Cash App: What It Is, How to Use and Trade Bitcoin

Cash App, developed by Block, Inc. and currently available only in the United Kingdom and the United States, is a mobile payment service that allows users to transfer money to one another very easily using a mobile-phone app. Its was launched in October 15, 2013 and and known as “Square Cash“, it has grown more popular since then. In September 2021, the service reported 70 million annual transacting users and $1.8 billion in gross profit. You can download the Cash App HERE

How To verify your Cash App

NB: You’ll need to have a Social Security Number (SSN)

  1. Create a Cash App account.
  2. Tap on the Profile tab. You’ll find it in the top right corner.
  3. In the drop-down menu, you will see ‘Personal’. Tap on it.
  4. A new page will appear requiring you to enter your SSN, billing address, and other information. Fill in the information.
  5. All you need to do is wait to get approved. It will take about 24 hrs. You will get a confirmation and notification. Apart from being able to buy and sell BTC, you will be able to also enable Cash App direct deposit and trade Stocks.
  6. Once approved and verified, you can receive an unlimited amount in a month, and you will be able to send up to $7500 in a week.

How To Trade Bitcoin (BTC) ON Cash App

To start transacting Bitcoin on your Cash App, you need to enable Bitcoin in the app. However, before you can enable Bitcoin on your Cash App, your account needs to get verified, this we have already discussed.

Although you can use your Cash App without verification,  itwill not support Bitcoin trading. Unverified Cash App will also have some further limitations including

  1. You will be only allowed to receive $1000 in a month
  2. You will be limited to send a miximum of $250 in a week on the app.

BTC verification on Cash App

Once you have verified your Cash App, you can now enable BTC transactions within the app. Here is the steps to follow:

  • Launch the app
  • Tap on the Profile tab. You will see it at the top right corner of the screen.
  • You will see ‘Bitcoin’ at the bottom of the screen. Tap on it.
  • On the new page that appears, scroll down until you see ‘enable Bitcoin withdrawal’. Tap on it.
  • A verification pop-up will appear. Tap on it. Now, allow Cash App to have access to your camera and scan a valid photo-id as proof of your identity. You will also scan your face for verification.
  • On the screen, you will see ‘Bitcoin Withdrawal Approval is pending’. The approval takes 24-48 hours.
  • If the verification was successful, you will get a notification as well as an email message confirming the successful activation of the BTC transaction on your Cash App.

    How to deposit Bitcoin into Cash App

    After enabling Bitcoin on Cash App, you can start sending and receiving Bitcoin. Within a 7-day period, you can deposit about $10,000 worth of bitcoin. However, the transactions might not be fast sometimes because the Bitcoin network tends to get congested, it could take hours before the transaction is completed.

    Here is how to deposit Bitcoin into Cash App:

    • Launch the app and then tap on ‘Bitcoin’ at the bottom of the home screen.
    • Tap on ‘Deposit’
    • You can use the QR code to scan, or copy and paste/share the Bitcoin address with the sender.
    • Depending on the security level of your device, you might have to use Touch ID or confirm your pin.

 

How to send Bitcoin via Cashtag

Sending Bitcoin via Cashtag is free and it is done within the app. Here are the steps to follow –

  • From your Cash App home screen, switch from USD to BTC. You will see a toggle for switching on the homepage.
  • Input the amount you want to send then tap on ‘Pay’. The minimum you can send is $1.
  • Now, you will input the recipient’s $Cashtag, email address, or phone number. Tap on ‘Pay’.

Note: if you input the recipient address or phone number and the person doesn’t have a Cash App account, the person will be notified to create an account so the payment can be accepted. If the person doesn’t create and verify the account within 14 days, your BTC will be refunded to you.

How to convert BTC to cash on CashApp

It is possible to convert your BTC to cash within the app, and it is very straightforward. The best part is that there are no restrictions so you can have access to your money at any time.

To convert your Bitcoin to cash, follow the steps below:

  • Launch the app. On the home screen tap on ‘Bitcoin’
  • Tap on the ‘Sell’ tab
  • Select an amount or input the amount you want to convert.
  • Use your Touch ID or input your passcode, then tap on ‘confirm’.

How to auto-invest bitcoin on CashApp

If you want to invest in Bitcoin then you can set up a schedule to automatically buy Bitcoin for you at a set price. With the frequent rally and drop of Bitcoin price, you won’t be able to get it at the same price every time, sometimes it will be higher, other times it will be lower.

Steps to set it up:

  • Tap on ‘Bitcoin Investing’ in the app.
  • Tap on ‘Standard one-time order’. A drop-down menu will appear for you to choose a frequency (daily, weekly, and every two weeks). After choosing a frequency, tap on ‘Done’.
  • Choose an amount or enter a custom amount. The chosen amount is what will be automatically invested into Bitcoin periodically. The minimum you can input is $10. Tap on ‘Next’
  • Tap on ‘Confirm’ to activate it.

Steps to cancel it:

  • Go to the ‘Bitcoin investing’ section.
  • Scroll down, you will see the auto-invest status. It will be in ‘Active’.
  • Tap on the purchase, and then tap on ‘cancel’. This will cancel the Auto invest feature.

Conclusion

Cash App makes it easier for people to get access to Bitcoin, and the app is easy to operate. However Nierin may not be able to use the App becaue of the SSN needed, except you do have one, if you have lived or currently living in the United States or United kingdom

SCHOLARSHIPS BY COUNTRY


UNITED KINGDOM


CANADA


AUSTRALIA


TURKEY


JAPAN


GERMANY


IRELAND


SWEDEN


MALAYSIA


SOUTH AFRICA


UNITED STATES


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