How to Buy Bitcoin on Cash App
Posted by Frank Gogol in Investing | Updated on August 26, 2022
Disclosure: Stilt is a lending company. Nonetheless, we are committed to providing our users with high-quality resources and accurate information about immigration and finance.
Bitcoin is the most popular cryptocurrency, and during the latest bull market, it managed to surpass $1 trillion in market cap. The currency can be bought on brokers like Robinhood or exchanges like Coinbase, but it is also possible to purchase it on Cash App. If you want to learn how to buy Bitcoin on Cash App, just read on and you’ll discover some valuable information.
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Can You Buy Bitcoin on Cash App?
Buying Bitcoin on Cash App is possible and it all started in 2018. Cash App is known to allow people to receive money and send money using their bank account or a credit card, but over the years, it became much more than that. It started letting people buy goods and pay their bills, and it even became possible to invest in stocks. Then, from 2018, it became possible to use it for buying and selling Bitcoin.
Who Can Buy Bitcoin on Cash App?
In order to purchase Bitcoin on Cash App, users must meet certain requirements. First of all, they need to be at least 18 years of age. On top of that, they must be the age of majority in their residence state, or older in order to use the service.
The person should also be a resident of the U.S. and use these services in the U.S. Lastly, those who want to buy Bitcoin with Cash App must be individual persons and not entities, meaning that the service should be used for personal use only.
All 50 states can use Cash App for purchasing Bitcoin. However, you may not be able to stay anonymous all the time. There are certain transfers of government-issued currency or virtual currency that require providing some personal information.
This might include your name, phone number, address, email, taxpayer identification number, birth date, government identification number, and data regarding your bank account. You may also have to state your money source and your employment.
How to Buy Bitcoin on Cash App
Buying Bitcoin on Cash App is easy. All you need to do is make sure that you have a device for the Cash App and then you’re ready to buy Bitcoin. Here is what you have to do:
- Go to Google Play or the Apple App Store and search for Cash App. Download it once you find it.
- Then, enter your email address or your phone number to sign up.
- Add a debit card or your bank account to your Cash App account.
- Enter your first and last name.
- Select a Cashtag. This is your username, which is going to be unique, and you need it in order to be able to receive funds. Besides, you can also get a referral code here. The referral code can be given to a friend or family member, so you can receive a bonus when they sign up using it.
- Enter your address details.
- You must add funds to your Cash App account, or else you will not be able to purchase Bitcoin. So, go to the home screen and choose Add Cash, after which you can select how much you want to add. Then, you need to confirm your name, social security number, birth date, and home address. You are ready to add funds to your balance once you load all these details.
- Go to the home screen and choose the suitable Bitcoin option from under Deposits & Transfers. Afterward, select the “Enable Withdrawals and Deposits” option. Cash App will now ask for some extra information. This includes your email address, as well as your reasons for purchasing bitcoin. It will also ask you some questions about the income you earn and your employment. Next, you’ll have to scan both sides of a state ID or your driver’s license in order to verify your identity. In the end, you should take a photo of your face. Make sure you’re in a well-lit area and take a clear picture. All you have to do afterward is wait. It can take up to 48 hours to process the I.D. for verification. Until this is done, you will see a “verification in progress” message.
- Once the verification is finished, go to the “Investing” section. This will allow you to choose stocks or Bitcoin. Obviously, choose Bitcoin, after which a price chart of the recent performance will pop up. A BUY button will be there as well.
- Tap on “Buy” and you will be able to pay the amount for the bitcoins at once, or you can set up recurring purchases. After selecting an amount, you should tap “Next” and then “Confirm”.
- When you reach the confirmation screen, there will be an order overview. Look over it and tap confirm if everything is okay.
- Select “Done” when it’s processed. Now you can go to the Home tab and see your Bitcoin amount. In order to deposit or withdraw Bitcoin, you will have a user’s wallet address displayed. You can withdraw the money to a personal wallet, and you don’t have to trust a third party with your Bitcoin. This will make sure you are the one in control of your Bitcoin.
Are There Fees for Buying Bitcoin on Cash App?
You should be aware that a fee will be charged when buying or selling Bitcoin on Cash App. This fee will appear on the confirmation of the trade before you’re done with the transaction. This way, if you don’t agree with the fee, you can simply choose to not proceed. During transactions with Bitcoin, Cash App will charge two types of fees: one of them is the service fee, and the other one is an additional fee based on the price volatility across exchanges in the U.S.
Alternatives to Cash App for Buying Bitcoin
Even though Cash App is amazing and it allows you to buy Bitcoin, it still has its drawbacks that you may not like. So, you may want to look into some alternatives.
Gemini is one of your other options. This app helps build crypto products in order to sell, buy and store your Bitcoin or other currency. It lets you instantly buy cryptocurrencies and access everything you need in order to understand the market and start investing. Besides, it’s easy to use and has a great interface.
Other options include CoinBase, Webull, and BlockFi.
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Cash App has been growing in popularity over the last few years, and because of that, a lot of people like using it not only to receive or send money but also for Bitcoin transactions.
Cash App is great for these types of transactions and signing up on the app and buying Bitcoin is a piece of cake. If you want to start your own Bitcoin operations with Cash App, all you have to do is download the app, register using your personal information, and buy bitcoins. Just be aware of the fact that some fees will apply to the transactions, so you need to be ready to handle them before you proceed.
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