Did you know that Cash App surpassed 30 million users in June 2020? Or that the app's creator, Square, added the ability to transact in Bitcoin to the Cash App in 2018? As of 2020, those who buy Bitcoin with Cash App now make up 72 percent of Cash App's revenues.
If you've never considered investing in cryptocurrencies, you may think of Cash App as little more than a payday facilitator. But we're here to tell you there's a lot more to this app, and it's time for you to try out its many features. An easy way to get introduced to this segment of the financial market is by transacting in Bitcoin.
Why does this matter to you? Because the global economy is moving towards a digital ecosystem, whether you like it or not. Fortunately, the right crypto platforms can help you avoid risks associated with the digital financial sphere, such as identity theft and fraud.
Of course, the fantastic benefits don't end there. Keep reading to learn how to buy Bitcoin with Cash App and why you may wish to consider this option.
About Cash App
Cash App is a financial service enterprise and payment provider. It was co-created in 2009 by the founder of Twitter, Jack Dorsey.
If you use Cash App regularly, you know it facilitates money transfers and paying utilities and other monthly bills. The convenience of the app has made it highly popular with consumers. As a result, the number of users continues to grow each day.
In keeping with its increasing popularity, Cash App recently made updates to its layout. Have you ever wondered, "Can I buy Bitcoin with Cash App?" If so, Cash App's update will come as welcome news to you.
Among the updates made was the addition of a feature for buying and selling in Bitcoin.
Buying Cryptocurrency the Easy Way
Whether you're new to the crypto world or you've been experimenting with it for a while, there's one thing you need to know. It has never been easier to buy Bitcoin.
The crypto ecosystem has come a long way in recent years. Gone are clunky early exchanges such as Mt. Gox, made infamous for their unregulated approach to transactions. These exchanges catered to the savviest tech geeks. This fact meant they proved off-putting for mainstream consumers.
Fortunately, companies like Square have since waded into the altcoin waters, providing easy-to-use alternatives. Here's where Cash App comes into the picture.
Having evolved beyond merely providing users with their paychecks, Cash App now offers straightforward Bitcoin services. You can access Square's latest features from your mobile device, making transactions from just about anywhere a cinch.
Crypto-focused platforms such as Square rely on fantastic trading tools to provide consumers with access to hundreds of altcoins. They also offer a mixture of convenient services, including options, futures, and margin trading.
Of course, before you can explore these services, you need to buy your first Bitcoin. Fortunately, this process is easier than you may think.
Before you get started, however, you must understand how the process works. Let's drill down into the process so that you feel confident using this app and its full capabilities.
Getting Started With Cash App
How do you use Cash App to buy and sell Bitcoin? If you haven't already done so, start by downloading Cash App in the Google Play Store or Apple iTunes.
After you've downloaded the app, open it and sign in. To do this, provide an email address or phone number. Then, enter your name when prompted.
Once you've set up your account, link a payment method by adding your debit card or bank account number. At this point, you'll need to select a unique "cashtag." You'll use this "cashtag" to receive funds.
At this point, consider telling your network about getting started on Cash App. Why? Because you'll receive a bonus each time a friend or family member signs up. Although far from necessary, it's a nice incentive to keep you going with this app.
Okay, you've got a Cash App account, and you're ready to purchase Bitcoin. What next?
Get Verified and Ready to Purchase
Go to your "Home Screen." This "Home Screen" is Cash App's Request/Pay Screen. Take a look at the bottom of the screen, from left to right, and you'll see the following tabs:
Home
Cash card
Request/pay
Investing
History
To start dabbling in cryptos, pick "Bitcoin" located below the "Deposits and Transfers" selection. Before you can start purchasing Bitcoin, you'll need to verify your identity.
To complete this step, enter your full name and Social Security number. Why is this step necessary? So that Cash App abides by the restrictions set out by the Financial Industry Regulatory Authority (FINRA).
By verifying your identity, you're also ensuring that Cash App complies with Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance regulations. These regulations represent added safeguards that ensure the security of your funds.
How long does the verification process take? Anywhere between a couple of minutes to a full day. Once completed, you'll receive a notification.
How to Buy Bitcoin With Cash App
Once Cash App has approved you, head back into the app and tap on the "Investing" tab. Then, select "Bitcoin."
Choosing "Bitcoin" will take you to a screen where you can see a chart of the cryptocurrency's most recent performance. When you're ready to get in on the action, tap on the "Buy" button to purchase your first coins.
Select the amount of Bitcoin you'd like to buy. If you don't like the options available in terms of the purchase size, click on the three dots located in the lower right-hand corner of the app. This function will allow you to type in a custom figure.
Not sure how much to start with? Use our crypto interest rate calculator to get rates updated in real-time.
Once you've settled on an amount and typed it into Cash App, press "Next" to continue. A confirmation screen should come up confirming your transaction and providing documentation of the full details. The information provided will include your:
Funding source
Exchange fees
Exchange rate
And more
After double-checking the details associated with your transaction, tap "Confirm" to finalize the transaction.
Know that you've got various options when it comes to how you'd like to purchase Bitcoin. Besides the manual transaction outlined above, you can set up recurring purchases to dollar cost average (DCA) into Bitcoin.
How do you do this? By clicking on the drop-down menu beneath "Buy Bitcoin" and changing it from "One-Time Purchase" to recurring. If you choose to go with the recurring option, you'll also need to confirm the order after seeing an overview of your transaction details.
After you've made your selections and confirmed your purchases, monitor your investments in your Cash App Wallet balances. Here, you'll also have access to your wallet address, which you'll use anytime you'd like to transfer Bitcoin to or from an external wallet.
Withdrawing or Sending Bitcoin With Cash App
Sending Bitcoin through the app is also simple and straightforward. To get started, select "Bitcoin" and then the "Withdraw Bitcoin" option.
The app will prompt you to enter an address manually with the "Use Wallet Address" option. Or you may scan a QR code address. From there, the app will ask you to confirm your Touch ID or PIN.
There's a caveat to this step. If you give Cash App the wrong address, you'll lose your Bitcoin FOREVER. No ifs, ands, or buts about it.
For this reason, we suggest double- and triple-checking the address before confirming the transaction. We also highly recommend cutting and pasting the address from your receiving wallet to avoid small errors that lead to big heartbreak.
As you can see, Cash App has put in place various safeguards to ensure your money ends up where you want it. The app also goes to great lengths to avoid withdrawals not adequately backed by funds.
What do we mean? A user must have a balance of no less than 0.001 Bitcoin to send or withdraw funds. In a 24-hour period, every person is permitted to withdraw up to $2,000 worth of Bitcoin. Over seven days, they may withdraw or send a maximum of $5,000.
Whether you wish to send or withdraw, understand that Bitcoin transfers from Cash App to external wallets require patience. Expect these transactions to take anywhere from 30 to 40 minutes or longer to complete.
Buy Bitcoin With Cash App Balance
As you can see, how to buy Bitcoins with Cash App is easier than you think. Once you get the hang of it, you'll gain confidence about transacting in altcoins. And a whole world of cryptocurrencies will open up to you.
We started with the question, "Can you buy Bitcoin with Cash App?" Now you've got a set-by-step process you can follow when you're ready to dabble in cryptos. But don't let the research into blockchain financial tech end there.
Keep reading to learn more about cryptocurrencies with significant investment potential.