Cryptocurrency is quickly gaining in popularity and it gets easier each day to buy (and spend) it. This is thanks, in part to, the number of apps and start-ups cropping up and helping to encourage the mass adoption of crypto in our economy. The Cash App, from the credit card payments operator Square, is an easy and simple tool for new and existing cryptocurrency users to send and receive Bitcoin. If the Cash App + Bitcoin = easy adoption, you’ll need to know how to buy Bitcoin with the Cash App.
By: Arthur Crowson | Apr 17, 2020 | Modified Sep 25, 2020
Square’s Cash App is a wallet and payment app that’s available in all 50 US states. This payment app, which offers users the ability to buy, sell, and invest USD, also offers bitcoin as a currency. While it offered BTC in certain jurisdictions, it rolled out bitcoin deposits to all users within the United States on June 26th, 2019. Square received the 7th (ever) BitLicense from the New York Department of Financial Services, allowing it to offer Crypto trading to users in New York State. The app comes to us from Jack Dorsey, CEO of Square and Twitter.
The Cash App is similar to other online payment methods like PayPal or Venmo, but what makes it really exciting is its ability to use Bitcoin as a currency. Square’s Cash app lets you instantly buy, sell, store, withdraw, and deposit Bitcoin. The app also doubles as a bitcoin exchange and custodial wallet.
If you want to start by buying cryptocurrency through the platform, then it is a relatively straightforward process. Note, however, that bitcoin is bought from the funds that you’ve already added to the app. Before attempting to buy Bitcoin, it’s recommended that you connect your bank account and deposit USD into Cash App.
To buy Bitcoin on the app:
To finish your transaction, you’ll be directed to confirm with your PIN or TouchID.
Currently, the only cryptocurrency available on the Cash App is Bitcoin. However, once you own bitcoin, you may transfer it to any other wallet or exchange you control for trading or hodling long term.
Cash App users can send and receive payments to and from one another. One thing that users have noted as slightly odd is the terminology used within the app:
To send Bitcoin, use the Withdraw button. To receive Bitcoin, use the Deposit button. To add bitcoin to the Cash App:
To transfer BTC to yourself or to another user, use the Withdraw button.
Bitcoin withdrawals and deposits must be enabled to get started (and if you are sending or receiving from another Cash App user, they must have it enabled as well). You can add up to $10,000 worth of bitcoin over a seven-day period.
It may take hours before transfers into or out of your Cash App are confirmed on the blockchain. This is dependent on network activity. It’s unfortunate but right now, Dorsey’s creation is one of the easiest apps for buying, receiving, and sending Bitcoin today.
The app lets you buy, sell, and move dollars between peers and businesses who are using the app. Now that you know how to buy bitcoin with Cash App, will you try it?