Are you interested in purchasing Bitcoin but confused about how to get started? The fast-evolving world of cryptocurrency has made every individual dream of getting a Bitcoin of their own. There are many ways you can purchase bitcoin. Many centralized and decentralized exchanges are available in the market that will definitely help you to achieve your dream. However, certain specialized applications are there to buy Bitcoin seamlessly. Cash App is one such peer-to-peer money transfer application that allows investors to buy Bitcoin. The platform is similar to other cryptocurrency exchanges but with certain limitations that it only lets you buy and sell Bitcoin.
What is a Cash App?
Cash App is a peer-to-peer payment platform developed by Square Inc. and gained immense popularity among Bitcoin enthusiasts within no time. The platform allows investors to buy, sell, and transfer their Bitcoin. You can transfer Bitcoin to anyone’s $cashtag, mobile number, or email in just a few clicks.
If you want to purchase Bitcoin using Cash App, you have to create an account with Cash App.
Creating a Cash App Account
You can create a Cash App account within a few minutes. Follow the below steps:
- Download the Cash App on your system or phone.
- Once you download the app, open the app to create an account.
- In the registration form, you have to provide your basic information such as your name, email address, and phone number. If you already have an account, you can directly log into your account.
- Once you have created your account, log in using the credentials provided.
- Now you have to ensure that your Cash App account is linked to your credit card. You can add your credit card details by navigating to the account settings and adding your credit card details.
Verification Process
Cash App requires every user to verify their identity to comply with regulatory standards. To complete verification, you have to provide your full name, date of birth, and the last 4 digits of your Social Security number. This step will enhance the security of your account and ensure that you adhere to legal requirements.
Submit the necessary identification documents to complete the verification process. Once your account has been verified, you can access the platform and purchase Bitcoin seamlessly.
Linking Your Credit Card
To link your credit card to the Cash App, go to the payment settings of the app and click on the add a credit card option. You have to enter your credit card details such as your card number, expiration date, and CVV.
Once you enter all the details appropriately, you have to authenticate the connection. Authentication can be done by receiving a verification code via email or SMS. After linking your credit card with the Cash App, you can use it as a viable payment method for a variety of transactions on the Cash App, including the purchase of Bitcoin.
How to Buy Bitcoin with Cash App?
You have successfully created an account with Cash App. Now, let’s look at how to buy Bitcoin using the app.
To buy Bitcoin, follow these steps:
- Open your Cash App.
- On the home page, you can see a money tab. Clicking on the tab will pop up a menu at the bottom. Now, click the ‘Buy Bitcoin’ option.
- In the next section, enter the dollar amount you would like to buy.
- Review the transaction details and once confirmed, click on the ‘Buy’ button.
- Cash App will purchase Bitcoin for the current market price using your available funds.
Transferring Bitcoin to Another Wallet
Now you have Bitcoin in your Cash App. You can transfer your Bitcoin to another wallet for additional security or to utilize advanced trading features. To transfer your Bitcoin, follow the below steps:
- Open your Cash App and head over to the ‘Bitcoin’ section.
- Click on the ‘Withdraw Bitcoin’ button and enter the amount of Bitcoin you want to transfer.
- In the next field, enter the wallet address to which you want to send your Bitcoin. Always double-check the wallet address to ensure its correctness.
- Review the details. There will be a certain amount of network fees added to the amount.
- Click on the ‘Confirm’ button.
- Enter the Cash App PIN to complete the transaction.
- You will receive the appropriate amount of Bitcoin in your wallet. Transaction speed can vary depending on the network traffic.
Transaction Fees
Cash App incurs a transaction fee for both buying and selling of Bitcoin. The transaction fees vary depending on the transaction size. For instance, if you want to buy Bitcoin for $200, you will get around $195 worth of Bitcoin, and $4 will be paid as transaction fees.
Cash App includes a spread, meaning you have to pay slightly more money than the market value of the bitcoin. When selling, it also sold slightly below market value. There will be additional fees for withdrawals too.
Conclusion
Cash App allows you to purchase Bitcoin by integrating your credit card with the app. You can simply create an account with Cash App by providing your personal information. All the details, including your credit card information, will be safe with the platform. However, there are certain things that you must consider before choosing the Cash App. There will be a transaction fee, and the asset will be purchased for the amount slightly lower than the market value.