Twitter/Cash App
The popular Cash App is now letting its users buy and sell Bitcoin whenever they want. And you don’t need thousands of dollars to do it. If you just want to buy a small portion of Bitcoin for $20, for example, you can now do that with the Cash App. This was a feature that the app was testing with a few users in November, but now it appears to have rolled out the feature more widely. This may be the easiest way to get Bitcoin yet, and users are reporting that it works for iOS and Android.
Cash App was pretty quiet about the announcement, simply releasing a tweet that showed their logo changing into the Bitcoin logo, and then changing their profile photo to reflect Bitcoin rather than their Cash App logo. (Note: If you’re in New York, Georgia, Wyoming, or Hawaii, you won’t see the Bitcoin feature on Cash. Buying and selling Bitcoin through the Cash App is not available to users there.)
There are two ways you can buy Bitcoin using the Cash App on iOS. (You can also buy on Android, but the process might be slightly different.) First, on the home screen, tap your balance at the top of the screen. Then swipe left. You’ll see a chart showing Bitcoin’s value, and you can buy Bitcoin from your balance. (Yes, you must have money in your balance before you can buy Bitcoin.) If you click “sell” and don’t currently have any Bitcoin in the app, you’ll get the message: “One cannot sell what one does not have.”
You can also buy Bitcoin by going to the home screen, tapping on your account on the top left, and tapping on Bitcoin. Cash’s price is very similar to the price on Coinbase. When we check it out, Cash was selling Bitcoin for $10,107, compared to $10,105 on Coinbase. Cash explains that they do not add an additional percentage or fixed dollar amount to your sale of Bitcoin on the app. The price they buy or sell for “is calculated from the quoted mid-market price, inclusive of a margin, or spread.”
On Android, users reported that all you need to do is go to the options and scroll down to Bitcoin. After you purchase your Bitcoin, you’ll get this screen:
According to the Cash App, Square holds the Bitcoin on your behalf. “You have access to sell or withdraw your Bitcoin as indicated in the App.” You’re limited to buying up to $10,000 worth of Bitcoin a week, but there’s no limit to what you can sell.
And yes, you can send Bitcoin from your Cash App to your other Bitcoin wallets. You can transfer to any other Bitcoin wallet using your third party wallet’s address in the app. To do this, tap the icon on the upper left on the Cash App home screen. Scroll to Funds and tap Bitcoin. If you see “Enable Withdrawals,” you’ll need to verify your identity by following the app’s prompts. Once your identity is verified, select “Transfer Out” and tap “Confirm.” At that point, you can either scan the QR code from your external wallet or tap “Use Wallet Address” at the bottom of the screen and enter your address. Tap “Confirm.” These transfers may take some time to process, possibly hours before you see the transfer in your external wallet, Cash App advises.
The only thing you can’t really do at the moment is send Bitcoin directly to other Cash App users. Already, users are excited about the feature, which is taking just seconds for many people.
Solid intro to Bitcoin from @CashApp and what looks to be an easy to buy and sell bitcoin! t.co/pyCLnz4bII
Cash isn’t available in all countries yet, however. One user asked when it would be ready in India. Cash responded: “We’re working on it! We’re hoping to bring Cash App to customers around the globe, but we don’t have a timeline to share just yet. We’ll be sure to post updates as we have them.”
If you’re not seeing the option yet, make sure that your Cash App is updated. If that doesn’t work, try uninstalling and then reinstalling the Cash App.
When the feature was first being tested in November, a Square spokesperson told CNBC: “We’ve found that (our customers) are interested in using the Cash app to buy bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”