How To Buy & Send Bitcoin On Cash App | Step By Step

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Cash app is the most used finance app in the world for one good reason. It's so simple to use, and it makes sending money around as easy as texting.

But most importantly, the Cash app also lets you buy and sell bitcoin.

What is Cash App?

Cash app (formerly known as Square cash) is a free simple and secure way to send and receive money. You can transfer up to $1000 from your debit card or checking account in mere minutes for free!

Cash app is available on the App Store and Google Play store on your smart devices, as well as on desktop via a web browser. Cash app is best known for its money sending feature, however, it also has additional features such as fee-free business accounts and the ability to buy/sell bitcoin.

Cash App is a mobile app that allows you to buy and sell Bitcoin. You can link your debit card or bank account to the app and start buying Bitcoin easily. Cash App offers many tools such as sending money (similar to PayPal) and cashing out (moving funds from Bitcoin into USD/EUR/GBP).

Cash App is available in the United States, Spain, France, Italy, Netherlands, United Kingdom, Belgium, and 28 states of the USA.

Cash App is an app that allows you to send and receive money. You can also use it to invest in stocks. Cash App Investing is a new feature that allows you to invest in a variety of stocks without having to deal with the hassle of setting up an account or learning about investing.

Cash app uses its own special technology called duplex to make your payment experience so simple and easy. With duplex, you don't have to keep typing in your recipient's information each time you send them money!

To send a payment, All You Need Is:

  • Cash app installed on your smart device (iPhone or Android).
  • A debit card or checking account linked to that device for sending funds.
  • The cash app does not require any credit checks. Anyone in their 18's and above can open up an account with a cash app.
  • Recipient's name and the amount you want to send.

That's it, that simple!

How to open a Cash App account?

Step 1: Download the app from your device's app store.

Step 2: Sign up using Facebook or create a username and password.

It is highly recommended to use Facebook sign-up due to the quick sign-up process. You do not have to fill out any long forms, just your name, and email.

Step 3: Verify your account via email or phone.

The cash app will send you an email to verify your username and password, so make sure to check your spam folder if it does not appear in your inbox. You can also give them a call, or verify through Facebook using this number (650) 493-5501.

The cash app will then ask you to upload your first form of document for identity verification. You can use either a state ID, Driver's license, or Passport.

Step 4: Once your account is verified, you are all set! Now start receiving and sending money.

How to buy and sell bitcoin on Cash App?

Step 1: Verify your account

Step 2: Link a checking or debit card.

You can choose to link either a checking or debit card, but preferably use a checking account for large amounts of money because it has higher limits than using a debit card.

Step 3: Fund your cash app wallet with USD!

The next step is to deposit money into your cash app account to be able to purchase bitcoin.

Cash app is a real peer-to-peer service, so it accepts only USD regardless of where you are from, and because there are no credit card or bank fees associated with using a cash app, having a cash app wallet allows you to transfer your money to other users for free!

To fund your wallet, simply login to the Cash app > deposit > USD > choose an amount.

You also have the option of linking your bank account, but it takes 1-2 business days. So if you need bitcoin in a hurry, stick with credit or debit card funding. The cash app now has a cash app wallet promo code as well.

Once your cash app wallet is funded, you can use the same credit or debit card to purchase bitcoin.

Step 4: Once you have funded your account and received the confirmation email from the Cash app, open up the Cash app.

Step 5: Go to buy/sell bitcoin and choose how much you want to purchase.

Cash app offers a flat 1% fee for buying BTC no matter the amount, compared to coinbase which charges almost 4% in fees on small transactions. So it does not make sense to buy less than $100 of bitcoin through the Cash app.

Generally speaking, try to use your debit card for small amounts and a checking account for larger amounts. The reason is that it will take 1-2 days for the money to go from your bank account onto the cash app, but once it is in the system there are no fees associated with transferring funds between people or transferring into your bank.

Step 6: Input your desired amount and tap "buy/sell bitcoin" to go to the confirmation page.

Step 7: Verify the details and swipe right to confirm. If everything looks correct, press "confirm purchase". You will receive a pop-up asking you to input your pin code as an added security measure (it's like captchas for your bank account).

And, this is how you purchased a bitcoin on Cash App.

How to sell Bitcoin on Cash App?

Step 1: Put it in your wallet!

You can sell bitcoin via the Cash app, but before you do that you have to have bitcoin in your account for them to sell. If you would like to cash out funds from a different bank, tap on the menu icon and choose "cash-out" instead of selling.

Step 2: Verify your account

Once you have verified your account under the "settings" tab, log in to the Cash app. Then go to buy/sell bitcoin and then tap on the BTC button in the upper left corner to sell it via a market order.

