Something that we often find people asking is how to send Bitcoin from Cash App. In this article, we will give you a rundown on how to do just that, and it is probably easier than you thought.
However, I know that some of the people reading this article will not understand what Cash App is, or how it works at all. Therefore, firstly, let me tell you a little about the App.
We live in a world of cash backs, loyalty programs and reward apps, all designed to encourage customers to return to the merchant to purchase goods and services. While we don't ordinarily think too much into it, we tend to carry a collection of paper or plastic cards in our possessions. This trend has extended to the digital space where you can now earn a cashback in Bitcoin. This is perfect. Each BCH wallet you create can be used to securely send, receive, and store your SLP tokens. Spend BCH and more Use the Discover section of the app to locate merchants near you who accept Bitcoin Cash payments in-store, browse websites where you can checkout with Bitcoin Cash, and delve deeper into what else you can do with your Bitcoin.
What Is Cash App?
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Cash App used to be called Square Cash when it formed in 2015. However, more recently changed their name to Cash App, and it seemed to have worked very well. So well, in fact, that there are currently well over 7 million users of the service.
The primary use of the service is to allow people to send money to other businesses, organizations, or individuals using only a unique username that they call $cashtag. They then will enable you to transfer the funds into a different bank account or withdraw it using their own Visa debit card at ATMs.
They began their journey facilitating cash-only transactions, but they expanded their business into supporting Bitcoin in January 2018. That is probably why there are so many questions regarding sending bitcoin through their system.
Purchasing Bitcoin With Cash App
To be able to send BTC through the App, you need to buy it first. This is a pretty simple process, and we will guide you through it here:
- Open the Cash App.
- Click on the Cash & BTC button at the top of the screen.
- Click on BTC in the top right corner.
- Press the Buy button in the bottom left corner.
- Use the slider to indicate how much BTC you want to buy.
- Click buy.
- Confirm your identity through touch ID or PIN.
- Click Confirm.
Selling Bitcoin With Cash App
Selling BTC with CashApp is the same process as above:
- Instead of clicking buy, in step 4, click sell.
- Type in how much you wish to sell.
- Click Sell
- Confirm your identity through touch ID or PIN.
- Click Confirm.
This process is a little different from many brokers, where you would sell an amount of BTC (i.e., 0.0001 BTC). Instead, here, you sell a cash amount of Bitcoin instead. That may be an update in the future, but for now, you will have to deal with the way they have the App set up.
How To Deposit Bitcoin Into Cash App
Depositing Bitcoin into CashApp is just as simple as buying and selling it.
- Open CashApp
- Click on your profile icon on the top-right corner.
- Scroll down to the Funds section.
- Click on BTC
- Scroll down to the Wallet section. (You may need to verify your identity if you have no wallet information here).
- If you wish to send BTC to your CashApp from another wallet, click Deposit Bitcoin.
- You will now see a QR code with two options: Copy Address and Share Address.
- Click Copy Address.
- Go to your other wallet. (Coinbase, etc.)
- Click Send.
- Paste your Cash App wallet address.
- Click Send for the amount you wish to deposit.
How To Send Bitcoin From Cash App
Again, sending Bitcoin from Cash App is a very simple process:
- Complete steps 1-5 from above.
- Click Withdraw
- Use the slider to indicate how much BTC you want to withdraw. (You can only withdraw up to your total balance of BTC).
- Click Withdraw again.
- If your wallet has a QR code, you can immediately use the camera on your device to scan the code. If not, you can click Enter Manually.
- Enter the wallet address. Pasting is preferred so that you do not enter it incorrectly.
- Click Next
- Click done.
How To Send Bitcoin From Cash App – Conclusion
Using Cash App is very simple. There are not many things that you can do wrong with sending, receiving, buying, or selling BTC through them. As I said earlier in the article, there are things that they could change about the App, such as being able to sell a BTC amount and the fact that there appear to be no fees. However, the selling option may change in the future, and you may want to check the exchange rate of BTC to USD to ensure that it is the same, because I presume that they inflate that slightly to gain some profit.
Bitcoin Address Cash App
Founded by Twitter's CEO Jack Dorsey, Cash App has been one of the fastest-growing investing and payment platforms in the past few years, with having great features like the 'cashtag'.
They did so great, that the Cash App has been one of the top finance and investing apps on both the Google Play Store and the iOS App Store; and this is knowing that they only currently operate in a few countries. Wait till they become available globally like PayPal!
With that said, is the Cash App safe to use for your Bitcoin purchasing and storage?
Buying bitcoin on Cash App
Square's Cash App is definitely one of the leading finance and investing apps in the past few years due to its top-notch interfaces and great user experience; and along with that, an easy way to buy some bitcoin!
With that said, since it's very easy to buy bitcoin on Cash App and there seem to be no issues with the buying side, we'd say that using Cash App to buy bitcoin is totally fine.
Storing your coins on Cash App
The Cash App is definitely a great app, and because the Cash App is not just some app that's created by a shady company in the Bahamas, it's fairly safe to assume that they're taking security seriously and that they simply won't run away with your money.
But take note, not because they seem secure, it doesn't mean it's going to be impossible for them to get hacked.
As we speak, there are currently 45 exchanges that have been hacked in the past 10 years; with exchanges such as Bitfinex, MtGox, and BitHumb, that were previously presumed to be 'secure', 'safe', and 'unhackable' by bitcoin and cryptocurrency investors.
A better alternative.
