September 16, 2021

by Chad Fonger

Cash App Bitcoin Guide

How to Buy & Sell Crypto

Wondering how Cash App Bitcoin stacks up? You're in the right place! Let's dive in and see how easy it is.

In this article, we’ll discuss:

What are Bitcoins on Cash App?
Bitcoin alternatives to Cash App
How to buy Bitcoins from Cash App
How to check your Bitcoin transactions on Cash App
Cash App and Bitcoin FAQs

Yes, Square’s Cash App has a fully functional Bitcoin network in which users can send and receive Bitcoin, make transfers, check your Cash App wallet (including Bitcoin), and more.

This cryptocurrency has surged in popularity & growth in recent years.

Let’s dive in deeper and see how you can start to invest in Bitcoin too!

What Are Bitcoins on Cash App?

Firstly, what is Bitcoin? Bitcoin is the first and most well-known example of a new kind of money called a “cryptocurrency.” It creates, holds, and transfers value using cryptographic equations and codes to ensure that transactions can only be completed once.

Pretty cool, huh?!!

So where does the Cash App platform come into the equation?

Well, Bitcoin users and Cash App users can now be one and the same.

Square’s Cash App now has the functionality to connect to the Bitcoin network to send and receive Bitcoin transactions, withdrawals, and deposits without hefty transaction fees.

The best part?

You remain fully in control of your cryptocurrency investment.

Can You Use Bitcoin on Cash App?

Yep!

You can instantly send Bitcoin to any $Cashtag for free, right from Cash App on your device.

Cash App is one of the easiest ways to buy or sell Bitcoin with cash.

Make sure to check it out!

Cash App even offers cash back on trading transactions in the crypto market like Bitcoins and Ethereum, etc.

And Cash App has also introduced Cash Card where you can use your Bitcoin to load money right onto a Visa debit card for easy spending!

There’s more…

Just below, we have a section specifically discussing how to buy Bitcoins from Cash App, which will walk through that process.

Storing Bitcoins on Cash App

To store your Bitcoins on the app, Square has given the Cash App platform a variety of security services to ensure your crypto investment remains safe.

Cash App stores users’ Bitcoins in cold storage which makes Cash App one of the safest and most secure ways to keep your Bitcoins. [1]

Safety first 🙂

It also provides a variety of other security measures to protect against theft or loss including 2-factor authentication for login and resetting passwords, etc.

A Cash Card backed by Cash App is perfect if you want a digital system that will provide an easy way to access your money wherever you go.

Also…convenience!

Cash Card allows Cash App users to replenish their balance whenever they need it using Cash App’s quick deposit feature with Bitcoin. [2]

Bitcoin Alternatives to Cash App

Wondering about alternative apps or another platform with similar accessible services?

Cash App is definitely in the running for the best money transfer app, but there are others too.

Here are some alternatives to Cash App for Bitcoin services:

Bitstamp
Robinhood
Venmo
Abra
Coins
Voyager
PayPal

Each company has their own unique services, transaction fees, banking capabilities, crypto account capabilities, and process when it comes to Bitcoin.

We won’t go into it here, but if you’re looking for an alternative, that list is a good place to start.

How to Buy Bitcoins from Cash App

It’s pretty simple to purchase Bitcoin right from Square’s Cash App on your phone.

To purchase Bitcoin using your Cash App:

Tap ‘Bitcoin’ on your Cash App home screen
Tap ‘Buy BTC’
Select an amount (tap the dots … to enter a custom amount)
Enter your PIN & tap ‘Confirm’

Purchasing Bitcoin requires that you have a positive Cash App balance. You may also be asked to enter some geographical information.

Can Cash App Send Bitcoin?

Short answer: yes!

You can instantly send Bitcoin to any $Cashtag for free, right from Square’s Cash App. To start sending or receiving Bitcoin, simply switch from USD to BTC by tapping “BTC” or “USD” on your Cash App home screen.

From that point, you can send funds in BTC to other users as much as you’d like.

You can also exchange your Bitcoin for cash, check the value of your currency, sell Bitcoin, make a withdrawal, and much more.

Cash App also accepts Bitcoin payments!

Cash App allows businesses and individuals to accept Bitcoin payments with zero fees, giving people an easy way to pay for goods and services using cryptocurrency.

How to Check Your Bitcoin Balance on Cash App

To check your Bitcoin wealth via Cash App, you’ll need to navigate to Cash Card > Bitcoin.

From there, you’ll see your Cash Card balance, which will be in $USD. To switch to BTC, enter the Cash Card balance, then click “Bitcoin Cash Balance”, and you’ll see your total Cash App Bitcoin balance.

How long does a Bitcoin transaction on Cash App take?

Transactions should only take seconds, however the time it takes for you to see funds in your personal account depends on when another user fulfills their side of the trade.

The trades are all queued up with sellers first – buyers come second now that we’ve introduced background order functionality.

If you’re sending money to someone who hasn’t set up Cash App yet, then there will be an additional delay while they download the app before they can receive the currency.

Cash App and Bitcoin FAQs

Does Cash App send 1099 forms for taxes?

From Cash App’s help page: “Cash App will provide you with your Form 1099-B based on the Form W-9 information you provided in the app. It is your responsibility to determine any tax impact of your Bitcoin transactions on Cash App.”

What is the Cash App buy limit for Bitcoin?

Cash App’s Bitcoin purchase limit per week is US $100,000. Users can deposit up to $10,000 worth of Bitcoin in any 7-day period. You can withdraw up to $2,000 worth of Bitcoin within every 24 hours and up to $5,000 within any 7-day period.

Are there Cash App and Bitcoin scams to look for?

Scams involving Cash App and Bitcoin include Cash App imposter sites and Cash App malware. Cash App’s primary Bitcoin scam is CashAppWallet.co (imposter site). Cash App wallets have been infected by malicious software designed to steal your login details and password.

Can you send Bitcoin to another wallet from the Cash App platform?

Here’s what Cash App has for more information on that:

“You can send Bitcoin to any wallet using the blockchain. [3]

To do so:

Tap the Bitcoin tab on your Cash App home screen
Tap the Airplane button
Choose send Bitcoin
Select a deposit speed
Enter the amount and the recipient’s wallet address. You can also tap the icon in the top left corner of your screen to scan the QR code for the destination Bitcoin wallet address

The minimum amount per on-chain transaction is 0.001 BTC or 100,000 sats (Satoshis) for standard withdrawals. Fast and Priority withdrawals have no minimum.

You can also receive Bitcoin from any wallet using the blockchain.