Using Cash App For Bitcoin
Square’s Cash app lets you instantly buy, sell, store, withdraw, and deposit Bitcoin. Thus, Square’s Cash app doubles as a Bitcoin exchange and custodial wallet.
- To buy or sell Bitcoin using Cash App, go to the investing portion of the app, click on Bitcoin, and then hit the buy or sell button. Easy.
- To send Bitcoin to a Cash App user, click ‘send’ and send to a friend’s $Cashtag.
- To withdraw or deposit Bitcoin from an outside wallet, ‘enable withdrawals and deposits’ in your settings, and then under ‘banking’ (in the bottom left corner of the app) use the ‘send’ button to send/withdraw and the ‘deposit’ button to get a receiving address that Bitcoin can be sent to.
Get $5 free when you Sign up for Cash App and Send: The following link will get you $5 free that you can spend on Bitcoin after you send your first $5 https://cash.app/app/DFKVMQH.
Sending and Receiving (Depositing and Withdrawing) Bitcoin With Cash App
Although you can as of 2021 send Bitcoin to a friend’s $Cashtag, those moving from one wallet to another may find the process a little confusing at first if they aren’t used to crypto.
To “send” or “receive” Bitcoin to another Bitcoin wallet, either on Cash App or outside of it, you have to go through the process of “withdrawing” or “depositing.”
This means to send Bitcoin to another person not using Cash App you need to “Enable Bitcoin Withdrawal and Deposits” and go through the verification process first, and then send or recive from an outside address.
The important thing to remember is the deposit button is for receiving to your public address on Cash App and the withdraw button is for sending to an outside public address you own.
With that covered, make sure to copy and paste the Bitcoin address you are sending to, or to scan the QR code to ensure the address is right! Typing Bitcoin addresses by hand is never advisable!
One last note here, while buying and selling is instant on Cash App, Bitcoin withdrawals or deposits need to be confirmed on the blockchain which can take 30 minutes or more.
So using Bitcoin for payments is 100% doable, but it takes a few extra steps, especially for payments between Cash App users.
With that noted, all traditional Bitcoin wallets require you to withdraw and deposit to transact and are subject to transactions being confirmed on the blockchain, so it is nothing atypical for Bitcoin users (it just may seem a little foreign at first to Cash App users who are used to quick transactions via a simple pay button).
TIP: If you are confused about sending and receiving Bitcoin (or withdrawing and depositing), then check out this guide on how to send and receive Bitcoin.
Cash App is Arguably the Simplest and Most User-Friendly Place to Buy and Sell Bitcoin
Still, with all of that said, Square’s Cash App is a useful and simple solution for Bitcoin newcomers and mainstays alike due to its ease of use.
It used to be, before Cash App, the simplest way to buy Bitcoin was Coinbase. Coinbase is still an excellent choice for all-in-one crypto service, especially when paired with Coinbase Pro (the Coinbase-run exchange), and especially for those who want more choice and more features.
However, it is likely that Square is today the simplest platform for buying Bitcoin (and a valid, if sometimes a little awkward platform for using it too).
The Cash App is an app that lets you buy and sell Bitcoin instantly in most states, transfer dollars and Bitcoin between peers and businesses who use Square’s Cash App and who have withdrawal and deposit features enabled, store dollars and Bitcoin, pairs with its own debit/credit card, and more.
This means it is easier than ever to invest in Bitcoin (either to hold, or to buy and sell relatively quickly; although please note, the Cash App is not for day trading), and there is yet another way for businesses and individuals to accept Bitcoin as payment without taking all the risks that come with traditional crypto platforms and wallets.
Does that mean you don’t need Coinbase anymore? No, not at all. Coinbase is geared toward being an all-in-one custodial wallet, broker, and exchange. If anything, Square’s Cash app is simply a nice compliment to Coinbase, just like Bittrex or Kraken is a nice compliment to those services as well, and just like Robinhood will be a nice compliment when it rolls its crypto services out.
Details and Tips
There are fees: Like with all crypto platforms, there are fees with Cash App. If you want to save on fees, try using a non-custodial wallet like Coinomi for sending/receiving or a more robust platform like Coinbase Pro for buying and selling.
Square Cash App is now a full, albeit limited, custodial wallet: Starting in late June Cash App began allowing withdrawals and deposits for Bitcoin. See: Deposit Bitcoin and Bitcoin Withdrawals.
How to Buy/Sell/Send/Receive Bitcoin With the Cash App: To buy/sell Bitcoin with the Cash App: download the Cash App, input your info and bank account, and then hit the buy button under Bitcoin. To sell: just hit the sell button under Bitcoin. To send to another person on Cash App: Just hit ‘send’ and enter your friend’s $Cashtag. To withdraw/deposit/send/receive: First, through the verification process to enable Bitcoin withdrawals and deposits. To withdraw or send, hit “Withdraw Bitcoin” to send Bitcoin to another Bitcoin wallet address. To deposit or receive, hit “Deposit Bitcoin” to get the address needed for others to send to you.
"Square’s Cash App" contains information about the following Cryptocurrencies: