With the growing popularity of cryptocurrency, especially Bitcoin, more and more retail buyers want to dip their feet in this alternate investment opportunity and get a taste of the spectacular rise in this industry’s profits and popularity.
The industry is pretty technical, new and different from other investment options, and most retail buyers are not acclimatized to the complex world of blockchain and wallets. Hence, they find it challenging to invest in it.
Cash App is a mobile payment application and a cryptocurrency wallet that acts as a one-stop financial solution for many in the United States and the UK, which is why it has gained massive popularity recently.
One doesn’t need a bank account to use it and can send or receive payments or make Bitcoin transactions through peer-to-peer payment functionality, and it is a significant competitor for PayPal and Venmo.
It also provides a debit card associated with your Cash App account, known as Cash Card.
Cash App is not only a digital payment app but also provides an assortment of Investment opportunities where one can invest in stocks and digital currencies.
They can invest in popular cryptocurrencies like Bitcoin and even send them to other Cash App users and wallets. They can also buy and sell Bitcoin on the app.
However, not everyone’s a seasoned investor and may find operating the app complex, especially when they want to know how to send Bitcoin on Cash App to other wallets or other Cash App users.
Well, if you are one of them, you can follow our detailed step-by-step guide to understand and implement the process yourself to send Bitcoin to other Cash App users or any other Bitcoin wallet.
To send Bitcoin on Cash App launch Cash App & follow these Steps:
Step 1: Open Cash App
Step 2: Tap the Money or Bank Icon or the balance amount
Step 3: Select Bitcoin and tap the arrow or paper airplane icon
Step 4: Tap Send Bitcoin
Step 5: Select the BTC amount
Step 6: Tap Send and Enter the Recipient’s BTC address
Step 7: Tap Next and Choose the Speed of Transaction
Step 8: Tap Next and Verify the transaction details
Step 9: Tap Confirm and Send
Step 10: Enter and Confirm your Cash App PIN
Step 11: Tap Done to complete the process
If you want to know how to send Bitcoin on Cash App to another wallet, then follow the process:
Pre-Requirement: You must have Cash App downloaded (from Play Store or Apple Store), installed, and verified with your United States or United Kingdom phone or email address. Once verified, you are good to go.
Step 1: Open Cash App on your mobile phone.
Step 2: Tap on the Money or Bank icon represented by a symbol of the bank building, or tap on the Cash App balance amount displayed (if you already have any balance on Cash App) on the app home screen.
Step 3: Select Bitcoin and tap the arrow or paper airplane icon beside “Buy” and “Sell” to send and receive Bitcoin.
Step 4: Then, under the Send or Receive popup, select the “Send Bitcoin” option.
Step 5: Select the amount of BTC you want to send. You can check the value in BTC or USD; they are interchangeable. (There is a minimum limit for sending Bitcoin or BTC – 0.001 BTC for Standard and 0.00005 BTC for Rush and Priority)
Step 6: Once the value is finalized, tap “Send” and enter the Recipient’s Bitcoin wallet address. Don’t forget to crosscheck twice to ensure the correct address has been put.
Step 7: After confirming the address, tap Next and choose between Priority, Rush or Standard Withdrawal options. These are different speeds at which the transaction will be completed, and the fee varies by type of transaction speed chosen. (If you choose an expedited speed, you have to pay higher fees)
Step 8: After selecting the speed, tap “Next” and verify your transaction details.
Step 9: After completing verification, tap Confirm & Send.
Step 10: Enter the PIN to Confirm your Cash PIN.
Step 11: A message is displayed as ” You Initiated a Withdrawal of xxxxx BTC” with a “Done” button at the bottom. Tap “Done” to complete the process.
Important!! Any cryptocurrency transaction, including Bitcoin, uses blockchain technology to transfer the coins, using the coin’s blockchain address to send and receive the tokens.
Cash App crypto wallet uses the lightning network, so you need the recipient’s Bitcoin address on the lightning network of a supporting wallet. (You can think of it like a bank account number).
However, suppose a wrong external wallet address is put in. In that case, it will go to that particular wrong address, and it will be impossible to retrieve the payment as it is irreversible, so be careful when you put the addresses.
