How to Buy Bitcoin on Cash App in 2024
Can you believe Cash App has over 50 million users in the US and UK? That’s insane! I mean, it’s like a virtual party with 50 million guests, and everyone’s got their own ticket to the crypto world.
Now, you might think Cash App is just for throwing money at your friends or splitting the bill, but guess what? It’s way more than that! You can actually dive into the world of stocks and even grab yourself some Bitcoin. Yep, you heard it right – Bitcoin on Cash App!
Alright, buckle up because we’re about to take you on a wild ride, step by step, on how to get your hands on that sweet, sweet Bitcoin using Cash App. And hey, we’ll spill the beans on fees and give you the lowdown on how to cash out or make some moves with your Bitcoin stash.
How to Enable Bitcoin on Cash App
Want to dance with the Bitcoin stars on Cash App? It’s not just a click away; you gotta unlock the Bitcoin beast:
- Hit the Bitcoin tile – it’s your backstage pass.
- Click “Enable Bitcoin” – the gateway to the crypto kingdom.
- If KYC (Know Your Customer) is your middle name, you’re golden. If not, buckle up.
- Hit “Verify Identity” – it’s the VIP lounge entrance.
- Follow the steps – answer some Qs, prove you’re you.
- Boom! “Deposit Bitcoin” is your ticket to the Bitcoin wallet party.
Now you’re ready to ride the Bitcoin wave on Cash App like a crypto rockstar. Cue the confetti!
Related: Bitcoin Verification Made Easy: How to Verify on Cash App and Protect Your Funds
How to Buy Bitcoin on Cash App as A Beginner
We’re gonna show you how to dive into the Bitcoin game using Cash App. Buckle up, it’s gonna be a wild ride!
- Grab your phone and hit up Cash.app.
Don’t go for any shady downloads—click on “Download Cash App” to make sure you’re getting the real deal. Once that’s sorted, install Cash App on your trusty iOS or Android device.
- Time to make things official.
Toss in your email or mobile number to kickstart your Cash App journey. They’ll also need the usual info – full name, address, and date of birth. Oh, and don’t forget to spice things up with your very own Cash App username, aka $Cashtag.
- Let’s get that cash flowing.
Hook up your debit card to the mix. And guess what? You can even set up bank transfers or throw in some direct deposits down the line.
- Prove you’re you.
To unlock the cool features, you gotta verify your identity. Cash App’s got your back on this one. Snap a pic of your ID with the current address, and you’re golden. This step kicks in after you’ve connected a funding source.
- Time to make it rain.
Pick an amount to splash into your Cash App account. Hit up “Cash Balance” on the Money home screen, set your deposit amount and funding source, and watch those funds roll in.
- Let’s buy Bitcoin.
Now comes the fun part. Choose how much Bitcoin you wanna snag—go for the preselected amounts or roll your own custom figure. By default, it’s a one-time deal, so you’ll be grabbing that Bitcoin at the current market price.
How to Buy Bitcoin on Cash App: A Step-by-Step Extravaganza
The basic steps above can get you started, but it’s like giving a teaser trailer for a blockbuster movie. Let’s dive into the nitty-gritty of buying Bitcoin on Cash App – it’s not just a tutorial; it’s the backstage pass to the crypto world!
Step 1: Head over to the Cash App website or scan the QR code on the desktop app with your phone. Cash App is all about being mobile-first, so grab the iOS or Android app for the full experience.
Step 2: Punch in your phone number or email to kickstart your Cash App journey. A text or email will hit you with a code, depending on your login choice.
Step 3: Get that funding source flowing and toss in some basic info. Link your debit card or tap “Skip” if you’re cardless for now. Wanna add your bank later? Easy – click your profile icon, hit up “Linked Banks,” and then tap on the “No Card?” option.
Now for the juicy part: Your name, birthdate, the last 4 digits of your SSN (if you’re in the US), and your address. Cash App even wants a peek at your ID via your phone’s camera. Don’t forget to strike a pose for that selfie. KYC might sound official, but it’s just the app’s way of saying, “Hey, we’re keeping things legit.”
Time for a quick Q&A sesh about your income source. If you’ve used an investing app before, these questions will feel like déjà vu. It’s all about keeping up with KYC and AML vibes.
Step 5: Cash time! Pick an amount for your deposit. Debit card fans can click “Add Cash” on the Money home screen. Bank account enthusiasts, hit your profile icon, go to “Linked Banks,” and choose “No Card?” when prompted to add a debit card.
