How to buy Bitcoin with the Cash App?

Introduction

CASH APP: During one of the most recent bull markets, Bitcoin’s market cap has topped $1 trillion, largely thanks to cryptocurrency’s current accessibility. When Bitcoin last experienced a parabolic bull run in 2018, investors had far fewer options for purchasing and selling digital money.

Bitcoin can now be purchased through exchanges such as Coinbase and Gemini, online brokers like Robinhood and Webull, and peer-to-peer transaction applications such as Cash App. Each site offers different cryptocurrencies and charges different fees and taxes, but the main assets, such as Bitcoin and Ethereum, are no longer unavailable. Cash App was one of the earliest peer-to-peer businesses to offer clients cryptocurrency, and we’ll look at how to purchase and sell Bitcoin using the app today.

About Cash App Invest

Square’s Cash App is a mobile peer-to-peer payment service (NASDAQ: SQ). The Cash App, launched in 2013 as Square Cash, works similarly to Venmo or PayPal but with a few more bells and whistles. Similar to Venmo, you can register a username and transfer contactless payments to other users for free. Users of the Cash App can even send money to non-users if the recipient has a debit card.

Cash App also functions as a bank and investing account. Users can put money into the app from an external bank account or debit card to invest in equities and Bitcoin.

While Cash App does not offer the stock variety of TD Ameritrade or Robinhood, it does allow customers with small funds to purchase fractional shares. Similarly, Bitcoin is the only cryptocurrency available, but anyone with value in their account can acquire it.

One of the platform’s primary goals is to simplify money for a user group that needs more financial awareness. Cash App will not provide investors with complicated charting tools or multilegged options deals. However, it gives a comprehensive platform for consumers to send, store, and invest money in assets such as stocks and bitcoin.

Cash App charges two separate fees for Bitcoin purchases, none of which is unreasonable. All transactions are subject to a service fee and an exchange fee. The exchange cost varies based on the Bitcoin price volatility across US exchanges. Large Bitcoin purchases may be more affected in volatile markets, whereas more minor sales may have fees equivalent to those seen on Coinbase or Gemini. To buy Bitcoin with the Cash App, adhere to the following steps.

Download or Open Cash App

Cash App is accessible on the Google Play as well as  Apple App Store. If you still need to do so, you’ll need some information to get started. The requirements are:

• An email address
• A phone number
• A bank account or debit card number

You must also provide your name and select a unique $cashtag. The cashtag serves as your platform handle, and only the cashtag can be used to pay money to you. 

Fund your account

You’ll need to finance your Bitcoin buy with monies already in your account, so be sure you have enough. If you don’t already have a balance, use the debit card or bank account you registered on the application to send some money. A bank transfer will require other information, like your name, home address, and social security number. To confirm payments, you’ll need to generate a PIN; go for something you won’t forget. It would help if you did both of these things.

Decide how much Bitcoin to buy

After you’ve financed your account, you must pick how much Bitcoin to purchase. Bitcoin is one of the hundreds of other cryptocurrencies, but it is the most valuable, with a market valuation of more than $1 trillion. Despite its scale and recent adoption by the financial industry, Bitcoin stays a volatile asset that trades around the clock. The first Bitcoin was mined in 2009. Therefore, Satoshi Nakamoto’s long-term experiment is still in its early stages. Make Bitcoin a part of your investment portfolio, but don’t purchase it at the expense of other investments, such as equities.

Execute your trade

Let’s purchase some Bitcoin now that you have money in your account and the foundation laid out for your trade. Go to the Investing tab in the Cash App. Once there, look for Bitcoin and touch on it to bring up the trading panel. Choose Buy and type the amount you want to spend. You can make your payment a one-time or recurring purchase, so choose the option that best suits your investment strategy. Enter your PIN, complete the transaction, and your Bitcoin should be in your account.

Conclusion

There are several things that every investor should know; however, with the help of Cash App, you can buy Bitcoin right at your fingers. To effectively safeguard your bitcoin, you must store it in an external or hardware wallet.

In the world of cryptocurrencies, if you don’t own the crypto wallet, you don’t own the coin within it. That implies that, while Cash App is a reputable firm, they technically hold more of your Bitcoin than you do—at least until you send it to a safeguarded non-custodial wallet.