Cryptocurrency is quickly gaining in popularity and it gets easier each day to buy (and spend) cryptocurrency. This is thanks, in part to, the number of apps and start-ups cropping up and helping to encourage the mass adoption of cryptocurrency in our economy. One app that’s gaining in popularity is the Cash App, from the credit card payments operator Square. Square’s Cash App is an easy and simple tool for new and existing cryptocurrency users to send and receive Bitcoin.
By: Kyle Torpey | Apr 17, 2020 | Modified Jun 30, 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 bitcoin 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 Cash App is 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 Cash 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 “Cash” that you already have in your account Cash App wallet. 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, tap on the “invest” tab at the bottom. Click Bitcoin, then choose the buy or sell button.
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.
Send Bitcoin = Withdraw Button
Receive Bitcoin = Deposit Button
To send Bitcoin, use the “withdraw” button. To receive Bitcoin from an external wallet, use the deposit button. To deposit bitcoin into your Cash App:
To send Bitcoin 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 deposit 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.
The Cash App is one of the easiest apps for buying, receiving, and sending Bitcoin today. The app let’s you buy and sell almost instantly and transfer dollars between peers and businesses who are using the app.