Cash App has become one of the popular methods to buy, sell, and hold Bitcoin and other cryptocurrencies. This is owed to the growing adoption of crypto assets, with the knowledge of crypto trading as one of the best ways to make money online. As such, the large user base of this platform has also created an avenue for anyone to trade and invest in different crypto assets. But one common question from BTC holders is how to convert Bitcoin to cash on Cash App, to spend or save in their bank accounts.
Requirements For Converting Bitcoin On Cash App
1. Account Verification
You must first verify your identity by providing personal information like your full name, social security number, and date of birth before converting your Bitcoin to cash on Cash App. This is a KYC (know your customer) process, which is in compliance with the platform’s anti-money laundering (AML) regulations.
2. Linked Bank Account Or Debit Card
In a bid to convert your BTC into a fiat currency, you must link your bank account or debit card to your Cash App. It can take between 1 and 4 business days for the platform to verify a linked bank account or debit card.
3. Sufficient Bitcoin Balance
It is essential to have enough BTC balance in your Cash App wallet to convert to cash. You can only convert up to your total Bitcoin balance minus any pending buy/sell transactions.
How To Convert Bitcoin To Cash On Cash App
You can start the exchange of your BTC for cash upon meeting the requirements highlighted above.
- Open Cash App and click “Investing” on the bottom menu. This will open your investing wallet, as well as your BTC balance.
- Click “Sell.”
- Enter the preferred amount of BTC that you want to sell. You may also enter a custom amount or click the “Sell All” option.
- Enter your Cash App PIN or use the Touch ID to confirm the transaction.
- You will be directed to a confirmation page that shows you the amount of BTC that you are selling, the exchange rate, any applicable fees, and the total amount of cash you’ll receive.
- Click “Confirm” to sell the BTC.
Meanwhile, you can sell Cash App Bitcoin outside the platform by sending your BTC to an external wallet, from which you can sell the crypto asset on your preferred exchange.
How To Cash Out On Cash App Into Bank Account/Debit Card
Here is how to withdraw your funds from selling BTC into a cash balance in your Cash App:
- Click “Banking/Activity” on your Cash App home screen.
- Select “Cash Out.”
- Choose your preferred amount and click “Cash Out.”
- Select a deposit speed – “Standard” or “Instant.”
- Confirm with your PIN or touch ID.
Frequently Asked Questions (FAQs) About Converting Bitcoin To Cash On Cash App
How Can I Get My Money Out Of Bitcoin On Cash App?
You must sell your BTC to get your money on Cash App, This will convert your BTC holding to a cash balance that you can withdraw into your bank account.
Can I Convert Bitcoin Back To Cash on Cash App?
Yes, Cash App enables you to sell your Bitcoin and convert it back to cash.
How Much Bitcoin Can I Sell On Cash App?
There is no limit to the amount of Bitcoin you can sell for cash on Cash App.
What Is The Fees For Converting Bitcoin To Cash On Cash App?
The fee for selling Bitcoin on Cash App depends on market conditions. Therefore, they fluctuate between 2% and 3% of the BTC you sell.
Conclusion
Converting your Bitcoin to cash on the Cash App is simple and easy as it allows you to withdraw fiat currency into your bank account anytime. This also enables you to make profitable trading whenever the Bitcoin price is bullish.
However, it is important to understand the market conditions and trading fees on this platform when you plan to sell your BTC for cash.
