The crypto ecosystem has come an extended way from the days of Mt. Gox and other early exchanges, which were largely unregulated and catered to a savvier-than-average tech crowd.
Thanks to companies like Square, we will use apps just like the cash app to shop for bitcoin simply and simply right from your mobile device and with very reasonable fees.
These crypto-focused platforms offer users great trading tools and access to many altcoins, along side services like futures, options, and margin trading.
But what if you only want to shop for yourself some bitcoin with the minimum amount of hassle?
One platform stands out from the pack in terms of ease of use. Cash App is owned by Square, a financial services company and payment provider co-created by Jack Dorsey, founding father of Twitter, in 2009. Cash App is used by over 15 million people, and since January 2018 has allowed users to buy for bitcoin within the app.
We’ll talk a touch more about Jack Dorsey’s bitcoin connections afterward , except for now let’s start on the way to buy bitcoin using Cash App.
How To Buy Bitcoin Using Cash App - A Step-By-Step Guide
- Download Cash App
Cash App is out there on the App Store or Google Play Store.
- Sign up
Use a phone number or email address. Enter your name when prompted.
- Link a payment method
You can add a checking account or open-end credit .
- Get a Cashtag
Choose your unique cashtag, which is that the name at which you’ll be ready to receive funds. Get your referral code to earn a bonus whenever friends check in , then continue. Congratulations, you now have Cash App!
- Go to Home Screen
Next, you’ll be taken to the Cash App Request/Pay screen. Along rock bottom , from left to right, are tabs for Home, Cash Card, Request/Pay, Investing, and History. To buy bitcoin, you’ll first got to verify your identity. To do so, tap on the Home tab (left).
Then select Tap on “Bitcoin”, just below Deposits & Transfers (right).
- Get Verified
You’ll be prompted to verify your identity. You’ll got to enter your full name and Social Security Number.
Cash App is required to follow FINRA (Financial Industry Regulatory Authority) compliance rules and cling to AML/KYC (Anti-Money Laundering and Know Your Customer) regulations. This process can take anywhere from a few of minutes to each day . You will receive a notification when verification is complete.
- Choose Investment Type
Once approved, tap on the Investing tab. You can buy stocks on Cash App, but you’re here to take a position within the way forward for money, so tap on bitcoin.
- Buy Bitcoin
You’ll see a chart of bitcoin’s recent performance. To get your piece of it, click Buy (left).
For this tutorial, we’ll buy five dollars’ worth of BTC, but Cash App’s weekly purchase limit is $100,000. You can also found out recurring purchases to DCA (dollar cost average) into bitcoin (circled in green, right). Then click next (circled in red, right).
- Confirm Order
After you input your required USD value of Bitcoin, click next (left).
You will see an overview of your order outlining the amount of BTC, the current spot price, fees to be paid, and the amount in satoshis you will receive. Tap confirm to buy your BTC (right).
- View Wallet Balances
Once processed, select “done” (left).
You can view your bitcoin holdings within the Home tab. Here you can also see your wallet address, which you will need to transfer any bitcoin in from an external wallet. Click on Deposit Bitcoin (right).
- Withdraw Bitcoin
Finally, we'll withdraw our bitcoin to an external address which is suggested with all Bitcoin purchasing - you ought to hold the coins yourself.
Just enter the entire amount of Bitcoin you've got on deposit and choose “Withdraw” (right). You can also deposit bitcoin to sell back to Cash app using the deposit screen (left), but that's for a further article.
That’s it, you’ve successfully purchased your very own BTC! Cash App’s simple, intuitive interface makes buying and selling easy.
If you would like to transfer your bitcoin to an external wallet, make certain to require a glance at our guide to the simplest bitcoin and cryptocurrency wallets.
For more information about Bitcoin Contact Cash App Support.