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With Cash App generating $4.57 billion in Bitcoin revenue in 2020, it undoubtedly has shown it’s a force to be reckoned with when it comes to the crypto coin.
Because of this, there are bound to be many people who are new to using Cash App for Bitcoin and likely have questions about it.
The following article compiles a list of frequently asked Cash App Bitcoin questions and relevant answers to them.
In This Post:
- 1) Does Cash App Have a Bitcoin Wallet?
- 2) How to Find Your Cash App Bitcoin Wallet Address (Step-By-Step)
- 3) Why Your Cash App Bitcoin is Pending
- 4) Can You Buy Bitcoin with Cash App without Verification?
- 5) What Do You Need for Bitcoin Verification with Cash App?
- 1. Information About You
- 2. Proof of Identity
- 3. Photo of Yourself
- 6) How Long Does it Take to Verify Cash App for Bitcoin?
- 7) Why is Your Cash App Verification Still Pending?
- 8) Is Buying Bitcoin Through Cash App Safe?
- 9) Can You Send Bitcoin with Cash App?
- 10) Is Cash App Bitcoin Anonymous?
- 11) Is Cash App Bitcoin Insured?
- 12) What Is the Cash App Bitcoin Limit?
- 13) Can You Spend bitcoin on Cash App?
- Wrapping Up
- References
1) Does Cash App Have a Bitcoin Wallet?
Cash App offers support for Coinbase wallets, which means that if you have cryptocurrency on this popular exchange platform, it should be easy to transfer it over to your Cash App account.
Those who use this app can now view their holdings as if they were using Coinbase. This means you can see your wallet and watch the market just like on the website.
For one thing, it means that you could potentially link up your bank account and transfer funds from there instead of having to purchase coins elsewhere and then move them into your Cash App wallet.
RELATED: Using Cash App with PayPal (Complete Guide)
2) How to Find Your Cash App Bitcoin Wallet Address (Step-By-Step)
First of all, you must download and install the Cash App onto your mobile device, either an Android or iOS (iPhone) device. When setting up the app for the first time, it will ask if you want to set up a new account or log in to an existing one.
Select “Create New Account” on this screen, then choose whether you would like to use your phone number or email address as your username.
Step 1: Once logged in, click the “+” sign at the bottom right-hand corner of the app.
Step 2: Search for the word “Cash” and click on “Bitcoin.”
Step 3: Click on any available options to purchase a coin or sell a coin.
Step 4: Once you have purchased your Bitcoin, it will show up in your wallet address under the heading “accounts.”
3) Why Your Cash App Bitcoin is Pending
Some will reach the limit for how much they can buy per week, and their transactions will stay “pending” until it clears, though Cash App has a solution.
Your CashApp purchase is showing up as ‘pending’ because either your bank or crypto network is experiencing some difficulties communicating with each other about this transfer.
Many exchanges may suspend new account registration and trades during high traffic periods until they can keep up with demand. This means that even if you had successfully sent funds to your exchange wallet, you might have difficulty getting your trade to go through.
Some exchanges, such as Bittrex, offer an ‘alternate login’ feature to get around this temporary suspension of new accounts and trades.
RELATED: Borrowing Money Using Cash App
4) Can You Buy Bitcoin with Cash App without Verification?
You won’t buy Bitcoin via the Cash App until you verify your identity. This isn’t something that can be done anonymously, so if privacy is your top concern, hold off on attempting to purchase any bitcoin.
But if you would like to use the Cash App to buy Bitcoin without verification and then decide that you want to transfer some money from your bank account into Cash App for additional purchases. It won’t allow you because they see this as “suspicious activity.”
The best way around this issue is by temporarily changing your IP address so that your location appears different than how it usually does on their servers. This way, the Cash App won’t recognize you and will let you use it without being verified. However, this only works for a brief period because the app has sophisticated algorithms that can help identify your location by using so-called “hashing” technology.
5) What Do You Need for Bitcoin Verification with Cash App?
To set up Bitcoin money transfers from your Cash App account, you’ll need to provide the required identity verification information.
1. Information About You
To verify your identity with us, we require the following personal information:
- Name
- Date of Birth
- Social Security Number (SSN) or Tax Identification Number (TIN) / Individual Taxpayer ID Number (ITIN) / Adoption Taxpayer Identification Number (ATIN)
- Home Address
If you use the Cash App as part of a company benefits program, you will also need to include business tax documents for your employer-sponsored benefit plan provider.
2. Proof of Identity
You can also provide proof that you are the owner of your identity documents by uploading the following supporting documents:
Social Security Card / U.S. Birth Certificate / Government-issued National ID Card / Driver’s license / Passport / Voter registration card
3. Photo of Yourself
You’ll need to upload a photo of yourself to verify your identity. The image cannot be edited or filtered in any way. It must meet the following guidelines:
- Taken within the last six months / Looks like a driver’s license or passport photo / Full-face view directly facing the camera with a neutral expression and both eyes open / Free of glare from flash / In focus and lighting is uniform throughout.
