Square’s Cash App started out as a popular way to send and receive money from friends and family but soon evolved into a payment service that allows you to do it all. You can purchase goods, pay bills, invest in stocks, and even buy and sell Bitcoin through.
However, buying and selling Bitcoin on Cash App isn’t as straightforward as the app’s other features since you have to complete a separate ID verification process. In this guide, we will explain how you can use the Cash App to buy Bitcoin and cover the simple steps you have to take in order to get your Cash App Bitcoin account verified.
What Does Cash App Do?
You can use Cash App for many purposes. You can use it to send and receive money instantly, pay your bills and make purchases, or invest in stocks and buy Bitcoin. You can also earn rewards with the funds in your Cash App account.
Every Cash App customer gets a unique cashtag, or a username they create when they open their account. You can use the cashtag to send and receive payments. The app allows you to connect your bank account or credit card to its mobile payment system to make purchases or send money.
You sign up using a debit card that’s connected to your bank account, but you can also add funds to your Cash App account through direct deposits. In fact, Cash App also has its own debit card or Cash App Card, which you can get for free once you sign up for the service. You can connect MasterCard, Visa, Discover and American Express debit cards to your account.
Who Can Buy Bitcoin With Cash App?
To start with, you need to make sure you are eligible for buying Bitcoin on the Cash App. The service is only available to residents of the United States who are 18 or older. That means, if you are based in any other country other than the US, you won’t be able to use Cash App to buy and sell Bitcoin. You need to have a tax ID number to buy Bitcoin on Cash App, so non-residents can’t use Cash App even if they are in the US for vacation or business travel.
The Cash App identity verification process requires you to provide your email address, phone number, Social Security Number (SSN) or taxpayer-identification number, date of birth, an official ID such as a driver’s license, and bank account information.
The Cash App is available for both iOS and Android mobile devices.
How to Buy Bitcoin With Cash App
In order to buy or sell Bitcoin with Cash App, you need to go through several steps. First, download the official Cash App and sign up for an account if you haven’t already. Next, connect your newly created account with your debit card or your bank account.
Afterwards, you can pick out your cashtag, i.e. your unique nickname on the mobile app. Your friends can use the cashtag to send you money or accept any money transfers coming from you.
To buy Bitcoin or other goods, first, you need to add money to your Cash app account. Click Add Cash on the home screen. This will trigger an identity verification process. You will be asked for personal information such as official name, address, date of birth, social security number, and official ID.
Once you complete the ID verification, you can easily add money to your Cash App balance. Now you need to obtain Bitcoin verification to be able to buy Bitcoin.
How to Complete the Bitcoin Verification
In order to buy and sell Bitcoin on the Cash App, you have to complete a second ID verification process on the platform. Here is a step-by-step account of how you can do that:
- Go to the Bitcoin tab on the home page and click enable withdrawals and deposits.
- Answer the questions about your employment status and why you want to buy Bitcoin.
- Submit an official ID, such as a passport or driver’s license, along with a selfie.
The Bitcoin ID verification can take up to 72 hours or more. Contact the Cash App team if your verification still hasn’t been completed after three business days.
Once your verification is complete, you can easily buy Bitcoin on the Cash App. Navigate to the Investing tab and pick Bitcoin. Click Buy Bitcoin. Enter the amount you wish to pay, and click confirm. Once you do that, Cash App will show you your transactions entails, including how much you are paying in fees. If you are happy with your transaction, click Confirm to complete your purchase.
The Cash App also allows you to set up recurring purchases. If you set up a recurring Bitcoin purchase, the app will buy Bitcoin for you automatically at set intervals and add it to your Cash App balance.
If you want to withdraw your Bitcoin from Cash App and send it to another wallet address, the process is quite simple. Navigate to Bitcoin and select Withdraw Bitcoin. Enter the amount of BTC you wish to withdraw. Next, you need to enter the Bitcoin wallet address to which you wish to withdraw your funds. You can copy and paste the address or use a QR code. Click Confirm.
Bitcoin withdrawals may take a while, depending on the current network traffic. You can check the status of your Bitcoin transaction using a blockchain explorer.
Fees and Limits
You can purchase up to 100,000 USD worth of Bitcoin weekly on the Cash App. You can also deposit 10,000 USD worth of Bitcoin to your Cash App account every week. The daily Bitcoin withdrawal limit is 2,000 USD, and the weekly limit is 5,000 USD. Cash App doesn’t explain its exact fee structure, but Bitcoin transaction fees oscillate between 1.5% and 2.5%.
A Few Words Before You Go…
Cash App is a popular payment app that allows users to invest in stocks and buy Bitcoin, as well as to send and receive payments. If you are already using Cash App, you may want to explore its Bitcoin market as a convenient method for buying Bitcoin. However, new customers or cryptocurrency traders may find Cash App frustrating due to its long verification times and limited coin support, as Bitcoin is the only digital currency offered on the app. If you want to explore other digital currencies, you may prefer regular cryptocurrency exchanges like Coinbase or Binance.