Cash App Bitcoin Review: Buy and Sell Bitcoin

Description

Cash App is a mobile payment service available for iOS and Android that works in the US and UK. It lets you sell, send, receive, and buy bitcoin, make payments, invest using Dollar cost averaging (DCA), and file taxes. Cash App also provides lightning-fast transactions, low fees, and the ability to use Bitcoin and Cash Boosts to earn rewards on your purchases.

Getting Started with Cash App

To get started, download Cash App on your mobile device. Then you will need to enter your contact information, such as your mobile phone number or email address. The app will require you to enter the verification code sent to it. Link your bank account to your Cash App with a credit card. After that, create your $Cashtag, a unique identifier, and enter a zip code. You can protect your payments and investments with a passcode, TouchID, or FaceID.

Bitcoin Features on Cash App

• Buying bitcoin. The app has a graph that shows bitcoin prices, their changes, and your balance. Your balance should be positive to buy bitcoin.
• Selling. The selling procedure is held with a few taps on the Bitcoin tab. You sell bitcoin and receive fiat to your Cash balance or Cash Card. This money can then be spent on whatever you want.
• Sending and receiving. The recipient will receive bitcoin to his $Cashtag as well as you can receive to yours.
• Withdrawing. For added security, you can withdraw bitcoin to a third-party bitcoin wallet. The minimum amount for withdrawals is 5,000 satoshi.
• Custom Orders. You set the amount for which you are willing to sell or buy bitcoin. Once the selected amount is reached, the transaction is completed.
• Auto Invest plan. You can customize each plan with Standard Orders to meet your investment goals and preferences. Standard Orders are recurring payments that can be set up to occur automatically on a schedule you select.
• Paid in bitcoin. You can receive your paycheck in bitcoin. You need to buy bitcoin at least once before using this feature. As soon as you have your Cash Card set up, you can link it to your Paid in Bitcoin account and select how much of your direct deposit you want to invest in Bitcoin. Paid in Bitcoin will then automatically invest your selected amount into Bitcoin.
• Filing taxed. You can access your Form 1099-B by logging into your Cash App account. You can use it to report your Bitcoin transactions to the IRS (Internal Revenue Service).

How to Sell Bitcoin on Cash App

To sell Bitcoin on Cash App, you’ll need to start by opening the Cash App on your mobile device. If your bank account isn’t already linked to Cash App, you’ll need to do so by providing the necessary information. Once that’s set up, navigate to the “Balance” tab at the bottom of the screen within the app to access your Bitcoin balance. From there, tap on your Bitcoin balance, and you’ll see the option to “Sell.”

Next, you’ll need to enter the amount of Bitcoin you want to sell. You can either input a specific amount or choose a percentage of your total Bitcoin balance. After entering the desired amount, confirm the transaction. Cash App will then display a summary of the transaction, including the current Bitcoin price and the amount you’ll receive in your linked bank account. You need to enter your Cash App PIN or use Touch ID to finalize the transaction.

Once you’ve confirmed the transaction, the Bitcoin will be sold, and the equivalent amount in your local currency will be deposited into your linked bank account. You’ll receive a notification confirming the completion of the transaction. To keep track of your Bitcoin sales and other transactions, you can review your transaction history in the “Activity” tab of the Cash App. Always remember to consider any applicable fees and tax implications associated with selling Bitcoin.

How to Get Paid in Bitcoin on Cash App

Cash App doesn’t offer direct avenues for employers or clients to pay your entire salary in Bitcoin. Nevertheless, they provide a feature named “Get Paid in Bitcoin,” allowing you to automatically convert a portion of your regular deposits into Bitcoin. To use this feature, you must have Direct Deposit already established with Cash App.

To begin, open the Cash App and navigate to the home screen. From there, tap on the Money tab and locate the Bitcoin tile. Within this section, you’ll find the “Get Paid in Bitcoin” option. By tapping on it, you can select a percentage ranging from 1% to 100% of your direct deposit to be converted into Bitcoin. The conversion takes place at the current market rate when your direct deposit is received. This functionality provides you with a convenient method to gradually accumulate Bitcoin alongside their regular income.

More Information

• Follow updates of Cash App on Twitter
• Cash App on Instagram