How to sell Bitcoin on the Cash App: The first step is to open the Cash app and scan your Bitcoin wallet QR code under ‘Scan Wallet’ in the menu bar at the bottom of the screen. A pop-up will appear, asking you to confirm they can withdraw from your wallet. You do this by tapping “withdraw for (your account number)” or “withdraw for (phone number associated with your account).”
You will receive a confirmation code sent via SMS; once you enter this code, the withdrawal will be processed, and you can continue to use Cash App as normal.
Cash App is a mobile finance app made by Square, Inc. that allows anyone in the US and Uk to use the app to purchase Bitcoin (BTC) at a price of their choosing or sell BTC for cash deposited into their bank account. The only fee incurred when using the app is 3% per transaction; users receive full instructions within the app itself upon signup & verification.
It was released last year and has slowly become more popular as it spreads across social media such as Youtube, Reddit, Facebook, and Twitter. Let’s look at how easy it is to use the cash app to buy and sell Bitcoin.
How do I Cash Out My Funds?
Cash can be withdrawn from the Cash App in two ways: providing your bank account number to receive a direct deposit or using your Cash Card to withdraw cash at ATMs. You can find out how much money you have available for direct deposit on your “My Balance” screen under the key icon.
After entering your desired withdrawal amount, tap the arrow to start. You’ll be asked if you’d like to withdraw your money in cash or by ACH transfer. If you choose ACH transfer, there will be a small fee for making this withdrawal, but it’ll still usually arrive in your bank account faster than a standard withdrawal from an ATM–usually within one business day.
To choose an ATM withdrawal, tap “Use at ATM.” On the next screen, you’ll see a map with all the locations of our partner ATMs near you—just tap on one to get directions and learn more about that specific ATM. If there are no Cash App partner ATMs in your area, you will not be able to withdraw money with your Cash Card.
Once you’ve selected the ATM, the barcode for it will appear on the screen. Walk up to the ATM, hold your phone up to the card reader on the ATM (located right above where you’d slide in a debit or credit card), and enter your 4-digit PIN. Once you enter your PIN, the ATM should dispense your withdrawal cash.
For both ACH withdrawals and ATMs, make sure to request the full amount of your withdrawal when you get it–this way, there are no surprises on your next statement.
Should You Use Cash App to Buy Bitcoin?
If you’re looking for a quick and easy way to buy Bitcoin, the newly rolled out Cash App from Square is probably your best option.
The primary advantage of this app over other options is that Cash App makes it incredibly easy to buy Bitcoin with a debit card. The simplicity of using a debit card combined with the built-in safeguards provided by the Cash App makes this an excellent option for new Bitcoin investors who want to own some Bitcoin but don’t want to jump through any hoops or spend all day on the internet doing research.
The risk of a volatile market:
The price of Bitcoin can be incredibly volatile, which means that if you buy it now and then sell it immediately, you may lose some or all of your money. The price can fluctuate as much as +/- 20% within a single day, so it is important to know this before using the Cash App to trade.
Cash App fees:
When using the Cash App to buy or sell Bitcoin, you will have a fee of 3.99% on every transaction. For most people, this is an acceptable fee for a quick trade, but it’s important to know that there are ways to avoid paying these fees if you plan on holding your Bitcoin for the long term.
Using a cash card to buy Bitcoin:
You can purchase Bitcoin directly from the Cash App by adding it to your Cash Card. However, if you already have a cash card with another bank that you use for daily purchases, there is no need for this additional step.
Is using Cash App to buy and sell stocks/Bitcoin safe?
The answer is yes, it’s safe enough to try, but read on for some suggestions for reducing your risk.
Just like with any other digital currency system, you can lose your private keys, or they can be stolen from you if your device gets hacked by a virus. Just like with any other investment, there is always some risk involved.
How long does it take Cash App to verify a Bitcoin withdrawal?
Cash App charges a fee to transfer Bitcoin out of the app, but it takes for this process is very quick. After you make an initial purchase of Bitcoin through Cash App, your Bitcoin will appear in your wallet right away. However, it takes some additional time for Coinbase (Cash App’s partner) to fully verify the transaction. T
his process typically takes 1-3 days, but it may take as long as a week. It is not uncommon for cryptocurrency transactions to be delayed due to high transaction volume.
How can I cash out my Bitcoin to USD?
To withdraw your Bitcoin or Altcoin to fiat currency, such as US Dollars (USD), you will need to send them to a cryptocurrency exchange that supports fiat deposits. The following exchanges support this feature:
Binance allows users to make ACH bank transfers and credit card deposits for very low fees. It does not require verification, and you can make your first withdrawal without any kind of KYC procedure.