If you’re looking for one of the best apps that you can use to buy and sell bitcoin instantly, have you thought about Cash App?
Cash App (formerly Square Cash) is the brainwork of Twitter CEO, Jack Dorsey. Founded in 2013, the mobile-based payment application developed by Square Inc. has become more prominent after expanding its support to bitcoin in January 2018.
In this guide, we provide a step-by-step tutorial on how to buy, sell, send, and receive bitcoin using Cash App.
What is CashApp
Cash App is a mobile-based person-to-person payment service. It enables users to send/receive money, save money, request for cash, buy bitcoin, earn rewards, and do a lot more. The Cash App payment service is available on both Android and iOS devices and also on the web.
On Cash App, users can link their bank account, from which they can deposit into their account or cash out from their account.
Please note; Cash App is only available to US and UK residents. Meaning is not available internationally.
Getting started on Cash App
Creating an account on Cash App unlike other payment services is stress free, Sign up can be through email or phone number. Depending on your preference, choose what you intend to use the account for, either personal or business.
One can add an existing bank account using debit card details. Users can also create a unique username ($Cashtag) which they can use on the Cash App network. Also, Cash App terms state that users must be 18 years and above before they can open an account.
How to add cash to your Cash App account
Once your account is activated, the next step is to deposit some money to your Cash App account, as they require you to have a balance before you can buy bitcoin.
Cash App allows you to deposit cash to your account directly from your bank account, which they require you to link to the app before you carry out a transaction. Also, you can add a credit or debit card linked to an existing bank account. Either of the two works.
To link your bank account or add a credit/debit card to Cash App, follow these simple steps
- Click on the bank tab on your home screen (bank tab is located on your left-hand side, at the bottom of your screen.
- Next is click on ‘ Add a bank’ and carefully follow the prompts (some steps may require additional identification).
- If you are adding a credit/debit card select ‘Add credit card’, input your card details and click ‘Add card’
How to buy bitcoin with Cash App
Now that you have some funds in your Cash App account, let’s buy bitcoin.
- On your Cash App home screen, tap ‘Cash & BTC’
- On the next page, you can swipe or select ‘BTC’ at the right-hand side, on top of your screen.
- Next is to click on ‘Buy’ at the bottom of your screen.
- You can swipe up or set the ‘buy slider’ to the amount you intend to buy.
- Once you’ve done that, click on ‘Buy BTC’, enter your pin and confirm the purchase.
How to sell Bitcoin on Cash App
Cash App allow users to sell bitcoin directly on the app. To sell bitcoin, simply follow the instructions below.
- Select ‘Cash & BTC’, tap ‘BTC’ at top right corner and select ‘Sell’
- Swipe and type in the amount of bitcoin you want to sell, enter your pin, and confirm.
- When you buy or sell bitcoin on Cash App, a service fee is charged for each transaction and will be displayed before you confirm it.
How to deposit and withdraw bitcoin on Cash App
In 2019, Cash App roll out an extra feature, that allows users to deposit bitcoin from an external wallet to their Cash App account. But first, you must verify your identity by filling out the information required before they can allow you to deposit or withdraw. Once you become verified, it will display the Deposit Bitcoin’ and ‘Withdraw Bitcoin’.
To deposit bitcoin on Cash App
- Click on the user icon on the Cash App home screen and scroll down
- Under ‘Funds’, select bitcoin and scroll down the ‘Wallet’ section.
- You can click on ‘Deposit Bitcoin’ and your Cash App bitcoin wallet address will show up if you wish to receive bitcoin into your account.
- Here you can copy or share the wallet address and deposit your bitcoin. Once the transaction gets confirmed they will update your bitcoin balance.
- Cash App allow a deposit of up to $10,000 within the period any 7 days.
How to send bitcoin on Cash App
You can also send or withdraw bitcoin from your Cash App account to an external bitcoin wallet. All you have to do is;
- Tap ‘Withdraw Bitcoin’ and adjust the slide to fit the amount of bitcoin you intend to send and click ‘Withdraw’
- On the next page, if the wallet you sending the bitcoin to has a QR code you can scan or you can enter the bitcoin address manually.
- To process bitcoin withdrawals from Cash App, users must have at least 0.01 bitcoin.