Withdrawing bitcoin in Cash App is quite easy, but there are several things to consider to ensure security before withdrawing via the app. After buying Bitcoin on cash app, you can either transfer it to another wallet or another exchange. Below are the detailed steps for withdrawing Bitcoin on Cash App :
how to transfer bitcoin to cash app
1. Check That Your Account Is Authentic
To withdraw Bitcoin on Cash App you must go through the verification process first. This entails disclosing your identity details for example your full name, date of birth, and the last four digits of your Social security number. Verification helps to increase the amount possible to transact while guaranteeing that the account holds to the stated security procedures.
2. Enable Bitcoin on Cash App
For things like withdrawals, you’ll need to turn on Bitcoin in the Cash App to be able to use that feature. Here’s how:
how to enable bitcoin on cash app
Open your Cash App.
Click on the home screen the Bitcoin icon with the letter “B” inside a square.
In case you have not applied Bitcoin on Cash App before, you may be required to create an account for Bitcoin by some details.
3. Find Your Bitcoin Address
To withdraw Bitcoin you will need another external Bitcoin wallet or another exchange wallet that will receive the Bitcoin. Here’s how you can find it:
Open your Cash App.
Go to your home and tap the icon of the Bitcoin application.
Tap “Withdraw Bitcoin”.
If you want to conduct the withdrawal, pull down the “Send” bar on the screen.
Next step will be the input of the external wallet Bitcoin address. This is the wallet address you wish to receive your Bitcoin or the seller’s address in case of a transaction.
In case you have a copied QR code of the external wallet you can scan it or you can type the wallet address if it has been copied on the clipboard.
4. Choose the Amount to Withdraw
The next step is inputting the wallet address, and then determining how many Bitcoins are to be cashed out.
It can be a number of cash app bitcoin in BTC or a dollar amount ($ by current rate of Bitcoin).
After that, type in the amount and then press the “Next” button.
5. Confirm the Withdrawal
Evaluative checkout information such as the address of the wallet you are withdrawing to and the amount you want to withdraw.
You will also note that Cash App will display to the network fee, commonly referred to as the mining fee for the transaction. This fee is applicable to Bitcoin network and not Cash App.
If all looks well, then, in the final step of withdrawal, click on the “Confirm” button.
6. Two-Factor Authentication
Cash App will ask the user for further identification in order to secure the money. This typically includes:
Two-factor authentication (2FA), which would be to type in a code received on your phone or email, or confirm the action with your pin number.
Once you have passed through this verification process, your Bitcoin withdrawal will be effected.
7. Wait until the Transaction Confirmation
Like I said earlier, the system will take you to proceed to the payment processing stage.
Upon confirming the transaction, the buyer will send the Bitcoin through a transfer. But bear in mind that transactions will take some time to go through and get confirmed with Bitcoin’s blockchain. Generally, it may take a few minutes, an hour or more depending on the traffic on the network and the amount of digital currency you want to withdraw to your external wallet.
8. Check the Status
You are also able to track the status of the withdrawal by navigating to the Bitcoin tab in Cash App. Here to check your transaction history along with value and status showing whether the withdrawal is still pending or not.
Additional Notes:
- Withdrawal Fees: This is an important know-how, which can help save some perfection especially when you are withdrawing Bitcoin via Cash App and there is a network fee. This is not set by Cash App but by the Bitcoin network, and it’s the way Bitcoin was designed to work from the ground up. The fee can be distinct for every single payment and can depend on the network load during the transaction.
- Bitcoin Withdrawal Limits: Through the mobile application, Cash App enables users who go through the Cash App verification process to instantly buy up to $2,000 daily in Bitcoin and up to $5,000 per week. These may vary and one should check the current withdrawing limit in the application.
- Security Considerations: For every withdrawal, always make sure you are withdrawing the bitcoin to a safe wallet. It also reiterated calls to cross-check with wallet addresses and develop a keen sense of awareness over phishing scams. Before getting any coins to the exchange or another wallet, make certain it is secure and reputable service.
Conclusion
Transferring Bitcoin from Cash App is as easy once everything has been established as following the steps mentioned. It’s also important to note that you should have a verified account, own a valid external Bitcoin wallet address and familiarize yourself with the fees and the limits. Hopefully with these outlined steps, you should be able to complete the process successfully that you want to transfer Bitcoin from the Cash App.
