Cash App is a popular mobile payment service platform developed by the financial services company known as Square, Inc. Cash App provide facilities to transfer the funds between users of the app. Individuals, businesses and even various organizations use Cash App to send and receive funds from other users. It is a very popular payment service platform in the United States for sending and receiving money. As Square Cash already have licenses in all states in the USA, it is also one the most trustworthy app and their number is growing day by day. It has become one of the most popular money transfer service provider in very short duration of time. It has over 7 million active users as per the February 2018 record due to its instant service facilities and ease of use. It is a very simple platform for receiving or sending money.
It has the facility to transfer funds to a bank account using a debit Visa card known as Cash Card or ATM card. Cash App can also be used for make donations to organizations or to give tip professionals online for their work. Investors also use this app to invest in stocks. Now, it is one of the fastest ways to invest in stocks. Due to popularity of cryptocurrencies such as Bitcoin, buying and selling of Bitcoin also have been added on Cash App as well. If you need to transfer Bitcoin from Cash App to bank account, you first have to purchase Bitcoin with you Cash App and then you can transfer Bitcoin from Cash App to a Bank Account.
How to buy Bitcoin on Cash App?
In December 2017, the popular payment solution company called Square, Inc. decided to enable the facility to their customers to buy and sell Bitcoin on Cash App. Now their all customer can buy and sell Bitcoin with Cash App with the help of their Android and iOS devices. You need to follow below steps, if you wish to purchase Bitcoin with you Cash App:
- First you need to download Cash App on your device. Cash App is available on the Google Play Store as well as on Apple Store.
- Sign up with your email address or using your mobile number. Provide your name when asked.
- In order to link a payment method, you need to add a bank account or debit card with your Cash App account.
- Select your unique cashtag, which is a unique name at which you can able to receive funds from others. You may use a referral code to earn a bonus referred by your friend. Then click on continue. Now you have Cash App installed on your device.
- Navigate to Home Screen and go to the Cash App Request/Pay screen. You can find that there are tabs for Home, Cash Card, Request/Pay, Investing, and History from left to right. Now, to buy Bitcoin, you need to first verify your identity. You need to tap on the Home tab for this requirement. Now tap on Bitcoin, which is located just below Deposits & Transfers option.
- You will be asked to verify your identity by providing your full name and Social Security Number. Please note that Cash App need 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 be completed from few minutes to a day. You will be notified once verification will be completed.
- Once you get verified, tap on the Investing tab and then tap on Bitcoin.
- Click on Buy Bitcoin. You can check a chart containing recent performance of Bitcoin.
- You can confirm your order by providing your required USD value of Bitcoin, click next. You can find a summary of your order containing the amount of Bitcoin, fees to be paid, the current spot price ap confirm to buy your Bitcoin.
- You can able to check your Bitcoin wallet balance in the Home tab. You can also check your wallet address here, which will be required to transfer any Bitcoin in from an external wallet. Now click on Deposit Bitcoin.
Transfer Bitcoin from Cash App to Bank Account
Now, after you have purchased Bitcoin with your Cash App, you may wish to transfer Bitcoin from Cash App to bank account. It just takes few minutes to follow simple steps to transfer Bitcoin to a bank account. The steps are provided below:
- Cash App has several tabs on the home screen for different functions, but to transfer Bitcoin to a bank account you need to tap the “Banking” button on the Cash App home screen.
- Now select Bitcoin in order to initiate your requirement. Further, under other available option select “withdraw Bitcoin”.
- Once you have selected “Withdraw Bitcoin”, you will be asked to select either to scan a QR code or use a Bitcoin wallet address. If your wallet is on the computer, it will easier for you to scan a QR code. Otherwise, you need to provide Bitcoin wallet address. If you are new user and don’t have a Bitcoin wallet, you can easily have your wallet, as there are many different wallet options are available for desktop and mobile devices. You can also securely store your Bitcoin offline with a hardware wallet such as Trezor or Ledgeryou if have a good amount of it.
- Now you need to complete transfer Bitcoin to a bank account using a touch ID or by providing the PIN you used to sign up on the Cash App. You need to follow all above steps very carefully to prevent anyone else from taking your Bitcoins without your knowledge.
Please keep in mind that, you must have an account balance of at least 0.0001 BTC in order to withdraw Bitcoin. You can transfer $2,000 worth of BTC for a 24-hour period while up to $5,000 worth of BTC can be withdrawn in a 7-day period.