Feel like throwing a credit card into the mix? Hold your horses until you’ve hooked up a bank account or debit card.
Step 6: Bitcoin time! Your account is a go, and your funds are in. Head to the Money home screen, tap the Bitcoin Tile, and hit up “Buy Bitcoin.”
Choose your Bitcoin amount, stick with the default One-Time Order, and pay the current market price. Verify the deets on the next screen, hit confirm, and seal the deal with your PIN or biometric ID.
Boom! You’re now a proud owner of some Bitcoin, and you’ll spot your balance on the Money home screen. That’s the lowdown on buying Bitcoin with Cash App.
Why You Should Verify Your Identity on Cash App
We snagged ourselves a bit of Bitcoin magic by just tossing in the basics – name, address, DOB, and the last four digits of that social security dance. Easy peasy, right?
But hold up! The crypto journey ain’t a straight road. There’s a checkpoint you’ll hit, demanding a bit more than your crypto curiosity. Cash App, being the guardian of safety, kindly asks you to prove you’re you. Here’s the lowdown:
- If you’re shuffling more than $1,000 in a 30-day dance
- If your cash movements hit above $1,500
- When you want to flex with a Cash Card
- Planning a Bitcoin or stocks shopping spree
- Being the cool sponsor for someone aged 13-17
Regulators play referee, and they’ve got rules – the KYC (Know Your Customer) game. It’s like getting a backstage pass to the crypto show.
Now, cracking open your Cash App Bitcoin wallet? You’ll need the basics plus a photo ID – that golden ticket. Sometimes, Cash App might want to know where your money’s been partying or even ask for proof of your income. Details, details.
Haven’t flashed your ID to Cash App yet? No worries, mate. Head to your account icon, tap Security & Privacy, and there it is – Identity Verification. Follow the steps, dance to the screen’s tunes, and voila! We aced it in under 5 minutes. Quick, right?
But hey, Cash App gives a heads-up – the ID verification ballet might take up to 24 hours. So, while you wait, maybe practice your crypto moonwalk.
How to Make Bitcoin Order on Cash App
Ever wondered how to navigate the crypto seas with Cash App Investing? Well, hold on tight because we’re about to explore the treasure chest of order types they offer. It’s like choosing your weapon before entering the crypto battlefield.
Standard Order: The OG Move
First up, we’ve got the Standard Order, the no-nonsense, straight-to-the-point play. This one’s for the folks who want things done during market hours. Just hit that buy or sell button between Mon-Fri, 9:30 am – 4 pm EST, and boom, your order is in the market game. Keep in mind, though, it’s subject to DriveWealth’s discretion to “work the order.” Need more deets? Check out the “Trade Execution” section in DriveWealth’s disclosures.
Oh, and by the way, market hours may vary, so keep your eyes peeled.
Scheduled (After Hours Order): Playing the Time Game
Similar to the Standard Order, but with a twist. If you’re making moves after market hours, between Mon-Fri, 9:30 am – 4 pm EST, your order takes a rain check and gets executed when the market sun rises on the next trading day. Heads up, prices might do the cha-cha after hours. Dive into the article below to get the lowdown on how Scheduled Orders work.
Custom Order: Tailoring Your Crypto Journey
Now, here’s where things get spicy. Custom Orders let you play puppet master with the stock prices. You pick a price, and bam, a Standard Order dances to your tune. Use it to catch a falling star or ride the wave of a rising tide. It’s like having your own financial genie. Feeling adventurous? Dive into the article below to master the art of Custom Orders.
Auto Invest: Set It and Forget It
For the chill investors out there, Auto Invest is your best friend. It’s like having a personal assistant for your investments. Set up Standard Orders to happen daily, weekly, or bi-weekly. If you’re not ready to go all-in at once, Auto Invest is your smooth ride into the world of investing.
Broker-Dealer Disclosures: Know Your Battlefield
Before you conquer the crypto kingdom, a quick reality check. Cash App Investing is brought to you by Cash App Investing LLC, a FINRA/SIPC member and a Block, Inc. subsidiary (formerly known as Square, Inc.). Remember, investing and buying bitcoin involves risk, and you might lose some coins in the process. Bitcoin trading? That’s handled by Block, Inc. Cash App Investing doesn’t dabble in bitcoin, and Block, Inc. is not part of FINRA or SIPC. Get the full scoop in the Bitcoin and Cash App Investing disclosures.
