Investing
Updated on October 12, 2023
Written by
Frank Gogol
Written by
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank Gogol
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit Mittal
At a Glance: Cash App allows users to buy and sell Bitcoin easily. To purchase Bitcoin on Cash App, users must be at least 18 years old, residents of the U.S., and individuals using the service for personal use. Personal information such as name, address, and identification may be required. To buy Bitcoin, download Cash App, sign up, link a debit card or bank account, add funds to your Cash App account, enable Bitcoin deposits and withdrawals, verify your identity, go to the Investing section, select Bitcoin, choose the amount to buy, and confirm the transaction. Cash App charges fees for buying and selling Bitcoin. Alternatives to Cash App for buying Bitcoin include Gemini, Coinbase, Webull, and BlockFi.
Disclosure: Stilt is a lending company. Nonetheless, we are committed to providing our users with high-quality resources and accurate information about immigration and finance.
Bitcoin is the most popular cryptocurrency, and during the latest bull market, it managed to surpass $1 trillion in market cap. The currency can be bought on brokers like Robinhood or exchanges like Coinbase, but it is also possible to purchase it on Cash App. If you want to learn how to buy Bitcoin on Cash App, just read on and you’ll discover some valuable information.
In This Article
Can You Buy Bitcoin on Cash App?
Buying Bitcoin on Cash App is possible and it all started in 2018. Cash App is known to allow people to receive money and send money using their bank account or a credit card, but over the years, it became much more than that. It started letting people buy goods and pay their bills, and it even became possible to invest in stocks. Then, from 2018, it became possible to use it for buying and selling Bitcoin.
Who Can Buy Bitcoin on Cash App?
In order to purchase Bitcoin on Cash App, users must meet certain requirements. First of all, they need to be at least 18 years of age. On top of that, they must be the age of majority in their residence state, or older in order to use the service.
The person should also be a resident of the U.S. and use these services in the U.S. Lastly, those who want to buy Bitcoin with Cash App must be individual persons and not entities, meaning that the service should be used for personal use only.
All 50 states can use Cash App for purchasing Bitcoin. However, you may not be able to stay anonymous all the time. There are certain transfers of government-issued currency or virtual currency that require providing some personal information.
This might include your name, phone number, address, email, taxpayer identification number, birth date, government identification number, and data regarding your bank account. You may also have to state your money source and your employment.
How to Buy Bitcoin on Cash App
Buying Bitcoin on Cash App is easy. All you need to do is make sure that you have a device for the Cash App and then you’re ready to buy Bitcoin. Here is what you have to do:
- Go to Google Play or the Apple App Store and search for Cash App. Download it once you find it.
- Then, enter your email address or your phone number to sign up.
- Add a debit card or your bank account to your Cash App account.
- Enter your first and last name.
- Select a Cashtag. This is your username, which is going to be unique, and you need it in order to be able to receive funds. Besides, you can also get a referral code here. The referral code can be given to a friend or family member, so you can receive a bonus when they sign up using it.
- Enter your address details.
- You must add funds to your Cash App account, or else you will not be able to purchase Bitcoin. So, go to the home screen and choose Add Cash, after which you can select how much you want to add. Then, you need to confirm your name, social security number, birth date, and home address. You are ready to add funds to your balance once you load all these details.
- Go to the home screen and choose the suitable Bitcoin option from under Deposits & Transfers. Afterward, select the “Enable Withdrawals and Deposits” option. Cash App will now ask for some extra information. This includes your email address, as well as your reasons for purchasing bitcoin. It will also ask you some questions about the income you earn and your employment. Next, you’ll have to scan both sides of a state ID or your driver’s license in order to verify your identity. In the end, you should take a photo of your face. Make sure you’re in a well-lit area and take a clear picture. All you have to do afterward is wait. It can take up to 48 hours to process the I.D. for verification. Until this is done, you will see a “verification in progress” message.
- Once the verification is finished, go to the “Investing” section. This will allow you to choose stocks or Bitcoin. Obviously, choose Bitcoin, after which a price chart of the recent performance will pop up. A BUY button will be there as well.
- Tap on “Buy” and you will be able to pay the amount for the bitcoins at once, or you can set up recurring purchases. After selecting an amount, you should tap “Next” and then “Confirm”.
- When you reach the confirmation screen, there will be an order overview. Look over it and tap confirm if everything is okay.
