Even if the idea of managing a MetaMask wallet or figuring out how to use NFT on OpenSea makes you nervous, you’re in luck because Cash App lets you buy, sell, and trade Bitcoin in just a few minutes.
Unfortunately, if you’re always on top of the latest crypto trends, Cash App only supports Bitcoin for the time being, but its extremely user-friendly interface makes managing your money a breeze.
This is a great wallet for first-time Bitcoin buyers and seasoned traders alike, and you can always move your funds if you want a more advanced wallet in the future..
How to Make Money with Cash App by Selling Bitcoins
When it comes to making money in the Bitcoin market, timing is everything. On the Cash App, you can quickly sell Bitcoin whenever you want, or you can set up automatic sales when the value rises.
Tap “Sell” in the center of the Bitcoin tab.
A one-time sale is the default setting, and you’ll be asked to select a price in USD. Set a default value or create a custom one, just like with the purchasing options.
Finally, you’ll be asked to input your PIN and finalize the transaction. It’s done! As soon as your Bitcoin is delivered, you’ll see a change in both your Bitcoin and USD balances.
The value of Bitcoin can also trigger sales if it reaches a certain threshold. When you first tap “Sell,” instead of selecting a one-time sale value, press the “Change Order Type” button.
Select “Custom Sell Order” from the menu that appears.
There is a graph of Bitcoin’s value on the next page (you can look at it by the day, week, month, or year).
You can set the price at which a sale of Bitcoin is triggered by dragging the slider.
Set your value by tapping “Set.”
You’ll now be asked how much you’d like to sell when the trigger figure is reached. If you prefer, you can choose from one of the predetermined amounts or designate a custom amount.
In the next step, you’ll be asked to select an expiration date for this trigger. When it comes to automatic sales, it’s a good idea to keep an eye on the market, but keep in mind that what you set is what you get. Even if the price keeps rising, the sale will go through immediately once your target value is met.
You will be prompted to enter your PIN and confirm the details of the automatic sale once you have set an expiration date.
You can’t change these rules after you’ve set them up, but you can cancel them and create new ones. Go to the “Activity” section of the Bitcoin tab to see what automatic sales you’ve set up.
The Cash App: Sending Bitcoin
To a friend, you’d like to send a few Bitcoins? On Cash App, sending Bitcoin is as simple as sending USD.
Cash App will, by default, send money in US dollars. The currency drop-down menu on your transaction tab can be used to switch to Bitcoin.
To see your balances in USD and Bitcoin, select “currency” from the main menu. You can use Bitcoin to change the currency you’re working in.
Pick the amount you want to donate. Cash App will tell you how much Bitcoin you’ll get if you enter a value in US dollars. Transferring Bitcoin has a minimum fee, but it’s only a few dollars. As soon as you’ve entered your phone number, all that’s left to do is tap “Send.”
You’ll be prompted to select a recipient from your contacts or enter a $Cashtag before confirming the transaction and sending it off, just like a USD transaction would.
Bitcoin Transfers Between the Cash App and Other Wallets
Using the Cash App, you can easily transfer Bitcoin to and from other cryptocurrency wallets, such as Coinbase.
Your Cash App account must be verified with a photo ID and some personal information before you can use blockchain transfers. In the Bitcoin tab, below your balance and the market chart, you’ll find an option to verify your account if it hasn’t been verified yet.
Remove Bitcoin from My Account
Tap the send icon on the Bitcoin tab to send your bitcoins.
You’ll be able to specify how much Bitcoin you want to take out of Cash App on the following screen.
You can enter your Bitcoin wallet address in a few different ways. In order to send a transaction, you must tap the “Send” button at the bottom of your screen, enter a wallet address, or copy and paste one.
You can also use the scan icon in the upper left corner of your screen to scan a wallet address QR code.
Once you’ve selected a final destination, you’ll be given the option of selecting a withdrawal speed, each with its own set of fees.
As soon as you press “Next,” you’ll be prompted to enter your Cash App PIN and confirm the transaction.
Incompatible Bitcoin wallets will not be accepted by Cash App (it will just say the address entered is invalid).
In order to avoid losing money, it’s always a good idea to double-check the addresses before sending any cryptocurrency.
Making a Bitcoin Deposit
To see your Bitcoin address, go to the “View Bitcoin Address” link in the “Bitcoin” tab.
This QR code can be scanned, copied and pasted, or sent to a friend.
With any wallet, you’ll need to input this address somewhere in the process of depositing Bitcoin to your Cash App account, regardless of how it looks.
This address only accepts Bitcoin, and Cash App has a disclaimer on this screen, but it’s worth repeating:
This wallet will not detect incompatible wallets, so any other cryptocurrency sent to this address will be lost forever. This includes Bitcoin adjacent coins like Bitcoin Cash or Bitcoin SV.
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