A few years ago, bitcoin mining was a thing, and miners used to mine cryptocurrencies like bitcoin using specially designed miners or powerful computer hardware.
Those days are long gone, and if you don’t have ASICs and cheap electricity at your disposal, Bitcoin mining is no more profitable. But does this mean you can’t deal with bitcoins anymore? Definitely not! You can use apps like Cash to buy all the Bitcoins you want!
Today, we will take a look at how anyone can buy Bitcoin with the Cash app.
There are some things you have to consider before you start to buy bitcoin with the cash app. Here’s a checklist to get you started –
- You must be at least an 18-year-old resident of the United States.
- You should not intend to use the app for any purpose other than personal. Hence, you have to register as an individual and not a business or an entity.
- Again, you have to be located in the United States to buy Bitcoin with Cash app.
A step-by-step guide to Buy Bitcoin with Cash app:
- Go to the App Store on Apple devices or Google Play Store on Android devices and download the Cash app.
- Once the download is complete, open the app. The app will prompt you with a login/register screen. If you do not have an existing account with Cash, complete the sign-up process using your phone number or Email address.
- You must add a personal bank account or debit card to your Cash account. Once that is done, enter your name.
- Choose a unique $Cashtag. The tag acts as an identifier for your account. The tag can also be used as a referral code to receive bonuses when your friends join using your tag.
- Add your address details to proceed.
- To buy the Bitcoin with Cash app, you have to add funds to your Cash App account. Select the amount you wish to add and confirm your details such as name, date of birth, social security number, and birth date. Once the details are confirmed, you can begin adding funds to your Cash App account.
- Navigate to the app’s home screen. Tap on the Bitcoin option under Deposits & Transfers. Choose the ‘Enable Withdrawals and Deposits’ option. The Cash app will now request information such as email address, the reason for buying Bitcoin, and some private questions about your income and employment.
- You will be asked to verify your identity by scanning both sides of your state ID or driver’s license. You would also need to upload a clear photo of yourselves. ID verification can take up to 48 hours.
- Once verification is successful, navigate to the ‘Investing’ section of the Cash app. The next screen would give you options of Bitcoin or stocks. The app will then greet you with a recent performance of Bitcoin with respect to price.
- Tap on Buy. You can opt for a one-time or recurring purchase. Select an amount in Dollars and tap on Next. Confirm your selection, and you will see an overview of your order. It will contain the fees to be paid and the amount of Bitcoin to be received. You can then hit the Confirm button to complete the process of buying Bitcoin from the Cash App.
- Once processed, tap on ‘Done’. Et Voila!
- You can view your Bitcoin holdings on the Home tab inside the Cash app. You can also see your wallet address which would be needed if you wish to withdraw or deposit Bitcoin from an external Bitcoin wallet.
Things you should remember while you buy Bitcoin with Cash app:
Although it is effortless to buy Bitcoin with Cash App, there are some things you should note before you invest.
- The Cash app only allows the weekly purchase of Bitcoin purchases worth up to $100,000. If you need higher limits, you might have to look elsewhere.
- You can deposit $10,000 worth of Bitcoin in your wallet in any seven days.
- The limit for withdrawal is set as follows: Bitcoin is worth $2,000 every 24 hours and up to $5,000 within seven days.
- The Cash App charges a fee whenever you buy or sell Bitcoin on its platform. This fee is included in your order summary before you complete any transaction in the Cash app. The fee consists of a service fee for each transaction and an additional fee that depends upon price volatility across the US Exchanges.
There is no doubt that the Cash app makes the hassle of buying, storing, selling, and transferring Bitcoin an easy task. But like all exchanges, you have to pay a fee for every transaction you make.
The Cash app advertises that purchases and sales made through the Cash App are carried out at a mid-market rate determined by exchange prices. So you might experience very fair exchange prices.
For the convenience to buy Bitcoin with Cash app on the go and without much hassle, the Cash app is becoming one of the most popular platforms for buying, selling, and transferring Bitcoin.
I hope this article helps you and if you have any queries related to it then do leave your comment below. If you have not joined our community then you can now. We are very active there and have been sharing important information there.
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