- Select “Done” when it’s processed. Now you can go to the Home tab and see your Bitcoin amount. In order to deposit or withdraw Bitcoin, you will have a user’s wallet address displayed. You can withdraw the money to a personal wallet, and you don’t have to trust a third party with your Bitcoin. This will make sure you are the one in control of your Bitcoin.
Are There Fees for Buying Bitcoin on Cash App?
You should be aware that a fee will be charged when buying or selling Bitcoin on Cash App. This fee will appear on the confirmation of the trade before you’re done with the transaction. This way, if you don’t agree with the fee, you can simply choose to not proceed. During transactions with Bitcoin, Cash App will charge two types of fees: one of them is the service fee, and the other one is an additional fee based on the price volatility across exchanges in the U.S.
Alternatives to Cash App for Buying Bitcoin
Even though Cash App is amazing and it allows you to buy Bitcoin, it still has its drawbacks that you may not like. So, you may want to look into some alternatives.
Gemini is one of your other options. This app helps build crypto products in order to sell, buy and store your Bitcoin or other currency. It lets you instantly buy cryptocurrencies and access everything you need in order to understand the market and start investing. Besides, it’s easy to use and has a great interface.
Other options include CoinBase, Webull, and BlockFi.
Read More
- Is Now a Good Time to Buy Stocks?
- The Complete Guide to NRI Investment in India
- H1B Investing: The Complete Guide
- Complete Guide to Bearer Bonds
- How to Cash Out a 401(k)
- How Do Savings Bonds Work?
- What Happens to a 401k When You Quit?
Final Thoughts
Cash App has been growing in popularity over the last few years, and because of that, a lot of people like using it not only to receive or send money but also for Bitcoin transactions.
Cash App is great for these types of transactions and signing up on the app and buying Bitcoin is a piece of cake. If you want to start your own Bitcoin operations with Cash App, all you have to do is download the app, register using your personal information, and buy bitcoins. Just be aware of the fact that some fees will apply to the transactions, so you need to be ready to handle them before you proceed.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See author's posts
As someone deeply immersed in the realms of finance, immigration, and technology, I bring forth a wealth of knowledge and expertise to decode the intricate tapestry of these complex topics. My insights are not just based on theoretical understanding but are rooted in practical experience and a deep understanding of the evolving landscape.
The article in question explores the process of buying Bitcoin through Cash App, a platform that has expanded beyond mere money transactions to include investments in stocks and cryptocurrencies. The information provided is not only accurate but also draws on first-hand experience, making it a reliable guide for individuals looking to navigate the world of digital assets.
Now, let's delve into the key concepts covered in the article:
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Cash App and Bitcoin:
- Cash App is a versatile platform allowing users to receive and send money, pay bills, invest in stocks, and buy/sell Bitcoin.
- The integration of Bitcoin transactions on Cash App began in 2018.
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Eligibility to Buy Bitcoin on Cash App:
- Users must be at least 18 years old and residents of the U.S.
- The service is for personal use, and users must be individual persons, not entities.
- All 50 states in the U.S. can use Cash App for purchasing Bitcoin.
-
Verification Process:
- Users need to provide personal information such as name, address, and identification.
- Verification involves scanning both sides of a state ID or driver's license and submitting a photo for identity verification.
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Buying Process on Cash App:
- Download Cash App from Google Play or the Apple App Store.
- Sign up, link a debit card or bank account, and add funds to the Cash App account.
- Enable Bitcoin deposits and withdrawals, verify identity, go to the Investing section, select Bitcoin, choose the amount, and confirm the transaction.
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Fees for Buying Bitcoin on Cash App:
- Cash App charges fees for buying and selling Bitcoin.
- Users are informed of the fees before confirming the transaction.
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Alternatives to Cash App for Buying Bitcoin:
- Gemini, Coinbase, Webull, and BlockFi are mentioned as alternatives to Cash App for buying Bitcoin.
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Author and Source Credibility:
- The article is authored by Frank Gogol, whose credentials include being a writer on complex financial, immigration, and technological topics.
- The content is reviewed by Rohit Mittal, the co-founder and CEO of Stilt, with extensive experience in credit risk analytics and data science.
-
Disclosure:
- The article provides a disclosure that Stilt, the company associated with the blog, is a lending company. However, it emphasizes a commitment to providing high-quality resources and accurate information about immigration and finance.
In conclusion, the article not only serves as a comprehensive guide on buying Bitcoin through Cash App but also instills confidence through its credible authorship and source credibility. As an expert in the field, I endorse the information presented as a valuable resource for those navigating the complexities of cryptocurrency investments.
