In 2018, the Cash App started this feature, allowing users to receive and send money using their bank account or credit card. However, it has enabled users to buy goods and pay their bills over the last few years, starting in 2019. Now, the app allows users to start buying and purchasing Bitcoin efficiently and effectively.
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Who can Buy Bitcoin On Cash App?
Cash App allows users at least 18 years of age to use it. Most importantly, to use the register on their application, investors’ age must meet the age requirement for their residence state.
Secondly, the person must be a United States (U.S.) resident. Lastly, the app only allows individuals, not entities, so the service should only be used for personal use.
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Cash App allows the purchasing of Bitcoin for all 50+ states. Above all, the user does not always need to stay anonymous because certain government-issued or virtual currency transfers require personal information.
Additionally, the app demands that users disclose their earning sources and employment.
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How To Buy Bitcoin on Cash App
The Bitcoin buying process on the Cash App is simple and easy.
- Browse the Google Play or Apple App Store and download the application.
- Select a cash tag. Cashtag means your unique username. Cashtag is essential because it is required to receive funds. Besides, it features a referral code. When a user signs up for using it, the referral users will get a bonus.
- Add some funds to your Cash App account.
- Select the “Enable Withdrawals and Deposits” option.
- The additional information includes your email address and a good reason for purchasing Bitcoin. Afterward, it will ask questions about the earned income and employment details. After that, the system will ask you to scan both sides of your state ID or driver’s license to verify your Identity.
- Before taking a photo, make sure that the area is well-lit. Capture your picture and wait. The system will take up to 48 hours to verify your Identity.
- You will receive a “verification in progress” message when the process is complete.
- The investing section allows users to choose between stocks or Bitcoin.
- Tap on the “BUY” button. There are two methods to pay the amount. You can pay the amount for the Bitcoin at once or set up recurring purchases. Afterward, select the amount, tap the “Next” button, and then “Confirm.”
- Select “Done” when the process is complete.
- Finally, Browse the Home Tab and see the Bitcoin amount. Furthermore, you should use the wallet address on the screen to deposit or withdraw Bitcoin.
While purchasing Bitcoin, the Cash App mainly charges service fees and additional fees according to the price volatility across different exchanges in the United States (U.S.).
Alternative to Cash App for Buying Bitcoin?
Gemini is a good alternative to Cash App because the application helps the users build a crypto product to sell, buy, and store their Bitcoin or any other currency on their platform.
Other popular options include Coinbase, BlockFi, and Webull.
Narinder Sharma is a highly skilled Full Stack Developer with a deep passion for Web3 technology and blockchain innovations. With a strong background in Fintech API development, smart contracts, and decentralized applications (dApps), he is committed to building scalable and secure Web3 solutions. Narinder stays at the forefront of emerging tech trends, bridging the gap between traditional software development and the decentralized future.
🚀 Passionate about smart contract development, DeFi, NFTs, and Layer 2 scaling solutions.📈 Dedicated to pushing the boundaries of Web3 adoption and blockchain infrastructure.