Square’s Cash App has slowly become one of the most popular ways for U.S. citizens to transfer value and send payments to each other.
But that’s not all Cash App wants to do. It also wants to become the primary wallet solution for its customers to use the app to purchase and sell digital assets.
That is the reason why the company, which comes under the umbrella of Square Inc., is slowly making its way into the cryptocurrency sector. Since August 2018, it’s been allowing its users to use Cash App to buy bitcoin in all 50 states. And it does so without levying additional trading fees.
The process is simple and easy, which makes it a great way to delve into the cryptocurrency world especially if you are new to it. Here is a breakdown of the procedure to help you understand how to buy Bitcoin with Cash App.
How to Buy Bitcoin with Cash App?
To buy or sell Bitcoin, sign up with Cash App. After completing the necessary requirements, you may access the app’s wallet.
To make a Bitcoin purchase with Cash App, you would need to use your credit or debit card. At the time of writing, Cash App accepts debit cards and major credit cards like Visa, MasterCard, American Express and Discover.
Once you have deposited your desired amount into your Cash account, you can use it to buy Bitcoin. Simply select how much Bitcoin you want to buy, and it would be transferred to your Cash wallet.
That is how simple it is to buy Bitcoin with Cash App. And selling the digital currency isn’t any different.
How to Sell Bitcoin with Cash App?
Now that you know how to buy Bitcoin with Cash App, learn more about what the selling process in the app looks like.
Since Cash App acts as a wallet for your Bitcoin, you can store your Bitcoin within the app. With that, you can also deposit Bitcoin directly to it using another wallet and your Cash account’s address for Bitcoin deposits. Remember to note that the limit for Bitcoin deposits is up to $10,000 worth of the cryptocurrency weekly.
Once you have Bitcoin deposits in your wallet, you can sell Bitcoin with Cash App in a few easy steps. Simply navigate to the menu to sell Bitcoin, select how much of your Bitcoin deposit you want to sell, and Cash App will do the rest.
Why Should You Buy and Sell Bitcoin with Cash App?
Cash App is not only easy to use, but it is also easy on your wallet. By using the app, you are able to save on trading fees charged by cryptocurrency exchanges. The app currently charges no fee on its Bitcoin transactions.
This makes Cash app a great option to buy Bitcoin via credit card, and also to sell Bitcoin easily. Unfortunately, the method is not widely known by many cryptocurrency users. That is mostly due to the app being more of a mainstream tool than the niche solutions that are used by most people in the cryptocurrency community.
Another reason for this is the lack of anonymity that trading Bitcoin via Cash App brings to the picture.
While Cash App does have its verification and tracking processes, they do so to comply with KYC and AML requirements, which is a large reason why Cash App can be used in all 50 states. The app also lets you track your Bitcoin sales and guides you to the correct taxation forms, so you can file your taxes properly when the time comes. Its end-to-end process can help to improve the overall experience.
To start with Cash App, install it in your phone and sign-up. Its simple, intuitive, and seamless. What are you waiting for?
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