In this blog post, I am going to be teaching you how to buy bitcoin on Cash App, how to verify your account for Bitcoin purchase, and the pros and cons associated with the purchase of bitcoin from Cash App. It promises to the exciting and educating. Join me as I take you through the entire process.
As the world advances in technology, trade has gone beyond the buying and selling of physical products alone to the trade of digital products and currencies. And one of such is the cryptocurrency trade. This form of trade has over the years, gained so much popularity that one need not wonder why so many financial institutions are embracing the idea of including its sales in their services.
Bitcoin which is one of the cryptocurrencies has become one of the most popular in the capital market today surpassing about one trillion dollars. Bitcoin can be bought from several places and vendors and it is the light of this that Cash App has included the buying and selling of Bitcoin in its services alongside the sending and receiving of money.
Who Can Buy Bitcoin On Cash App?
The first question you should ask when planning to purchase any product is who is qualified to buy such goods. This is to enable you to save time. And there are certainly some criteria that users have to meet that qualify them to buy Bitcoin on Cash App. The following are some of the criteria
- For you to buy Bitcoin on the Cash App, you must first create an account with Cash App. Creating an account with Cash App is easy. See how to create an account on Cash App in my previous posts.
- You must be 18 years or above and should be resident in the United States.
- You will be required to provide some personal information such as name, phone number, email address, Tax Identification Number (TIN), Government Identification Number(GIN), and geographical information.
- Most importantly, you must have a sufficient amount of money in your Cash App account.
Is Buying Bitcoin On Cash App Safe?
Yes, buying Bitcoin on Cash App is safe as long as your phone is safe. Hence it is often advised that you lock your mobile phone with a unique security code to deny others access to your Cash App account. However, capital market trade has its risk as prices fluctuate. That is to say, you are at the risk of experiencing a loss at any time. So generally, you should invest only the fund that you can lose without harming yourself.
To further guarantee the safety of buying Bitcoin on Cash App, be aware that Cash App is PCI Data Security Standard Compliant.
Now let’s look at how you can buy bitcoin on Cash App.
How To Buy Bitcoins With Cash App
Buying Bitcoin on the Cash App is not difficult at all as long as you already have met the requirements discussed in the paragraph above. Take the following steps to buy Bitcoin on Cash App.
- Scroll to the bottom of the home screen of your Cash App and tap on the Bitcoin icon.
- On the next slide, you will be given the option of stock and Bitcoin.
- Click on “Buy Bitcoin”
- Tap on the type of order that you want in the options provided which are daily, weekly, etc.
- Click on or type in the amount of Bitcoin you want to purchase on the select amount page.
- Enter your 4 digit pin code
- Select confirm to confirm your transaction
Now that pretty easy right? Let’s see if you would be charged a fee to buy Bitcoin on Cash App in the following paragraph.
Cash App Bitcoin Fees
Yes, Cash App definitely charges its users some amount of money for buying Bitcoin on the App. However, the rate or schedule of fees is not published. Just bear in mind that a fee would be deducted and it will be listed on the trade confirmation before the trade Is confirmed. Generally, you should expect that the fee would be between 1.5 and 2.3 percent of the amount of Bitcoin that you want to purchase. So do well to view the entire slide carefully before confirming your transaction.
Cash App Bitcoin Purchase Limit
Before you consider using Cash App for your Bitcoin purchase, familiarise yourself with its pros and cons and that includes its purchase limit. Just like it is with other transactions on Cash App, there is a limit to how much Bitcoin can be purchased daily or weekly.
Cash App has a weekly Bitcoin purchase limit of 100000 U.S Dollars. And users are limited to 5 purchases daily.
Can the Cash App Bitcoin Purchase Limit Be Increased?
If you are a consistent Cash App User, you would have been familiar with how to increase daily or weekly limits of either withdrawal, sending, or receiving of money. However, there are no proven ways of increasing your Cash App Bitcoin purchase at the moment. We hope as we advance in the usage of the App, the option of increasing the limit will be included.
Why You Are Unable To Purchase Bitcoin At This Time Cash App?
Some Cash App users often make complaints that they are unable to purchase bitcoin on Cash App after several attempts. If you experience some hitches buying Bitcoin on Cash App, one or a combination of the following is most likely the cause
- Unavailability or bad Internet connection. You are likely to experience failed transactions if your mobile internet connection is bad or probably slow. In this case, you gave to contact that network service provider to sort it out before moving on with the purchase.
- Insufficient Fund: insufficient funds in your Cash App account is another reason you will be unable to buy bitcoin on Cash App. Before you proceed, make sure you have checked your balance to be sure you have the amount of money enough to buy the quantity of Bitcoin you desire.
- Incorrect Data or geographical information. In the process of purchase, you will be asked to enter some of your geographical information and biodata. If any of the information is incorrect, your purchase would not be successful.
How To Verify Cash App To Buy Bitcoin
To be able to trade Bitcoin on your Cash App, you will need to get your account verified. Take the simple steps below to verify your Cash App.
- On the home screen of your Cash App, go to the ‘invest’ section.
- Tap on the Bitcoin icon
- Click on ‘buy bitcoin
- You will be given the option to verify if you have not been verified already.
- Click on verify and that is all. Your request would be processed.
Why Is My Cash App Bitcoin Verification Taking So Long?
Or how long does it take Cash App to get verified for Bitcoin purchase? Usually, verification is meant to take a duration of 24 to 48 hours.
It is not supposed to be longer than that but if after 48 hours you have not been verified, contact Cash App support for help.
Conclusion
We have been able to teach you how to buy Bitcoin on Cash App as well as how to get verified and how much you are likely going to be charged for buying Bitcoin on the Cash App.
I hope the post has been educating so far and had answered all your question on the purchase of bitcoin on the Cash App. If you have any other problem buying bitcoin, you can contact Cash App Support for help.