3 Ways To Buy Bitcoin On Cash App In 2024 [Step-by-Step Guide]

As we enter 2023, the popularity of bitcoin continues to rise, and more people are looking for ways to invest in this digital currency. One popular option is Cash App, a mobile payment app that allows users to buy and sell bitcoin quickly and easily.

With its user-friendly interface and low fees, Cash App has become a go-to platform for many investors looking to get into cryptocurrency.

In this article, we'll explore three 3 ways to buy bitcoin on Cash App in 2023 and help you make the most of this exciting investment opportunity.

Whether you're new to bitcoin or an experienced investor, these tips will help you confidently navigate the ever-changing landscape of cryptocurrency investing.

Can You Buy Bitcoin In Cash App?

Cash App, developed by Square Inc., has quickly become one of the most popular apps for peer-to-peer money transfers. Initially launched in 2018, it started as a simple way to send and receive money but has since expanded its capabilities to include the ability to buy and sell stocks, including Bitcoin.

You can easily purchase Bitcoin on Cash App using your bank account or credit card. The app also features a built-in wallet for securely storing your Bitcoin, providing users with an easy and convenient way to manage their cryptocurrency investments.

With competitive fees, fast transaction times, and a user-friendly interface, Cash App is an attractive option for purchasing Bitcoin with cash.

3 Ways to Buy Bitcoin on Cash App In 2024

Here are three simple methods for how to buy bitcoin in Cash App:

In-App Purchase:

• Verify your identity by providing a photo of your ID's front and back, your selfie with the ID, your name, address, and social security number.
• Go to the "Balance" tab after verifying all the criteria.
• Press the "Send" option, choose "10$ cash," and enter how many Bitcoin you want to purchase.
• Select "Use Debit Card" and tap the "Next" button, then follow 3 prompts and 2 verification steps.
• Your Bitcoin is now purchased.

Through Cash App Balance

• Find the "Cash" button and enter that section.
• Select the amount of Bitcoins you want and tap "Next". (Go to www.coindesk.com/price to know the price of Bitcoin)
• Tap "Use Balance" and tap the wallet you want to use.
• Enter the amount you want to send and then click "Next".

Ask a Friend

• Go to Cash App and go to "Your Cash Tag," then tap on "Invite Friends."
• Share the link with your friend and make them install this app.
• Ask them to send money.

Are There Any Fees to Buy Bitcoin in Cash App?

Using Cash App to buy Bitcoin can be a relatively straightforward process, but there are some fees associated with the purchase. The fee for buying and selling Bitcoin through Cash App is calculated as a percentage of the transaction and varies based on your region and payment method.

The fee will be listed in the trade confirmation when you order. In addition, Cash App adds a margin or spread to the quoted mid-market rate, which is then used to compute your transaction fees.

When using Cash App to purchase Bitcoin, it's important to remember that these fees may vary significantly depending on your location and payment method, so it's best to check the fees before placing an order.

Who Can Buy Bitcoin in Cash App?

Anyone with a US bank account can buy Bitcoin in Cash App. This service is available in all 50 states and allows users to purchase the cryptocurrency with just their debit card or bank account.

The user experience is simple, with the ability to quickly and easily transfer funds from their bank or debit account directly into the app for purchasing Bitcoin.

Furthermore, Cash App also provides a secure platform for users to store their Bitcoin safely, allowing users to take advantage of small price fluctuations without worrying about losing their money.

Benefits of Buying Bitcoin in Cash App?

But is there any advantage to buying Bitcoin in Cash App? The points below should help you decide.

• Secure and user-friendly: Cash App provides a secure platform for users to purchase Bitcoin with just their bank account or debit card. Furthermore, the app also has a built-in wallet allowing users to store their cryptocurrency safely and take advantage of small price fluctuations without worrying about losing their money.
• Low fees: The fees associated with purchasing Bitcoin through Cash App are calculated as a percentage of the transaction and vary based on your region and payment method.
• Fast transactions: With Cash App, users can purchase Bitcoin quickly and efficiently. Transactions are typically completed within minutes, offering users an easy way to invest in the cryptocurrency markets.
• Trade-in stocks available: Cash App also allows users to purchase stocks, ETFs, and other investment products. This can be a great way for users to diversify their investments and potentially make larger returns over time.

Alternatives to Buy Bitcoin

The Cash App is not the only way to buy Bitcoin. Several other services and platforms are available for users to purchase cryptocurrency, such as Coinbase, Uphold, Binance, etc. These services offer a variety of features and benefits, such as lower fees, more payment options, more coins to choose from, and even the ability to trade in stocks.

Coinbase

Coinbase is one of today's most popular cryptocurrency buy, sell, and exchange platforms. It's easy to use and navigate, supporting many cryptocurrencies. However, Coinbase offers higher transaction fees than other platforms, such as Cash App, making it less accessible to some users.

Furthermore, Coinbase’s customer service is not always great, with many customers facing long wait times or inadequate responses to their queries. Despite this downside, Coinbase remains a major contender in the cryptocurrency market due to its ease of use and comprehensive selection of currencies.

It also features advanced security protocols that keep user funds safe from external threats and ensure transactions are secure. Ultimately, Coinbase provides a reliable platform for users looking to quickly buy, sell and exchange their cryptocurrencies for other digital assets or fiat currencies.

Uphold

Uphold is a secure digital asset exchange platform that enables users to buy, sell, and major trade cryptocurrencies. With Uphold's transparent fee structure and zero brokerages, users can confidently make transactions without worrying about hidden costs.

While Uphold may have a limited selection of digital assets available on their platform, they also adhere to industry-standard security protocols and rigorous compliance processes so that users can feel comfortable making trades on the platform. This ensures that all transactions are safe, secure, and within regulatory guidelines.

Binance

Binance is one of the world's leading cryptocurrency exchanges, offering more than 150 tradable cryptocurrencies to customers in the United States. The platform also offers low fees and a wide selection of trading options and order types.

However, the U.S. version is more limited when compared with other versions of Binance available elsewhere in the world. Additionally, the platform can be complex and confusing for those unfamiliar with it, as no built-in digital wallet is available.

Moreover, in recent years Binance has run into regulatory trouble and been forced to suspend services or even close operations in multiple countries, including China, Japan, South Korea, and Taiwan, due to strict local laws regarding cryptocurrency trading.

All this highlights the importance of being aware of local regulations when considering exchanges like Binance that operate internationally and offer access to many markets.

Final Words

Cash App is a great platform for users looking to purchase Bitcoin quickly and securely. It offers competitive fees, reliable customer service, and access to several other investment products.

However, there are also alternatives available such as Coinbase, Uphold, and Binance which can offer different features and benefits depending on the user’s needs.

It's important to understand how each platform works, the features available, and how it fits your needs before you decide which one to use. Now you know the 3 ways to buy Bitcoin on Cash App, how to do it, and the pros and cons of each option. Good luck!