Since its launch in 2009, Cash App has been one of the preferred ways for many users to send, receive money and buy Bitcoin. Since the Cash App allows simple ways to add Bitcoin to its account, it is a favorite app among crypto enthusiasts.
According to Winklevoss brothers, Bitcoin is expected to rise in the long run. The outcome of the U.S presidential elections in November could also lead to a potential fall of dollar and boost the gold market, according to a Bitcoin.com report by analyst and consultant Dan Popescu. Moreover, Nigel Green, CEO of financial advisory firm Devere Group, believes that Bitcoin will have a breakout in 2020.
According to Green, “Bitcoin is currently realising its reputation as a form of digital gold. Up to now, the precious metal has been perceived as the ultimate safe-haven asset, but bitcoin — which shares its key characteristics of being a store of value and scarcity — could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution … Decentralized, non-sovereign, secure digital currencies, including bitcoin, will become more attractive to investors as they will offer a hedge against turbulence in traditional markets.”
In the light of these events and predictions, Bitcoin is gaining rapid popularity as more crypto enthusiasts are looking to buy more of the cryptocurrency.
If you have the Cash App, you can use the same to buy Bitcoin yourself. Here’s how:
Buying Bitcoin on Cash App
First of all, you will have to download the Cash App on your device. Next, open the app and choose the mode you would want your transactions to take place in: Cash, Dollars, or Bitcoin.
If you don’t see the options on the screen, swipe left or tap on the BTC image on the top of the screen. Next, you will be asked the amount of Bitcoins you want to purchase. Once you selected the preferred amount of Bitcoins, tap buy. In order to confirm the transaction, you will have to input the Cash pin. If you are an iOS user, you can use the touchID for the purchase.
You might be required to fill in some additional details regarding your identity for security purposes.
How to Send Bitcoin from Cash App
You will need to verify your identity and prompt the withdrawal option before you could send Bitcoin from your Cash App. Verification might take a few days, and in some occasions, weeks.
Once verified, you can open the Cash App to find the “withdraw Bitcoin” option. It would be placed on the profile icon of the main page. Clicking on it will take you to “finances” option, from where you can click on “Bitcoin”. There will be options for buying and selling Bitcoin and below those options, you will find a “withdraw Bitcoin” choice.
Clicking on the “withdraw Bitcoin” option will take you to a screen where you will have to specify the numbers of Bitcoins you want to send. Click on the withdraw option and fill in the necessary details on the next page. You can either choose to complete the transaction using a QR code or you can enter the recipient’s address manually.
Note that in order to send Bitcoins from Cash App, you must have Bitcoins in your wallet. While buying Bitcoins, keep in mind the procedure is risky and the charges fluctuate. You might have to pay the charges for all transactions including selling, buying, as well as for checking out.
Can You Skip the Verification Process
No. You can not skip the verification process. You will be required to have your identification cards along with your picture in order for you to be able to buy, sell, and send Bitcoins from your Cash App account. Through the verification process, agencies have a clear idea about who you are and if you are involved in any illegal financial issues.
Buying, selling, and sending Bitcoins from your Cash App is easy and can be done in a several easy steps.