It should be noted that Stilt is a lender. Nevertheless, we are devoted to offering our visitors excellent materials and precise data concerning finance and immigration.
The most widely used cryptocurrency is bitcoin, and during the most recent bull market, its market capitalization surpassed $1 trillion.
The currency can be purchased on Cash App in addition to brokers like Robinhood and exchanges like Coinbase. Continue reading to acquire some useful information if you want to learn how to purchase Bitcoin using the Cash App.
Can You Buy Bitcoin on Cash App?
It is possible to buy bitcoin using the Cash App, and this was first done in 2018. Cash App is well-known for enabling users to send and receive money using a credit card or bank account, but over time, it evolved into much more.
It started enabling consumers to make purchases, pay their bills, and even invest in stocks. After that, starting in 2018, it was possible to use it to purchase and sell Bitcoin.
Who May Purchase Bitcoin on The Cash App?
Users must fulfill specific requirements in order to buy Bitcoin on the Cash App. They must be at least 18 years old, to begin with. Additionally, individuals must be at least the legal age of majority in their state of residency in order to utilize the service.
Additionally, the individual must reside in the United States and utilize these services there. Last but not least, users of the Cash App must be private individuals, not businesses, and they may only purchase Bitcoin for their own purposes.
Bitcoin may be purchased via Cash App in all 50 states. You might not always be able to maintain your anonymity, though. Transfers of virtual or government-issued cash occasionally call for the disclosure of personal data.
This could contain information about your bank account as well as your name, phone number, address, email, tax ID number, birth date, and government identity number. You might also need to mention your income source and job.
How to Purchase Bitcoin Using the Cash App
It’s simple to purchase Bitcoin using Cash App. To purchase bitcoin, all you have to do is ensure that your device supports the Cash App. What you need to do is as follows:
- Search for the Cash App on Google Play or the Apple App Store. Once you locate it, download it.
- After that, sign up by providing your phone number or email address.
- You can link your bank account or a debit card to your Cash App account.
- Put your first and last name here.
- Choose a Cashtag. You will need this username, which will be special, in order to be able to receive money. Additionally, you can obtain a referral code here. You can share the referral code with a friend or member of your family to earn rewards when they register using it.
- Enter your address details.
- To buy Bitcoin, you must have money in your Cash App account, which you must do first. Therefore, click Add Cash from the home screen and then enter the desired amount. Next, you must verify your name, social security number, date of birth, and residential address. Once you’ve loaded all of these details, you’re ready to add money to your balance.
- Select the appropriate Bitcoin option from the Deposits & Transfers section on the main screen. Select “Enable Withdrawals and Deposits” after that. Now, Cash App will need some further data. This contains your email address and the details of your bitcoin purchase. Additionally, you’ll be questioned about your employment and money. Your state ID or driver’s license will then need to be scanned on both sides in order to confirm your identification. Finally, you ought to record a picture of your face. Be sure to capture a clear image in a well-lit environment. After that, all you have to do is wait. The procedure of processing the I.D. for verification can take up to 48 hours. You will notice a “verification in progress” notification while this is being done.
- Go to the “Investing” area after the verification is complete. You can then decide between equities or bitcoin. Choose Bitcoin, of course, and a price chart showing recent performance will appear. Additionally, a BUY button will be present.
- You may either make a one-time payment for the bitcoins by tapping “Buy,” or you can set up recurring transactions. You should press “Next” and then “Confirm” after choosing a value.
- You will see an order overview on the confirmation screen. Check to see if everything is correct, then tap to confirm.
- When it’s finished, click “Done.” You can now access the Home tab to view your Bitcoin balance. You can deposit or withdraw bitcoin by using the user’s wallet address, which is displayed. You are not required to trust a third party with your Bitcoin because you can remove the funds from a personal wallet. By doing this, you can be sure that you are in charge of your Bitcoin.
Are There Fees for Buying Bitcoin on Cash App?
It’s important to understand that using Cash App to buy or sell bitcoin will incur fees. Before you complete the transaction, this cost will be shown on the trade confirmation.
In this way, you can easily decide not to proceed if you disagree with the charge. Cash App will impose two different sorts of fees on transactions involving Bitcoin: a service fee and an additional cost based on price fluctuation on U.S. exchanges.
Alternatives to Cash App for Buying Bitcoin
Even though Cash App is fantastic and lets you purchase Bitcoin, it still has certain cons that you might not appreciate. As a result, you might want to consider other options.
One other choice you have is Gemini. This tool aids with the development of crypto products that allow you to buy, sell, and store your Bitcoin or other currencies.
It enables you to rapidly purchase cryptocurrencies and gain access to all the information you require in order to comprehend the market and begin investing. In addition, it features a fantastic UI and is simple to use. Webull, BlockFi, and CoinBase are additional alternatives.