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 Bitcoin

To get started, download the 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.

Buying Bitcoin from Cash App

Buying Bitcoin on Cash App is simple and straightforward. Once you’ve set up your account, you can view the Bitcoin price chart within the app and monitor real-time price fluctuations. To buy Bitcoin, navigate to the “Investing” tab, select Bitcoin, and enter the amount you wish to purchase. You can either buy a specific dollar amount or a percentage of your cash balance. Cash App allows you to schedule recurring Bitcoin purchases through Dollar Cost Averaging (DCA), enabling you to automate your investments on a daily, weekly, or monthly basis. After confirming your purchase, your Bitcoin balance will be updated in the app.

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.

Cash App Bitcoin Fees

Cash App charges fees for buying and selling Bitcoin, which include a service fee and an additional fee that depends on market volatility. Typically, fees range from 2% to 3%, though the exact cost may vary based on the size of the transaction and market conditions at the time. Cash App provides transparency by showing you the total fee before confirming a transaction, so you’ll know the exact cost upfront. Additionally, Cash App may apply a spread on the Bitcoin exchange rate, which can range from 0% to 1% depending on market fluctuations.

When withdrawing Bitcoin from Cash App to an external Bitcoin wallet, you can choose from three transfer speeds: Standard, Rush, or Priority. The withdrawal fees vary based on the speed selected, with Standard transfers (generally completed within 24 hours) being free of charge. Rush transfers, which are usually completed within 2 hours, may incur a fee of up to $2, while Priority transfers, expected to be completed within 10 minutes, may carry a fee of up to $3. These fees are calculated at the time of withdrawal and include a pro-rata fee based on network conditions.

Cash App Bitcoin Supported Countries

Cash App is currently available only in the United States and the United Kingdom. Users in these regions can access the platform’s features, including Bitcoin purchases, payments, and Cash Card rewards. However, Cash App does not support transactions or services outside these two countries, which may limit accessibility for international users.

Is Bitcoin on Cash App Safe and Legit?

Yes, Cash App is safe and legitimate, with millions of users relying on its services in the US and UK. It employs security features such as passcode lock, Touch ID, Face ID, and encrypted transactions to safeguard user funds. However, Cash App operates as a custodial wallet, meaning it holds your Bitcoin on your behalf rather than allowing full control. While this may be convenient, it also means you don’t have direct access to your private keys. If you’re concerned about custody, Cash App does allow withdrawals to third-party wallets, providing some flexibility for users who prefer to manage their own funds.

Is Cash App Good for Bitcoin?

Cash App can be a suitable choice for those seeking an easy and user-friendly way to buy, sell, and invest in Bitcoin in UK and US, especially if they’re Bitcoin maximalists focused on Bitcoin-only investments without the distractions of other cryptocurrencies. Key features like Dollar Cost Averaging (DCA), support for Lightning Network transactions, and Bitcoin Boost rewards make Cash App appealing to users committed to Bitcoin.

However, there are also drawbacks to consider. Cash App is a custodial wallet, which means it controls your private keys. This aspect may be unfavorable for those who prioritize privacy and security, as the lack of self-custody could expose your funds to potential risks. Additionally, Cash App requires Know Your Customer (KYC) compliance, meaning users must submit personal identification information. This may not appeal to privacy-conscious users who want to limit their exposure to identity verification requirements.

More Information

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• Cash App on Instagram