if you want to dive into cryptocurrencies, but the idea of managing a metamask wallet or navigating the nft landscape at opensea sounds a bit daunting, you’re in luck: you can buy, sell and trade bitcoins in the cash app in just a few minutes .
the cash app only supports bitcoin at the moment (sorry if you’re always on top of the latest trends in crypto), but its super simple user interface makes managing your funds a breeze. this is a great tool for new bitcoin buyers and veteran traders alike, and you can always transfer your funds if you want a more complex wallet in the future.
Reading: How to make money with bitcoin on cash app
how to buy bitcoin in cash app
Before you do anything else, you’re going to want to buy some bitcoin! the cash app lets you buy as little as $1 worth of bitcoins at a time, and the app has a completely separate tab for managing your coins.
- from the cash app home screen, tap the bitcoin symbol in the bottom right corner to open the bitcoin tab.
- click the big shiny “buy” button ” in the center of your screen.
- Select how many bitcoins you would like to buy by selecting a set value in usd or creating a custom order.
- If this is your first time buying bitcoins with cash app, you will be asked to enter a few more personal details for security purposes and set a pin. if you make another purchase, you’ll just need to enter your pin.
- You will have the opportunity to confirm your order, where the cash app will break down the fees charged with your purchase.
- once your order is complete, you will return to the bitcoin tab. You will now see your bitcoin balance front and center, along with a simple graph showing how the bitcoin market has moved over the past week or so.
how to sell bitcoin on cash app
The key to making money trading bitcoin is to strike while the iron is hot. In the cash app, you can quickly sell bitcoins whenever you want or set up automatic sales when the value increases.
- from the bitcoins tab, tap the centered ‘sell’ button.
- the app defaults to a single sale and you will be prompted to choose a usd value you want . i would like to sell just like the call options, you can choose a fixed value or create a custom one.
- once you choose a value, you will be prompted to enter your pin and confirm the sale. and that is! your bitcoin has been sent and your bitcoin and usd balances will reflect the transaction.
- you can also schedule sales to trigger when the value of bitcoin reaches a certain number. when you tap “sell” for the first time, tap the “change order type” button instead of selecting a single sale value.
- on the next screen, tap “custom sales order”.
- On the next screen, you will see a chart that tracks the value of bitcoin (you can view it by day, week, month, or year). Using the slider, you can choose a bitcoin price that will trigger a sale.
- Once you’ve chosen your value, tap ‘set’.
- You will now be asked how much you would like to sell once the trigger number is reached. again you can select an amount from the list or choose a custom amount.
- you will now be prompted to set an expiration date for this trigger from some set options. Setting up auto-sells can be great if you’re paying close attention to the market, but keep in mind that what you set is what you get. the sale will be made immediately once the target value is reached, even if the value continues to increase.
- once you set an expiration date, the cash app will ask you to enter your pin and confirm the details before officially setting up auto-selling.
- You cannot modify these rules once you have set them, but you can cancel them and set different ones. To see what auto-sells you have set up, scroll down to the “activity” section of the bitcoin tab.
how to send bitcoin in cash app
want to send bitcoins to a friend? sending bitcoin is as easy as sending usd in the cash app.
- the cash app will obviously default to sending usd. To switch to bitcoin, simply tap the currency dropdown menu in the transaction tab.
- The currency menu will show you balances in USD and Bitcoin. tap bitcoin to change the currency you’re dealing with.
- choose how much you’d like to send. enter a value in usd and the cash app will let you know how much bitcoin it is. there is a minimum to transfer bitcoins, but it will only be a few dollars. once you’ve entered your number, simply tap “send” at the bottom of the screen.
- like a usd transaction, you’ll be prompted to choose a recipient from your contacts or enter an address label $ before confirming the transaction and sending it.
how to transfer bitcoins between cash app and other wallets
If you want to move funds for any reason, withdrawing and depositing bitcoins to the cash app through other cryptocurrency wallets is simple.
Before you can enable blockchain transfers on your Cash App account, you will need to verify your account by providing some personal information and a photo ID. If your account has not been verified, there will be an option in the bitcoin tab below your balance and market chart.
See also: Track over 12,000 AU/NZ managed funds with Sharesight
withdraw bitcoin
- From the bitcoins tab, tap the send icon.
- On the next screen, you can enter exactly how many bitcoins you want to withdraw from the cash app.
- There are several ways to enter the wallet address you want to transfer your bitcoin to. if you tap “submit” at the bottom of the screen, you can type in a wallet address manually or paste one on the next screen. you can also scan a wallet address qr code by tapping the scan icon on the top left corner of your screen.
- once you have entered a destination, you can choose a transfer speed for your withdrawal, each with different fees attached.
- when you tap “next”, you will be prompted to enter your cash app pin and confirm the transaction before finalizing it.
cash app will not allow you to send your bitcoin to an incompatible wallet (it will just say that the address entered is not valid). You still need to verify addresses when transferring any cryptocurrency, but that’s a nice feature to help prevent loss of funds.
deposit bitcoin
- from the bitcoin tab, tap the “view bitcoin address” hyperlink below your other transfer option buttons.
- you can scan this qr code, copy and paste your address into elsewhere, or share it with a friend. Depending on the wallet you’re using, the deposit will look a bit different, but you’ll need to enter this address somewhere along the line to add bitcoins to your cash app account.
cash app has a disclaimer on this screen, but it bears repeating: this address only supports bitcoin. If you try to send any other cryptocurrency to this address (even bitcoin-adjacent coins like bitcoin cash or bitcoin sv) and the wallet you’re using doesn’t detect incompatible wallets, those funds will be permanently lost.
See also: Anthem Telehealth | Member Resources | Anthem
