Now these days, everything is getting digital. From getting products at the doorstep to booking tickets and hotels. The biggest reason behind this revolution is “easy and convenient way of online transaction.”
There are many apps supporting such transactions. One such app is “CashApp”.
Here, in this article I’m going to tell you about CashApp and how to add money through it.
1. Features of CashApp :
Cash App is a very easy and convenient app. Not only this but also there are several reasons behind using it :
- Free to use
- Transactions are very instant
- You can Sign up using your existing bank card
- You can get a free debit card to use with Cash App, which is known as Cash Card.
- You can buy Bitcoin(BTC) by using your money.
- Feature of earning rewards
- You can add recurring cash into your own account
- You can receive payments via direct deposit.
Here, in this article I’m going to tell you everything about BTC and how you can buy it through Cash App.
2. What is Bitcoin?
Bitcoin is also termed as BTC. It is a digital cryptocurrency,a virtual currency or a digital currency – is a type of money that is completely virtual.
It is made up of processed data blocks and is used for online and brick-and-mortar purchases.It’s just like an online version of cash. One can use it to buy products and services.
As they are relatively new and experimental, bitcoin is also described as “the first decentralized digital currency.”
More facts about Bitcoin :
- Bitcoins are limited and their value is determined by market forces, they are also traded like stocks on various exchanges.
- There are many shops that don’t accept Bitcoin yet and some countries have banned it altogether.
- There are physical Bitcoins available as well. They have some private code printed inside them.
- This physical Bitcoins you see in photos are a novelty. They are worthless without the private codes printed inside them.
- The value of Bitcoins has gone up over the years since it was created in 2009.
3. How Bitcoin works?
Each Bitcoin is basically a computer file which is stored in ‘digital wallet’ apps on a smartphone or computer.These are just like “digital cash “,which can be transferred from one person / device to other.
Every transaction of Bitcoin is recorded in a public list. This list is termed as blockchain. The block chain helps in tracking the history of bitcoins for security reasons.
4. How can you get Bitcoins?
There are three main ways you can get Bitcoins.
- You can buy Bitcoins through your ‘real’ money.
- You can sell things and get the payment in the form of Bitcoins.
- They can also be created using a computer.
5. How to send Bitcoin on Cash App?
Buying bitcoin used to be a difficult task. But due to Cash App, anyone can buy a Bitcoin simply and easily right from their mobile device and with very reasonable fees.
Cash app is perfect for those who just want to buy some bitcoin with the lesser amount of hassle.
Here are the steps to buy a Bitcoin through Cash App:
- Download Cash App from App Store or Google Play Store.
- Sign up using your phone number or email address. Also, enter your name when asked.
- Now add a bank account or debit card.
- Choose your unique $cashtag, which is the name through which you will do the transactions.
Congratulations, you now have Cash App!
- Go to Home Screen. There you will see the tabs for Home, Cash Card, Request/Pay, Investing, and History at the bottom of the screen.
To buy bitcoin, you’ll first need to verify your identity. To do so, tap on the Home tab.
- Then select the “Bitcoin” tab.
- Now, you will be asked to verify your identity. There, you have to enter your full name and Social Security Number. This process is the verification process which can take anywhere from a couple of minutes to a day. You will receive a notification when verification is complete.
- Once approved, go to the Cash App and click on “investing ” tab. Now, select “bitcoin”.
- There, you’ll see a chart of bitcoin’s recent performance. Here, click on “Buy”.
- After you enter your desired USD value of Bitcoin, click on “next”.
- Here, you will see an overview of your order. Tap “confirm”.
- Once processed, tap “done”.
You have successfully purchased the bitcoin.
After this, it is recommended to transfer/ withdraw this bitcoin to an external address.
6. Sending/ Withdrawing the Bitcoins:
Cash App also allows their users to send and receive bitcoins. Transferring Bitcoin is not a difficult process and can be done in a few easy steps.
These are the steps:
- Open Cash App and then tap the Banking tab on its home screen.
- Tap “Bitcoin”
- Click “Withdraw Bitcoin” option.
- Enter the Wallet Address or you can also scan a QR code address.
- Confirm with your PIN or Touch ID (finger print).
Things you must know:
- Double and triple check before confirming the address. It is best to copy and paste it from your receiving wallet to avoid any small errors.
- A user must have a balance of at least 0.001 bitcoin to withdraw or send Bitcoin.
- It will take some time for your transaction to be confirmed on the network. So, be sure to have enough time while doing the transaction.
- These transactions are recorded publicly hence it’s very hard to copy or create fake bitcoins.
- You can view your bitcoin holdings in the Home tab.
- You can also transfer any bitcoin from an external wallet by clicking on the “Deposit Bitcoin” option.
- 1 Bitcoin equals 13,544.80 USD.
- 1 Bitcoin equals 10,07,186.59 Indian Rupee.
Here are the few limitations on Cash App related to bitcoins:
- You are allowed to purchase bitcoins worth $100,000 on a weekly basis.
- You can deposit up to $10,000 worth of bitcoin in any 7-day period.
- The bitcoin withdrawal limit is up-to $2,000 within every 24 hours and up to $5,000 within any 7-day period.
- It takes 30 to 40 minutes or sometimes longer for bitcoin transfer to external wallets.
- Cash App also charges a fee for bitcoin purchases. This fee depends on the amount of purchase or other reasons and are visible before confirming a purchase.
This was all about Bitcoin and how to use it through CashApp. Bitcoin is one of the profitable arms of Square at the moment. As buying Bitcoin was never so easy but Cash App has made it possible. It’s simple, intuitive interface makes buying and selling easy.