Bitcoin has become highly sought after in recent years as an investment. More and more investment platforms are being increasingly used to acquire Bitcoin. One such platform is CashApp, which is a mobile payment, that enables people to buy Bitcoin quickly and in the most convenient manner. So in this guide, we will make sure that know how to purchase Bitcoin on CashApp, one step at a time.
What is CashApp and What is Bitcoin
So understand both these aspects before we get to steps. CashApp is developed by Square, Inc. and allows its users to send, receive, and invest money easily. On the other hand, Bitcoin is a decentralized digital currency that gained a lot of popularity due to its potential to deliver high returns on investment and its ability to hedge against inflation.
How to Purchase Bitcoin on CashApp
Step 1: Download and Install the Cash App
Download Cash App from your device app store. This app can be installed on both iOS and Android. Download the app, and after downloading, follow the on-screen guidance in order to install it.
Step 2: Registration
Open the app and register a new account using your e-mail account or phone number. You need to generate a unique username, $Cashtag, and set the password.
Step 3: Bank Account
In the app, you will have the option of adding a bank account. Click on the feature named ‘Banking’ and simply follow the on-screen prompts. It will be added to your account. This is the crucial step where you can transfer funds from your own into your CashApp wallet.
Step 4: Identity Verification
As a compliance requirement, you must seek identity verification if you’re to utilize CashApp for Bitcoin acquisition. This is done by navigating to the Bitcoin section, which is on the “Investing” tab, subject to Bitcoin. You will be asked to fill in these details your full name, DOB, and social security number. The reason is to ensure all your transactions are secure and within the requirements.
Step 5: Navigating to the Section on Bitcoin
Access the “Investing” tab, subject “Bitcoin.” Here you will be in a position to get the information regarding the current price Bitcoin is trading in the market and how much is available on your account.
Step 6: Choose the Option of Buying
Click on the “Buy” button to initiate the buying process. You will be asked to fill in the amount of money that you want to spend buying Bitcoin. CashApp allows you to buy Bitcoins in small bits, thus as low as $1.
Step 7: Verification of What You Intend to Buy
Go through the entire details of what you wish to verify that you’re buying. CashApp will present to you the amount of Bitcoin you’re to receive in terms of the current exchange rate plus its fee. You are then at liberty to click on “Confirm” the buy.
Step 8: Bitcoin in Your Wallet
The purchase is confirmed the bitcoin will reflect on your CashApp wallet. You can reference it in the “Investing” tab under Bitcoin.
Step 9: Sell Bitcoin
At the same stretch, you can also offload your Bitcoin on CashApp. Just navigate to the section on Bitcoin, and click on “Sell,” fill in the amount you want to sell, and then confirm the transaction. The funds will reflect on your CashApp balance.
Step 10: Withdraw Bitcoin
If, at any moment in time, you feel like sending your Bitcoins to a wallet outside CashApp, all you need to do is select the “Withdraw Bitcoin” option. Add the destination wallet and the amount you would wish to send before finally confirming the transaction.
Step 11: Monitor the Market
Use the in-built charting tools on CashApp to get current market trends on Bitcoins. This will help you make the right decisions on your investments.
Tips to Use While Buying Bitcoin on CashApp
- Start Small: If you are a newbie to Bitcoin, do not make a big investment at first, so that you understand the process better.
- Security with an Active Account:Activate 2FA for more security.
- Education: Keep in touch with market news and trends that help you make brilliant investment decisions.
- Understanding Fees:Remember that there are transaction fees while you buy and sell Bitcoin on CashApp.
Conclusion
The process of purchasing Bitcoin through CashApp is simple. Users always feel safe because the service has a friendlier interface and operates on a secure platform. Further, by following this step-by-step guide on how to buy Bitcoin through CashApp, you will gain confidence in investing in cryptocurrencies. Finally, be in touch and secure your investments while exploring the wonderful world of Bitcoin.
