Cash App, the popular peer-to-peer payment platform, has made investing and transacting in Bitcoin (BTC) remarkably easy. If you want to send Bitcoin from your Cash App balance, the process is straightforward.
Before You Begin
Ensure you have these essentials in place before initiating a Bitcoin transfer on Cash App:
- Verify that Bitcoin withdrawals and deposits are enabled in your cash app settings.
- Make sure you have a sufficient Bitcoin balance in your cash app wallet to cover the amount you want to send and any associated network fees.
- Have either the recipient’s Bitcoin wallet address or their cash app $cashtag ready.
Sending Bitcoin on Cash App: Step-by-Step
Sending to a Bitcoin Wallet
- Launch the Cash App on your mobile device.
- Tap the “Money” tab and then locate the Bitcoin tile.
- Tap the “Airplane” icon (which looks like a paper airplane).
- Select the “Send Bitcoin” option.
- Carefully input the amount of Bitcoin you intend to send. Paste the recipient’s external Bitcoin wallet address or scan their QR code if you have it.
- Double-check the amount and the recipient’s wallet address before tapping “Next“.
- Choose your desired withdrawal speed. Faster speeds usually incur higher network fees.
- Tap “Confirm & Send” to complete the Bitcoin transfer.
Sending to Another Cash App User
- Launch the Cash App on your mobile device.
- On the Cash App payment pad, switch from USD to BTC, enter at least $1 worth of BTC, locate the recipient by their $Cashtag, phone number, or email, and tap “Pay”.
Important Notes
- Withdrawal Minimums: There are minimum withdrawal amounts depending on selected network speeds.
- Transaction Fees: Bitcoin transfers incur network fees (miner fees) that vary based on network traffic and your chosen withdrawal speed.
- Transaction Irreversibility: Bitcoin transactions are irreversible. Meticulously double-check the address before confirming.
- Lightning Network: Cash App also supports sending and receiving Bitcoin through the Lightning Network for faster and potentially cheaper transactions.
Additional Tips
- Always prioritize the security of your Bitcoin. Use a reliable external wallet and never share your private keys with anyone.
- For your first few Bitcoin withdrawals, Cash App might request additional personal information for verification purposes.
- Bitcoin transactions on the main network can sometimes take a while to fully confirm, especially if you opt for the slowest withdrawal speed.
Cash App offers a convenient way to manage and transact with your Bitcoin holdings. By following these steps and keeping in mind the key considerations, you can effortlessly send Bitcoin to other Cash App users or external Bitcoin wallets.
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