Is Cash App a Bitcoin Wallet? – Cash App Bitcoin Review
Is Cash App a Bitcoin Wallet?
Cash App, being a peer to peer money transfer application, allows you to trade in cryptocurrency too. This application allows users to only trade in Bitcoin and none other cryptocurrencies at the present moment.
However, it is again insisted that Cash App may not be considered a full fledged physical or online Bitcoin wallet as it only allows you to buy and sell bitcoin to an external wallet through this app. You must not mix Cash App bitcoin wallet with Exodus or Electrum at all, as these sites allow full time bitcoin trading.
What is the Bitcoin Wallet Address on Cash App?
Bitcoin wallet address is unique for every individual which normally consists of a long string of numbers and letters which are helpful in depositing bitcoins from a third party to your Cash App account. You can find your Cash App Bitcoin wallet address by following the given procedure:
- Open the Cash App application on your phone.
- Then, proceed to tap on the ‘Banking tab’ available on your home screen.
- Further, select the Bitcoin option.
- Go to Deposit Bitcoin.
- Now, you will see your full current Cash App Bitcoin wallet address.
If, in case, your wallet address is not updated after each transfer, then the transfer site may not be supported.
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Can You Get a New Bitcoin Wallet Address on Cash App?
One important thing to note is that the Bitcoin Wallet Address changes after every transaction as this address is used for a single time use only. So, you can get a new wallet address on the Cash App automatically after every transaction.
Previously, Cash App addresses were used multiple times, however, this made them vulnerable to be tracked easily. For this purpose, now your public Bitcoin cash address changes after every transaction.
Once you receive an incoming transfer of payment, you will receive a new system generated address which will be displayed when you click on Request.
How To Buy and Sell Bitcoin on Cash App?
Buying and selling bitcoin is quite an easy process, and you must follow the given details in order to do so.
To buy Bitcoin on Cash App:
- Open the application and tap the Bitcoin symbol available in the lower right-hand corner, which will open up the Bitcoin tab.
- Then, click the ‘Buy’ tab available in the center of your screen.
- After this, select how much Bitcoin you would like to purchase by selecting a value in USD.
- If you are buying bitcoins for the first time, you will be asked to enter some additional details for security purposes.
- You can then confirm your order and the application will break down any fees that are taken with purchase.
- Once you have completed your order, you can go back to the Bitcoin tab. Your Bitcoin balance will appear at the front along with a simple chart depicting the Bitcoin market fluctuations over the past week.
To sell Bitcoin on Cash App:
- Open the Bitcoin tab and click on ‘sell’ option.
- You will then be required to enter the value in USD of the bitcoins you intend to sell.
- After this, you will be asked to enter your personal details and PIN to confirm the sale.
- There are other options too, like you can plan sales that increase when the value of Bitcoin hits a certain figure.
What is the Duration for the Bitcoin Transaction Process on Cash App?
Bitcoin Transactions don’t take a much longer process and you can transfer bitcoin to the external wallet within the time duration of 30-40 minutes, although the time duration can exceed this limit in certain cases. This depends upon multiple factors like, the network issues, lags caused in network connectivity, miners verifying the transactions etc. However, there are 2 main factors which affect the transaction time on Cash App:
- Network Connectivity- the amount of transactions processed by a network in a day.
- Transaction Fees- the charges required to help prioritize your transactions and to verify your transaction faster.
How Long Does Bitcoin Verification Take on Cash App?
Bitcoin Verification on Cash App is not that much of a lengthy task and it may take up to 24 hours for this process. You will first have to add a payment method to purchase Bitcoin and then the application will ask you to verify your account identity.
You will be asked to enter all your details like your full name, your date of birth, and also the last four digits of social security to make the Bitcoin purchase. Once you have added all these details, you can then proceed to verify your account and it will take almost 24 hours or in some cases, longer.
How To Withdraw Bitcoin from Cash App?
You can withdraw Bitcoin from Cash App by following the given steps:
- First of all, open the Cash App mobile application.
- Then, proceed to tap on ‘My Cash’ screen.
- After this, click on Bitcoin which will display your total balance.
- Then, tap on the Withdraw Bitcoin option.
- After this, proceed to choose the BTC amount you want to transfer.
- Then, enter the wallet address and then scan the QR code with the wallet address.
- Input your Cash App PIN and confirm the transaction through your fingerprint.
Yes, Cash App may be considered a safe Bitcoin wallet as you can send and receive Bitcoin through this application. But for this, you need to first verify your identity to enable the Bitcoin withdrawal and deposit process.
You can find your Cash App Bitcoin wallet address very easily and all you have to do is hit the Deposit Bitcoin in order to get a unique address which is required to send BTC to others.