Bitcoin is a cryptocurrency. It is a form of electronic cash created in January 2009 and most well-known example of new type of currency. It is not rather issued by governments or any bank and individual bitcoins are not valuable as a commodity. Bitcoin offers less transaction fees as compared to traditional online payment methods and unlike government-issued currencies it is operated by a decentralized authority. Some people buy and store Bitcoin as an investment and store them in a digital wallet which exists either on their computer or in the cloud with the hope that their value will go rise in near future. It can be transferred between people using their mobile app or computers. It is just like sending cash digitally.
Bitcoin experience with Cash App
Cash App has become one of the popular money transfer application in the last few years. In short duration of time Cash App become prime money transfer service provider in the market. It has gained approximately 7 million users till 2018 due to its ease of use and fast service. Although it has many useful features, but purchasing Bitcoin is one of its popular features.
You must have enough balance in your Cash App If you want to purchase Bitcoin and you can also sell Bitcoin that your purchased directly in your Cash App. There is a charge applicable on Cash App when you wish to buy or sell Bitcoin. You wish to withdraw Bitcoin, you must have a minimum balance of 0.001 Bitcoin in your Cash App wallet. Transfer of Bitcoin from Cash App to other external wallets generally take about 30 to 40 minutes but sometimes it can take longer. You can deposit Bitcoin up to $10,000 in seven days period.
Cash App is now become very popular and many people have this application so it become easy for them to initiate investing in Bitcoin. One of the facility Bitcoin offers is that the freedom of making transactions without the involvement of banks. You can purchase bitcoin from Cash App from an exchange. If you to withdraw bitcoin from your Cash App wallet, it will ask your photo ID, your source of income and photo of your face. Another advantage of using Cash App for purchasing Bitcoin is that it allows to purchase Bitcoin of $10,000 per week with a debit card.
Steps to withdraw bitcoin from your Cash App
- Open the Cash App on your device and choose the preferred mode Bitcoin.
- Make sure that you have sufficient Bitcoin balance in your Cash App wallet.
- Select the deposit address of the person you would like to send the Bitcoin.
- In the Bitcoin balance section, select the withdraw button on Cash App.
- Mention the required Bitcoin figure you would like to send.
- If the deposit address of the person you would like to send the Bitcoin has a QR code on your platform, scan the camera to that code.
- If you are unable to find QR code or you don’t have camera, you need to select ‘enter manually’. You need to enter the address manually or copy and paste the address. You need to double check the details as you will lose the money if you have done it wrongly.
- Confirm your wallet PIN or Touch ID.
Limitations of Cash App in the context of Bitcoin
To withdrawal of Bitcoin using Cash App is more cost and time effective if you are having transaction less than $5000 per transaction. Cash App have limitation as compared to other app such as the ability to exchange Bitcoin for alt-coins, different payment options and setting up automatic payments.