Custom Orders: Tailor Your Crypto Experience
One more time for emphasis! Custom Orders let you handpick a share price that triggers a Standard Order for your stock shenanigans.
Scheduled (After Hours Order): The Night Watchman
Cash App Investing doesn’t believe in curfews. You can cook up orders anytime, day or night.
How to Sell Bitcoin on Cash App
When you’re ready to exit your position, selling is even easier than buying because the account setup job is already done.
Now, let’s talk about turning your Bitcoin into cold, hard cash on Cash App – and no, it’s not as complicated as explaining rocket science to a cat.
First up, we’ve got the ‘One-Time Order.’ It’s like hitting the easy button. Just tap your way through the Money home screen, select Bitcoin, hit the ‘Sell’ button, and boom! You’re in the game. Choose an amount, confirm the deets, and hit ‘Confirm’ like you’re sealing a deal with a virtual handshake.
But hey, maybe you’re feeling a bit more like a crypto maestro. That’s where the ‘Custom Sell Order’ comes in. It’s like setting the rules for your own crypto casino. Tap your way to Bitcoin on the Money screen, hit ‘Sell,’ and switch things up to ‘Custom Sell Order.’ Slide that price to your liking, hit ‘Set,’ choose an amount, and give it an expiration date up to 90 days from now.
Once you’ve done that, confirm the details – because in crypto, you always double-check. If all looks good, tap ‘Confirm,’ and you’re golden. If Bitcoin hits your price before the expiration date, it’s a win. If not, no worries, the order cancels itself like it never even happened.
Custom sell orders aren’t just for fun, though. They’re like your crypto bodyguard, helping you lock in profits or keep those losses at bay. You can even set one below the current price, turning it into a crypto ninja that jumps in to protect your assets if the market decides to take a nosedive.
How to Transfer Bitcoin to Other Wallets on Cash App
Beneath its sleek money-transfer interface, Cash App is not just your ordinary pocket rocket; it’s also a secret Bitcoin superhero. Picture this: you can sling Bitcoin to other wallets or whisk it right into your Cash App. Once you got BTC tucked into your Cash App wallet, you’re basically the maestro of the crypto symphony – sending Bitcoin to pals or orchestrating a sweet cash-out symphony with Cash App.
What Is Bitcoin Wallet Addresses
Now, let me sprinkle some knowledge about Bitcoin wallet addresses. It’s like having a secret handshake in the crypto world. Your Bitcoin wallet throws a public address party, and that’s where you’ll be sending Bitcoin from cool hangouts like Electrum or Sparrow. It’s kinda like email but for crypto. And remember, mess up the address, and your Bitcoin is like that package that got lost in the mail – gone forever.
Cash App plays it James Bond style by keeping your Bitcoin wallet address under wraps. Wanna see it? You’ll need to prove you’re you. Identity verification, folks!
How to Send Bitcoin on Cash App
Now, imagine you’re a digital courier entrusted with the task of sending Bitcoin to someone else or whisking it away to an external Bitcoin wallet. The adventure continues, my friend.
Tap the Bitcoin tile, summon the arrow icon, and choose the path of “Send Bitcoin.” Decide the amount you wish to send, toggle between dollars and BTC with a tap, and set forth on your quest.
1. Sending to a Cash App User or Bitcoin Address Without QR Code
For those with a recipient’s $Cashtag or wallet address, the “Send” button awaits your command. Should you possess a QR code, tap the square icon, and let Cash App read the address as if it were deciphering an ancient scroll.
2. Selecting Your Withdrawal Speed
As you stand at the precipice of your decision, choose your withdrawal speed – Rush for haste or Standard for a more leisurely journey, the latter being the path of no fees.
3. Confirm & Send
Inspect the transaction details like a wise sage examining the stars. If the cosmic alignment is favorable, tap “Confirm & Send,” and watch your Bitcoin venture forth into the blockchain realm.
How to Receive Bitcoin From Another Wallet App on Cash App
Now, if you’re juggling self-custody wallets like a crypto ninja, but still want to get down with the Cash App groove, here’s the scoop:
- Swipe into the Money home screen like a boss.
- Hit the Bitcoin tile – it’s the door to the crypto realm.
- Choose Deposit Bitcoin – it’s like the golden ticket.
