Cash App is a popular mobile payment service developed by Block, Inc. (formerly Square) that allows users to transfer money, buy stocks, and purchase Bitcoin. It’s become one of the most user-friendly ways for Americans to get started with Bitcoin.
Key Features
- Instant peer-to-peer money transfers
- Free debit card (Cash Card) for purchases
- Direct deposit support
- Stock investments with as little as $1
- Bitcoin buying and selling
- Boost rewards program with cash back
Bitcoin Integration
- Simple Bitcoin purchases starting at $1
- Option to automatically buy Bitcoin regularly
- Bitcoin withdrawals to external wallets
- Lightning Network support for fast transactions
- Instant Bitcoin deposits
Advantages
- Easy to use interface
- Quick setup process
- Free to send and receive money
- Direct deposit arrives up to two days early
- Integrated Bitcoin and stock investing
Considerations
- Available primarily in the US
- Some features require identity verification
- Bitcoin purchases include a small fee
- Limited cryptocurrency options (Bitcoin only)
Cash App has become particularly notable in the Bitcoin space for making cryptocurrency accessible to everyday users while maintaining the ability to self-custody funds – a feature many other simple payment apps don’t offer.
Buying Bitcoin With Cash App
Here’s a straightforward guide to buying Bitcoin using Cash App:
Basic Purchase Steps
- Open Cash App and tap the “Money” tab
- Tap the Bitcoin tile
- Press “Buy”
- Select an amount or tap “…” to enter a custom amount
- Confirm with your PIN or Touch ID[1]
Account Setup Requirements
Initial Setup
- Download Cash App
- Create an account
- Link a bank account or debit card
- Verify your identity (requires government ID)
Identity Verification
- Provide your address
- Submit state ID and face photo
- Answer basic questions about employment[6]
Costs and Fees
- Approximately 2.25% fee per purchase
- No fees when using direct deposit for automatic purchases
- Withdrawals to external wallets are free[6]
Additional Features
Automatic Investing
- Set up direct deposit
- Choose a percentage to automatically convert to Bitcoin
- Skip fees with automatic purchases[4]
Custom Orders
- Set buy orders at specific price points
- Automatically executes when price is reached
- Can set expiration timeframes for orders[5]
Withdrawal Options
- Instant withdrawals to external wallets
- Choose between standard or priority withdrawal speeds
- No waiting period for verified accounts[6]
Remember: Bitcoin purchases through Cash App are protected by cold storage security, but it’s recommended to transfer larger amounts to a personal hardware wallet for long-term storage.
Cash App Verification Process
Initial Setup Requirements
Basic Account Setup
- Download Cash App
- Create account
- Link bank account or debit card
- Provide basic address information
Verification Levels
Level 1: Basic Purchase
- Requires providing your address
- Allows initial Bitcoin purchases
- Limited functionality
Level 2: Full Access
- Required for withdrawals and higher limits
- Takes 1-2 minutes to process
- Includes:
- State ID submission
- Face photo verification
- Basic employment information
- Questions about Bitcoin usage[1][2]
Verification Timeline
- Initial verification takes 1-2 minutes for basic information
- Full verification can take up to 48 hours to complete
- Status shows as “Verification in progress” during review[2]
Transaction Limits
- Can deposit up to $10,000 worth of Bitcoin in any 7-day period
- Limits may vary by user
- Specific limits can be checked under Profile > Limits[3]
Pro Tips
- Have government ID ready before starting
- Ensure good lighting for face photo
- Be prepared to answer basic employment questions
Remember: While the actual Bitcoin purchase is instant once verified, the initial setup and verification process is a one-time requirement that must be completed first.