- Visible white or off-white background without shadows, logos, objects, or other artifacts / Must not be altered in any way.
- File is in .jpg, .png, or.gif format
6) How Long Does it Take to Verify Cash App for Bitcoin?
The quick answer is roughly 24 hours, but the process varies depending on several factors. Cash App processes payments immediately, so someone can instantly send you some bitcoin or USD after adding their bank account. This will enable you to send and receive funds on your Cash App balance right away, but if you want to withdraw those funds, it’s a different story.
Once Cash App has received the payment, the image begins the verification process, taking up to 48 hours (but often less).
7) Why is Your Cash App Verification Still Pending?
Your Cash App verification will be pending until you have entered your bank account information, even if it has been submitted with your documents. The process will start as soon as you submit any document with your name and address that match those in your banking logins. If multiple people are applying for a joint account, they need to enter their banking login data instead of sharing one login.
While this can make it seem like things aren’t happening fast enough because of the lack of response from CashApp/Square, this process can take up to 5 days or more, which is the amount of time that Square/Cashapp has told us that they need to verify your identity. During this time, you will not be able to deposit money into your CashApp account without getting an error message telling you that verification is still pending.
RELATED:
8) Is Buying Bitcoin Through Cash App Safe?
Here are a few things that may ease your mind about how safe the Cash App is.
Let me start by saying that every online exchange or website dealing with money has had some sort of hack or breach since the internet first started. The Cash App is no exception, but it does take security very seriously, even if you’re not an experienced crypto enthusiast.
Your money is stored on Square’s account, not in the app itself. This means that they are responsible for keeping your money safe and auditing their accounts to ensure everything is running smoothly. They face many of the same hacks as every other major company like PayPal, Venmo, etc.
Even though your money isn’t in the app, it is linked to your debit card, which uses your bank account information(just like when you buy something online with a credit card). That means that to get access to the funds in your “Cash” wallet, they will need to know your bank login information.
That is the only time they have access to this information, and even though you give it to them, you can always change or remove your payment methods from within the app.
9) Can You Send Bitcoin with Cash App?
The answer is yes. Of course, the trick is that the $9 million limits apply for both options: buying and selling cryptocurrencies through the Cash App. That said, this might be a good option if you just want some cryptocurrency but don’t need much or are short on time.
But if you want a lot of cryptos, look elsewhere like Binance or Coinbase, for instance. They will let you buy and sell much more than $9 million.
10) Is Cash App Bitcoin Anonymous?
The short answer is no, and Cash App Bitcoin is not anonymous. Every transaction you make through the app is linked to your phone number and bank account. The information that “Cash” (or Square) collects will be used by the Internal Revenue Service (IRS) to find tax evaders.
11) Is Cash App Bitcoin Insured?
No. but there’s good news as well.
Cash App doesn’t insure Bitcoin because it isn’t needed. Investopedia defines insurance as “A form of risk mitigation used to protect assets against losses caused by perils or hazards. It is a means of protection that can be purchased for anything from property to health and lives.”
Insurance companies make money by taking premiums (money) from their customers and investing it until claims are made. The outcome of this investment determines whether or not the insurance company makes money. Insurance companies tend to take on very high risks because they have quite a bit of information about what’s going on with their investments but still quite a bit of variability in outcomes.
Cash App does not store Bitcoin long enough to fall under this definition, and there is no way to invest the coins held within the system. So, despite being unable to act as an insurance company, Cash App does offer additional security for your Bitcoin holdings.
12) What Is the Cash App Bitcoin Limit?
The limit for buying and selling bitcoin on the Cash App is $10,000 worth per 7-day period. You can increase your limit by verifying your identity with us providing more detailed information about yourself.
They take various measures to ensure that your bitcoin is as safe as possible for security reasons.
13) Can You Spend bitcoin on Cash App?
Cash App has decided only to support one cryptocurrency, currently BTC. This means that if you have deposited BTC into your Cash App, you are limited to only spending this currency on the app for goods and services or using it to withdraw funds at an ATM or another third-party service. For example, it cannot be used to buy or sell stock directly from the application.
Wrapping Up
Cash App is an excellent app for peer-to-peer transactions. While it can be used to purchase Bitcoin, it takes longer and involves more steps than other apps such as Coinbase.
References
- https://cash.app/help/us/en-us/3107-deposit-bitcoin-into-cash-app#:~:text=Cash%20App%20only%20supports%20Bitcoin,third%20party%20to%20your%20account
- https://cash.app/help/us/en-us/3106-bitcoin-withdrawal-instructions#:~:text=You%20can%20withdraw%20Bitcoin%20from,your%20Cash%20App%20home%20screen.
- https://cash.app/help/us/en-us/31021-sending-and-receiving-bitcoin
- https://cash.app/help/us/en-us/1016-bitcoin
- https://cash.app/help/us/en-us/31071-bitcoin-addresses