Step 3: Enter amount of Bitcoin to sell

Enter how much you would like to cash out, keep in mind that there is a 1% fee on all BTC/USD transactions which are paid by the seller. So to break even, you should aim to sell 1% more than you bought it for.

Step 4: Sell your Bitcoin!

Tap the "sell" button and then press "confirm sell" once you are satisfied with the details. You will be required to input your pin code in order to finalize the transaction.

And that's it! You are now free from the burden of bitcoin, congratulations on cashing out.

How to send Bitcoin on Cash App?

Step 1: Open up your cash app > press "wallet" at the bottom.

Step 2: Select the dollar amount you want to send under "send".

If it is your first time sending, please note that Cash App charges a fee for all transactions. Although most of the fees are waived, there is still a fee associated with sending your first transaction.

Step 3: Input the Cash ID or name of the person you are sending money to then press next.

You can search their name, or scan their QR code with your camera by taking a picture.

Step 4: Verify information and input pin code.

Once all details are verified, press "confirm".

You have now successfully sent a bitcoin on Cash App!

How to receive Bitcoins on Cash App?

Step 1: Go to your wallet in the Cash App.

Step 2: Press "+" in the top right corner and press "receive bitcoin".

Step 3: Input the amount of fiat currency you want to receive (i.e., if you want $5 worth of Bitcoin, input $5), then press "save" on the top right.

Step 4: Show your Cash ID to the sender and have them send money to that address.

And once someone sends you money, it will be deposited into your cash app account within 3-5 minutes!

Why everybody is buying Bitcoin?

Higher Return:

Bitcoin had its highest ROI since 2011 in 2017 when it reached an all-time high of 16,000. By the end of the year, it decreased dramatically to 9,000 but has risen again to more than 11,000 on January 7th, 2018.

The return is significantly higher than other investments such as stocks or bonds which have an average return rate of 7.8% and 3.6% respectively.

Security:

The security of bitcoin has made it gain popularity worldwide as no one can shut down a bitcoin account or reverse transactions. This is not the case for other currencies such as the dollar, euro, or pound which are being inflated by central banks and devalued gradually. The world's reserves of currency have been overvalued for decades, so these fiat currencies should be avoided in favor of cryptocurrencies.

Ease:

Bitcoin allows anyone, regardless of their age or location, to invest in bitcoin. This is not the case for other currencies which are tightly controlled by central banks and other regulatory bodies.

No Third Parties:

Everything that happens on the bitcoin network happens directly between users without any middlemen standing in between them (i.e., no bank or government can control your account, you are your own bank).

The future of bitcoin:

Experts have differing opinions on what will happen to bitcoin by 2021. For example, some studies predict the demise of bitcoin by 2020 while others predict it will become even more valuable.

All in all, many experts agree that cryptocurrency is here to stay because there are too many benefits associated with it.

What are the risks associated with buying Bitcoin?

Volatile:

Bitcoin's value is volatile which means it can fluctuate at any time. For example, on January 7th, 2018 it went from 16,000 to 9,000 in a matter of hours.

Security:

If you lose your private key there is no way of recovering it therefore all your money will be lost forever under that circumstance. However, the chances of this happening are very slim because you can store private keys offline or safely on your phone.

There are safety concerns about storing money in cryptocurrency because transactions are irreversible. This means that there is no way to get your money back if it gets hacked which has happened before.

Regulation:

Bitcoin is not regulated, so if it becomes more valuable then no one will be able to control it which means there may be sudden changes in the price with little warning giving users no time to react.

Overall, the risk of buying Bitcoin depends on how you store them and who you buy them from. For example, Coinbase users have little to worry about as they are insured and provide extensive security features such as two-factor authentication and secure offline storage.

Does Cash App insure Bitcoin?

Cash app provides insurance for its users' bitcoin transactions. It also supports two-factor authentication, so in case your phone is stolen or you lose your login information, there is a secondary way to access your account.

What are the fees associated with buying Bitcoin via Cash App?

There are no fees associated when sending money through Cash App. However, when you buy bitcoin from the Cash App there is a 3% fee. This fee can be lower with a cashback rebate which will return up to $10 of the fee every 30 days (this excludes weekends).

There are no fees associated with transferring or storing your bitcoin on Coinbase because that service provides free storage.

The users' fees depend on their country of residence and the type of wallet they use. For example, on Coinbase you can store your bitcoin for free, but there is a 1% fee when you sell your cryptocurrency which users must be aware of before investing in Bitcoin on this platform.

What do I need to buy Bitcoin on Cash App?

You need a Cash App account, a debit card linked to your bank account, and an existing Coinbase account.

The Concluding Paragraph:

Overall, bitcoin is here to stay because it gives users more control over their own money and has helped millions of unbanked people get into the financial system. Given its growing popularity, investing in cryptocurrencies like Bitcoin should be considered by all investors looking for better returns.

Michael Restiano

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.

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