- Bitcoin a ‘Transformational Technology,’ Says Square CEO Jack Dorsey
- Using Cash App For Bitcoin
- Sending and Receiving (Depositing and Withdrawing) Bitcoin With Cash App
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- Cash App is Arguably the Simplest and Most User Friendly Place to Buy and Sell Bitcoin
- Details and Tips
Bitcoin a ‘Transformational Technology,’ Says Square CEO Jack Dorsey
Using Cash App For Bitcoin
Square’s Cash app lets you instantly buy, sell, store, withdraw, and deposit Bitcoin. Thus, Square’s Cash app doubles as a simple Bitcoin exchange and custodial wallet.
- To buy or sell Bitcoin using Cash App, go to the investing portion of the app, click on Bitcoin, and then hit the buy or sell button.
- To send or receive Bitcoin using Cash App, enable withdrawals and deposits in your settings, and then use the withdraw button to send and deposit button to get a receiving address.
Not as easy, but certainly doable.
Signing Up for Cash App: To use Cash App just download the app to your phone. You can use the following referral link for quick access to the Android and Apple Cash App links https://cash.app/app/JRJTNNK.
TIP: Right now Cash App only deals with Bitcoin.
If you want more variety, check out Coinbase or other exchanges.
Sending and Receiving (Depositing and Withdrawing) Bitcoin With Cash App
The one note here is that Cash App users may find the process of sending and receiving (I.e. withdrawing and depositing) a little odd.
There is no “pay” button for Bitcoin in Cash App.
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To “send” or “receive” Bitcoin to another Bitcoin wallet, either on Cash App or outside of it, you have to go through the process of “withdrawing” or “depositing.”
This means to send Bitcoin to another person you need to “Enable Bitcoin Withdrawal and Deposits” and go through the verification process first, and to send Bitcoin to another Cash App account you need to both enable withdrawals and deposits and both go through the verification process first.
Further, while buying and selling is instant, Bitcoin withdrawals or deposits to be confirmed on the blockchain which can take 30 minutes or more.
So using Bitcoin for payments is doable, but it takes a few extra steps, especially for payments between Cash App users.
With that noted, all traditional Bitcoin wallets require you to withdraw and deposit to transact and are subject to transactions being confirmed on the blockchain, so it is nothing atypical for Bitcoin users (it just may seem a little foreign at first to Cash App users who are used to quick transactions via a simple pay button).
Cash App is Arguably the Simplest and Most User Friendly Place to Buy and Sell Bitcoin
Still, with all of that said, Square’s Cash App is a useful and simple solution for Bitcoin newcomers and mainstays alike due to its ease of use.
It used to be, before Cash App, the simplest way to buy Bitcoin was Coinbase.
Coinbase is still an excellent choice for all-in-one crypto service, especially when paired with Coinbase Pro (the Coinbase-run exchange), and especially for those who want more choice and more features.
However, it is likely that Square is today the simplest platform for buying Bitcoin (and a valid, if sometimes a little awkward platform for using it too).
The Cash App is an app that lets you buy and sell Bitcoin instantly in most states, transfer dollars and Bitcoin between peers and businesses who use Square’s Cash App and who have withdrawal and deposit features enabled, store dollars and Bitcoin, pairs with its own debit / credit card, and more.
This means its easier than ever to invest in Bitcoin (either to hodl or to buy and sell relatively quickly; although please note, the Cash App is not for day trading), and there is yet another way for businesses and individuals to accept Bitcoin as payment without taking all the risks that come with traditional crypto platforms and wallets.
Does that mean you don’t need Coinbase anymore?
No, not at all. Coinbase is geared toward being an all-in-one custodial wallet, broker, and exchange.
If anything, Square’s Cash app is simply a nice compliment to Coinbase, just like Bittrex or Kraken is a nice compliment to those services as well, and just like Robinhood will be a nice compliment when it rolls its crypto services out.
Details and Tips
There are fees: Like with all crypto platforms, there are fees with Cash App. If you want to save on fees, try using a non-custodial wallet like Coinomi for sending / receiving or a more robust platform like Coinbase Pro for buying and selling.
Square Cash App is now a full, albeit limited, custodial wallet: Starting in late June Cash App began allowing withdrawals and deposits for Bitcoin.
See: Deposit Bitcoin and Bitcoin Withdrawals.
How to Buy/Sell/Send/Receive Bitcoin With the Cash App: To buy/sell Bitcoin with the Cash App: download the Cash App, input your info and bank account, and then hit the buy button under Bitcoin. To sell: just hit the sell button under Bitcoin.
To withdraw / deposit / send / receive: First, through verification process to enable Bitcoin withdrawals and deposits. To withdraw or send, hit “Withdraw Bitcoin” to send Bitcoin to another Bitcoin wallet address. To deposit or receive, hit “Deposit Bitcoin” to get the address needed for others to send to you.
Try HODLing Bitcoin and Sending Cash: If you don’t want to deal with withdrawals and deposits, for example for payments on Cash App or when trying to give Bitcoin as a gift via the Cash App, you can always sell Bitcoin on the Cash App, hit the “pay” button to send cash, and then the recipient can buy Bitcoin on their end. Yes, you pay a little extra in fees, but it also saves transaction costs and a few headaches for new users.
"Square’s Cash App" contains information about the following Cryptocurrencies: