About Cash App – Cash App, owned by Square Inc, is one of the most popular and used payments platforms out there available for people living in the USA and UK. It is a very sophisticated and easy to use platform. All that you need is a phone number, email and a bank account to get registered. Once registered, users can receive or send money to others, can order a free Visa debit card and use it for purchases or withdrawing cash from ATMs.
Sending money to family and friends is instant at a very small convenience fee and one can send even to strangers without revealing one’s identity, since one cannot only send money using a person’s number or email but also their Cash App username, which means one should not have to reveal their personal information (email or phone number) to someone for transactions. On top of that, Cash App now also provides one to buy and sell stocks and Bitcoin, by using their Cash App balance!
How to Send or Receive Bitcoins in Cash App?
Cash App gives one the ability to purchase, store, sell and receive Bitcoins right on the app. One can buy Bitcoins for as low as $1. Once purchased, they can send you coins to any external Bitcoin address. To do this, once one purchases some Bitcoins, they need to click on the arrow sign inside the app under their Bitcoin balance. Upon clicking it, they will then be asked to do their KYC verification (ID card and Face verification) to prevent fraudulent transactions.
Once the KYC is done, the user will then be given their wallet address in which they can receive Bitcoins from external wallets/addresses. To withdraw it, users can click on withdraw, fill up the external wallet address to which they want to send to and after that once confirmed, the transaction will get broadcasted and will be sent.
One can send Bitcoins to any external account including withdrawing it to crypto exchanges like Binance, Coinbase or Blockchain. It is very easy. Along with that, some exchanges do offer some additional features for adding money to buy crypto in alternative methods instead of directly depositing that crypto.
It is interesting to note that Coinbase allows funds to be used with various options including debit card and PayPal account option.
The Cash App Visa debit card allows for direct deposit of funds in Coinbase, but it certainly gives an error showing that this card is not supported, when trying to add it.
To solve this problem, you can try to link your Cash App visa debit card with your PayPal account and then use the PayPal option to deposit funds on Coinbase. Alternatively, another option is to use the PayPal checkout gateway and use their debit card for the transaction without needing to create a PayPal account. Binance too provides a way to deposit funds with a Visa or MasterCard and one might try to use their Cash App debit card on Binance to see if it works. Along with that, Binance do provide the option of P2P (peer to peer) trade feature where one can use Binance escrow to send their Cash App balance to someone who is accepting Cash App and purchase crypto with them, however P2P trading for Cash App is not really very popular and none is found to be accepting Cash App on Binance as it seems during the time of this being written. For Blockchain wallets, it doesn’t provide us with lots of options but direct crypto deposits and bank transfers for funds addition, and hence not really much can be done about it.
Conclusion
Cash App provides one with lots of features, including so many offers, discounts and abilities to do instant transactions, when it comes to adding funds on crypto exchanges through this app, it has very limited use (just like any other fiat payments app). Visa debit card of Cash App is not supported by almost all exchanges as of writing this, hence, the only way one can withdraw their Bitcoins to crypto exchanges is to directly send them to the exchanges’ wallet addresses. One should however appreciate that they can instead buy Bitcoin and hold them right on the app along with enjoying its other features, hence, Cash App is a good platform for investments in Bitcoins for many beginners and opens a door that connects the world of crypto with fiat!