Bitcoin is the first digital currency that is present outside the control of any government or corporation. Bitcoin is a prime characteristic of money in the world that represents total monetary freedom. Earlier it was cumbersome to purchase Bitcoins as it took significant time with high fees involved. Presently the process has become much easier with the introduction of many mobile apps. You can either buy and sell Bitcoin within minutes and that too with ought any extra fees involved.
Bitcoin is known for its security that is available for users across the world, and this BlockChain Technology has grown so advanced.
Jack Dorsey (CEO of Square Inc.) who has devolved Cash App announced recently that he is committed to Bitcoin and its growing trend. He has officially said in a statement that Bitcoin will play an ever-growing role in Cash App’s infrastructure in the future.
This article will walk you through on the steps to buy Bitcoins on Cash app, sell Bitcoins on Cash App, fees and taxes involved to buy Bitcoins if any.
Steps to buy Bitcoin on Cash App:
To buy Bitcoin, users have to verify their identity, follow below-mentioned steps to verify the identity and buy bitcoins:
How can you sell Bitcoin through Cash App?
Follow the below-mentioned steps to sell your Bitcoin using your Cash App account:
Always keep in mind that the sale and purchase of Bitcoin are only possible if you have a minimum amount of 0.001 in your account. The user can withdraw $2000 amount of Bitcoins in a day, and in a week the limitation is $5000.
The transaction of Bitcoin takes 30-40 minutes, and sometimes it takes more than that.
The transfer of bitcoins in other accounts generally takes 30-40 minutes.
Fees involved in buy and sell Bitcoin on Cash App:
As per Cash App’s official statement, it may charge fees on buy and sell Bitcoin. However, the fees will be listed on the trade confirmation before anyone completes the transaction.
Kindly note that Cash App charges two kinds of fees for Bitcoins transactions. The most basic fee charged is the service fee for each transaction. The second fee depends on the market activity as it keeps on fluctuating; it is determine by price volatility across U.S exchanges.
For example, These figures are taken from some of the live examples of transactions on the Cash App.
Eg 1. $0.10 fee is charge for a $10 purchase, that is 1% of the total purchase value.
Eg 2. On $50 purchase $0.88 fee is charge, which is 1.76% of the total purchase value.
Eg 3. A $100 purchase of Bitcoins would attract a fee of $1.75, which is equal to 1.75% of the total purchase value.
As you can see, it seems Square Inc. rounds down in certain circumstances.
Can you send Bitcoin to an External Wallet?
Yes, you can easily send or withdraw your Bitcoins to an external wallet using Cash App. Follow the below-mentioned steps:
- Open Cash App on your device, select the profile icon at extreme upper-left.
- Scroll to the Funds and select “Bitcoin”.
- Verify your identity.
- Once verification is done, select “Transfer Out” and press Confirm.
- Now scan the QR code from the external wallet, or you can select “Use Wallet Address” at the extreme bottom of the screen.
- At last press Confirm.
Note: Once you have performed all the steps as mentioned above correctly in your Cash App, your Bitcoins will be sent to your external wallet however please note it may take few hours for the transaction to get completed.
Can we schedule the purchase of Bitcoin automatically?
As per the report, users can now make an automatic purchase of bitcoin via Cash App. This can be done in small denominations that will lead to more accessibility.
Users can set up automatic purchases of Bitcoin on a daily, weekly or bi-weekly basis.
To start with, users can set up a $10 minimum payment meaning the app would buy $10 of Bitcoins every day or once a week or after two weeks.
Is it secure to purchase and sell bitcoins on Cash App?
Cash app is one of the most secure and safe available platforms for trading Bitcoins. Without verification, no one can access the transactions of Bitcoins on Cash App.
Cash App has strict algorithms that check every transaction. If it encounters any unusual activity, it gives an error as “ Cash App Payment Failed”. The transaction amount gets refunded within 1to 3 working days automatically.
In this article, you can find the steps to buy and sell Bitcoin very easily. Go through the complete article as there are additional queries resolved for Bitcoins.
If you still face any issues, you can contact our customer care department for a quick resolution of your queries.
To purchase Bitcoin on Cash App the user needs to get the Cash App account verified. Without the verification of the Cash App account the Bitcoin transaction cannot be done.
Once you complete the process of adding payment mode for Bitcoin transaction the Cash App verifies the identity. You need to provide your full name, date of birth, last four digits of your social security number and the process takes 24 hours to complete.
The fee which is charged for purchasing Bitcoin on Cash App. The first fee is based on the volatility in the United States. 1.76 % is the fee which is charged on every transaction of Bitcoin on Cash App.