Cash App, formerly Square Cash, is a US and UK mobile payment service for money transfers with a 1.5% fee.
It added Bitcoin trading in 2018 and stock trading in 2019. Some use VPN to access it globally.
Launched by Block, Inc. (formerly Square, Inc.) on Oct 15, 2013, as “Square Cash.”
Bitcoin, the leading cryptocurrency, can be bought on Cash App besides platforms like Robinhood and Coinbase.
As of Nov 3, 2021, Cash App allows teens aged 13-17 with parental consent, but they can’t access cryptocurrency or stock trading until they’re 18.
In Sep 2021, it had 70M users and $1.8B in gross profit. Square’s market cap was $117.4B as of Nov 1, 2021.
Its main competitor is Paypal, with Venmo, and others like Apple Pay, Google Pay, and Zelle.
How Does It Work
Cash App is free to download on mobile platforms, encouraging users to join. It earns revenue through small fees: 1.5% for instant withdrawals, $2 for ATM withdrawals without direct deposit, and service fees for bitcoin transactions (varies with market volatility). Businesses pay a 2.75% transaction fee.
Cash App can lend users’ deposited money, generating interest income. It maintains 10% of account liquidity for safety.
While many services are fee-free, Cash App charges fees for ATM use, instant transfers, and bitcoin transactions, clearly disclosed before transactions.
How To Enable And Verify Bitcoin On Cash App
To unlock Bitcoin purchases without restrictions on Cash App:
- If the Cash App is in your name, go to the Bitcoin section, select “Get Started” for identity verification. Provide a photo of your ID and a selfie for verification.
- If the Cash App isn’t in your name, go to your profile, choose “Support,” and initiate a chat, stating, “I’m trying to verify my account for Bitcoin but it remains unverified.”
- You’ll receive a verification link like http://squareup.sendsafely.com to upload your ID and a selfie with the card. Once done, your account will be verified, and Bitcoin access will be granted in 12-24 hours.
To get started, you’ll need to:
Enable Bitcoin on Cash App:
- Open Cash App, go to Transfers and Deposits.
- Select Bitcoin.
- Tap “Enable Withdrawals and Deposits.”
- Provide reasons for buying Bitcoin, employment info, income, and verify your email.
- Scan both sides of your driver’s license or State ID.
- Take a full face photo.
- Wait 48 hours for ID processing. You’ll see a “Verification in Progress” message, which disappears when approved.
How To Activate Bitcoin On Cash App
After verification, use Cash App to buy and send Bitcoin:
- Toggle between USD and BTC on your home screen.
- Enter at least $1 and tap “Pay.”
- Enter recipient’s $Cashtag, phone number, or email.
- Tap “Pay.”
Alternatively, use the Bitcoin tab:
- Tap the Bitcoin tab.
- Tap the Airplane icon.
- Select “Send Bitcoin.”
- Enter amount and recipient’s $Cashtag.
Minimum transaction to a $Cashtag: 0.00001 BTC or 1,000 sats (Satoshis).
Bitcoin Limits On Cash App
Sending Bitcoin has limits: Minimum transaction to a $Cashtag is 0.00001 BTC or 1,000 sats.
Weekly sending and receiving limits are both $7,500.
How To Know If My Cash App Is Bitcoin Verified
Bitcoin is a popular cryptocurrency with a $1 trillion market cap.
You can buy it on Robinhood, Coinbase, or Cash App if your account is Bitcoin verified.
To purchase on Cash App, you must meet certain requirements: be 18+, a U.S. resident, and an individual user.
All U.S. states are eligible, but some info may be needed for certain transactions.
After verification, go to the “Investing” section, choose Bitcoin, tap “Buy,” set the amount, and confirm.
Fees apply and vary. You can deposit or withdraw to your personal wallet to maintain control over your Bitcoin.
Is It Safe To Enable Bitcoin On Cash App?
Cash App prioritizes user security with encryption, one-time login codes, and optional security settings like passcodes and card disablement.
However, it’s worth noting some drawbacks:
- Scam history, including impersonation and fake offers.
- Limited buyer protection compared to services like PayPal.
- Increased scams during the COVID-19 pandemic.
Consider alternatives like Gemini, Coinbase, Webull, or BlockFi for added safety.