Bitcoin is the most popular cryptocurrency and is still irreplaceable despite the emergence of many other crypto coins, even in the latest bull market btc managed to surpass the transaction volume of up to $1 trillion in market cap. It is this fact that makes more and more people interested in this coin, various ways to own it are done, some are mining it, or even buying it in the crypto market.
Cryptocurrencies can indeed be purchased easily at brokers like Robinhood or exchanges like Coinbase, including in the Cash App. For those of you who want to learn more about how to buy Bitcoin on Cash App, we will discuss and provide some information that is definitely valuable for you.
Buying Bitcoin on the Cash App is indeed very possible and it has all started to be done since 2018. Cash App was originally known as a platform that allows everyone to receive money and send money using their bank account or credit card, but in its development later this application offers services that are much more modern than before.
Cash App started letting people buy things and pay their bills, including allowing its users to invest in stocks through the app. It was only in 2018, Cash App started to open a new service for users to be able to buy and sell Bitcoin.
In order to purchase Bitcoin through the Cash App, users must meet certain requirements which they must be at least 18 years old. In addition, users must also be US residents and use the service only in the US. Users who want to buy Bitcoin through the Cash App must also be individuals and not entities, meaning this service is intended for personal use only.
There are 50 states in the US that can use the Cash App to buy Bitcoin. However, as a possible user you may not be able to remain anonymous all the time, as there are certain virtual currency transfers that do require some personal information.
Some of this information includes your name, telephone number, address, email, taxpayer identification number, date of birth, government identification number, and data regarding the bank account used. Not only that, users may also have to mention their source of money and occupation.
How to Buy Bitcoin on Cash App
Buying Bitcoin on the Cash App is very easy. All you need to do is make sure that you have a device that has the Cash App installed and that the purchase transaction is ready to be made. But for those of you who really don’t have any experience with the Cash App, here we describe some of the steps you have to do from the beginning to buying bitcoins in the application.
- Go to PlayStore or AppStore and search for Cash App, download it and start installing the app
- Register by entering your email address or phone number, debit card or bank account, your first and last name
- Select Money Tag, then your username will appear which will look quite unique, and this is the identity or address that is required when you will receive funds. In addition, there is also a referral code that you can give to friends or family members to join using the Cash App, because that way you can get a bonus when they use it
- Enter your address details and start adding funds to your Cash App account if you want to buy Bitcoins
- Go to the home screen and select Add Cash, enter the amount of money you want to add
- Confirm your real name, personal social security number, date of birth, and home address. Now you are ready to add funds to the balance in your Cash App account
- Go to the home screen and select the Bitcoin option in the Deposit & Transfer section
- Select the “Enable Withdraw and Deposit” option, the Cash app will now ask for some additional information including your email address, as well as your reason for buying bitcoins. At this stage you will also be asked a number of questions about your income and your job
- Scan both sides of your country ID or driver’s license to verify your identity, as well as take a photo of your face. To do this make sure you are in a well-lit area so you can take a clear picture. Once done with everything, this time you have to wait at least up to 48 hours for the I.D verification process done
- After the verification process is complete, go to the “Investment” section. In this section you are required to choose stocks or Bitcoin. Obviously, select Bitcoin, after that a price chart of the latest performance will appear complete with a BUY Button which is also there
- Tap “Buy” and you’ll be able to instantly pay the amount of bitcoins at once, or you can also set the option for repeat purchases. After determining the amount, you must tap “Next” and then “Confirm”
- While on the confirmation screen, you will see an overview of the order. Double check and tap confirm if everything is ok
- Select “Done” for immediate processing. Now you can go to the Home tab and find the amount of Bitcoin you already have in your Cash App account. To deposit or withdraw Bitcoin, the user’s wallet address will later be displayed. You can also withdraw money to a personal wallet.
Thus the explanation of how to buy bitcoin on cash app that you can do easily, make sure you have followed all the steps above so that the process of buying bitcoin in the cash app runs successfully. Also pay attention to the amount of btc you want to buy, make sure it matches the results of the original currency conversion that you will exchange with the crypto coin.