Bitcoin is a digital asset that lets you transfer value between any person with access to the internet in the world. Bitcoin is the world’s first digital currency that exists outside the control of any government or corporation.
Up until recently, it was not easy to purchase Bitcoin, as it was not a popular tender for the purchase of goods and services even as an investment. It took significant time and with high fees. Now, with Cash App, you can purchase Bitcoin within a couple of seconds and withdraw it to a non-custodial wallet for which you control the private keys. Fees for all Bitcoin purchases are 1.75%, some of the lowest in the market.
Kindly take the time to read this article as we walk you through the steps on How to Send Bitcoin with CashApp, How to buy Bitcoin on Cash App, and then transfer it to a non-custodial wallet that you control.
If you are reading this article note that the money and Bitcoin you keep on Cash App are fully under their control! If you leave your Bitcoin on the app, it can be suspended or seized. This is why I recommend that you transfer your Bitcoin to a Ledger or Trezor hardware wallet immediately after you purchase it.
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How to Buy Bitcoin With CashApp
When you first log into CashApp, a green payment screen will appear. If you want to send money to your friends and family, this is the screen to do so.
Tap on Bitcoin at the top to bring up your Bitcoin holdings. From here, tap the Buy button and choose the amount of Bitcoin you want to purchase. To purchase a custom amount, tap the three dots in the lower right-hand corner. Enter the amount you want to buy and then press next.
Currently, Cash App allows you to purchase up to 10,000 worth of Bitcoin a week. You can withdraw up to $2,000 of Bitcoin a day or $5,000 a week. Your CashApp wallet can receive up to $10,000 a week in deposits.
If the transaction is correct, tap confirm. Congratulations, you have just purchased Bitcoin using CashApp! Now you will need to withdraw it to a non-custodial wallet where you control the private keys.
How To Send Bitcoin Using Cash App
Once you access the Bitcoin tab on Cash App, you can now send Bitcoin from Cash App using the following method
- Tap the Bitcoin tab on your Cash App home screen
- Tap the Airplane button
- Choose to send a Bitcoin
- Enter the amount and the recipient’s $Cashtag
- You can also send bitcoin to individuals who do not currently have a Cash App account by entering their phone number or email address. They will be prompted to create an account to accept the payment. If they do not create and verify their account within 14 days, the payment will be returned to you.
The minimum amount per transaction to a $Cashtag is 0.00001 BTC or 1,000 sats (Satoshis).
Blockchain Transactions
You can send bitcoin to any wallet using the blockchain.
To do so:
- Tap the Bitcoin tab on your Cash App home screen
- Tap the Airplane button
- Choose to send a Bitcoin
- Either tap the top left corner of the screen to access the QR code scanner or tap Send to enter the external wallet address manually
- Tap the wallet address to confirm
- Tap Next
- Select a withdrawal speed
- Tap Confirm & Send to initiate your withdrawal.
You need to withdraw at least 0.001 bitcoin to make a withdrawal using the Standard withdrawal speed. Rush and Priority withdrawals have no minimum withdrawal amount.
Limits on How To Send Bitcoin From Cash App
When Sending Bitcoin there are certain limits to be aware of:
- The minimum amount per transaction to a $Cashtag is 0.00001 BTC or 1,000 sats (Satoshis).
- The minimum amount per on-chain transaction is 0.001 BTC or 100,000 sats (Satoshis).
- Weekly sending limit: $7,500
- Weekly receiving limit: $7,500
How to Withdrawal Bitcoin from CashApp
No, that you have purchased your Bitcoin, the next step is to move it to a wallet that you control. CashApp’s Bitcoin wallet is custodial, meaning that you do not control the private keys for it.
If Cash App suspends your account, you will lose access to your Bitcoin. This is why you need to move your Bitcoin as soon as possible to a non-custodial wallet.
Cash App does not make it that easy for you to withdraw your Bitcoin from their application. It’s hidden deep in a menu set that isn’t intuitive to get to.
To access withdrawals, tap on the home icon in the bottom left. This will take you to the “My Cash” screen. From here, tap on Bitcoin. Your total balance will be displayed and the below information is shown about your wallets.
Kindly follow the simple steps outlined below:
- Toggle from USD to BTC by tapping “USD” on your Cash App home screen.
- Select Bitcoin
- Enter the amount of Bitcoin you want to withdraw (you can toggle between BTC or USD)
- Either tap the top left corner of the screen to access the QR code scanner or tap Send to enter the external wallet address manually
- Tap the wallet address to confirm
- Tap Next
- Select a withdrawal speed
- Tap Confirm & Send to initiate your withdrawal.
If this is your first time withdrawing Bitcoin, you may need to enter some additional personal information before making a withdrawal.
You need to withdraw at least 0.001 bitcoin to make a withdrawal using the Standard withdrawal speed. Rush and Priority withdrawals have no minimum withdrawal amount.
CONCLUSION
Thank you for reading this article, as you can see if you follow our simple steps then Buying and Sending Bitcoin from Cash App is extremely easy. The ease at which you can make transactions is the reason we recommend using CashApp.