each bitcoin deposit you receive on your Cash App account, your wallet will generate and display a new address when you click on “Request.” Also, you can’t get a bitcoin address on Cash App without verifying your identity on the platform. This verification process usually takes 24 hours or more.
Buying Bitcoin on Cash App
You can easily purchase bitcoins from the comfort of your Cash App account. Here’s the step-by-step process involved:
- Open Cash App and log into your account
- On the home screen, select the “Bitcoin” tab
- Click “Buy BTC”
- Select the amount of BTC you want to buy or tap the text field to input a custom amount
- Type your PIN and tap “confirm”
When buying bitcoin using Cash App, always ensure you have enough funds in your balance. In addition, Cash App may require you to enter some extra geographical info before authorizing your transaction.
Selling Bitcoin on Cash App
Selling the bitcoin in your Cash App is as easy as buying it. There’s no complicated process involved. Below is how to go about it:
- Log into your Venmo account
- On the home screen, select the “Bitcoin” tab
- Tap “Sell”
- Click on the amount you want to sell or tap the text field to enter a custom amount
- Type your PIN and click “confirm”
After following the process above, you would sell your bitcoin at the current market rate. The value would be visible in your Cash App balance.
Depositing Bitcoin on Cash App
Aside from buying and selling bitcoin on Cash App, you can also deposit bitcoins into your Cash App account from any external bitcoin wallet. Below is how to deposit bitcoins:
- Log into your Cash App account
- Select the “Bitcoin” tab on the home screen
- Tap “Deposit Bitcoin”
- Copy, scan or share the bitcoin address with the external wallet you want to deposit from
- Your Cash App will be funded as soon as the transaction is confirmed on the blockchain
In addition, you must ensure you enable bitcoin deposits and withdrawals before getting started! Moreover, Cash App allows deposits of up to $10,000 worth of bitcoin within seven days. Your deposit can be confirmed within a few hours depending on the blockchain network activity.
Withdrawing Bitcoin From Cash App
You may want to withdraw your bitcoins from Cash App to an external or third-party bitcoin wallet. The process is not complicated either. Here’s how to withdraw bitcoins from Cash App.
- Log into your Cash App account
- On the home screen, switch from USD to BTC by clicking “USD”
- Tap “Bitcoin”
- Type the amount of bitcoin you wish to withdraw
- Click “Send” to get the text field to paste the external wallet address or get the QR code by tapping the top left corner
- Confirm wallet address
- Click next and select a withdrawal speed (Standard, Rush, or Priority)
- Click “Confirm and Send” to withdraw
As a newbie withdrawing bitcoin from your Cash App account for the first time, the platform may ask for some personal info before initiating a withdrawal.
In addition, you can only use the Standard withdrawal speed when you’re withdrawing a minimum of 0.001 bitcoin. However, the Rush and Priority withdrawal speed requires a minimum of 0.00005.
Conclusion
Cash App usually offers users bitcoin wallet addresses that you can use to deposit bitcoin into your Cash App account.
Also, the bitcoin address changes after every deposit to protect users’ privacy since people can trace bitcoin transactions on the blockchain.
Although the bitcoin address for your Cash App account changes, the old ones are still valid. So, if you sent bitcoin to the old address, you won’t lose the funds.
However, it’s always recommended to use the recent bitcoin address.
