Bitcoin remains the biggest and most popular cryptocurrency with a market cap of over $1 trillion at the bull market. Bitcoin can be bought on exchanges like Prestmit and Coinbase, but you can also buy it on Cash App.
Kindly stay with us on this article you want to know more on how to buy Bitcoin on Cash App.
Can You Buy Bitcoin On Cash App?
Yes, making Bitcoin purchase on Cash App has been made possible, since 2018. Cash App is reputed as a platform that avails people to send and receive money with their credit card or bank account. But this narrative has changed in the last years. On Cash App, you can now buy goods and pay bills, with the available option of even investing in stocks.
Who Can Buy Bitcoin On Cash App?
Buying Bitcoin on Cash App is designed towards a set of requirements that must be met by its users. To begin with, users must be at least 18 years of age or the mature age of majority in their state of residence.
You must also be a United States resident, as Cash App services are exclusively for the United States. In another requisite, the Cash App user must be an individual and not entities, translating to the fact that buying Bitcoin on Cash App must be for personal use only.
You can use Cash App to buy Bitcoin across all the fifty (50) of the United States, although staying anonymous in the trade would not be always. This is because providing some personal information is required by some transfers of centralized currency.
The personal data might include name, home/office address, email, phone number, birth date, government identification number, bank details, taxpayer identification number, etc. In some instances, you might even be required to state your employment status and place of work.
How To Buy Bitcoin On Cash App
Buying Bitcoin on Cash App is considerably easy. You must have a device to get the Cash App on, and you are on your way to getting started to buy Bitcoin.
1. Download Cash App from your Google Play or Apple Play Store.
2. Sign up with your email address or phone number.
3. Add to link your bank account or debit card to your Cash App account.
4. Enter your first name and last name.
5. Select a Cashtag. This will be your unique username which will enable you to receive funds. Here, you can generate a referral code that can be given to friends and family. You will always get a bonus anytime your unique referral code is used to sign up for Cash App.
6. Enter your address.
7. Add funds to your Cash App account. This will enable you to buy Bitcoin. Navigate to the home screen and select Add Cash. Select the amount you want to add and confirm your name, birth date, social security number, and home address. With this, your transaction will be processed.
8. Navigate to the home screen to select the suitable Bitcoin option for Deposits & Transfers. Choose the “Enable Withdrawals and Deposits” option. Provide Cash App with other information to get verified.
9. Go to the “Investing” section after successful verification. This will enable you to select Bitcoin or stocks, from where you will be able to buy Bitcoin.
10. Select an amount for the Bitcoin you want to buy and click on “Next” and “Confirm” to proceed with the purchase.
11. Select “Done” after the processing.
Does Buying Bitcoin On Cash App Attract Fees?
Buying and selling Bitcoin on Cash App attracts certain fees. However, the fee is made available at the confirmation of the trade before getting the transaction done. So you can simply cancel going forward with the transaction if you disagree with the fee.
There are two fees attached to Bitcoin transactions on Cash App. These are service fees and additional fees based on Bitcoin price volatility across the United States crypto exchanges.
Conclusion
The popularity of the Cash App is on the rise as a result of its multifunctionality, which includes Bitcoin transactions and dubs as a platform to send and receive money. Get started by downloading Cash App on your device. Remember that transactions on the app are not free, hence be ready to pay the required transaction fees.