Always check addresses. If needed, double-check or triple-check them before confirming the payment.
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The process essentially is the same. The only difference is sending it via Name or $Cashtag instead of a blockchain address, which makes transactions much more secure and the process a piece of cake. It is an internal transfer between two users of the same app, reducing the chances of making a mistake.
Let’s now check the steps:
Step 1: Open the Cash App on your phone.
Step 2: Tap the Money or Bank icon represented by a symbol of a bank on the lower left corner or tap on the wallet balance (If you have any)
Step 3: Choose the Bitcoin option and tap the arrow or the paper airplane icon beside “Buy” and “Sell” to send and Receive Bitcoin.
Step 4: Then, as the Send or Receive window pops up, select the “Send Bitcoin” option.
Step 5: Select the amount of BTC you want to send. You can check the value in BTC or USD; they are interchangeable. (There is a minimum limit for sending Bitcoin or BTC – 0.00005 BTC or)
Step 6: Once the value is finalized, tap “Send” and select the Recipient’s Name or their $Cashtag after searching for them in the “To” section. (Example: Select “John” under the “To” section)
Step 7: After confirming the details, tap “Next” and verify your transaction details.
Step 8: After completing confirmation on the confirmation screen, tap “Pay xxxxx BTC.” (This is a peer-to-peer transaction)
Step 9: A message like ” You sent xxxxx BTC (~ xxxx USD) to John” with a “Done” button at the bottom. Tap “Done” to complete the process.
Note: Similarly, you can receive BTC from other users or wallets. They can choose your name or $Cashtag if they are sending you via Cash App or your BTC address when sending you via another wallet.
There is a minimum limit when receiving BTC from others. It is 0.00001 BTC or 1,000 sats (Satoshis).
When you are sending Bitcoin through Cash App, there are some limitations that you need to be aware of.
The limits are rolled over, accumulating in 7 days and 30 days. So, the more time you spend in the app and the more transactions you do, the higher your limit will be.
It is a gradual progression depending on usage and time. To check your weekly and monthly limit, do the following:
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Withdrawing Bitcoin to banks is a two-step process. To withdraw Bitcoin from Cash App digital wallet to Bank Account, you need to sell your BTC on Cash App, which will convert the BTC to USD or GBP (depending on whether you are using it in the United States or UK), and then you can transfer the converted USD to your US bank account or your GBP to your UK bank account.
Once the transaction is complete, the USD or GBP amount will reflect in the Cash App Balance section on the app home screen.
Prerequisite: You should have a bank account attached to your Cash App wallet for this. If not, do the needful and verify your account before you transfer your money to the bank.
Once the transaction is completed, the money will show in your bank account.
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The most frequently asked questions are as follows:
To send Bitcoin to someone, you need to use a centralized exchange like Coinbase or Binance or a decentralized exchange like Bisq or a cold wallet like Ledger. You need to select the amount of BTC, enter the recipient’s BTC wallet address, and confirm the transaction to send the BTC.
The time taken to send Bitcoin from Cash App to another wallet varies from 10 mins to 24 hours, depending on the withdrawal speed chosen when the sender made the transaction. The Standard speed takes 24 hours, Rush takes 2 hours, and Priority takes 10 minutes.
Yes, you can send Bitcoin from Cash App to Coinbase Wallet. You need the Recipient’s BTC address on his Coinbase account, paste that address into the “To” section, and confirm the amount to be sent. It will arrive in the Coinbase wallet once the transaction is successful.
Cash App may not allow you to send Bitcoin in two scenarios:
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I hope I have successfully explained how to send Bitcoin on Cash App to other wallets and other users of Cash App. I have also discussed the withdrawal process of the virtual currency to the bank.
Always follow this guide thoroughly, follow the on-screen instructions, and provide the necessary information when asked. The safe way to transact is first to send a small token amount to check if the intended recipient has received the payment and then do the actual transaction.
It’s even better if the user is a Cash App user; it makes the process much more straightforward and safer.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author’s opinions are their own and should not be taken as a recommendation to invest in any particular product or service. It is strongly advised that you consult a financial advisor before making investment decisions. Investing always carries risk, and it is up to each individual to consider their options and make informed choices carefully.
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