- Copy that Bitcoin address like it’s the secret sauce.
- Paste it into your other wallet (Electrum, anyone?).
- Finalize the deets, including the moolah and speed.
Cash App’s got more tricks up its sleeve with the Lightning network. Just make sure you know if you’re rocking a Bitcoin wallet or a Lightning wallet before you hit the send button.
Pro tip: Two devices? No problemo. Slap that Bitcoin into Cash App using a QR code. No messy typing or copying needed – just scan and go!
2 Ways to Receive Bitcoin on Cash App
Picture this: you’re standing at the digital crossroads, and three paths await you to receive Bitcoin on Cash App. It’s like choosing your destiny, but with fewer dragons and more zeros.
1. Receive Bitcoin from Another Cash App User
Imagine a world where sharing your $Cashtag is like sending a bat signal for Bitcoin. Make it rain digital currency by enabling your phone contacts in Cash App through the mystical ritual of tapping the account icon. Then, venture into the realm of “Invite Friends.” Or, keep it simple – just share your $Cashtag and let the Bitcoin flow like a river of gold.
2. Receive Bitcoin from Another Wallet App Using a QR Code
Behold the QR code, a magical sigil that facilitates the transfer of Bitcoin across devices. Tap the Bitcoin tile on the Money home screen, select “Receive Bitcoin,” and witness the birth of a QR code. Compatible wallets, like the heroes they are, can scan this code and complete the transaction in their own app. Enhance the code with an amount and a short note, and you’re ready to embark on the Bitcoin journey.
Fees of Buying, Selling, and Sending Bitcoin on Cash App
Cash App’s Bitcoin fees are like a rollercoaster, but without the thrilling loops and drops. They work on this sliding scale, yet it’s a mystery book—no published fee schedule for Bitcoin. Instead, you get hit with a “display fee” right on the confirmation page before your Bitcoin adventure is sealed.
For the small fries, those tiny $1 purchases, brace yourself for a 3% fee – that’s a whopping $0.03. It’s like buying a candy bar and paying extra just for the wrapper.
Now, let’s dissect the fees for different purchase amounts. Get ready for some numbers!
| Purchase amount | Fee | Percent of purchase |
|---|---|---|
| $1 | $0.03 | 3.0% |
| $10 | $0.22 | 2.2% |
| $20 | $0.45 | 2.25% |
| $50 | $1.12 | 2.24% |
| $100 | $2.25 | 2.24% |
| $101 | $2.02 | 2.00% |
| $1,000 | $17.53 | 1.75% |
Picture this: you’re in the sweet spot between $10 and $100. The fees dance around 2.25%, adding a dash of suspense to your crypto journey. But once you break the $100 barrier, the fees start bowing down, hitting 2% or lower. It’s like they’re saying, “You made it to the big leagues; enjoy the discount.”
And hey, it’s not just market buys; custom purchase orders join the party too. These are like the VIP tickets of crypto transactions. You get to set a fixed price for your order, feeling all powerful. But beware, you can’t keep the custom purchase order open forever. Pick an expiration date, any date, between 1 day to 90 days. It’s like choosing the perfect seasoning for your crypto steak – not too rare, not too well-done.
Conclusion
In conclusion, buying Bitcoin on Cash App is a straightforward process that puts the power of cryptocurrency investment in your hands. By following the steps outlined in this guide, you can confidently start your journey into the world of Bitcoin. Remember to prioritize security, stay informed about market conditions, and enjoy the exciting potential that Bitcoin offers.
Related: Where and how to buy Bitcoins with Zelle Pay
FAQs
Yes, Cash App provides robust security measures to protect your investments. However, it’s essential to follow security best practices and be cautious of potential threats.
Absolutely! Cash App allows you to buy as little as $1 worth of Bitcoin, making it accessible to all investors.
Cash App may charge a nominal fee for Bitcoin transactions. Be sure to check the app for the most up-to-date fee information.
Yes, Cash App provides the option to sell your Bitcoin holdings, allowing you to convert them back into fiat currency when desired.
Cash App offers customer support within the app. Simply navigate to the “Profile” tab, select “Support,” and follow the prompts to get assistance with your inquiries.
Now that you have a clear understanding of how to buy Bitcoin on Cash App, take the plunge and start your cryptocurrency investment journey with confidence! Remember that the world of cryptocurrency is dynamic, so stay informed and enjoy the exciting ride.
