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December 11, 2020
HomeBloghow to buy bitcoin on cash app instantly/withdraw (2021 Guide)
how to buy bitcoin on cash app instantly/withdraw (2021 Guide)
In this simple steps below, we will show you how to register with cash App, do KYC, buy Bitcoin and how to withdraw your Bitcoin on cash App.
1. Download Cash App
Cash App is available on the App Store or Google Play Store.
2. Sign up
Use a phone number or email address. Enter your name when prompted.
3. Link a payment method
You can add a bank account or debit card.
4. Get a Cashtag
Choose your unique cashtag, which is the name at which you’ll be able to receive funds. Get your referral code to earn a bonus whenever friends sign up, then continue. Congratulations, you now have Cash App!
5. Go to Home Screen
Next, you’ll be taken to the Cash App Request/Pay screen. Along the bottom, from left to right, are tabs for Home, Cash Card, Request/Pay, Investing, and History. To buy bitcoin, you’ll first need to verify your identity. To do so, tap on the Home tab (left).
Then select Tap on “Bitcoin”, just below Deposits & Transfers (right).
6. Get Verified
You’ll be prompted to verify your identity. You’ll need to enter your full name and Social Security Number.
Cash App is required to follow FINRA (Financial Industry Regulatory Authority) compliance rules and adhere to AML/KYC (Anti-Money Laundering and Know Your Customer) regulations. This process can take anywhere from a couple of minutes to a day. You will receive a notification when verification is complete.
7. Choose Investment Type
Once approved, tap on the Investing tab. You can buy stocks on Cash App, but you’re here to invest in the future of money, so tap on bitcoin.
8. Buy Bitcoin
You’ll see a chart of bitcoin’s recent performance. To get your piece of it, click Buy (left).
For this tutorial, we’ll buy five dollars’ worth of BTC, but Cash App’s weekly purchase limit is $100,000. You can also set up recurring purchases to DCA (dollar cost average) into bitcoin (circled in green, right). Then click next (circled in red, right).
9. Confirm Order
After you input your desired USD value of Bitcoin, click next (left).
You will see an overview of your order outlining the amount of BTC, the current spot price, fees to be paid, and the amount in satoshis you will receive. Tap confirm to buy your BTC (right).
10. View Wallet Balances
Once processed, select “done” (left).
You can view your bitcoin holdings in the Home tab. Here you can also see your wallet address, which you will need to transfer any bitcoin in from an external wallet. Click on Deposit Bitcoin (right).
How to Withdraw Bitcoin on Cash App
Finally, we will withdraw our bitcoin to an external address which is recommended with all Bitcoin purchasing – you should hold the coins yourself.
Just enter the total amount of Bitcoin you have on deposit and select “Withdraw” (right). You can also deposit bitcoin to sell back to Cash app using the deposit screen (left), but that is for another article.
From here, you will give Cash App your wallet address.
If you give cash app the wrong address, your bitcoin will be lost forever. Double and triple check that you give cash app the right address. It is best to copy and paste it from your receiving wallet to avoid any small errors.
That’s it, you’ve successfully purchased your very own BTC! Cash App’s simple, intuitive interface makes buying and selling easy.
Cash App Fees and Alternatives
As we saw in Step 9, Cash App charges a fee for bitcoin purchases. Until 2019, this fee was baked into the exchange rate, but in the interest of transparency, the company announced it would display fees separately.
These fees are variable, and always visible before confirming a purchase. There is no fee schedule listed on Cash App’s website, but users have reported favorable rates compared to Coinbase, another beginner-friendly platform.
Cash App login, sign in
To login to your Cash App Account, just enter your login details.
OMINI ABIODUN MICHAEL [a.k.a] BANKEY MILL (BM) is a blogger and the CEO of Aschoolz.com. We Share Education School News of Universities, Polytechnics, Colleges for both Nigeria Schools, Ghana Schools and American Etc like JAMB, Waec, Scholarship, Job opportunity, Learning, Story books and Blog etc