Hardware wallets are small devices made specifically for securely holding your bitcoin and other cryptocurrencies. We heavily suggest using a hardware wallet instead, especially if you're holding a significant amount of bitcoin and cryptocurrencies, as it's definitely your best choice for holding funds without fearing of getting hacked.
Some great hardware wallets:
- Ledger Backup Pack (recommended)
- Ledger Nano X (recommended)
Always remember: bitcoin transactions are final. Once the transaction has a few confirmations, there's no way you can reverse the transaction. So yes, once a hacker gets a hold of your Cash App account and manages to take your bitcoin, it's lost. Forever.
- Instead of clicking buy, in step 4, click sell.
- Type in how much you wish to sell.
- Click Sell
- Confirm your identity through touch ID or PIN.
- Click Confirm.
This process is a little different from many brokers, where you would sell an amount of BTC (i.e., 0.0001 BTC). Instead, here, you sell a cash amount of Bitcoin instead. That may be an update in the future, but for now, you will have to deal with the way they have the App set up.
How To Deposit Bitcoin Into Cash App
Depositing Bitcoin into CashApp is just as simple as buying and selling it.
- Open CashApp
- Click on your profile icon on the top-right corner.
- Scroll down to the Funds section.
- Click on BTC
- Scroll down to the Wallet section. (You may need to verify your identity if you have no wallet information here).
- If you wish to send BTC to your CashApp from another wallet, click Deposit Bitcoin.
- You will now see a QR code with two options: Copy Address and Share Address.
- Click Copy Address.
- Go to your other wallet. (Coinbase, etc.)
- Click Send.
- Paste your Cash App wallet address.
- Click Send for the amount you wish to deposit.
How To Send Bitcoin From Cash App
Again, sending Bitcoin from Cash App is a very simple process:
- Complete steps 1-5 from above.
- Click Withdraw
- Use the slider to indicate how much BTC you want to withdraw. (You can only withdraw up to your total balance of BTC).
- Click Withdraw again.
- If your wallet has a QR code, you can immediately use the camera on your device to scan the code. If not, you can click Enter Manually.
- Enter the wallet address. Pasting is preferred so that you do not enter it incorrectly.
- Click Next
- Click done.
How To Send Bitcoin From Cash App – Conclusion
Using Cash App is very simple. There are not many things that you can do wrong with sending, receiving, buying, or selling BTC through them. As I said earlier in the article, there are things that they could change about the App, such as being able to sell a BTC amount and the fact that there appear to be no fees. However, the selling option may change in the future, and you may want to check the exchange rate of BTC to USD to ensure that it is the same, because I presume that they inflate that slightly to gain some profit.
Bitcoin Address Cash App
Founded by Twitter's CEO Jack Dorsey, Cash App has been one of the fastest-growing investing and payment platforms in the past few years, with having great features like the 'cashtag'.
They did so great, that the Cash App has been one of the top finance and investing apps on both the Google Play Store and the iOS App Store; and this is knowing that they only currently operate in a few countries. Wait till they become available globally like PayPal!
With that said, is the Cash App safe to use for your Bitcoin purchasing and storage?
Buying bitcoin on Cash App
Square's Cash App is definitely one of the leading finance and investing apps in the past few years due to its top-notch interfaces and great user experience; and along with that, an easy way to buy some bitcoin!
With that said, since it's very easy to buy bitcoin on Cash App and there seem to be no issues with the buying side, we'd say that using Cash App to buy bitcoin is totally fine.
Storing your coins on Cash App
The Cash App is definitely a great app, and because the Cash App is not just some app that's created by a shady company in the Bahamas, it's fairly safe to assume that they're taking security seriously and that they simply won't run away with your money.
But take note, not because they seem secure, it doesn't mean it's going to be impossible for them to get hacked.
As we speak, there are currently 45 exchanges that have been hacked in the past 10 years; with exchanges such as Bitfinex, MtGox, and BitHumb, that were previously presumed to be 'secure', 'safe', and 'unhackable' by bitcoin and cryptocurrency investors.
A better alternative.
Hardware wallets are small devices made specifically for securely holding your bitcoin and other cryptocurrencies. We heavily suggest using a hardware wallet instead, especially if you're holding a significant amount of bitcoin and cryptocurrencies, as it's definitely your best choice for holding funds without fearing of getting hacked.
Some great hardware wallets:
- Ledger Backup Pack (recommended)
- Ledger Nano X (recommended)
Always remember: bitcoin transactions are final. Once the transaction has a few confirmations, there's no way you can reverse the transaction. So yes, once a hacker gets a hold of your Cash App account and manages to take your bitcoin, it's lost. Forever.
Withdrawing your coins
To withdraw your bitcoin from Cash App to your own hardware wallet, just follow these easy steps:
- Tap the Banking tab on your Cash App home screen
- Select Bitcoin
- Press Withdraw Bitcoin
- Scan a QR code address or press Use Wallet Address to enter one manually
- Confirm with your PIN or Touch ID
These instructions are courtesy of Cash App's Bitcoin Withdrawals page.
Final Thoughts.
While storing your funds on a hardware wallet like we said is the best choice in terms of safety and security, it doesn't mean you should empty out your Cash App.
How To Send Bitcoin To An Address On Cash App
Look at your Ledger hardware wallet as your bank account, and your Cash App as your physical wallet. Whereas you'd store most of your money on your bank account for safety reasons, and you're only going to hold enough money to get you throughout a few days on your physical wallet.
