Here is the procedure:
- On the tab at the bottom of the home menu, hit the investing icon (rising wavy line symbol) and then select “Bitcoin.”
- A white menu will pop-up and show the current market price of BTC in USD
- Now proceed to the light blue “buy” icon and tap once.
- A menu will appear that will show the ranges of bitcoin amounts in US dollars for the value of Bitcoin you intend to purchase.
- There is an option to choose whether you need a one-time purchase or a recurring daily, weekly, or nightly purchase.
- Once you select the amount you wish to deposit, then click on the light blue “next” icon.
- The application will require a verification like “Touch ID,” “Face ID,” or a PIN depending on the authentication method you registered.
- After confirming your purchase, the transaction summary pops up. It displays the amount of Bitcoin expected, BTC/USD exchange rate, transaction fees, and the total BTC purchase less the cost in USD.
- Once you are comfortable with the computation, hit the “confirm” bar.
- A confirmation text showing the value of BTC deposited to your BTC wallet appears on the screen!
Buying Bitcoin from the Cash App Balance
To purchase BTC with funds from your Cash App wallet, you first need to fill its balance according to the value of the Bitcoin you’re looking to purchase. Select the home menu button at the bottom left of the taskbar. Subsequently, click “Add Cash” on the next window that appears. Now, insert the amount in US dollars you intend to load onto your wallet and click “add.” Then, you need to select the source of your cash. The Cash App menu provides three options. Choose “debit card” from the list. Once you pick your payment mode, follow the prompts until the process is complete. Now, follow the purchasing procedure above to get Bitcoin from the loaded amount.
Sending Bitcoin through the App
We will explore two ways of transferring BTC from your Cash App wallet.
Peer-To-Peer Transfers of Bitcoin (User-to-User)
Once you open the application on the green welcome menu, type any amount you wish to transfer on the “0-9” virtual number pad. Subsequently, hit “pay.” Two slots will pop up. The first, the “To” slot, requires you to enter the recipient identity, whereas the following “For” slot requires you to indicate the details behind the transaction. You can either enter the recipient’s $Cashtag, recipient’s name, telephone number, or even their email address on the “To” slot. In the “For” slot, enter the payment details such as the transaction’s purpose. Now select the icon on top of the display, which will show the amount you’re transferring in USD. It allows you to choose the money source for the payment, which could either be from the application’s wallet or the connected bank account. After choosing the preferred source, tap on “pay.” The transfer is instantaneous.
Transferring BTC to an External Address
It’s possible to move Bitcoin to a wallet outside the app. First, you need to copy the destination platform’s wallet address and paste it to the relevant slot on the Cash App’s withdrawal menu. To access the Bitcoin withdrawal menu, you need to navigate to the welcome menu and tap on the user icon. Scroll down to where it shows the Bitcoin wallet balance. Click on it and scroll down until you find the withdrawal option. It is advisable to copy-paste the wallet address from the receiving wallet to avoid transposition or omission errors. If you feel that this method is unsafe; you can scan the QR code of the destination account with the sending device. Entering the wrong address may lead to an irretrievable loss of your Bitcoin.
How Safe is Cash App?
Cash App completes millions of transactions each year and maintains its customers’ security through several safety features.
The application has security controls where users can enable security locks, like a Personal Identification Number (PIN), Touch ID, or even Face ID to restrict payment approvals to the user of the application.
Offline Bitcoin Storage
Hacking has become a dreaded threat to digital wallets in the cryptocurrency era. Cash App maintains both online and offline digital wallets. The latter keeps a portion of customer funds away from hackers’ reach since exposing all of the customer funds on the hot wallet may expose the platform to hacking.
PCI-DSS Level 1 certification ensures that the information that Cash App users relay to the app is encrypted and kept away from hackers’ prying eyes until it reaches their servers. Encryption is possible on private or public internet connections. Cash App also uses modern fraud detection technology to boost the safety of customer data and funds.
Card Disabling Feature
Cash App users have the privilege of instantly or temporarily disabling the use of their card for payments for any reason. The security feature safeguards your card against any unauthorized use.
A majority of Cash App transactions are free. If the platform is entirely for personal use, i.e., transferring, requesting, or receiving money from relatives or friends, the user will incur no fees. However, let us analyze the services on Cash App that will attract transaction fees.
The Cash App Debit Card, Cash Card
The use of the prepaid Cash App card is almost entirely free. Cash App will charge $2 for ATM withdrawals on machines with or without the VISA branding. There’s no official charge for buying or replacing your card. Additionally, there are no monthly fees, and replenishing cash is also free of charge.
The credit card program charges the user 3% of the transaction amount to use a linked credit card to transfer money.
Instant Transfers from the Mobile App to Bank
The regular transfer (cash out) from the app to the bank takes 2-3 days, and it’s free of charge. However, if a user decides to use the expedited transfer, a commission of 1.5% of the transaction is charged.
Cash App Referral Program
The platform has a simple referral program where the user is rewarded $5, $10, or $15 for inviting a new user. However, the new user must enter the referral code when they create their account and send at least $5 within 14 days of receiving the referrer’s code to get the bonus.
To get your unique referral code, click on the profile icon, and then the green lettered “Invite Friends, Get $15” icon that appears at the top of that menu. The referral bonus may be between $5, $10, or $15 since it varies from one user to another.
You may use this Cash App Referral Code: DJBKCNZ and if you need a full guide on how Cash App referrals work, click here.
Cash App is indeed the most user-friendly platform to buy or sell Bitcoin, whether you’re an expert or just a novice. Impressively, the application levies no charges for personal use. Transferring, receiving, or requesting funds from relatives or friends incurs no cost. Their robust app security features show their prioritization of the safety of user funds and data.
However, Cash App needs to improve on the navigational tutorials on their website. As of right now, they have no images, and the terminology can confuse a new user. Moreover, and quite unfortunate, the application is only accessible by users located in the United States and the United Kingdom.