Currently, the Cash App only allows its users to buy one type of cryptocurrency which is Bitcoin.
Cash App, which is a feature that enables of peer to peer transaction similar to Venmo or PayPal, offers an option of How to buy bitcoin on cash app. All of them are more extensive and developed, and its platform is a turnkey solution to trade on a crypto exchange but quite basic in comparison, as it only has a buying and selling Bitcoin button. For other digital assets, the investors will have to look for them elsewhere.
If you are having doubt on How to buy bitcoin on cash app, the following are things you have to do.
Buying Bitcoin
1. Create a Cash App account
In case you are not yet a Cash App user, you will need to download the application, and create an account. Again, the settings you will be required to develop include a user name and password in the enrollment process undertaken using the app. Then you will connect your Cash App account to your checking or savings account. When you connect your account in the bank to the app, then you can be able to buy the various products.
2.Navigate yourself to the ‘Buy Bitcoin’ tab
Bitcoin can be bought by tapping the “USD” icon on the homescreen of Cash app. If you look at the bottom, a menu appears. Choose the option “buy bitcoins with cash.”
3. Complete the purchase section and sign
On this, key in the required dollar amount you wish to buy, and after that, key in the PIN in which the transaction is to be confirmed. At the end of the confirmation amount screen, you will understand how much fees you will be charged out of the purchase.
Transaction fees
Being a cash app fees structure is tiered in the context of transaction value, the fees are integrated into the purchase price. For instance, if you type that you’d like to buy $200 in Bitcoin, you will receive about $196 of Bitcoin and will spend around $4 in fees.
The app also contains something called a spread, which means that you will purchase bitcoins at a slightly higher price than it costs at the market, and you will sell it back slightly lower than at market. Extra charges also come with withdrawal with faster processing of the withdrawal request.
Transfer Of Bitcoin
Bitcoin is integrated to this application allowing you to send or receive Bitcoin as soon as you are dealing with other Cash App users. How to transfer bitcoin to cash app ? To transfer Bitcoin you require the recipient’s username on the app which Cash App calls $Cashtag. Once you have the recipient’s user name, switch over to the Bitcoin tab on the app’s screen and enter the amount you want to send and the recipient’s $cashtag, then click ‘Pay’.
Depending on your needs, you may also want to store your Bitcoin and in order to do so, you move your Bitcoin to a cryptocurrency wallet. To do this, you’ll need to:
- Select the Bitcoin option on the application.
- Tap the airplane icon, and then select “Send Bitcoin”.
- In the top left corner, there is a QR code: you can use it, or type the code of your unique wallet in the “Send” button.
- Tap next and choose a withdrawal speed, and subsequently clients must press on “Confirm and send” to finalize the transaction.
Bitcoin can also be sent from a wallet to your Cash App balance by tapping on the Bitcoin tab on the app and choosing “deposit Bitcoin”.
Keep your bitcoin in cash app
Unlike other Bitcoin wallets, the Cash App acts as a custodial wallet to any BTC that you purchase through the app. This means that you can keep your Bitcoin stored within the itself of the application without a third-party. However, similar to Venmo, Cash App also enables you to transfer Bitcoin to any other crypto wallet.
Overall, putting your Bitcoin in another purse is safer most of the times. This is because perhaps all the peoples data is stored with the Institution that deals with the cryptocurrency transactions or holding for user accounts.
Cash App stolen money from its users following a data breach in 2022 that allowed the hackers to take over many of the app’s accounts. The data breach was not Bitcoin-related but it serves as an example of the consequences of keeping money in just such applications for the long term.
Selling the Bitcoin
-In order to Sell Bitcoin using the app, you have to go to the Bitcoin Tab in the application. Then choose ‘Sell’ and input the amount you will likely to offer. The particular transaction shall be completed by entering or scanning the PIN or touch ID prior to confirmation.
