Is Cash App Safe for Buying & Storing Bitcoin? – CryptoSec
Founded by Twitter CEO Jack Dorsey, the Cash app has been one of the fastest growing payment and investment platforms in recent years, with great features like “tag”.
They did so well that cash money app has been one of the best finance and investment apps on both google play store and ios app store; and this is knowing that they currently only operate in a few countries. wait until they are available globally like paypal!
Reading: Is it safe to buy bitcoin on cash app
That said, is the cash app safe for buying and storing bitcoins?
Buying bitcoin on Cash App
Square’s cash app is definitely one of the leading finance and investment apps in recent years due to its top-notch interfaces and excellent user experience; and along with that, an easy way to buy bitcoins!
That said, since it’s very easy to buy bitcoins in the cash app and there seem to be no issues with the purchase side, we’d say that using the cash app to buy bitcoins is totally fine > .
store your coins in the cash app
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cash app is definitely a great app, and because cash app is not just an app created by a shady company in the bahamas, it’s pretty safe to assume that they take security seriously and will just win . don’t run away with your money.
but take note, just because they look safe doesn’t mean they’re going to be unhackable.
As we speak, there are currently 45 exchanges that have been hacked in the last 10 years; with exchanges like bitfinex, mtgox and bithumb, which were previously assumed to be “safe”, “secure” and “unhackable” by bitcoin and cryptocurrency investors.
a better alternative.
Hardware wallets are small devices made specifically to securely store your bitcoin and other cryptocurrencies. we strongly suggest using a hardware wallet instead, especially if you have a significant amount of bitcoin and cryptocurrencies, as it is definitely your best option for holding funds without fear of being hacked.
excellent hardware wallets:
- ledger backup package (recommended)
- ledger nano x (recommended)
- ledger nano s
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always remember: bitcoin transactions are final. once the transaction has a few commits, there is no way to reverse the transaction. so yes, once a hacker gets hold of your cash app account and manages to take your bitcoin, it is lost. forever.
withdraw your coins
To withdraw your bitcoin from the cash app to your own hardware wallet, just follow these simple steps:
- tap the bank tab on your cash app home screen
- select bitcoin
- tap withdraw bitcoin
- scan an address qr code or press use wallet address to enter one manually
- confirm with your pin or touch id
These instructions are courtesy of the cash app’s bitcoin withdrawal page.
While storing your funds in a hardware wallet as we said is the best option in terms of safety and security, it doesn’t mean you should empty your cash app.
Look at your accounting hardware wallet like your bank account and your cash app like your physical wallet. whereas you would keep most of your money in your bank account for security reasons, and you will only have enough money to get you through a few days in your physical wallet.
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