Aspiring dabblers in bitcoin and other digital currencies must first learn how to buy and sell crypto. You can’t head down to the bank to pick up the latest hot crypto coin; nor can you walk up to a traditional ATM and use a credit or bank card to get some bitcoin or ethereum.
Of course, with new money comes new methods. Cash App is a mobile app that began as Square Cash, a division of Square, in 2013. It provides users with a convenient way to send and receive funds, competing on the same playing field as Venmo and PayPal.
Cash App can set up a bank account, provide a linked debit card, and trade stock shares. Cash App has also pulled ahead of its bigger-name rivals by offering a means to buy bitcoin directly on the platform.
How To Buy Bitcoin on Cash App
Once they’ve been authorized to start trading, users just need to follow a few steps to buy bitcoin with Cash App:
- Open the app.
- Select the small bitcoin icon on the bottom of your mobile screen.
- Tap “Buy BTC” to go to the purchasing screen.
- Several preset amounts will appear. Tap the amount you wish to buy.
- Alternatively, to enter a custom amount, tap the ellipsis (…).
- Enter your personal identification number.
- Tap “Confirm.” Take note here of any fees you’re being charged for this transaction.
Cash App needs the user to have a positive balance in their account in order to buy bitcoin. The app may also request that the user confirm their location, as cryptocurrency transactions are banned by law in some countries.
There’s quite a bit of information on display in this crypto corner of Cash App. Users can have a look at a price chart to see how bitcoin has performed over the last day, week and month. The bitcoin screen also provides an interesting news feed for users, with links to current articles on the state of bitcoin and the digital currency market in general.
Auto-Investing In Bitcoin
Cash App users interested in making a bitcoin investment may want to take the fleeting emotions and decision-making responsibility out of it. For these users, Cash App offers its Auto Invest feature.
Auto-investing puts your bitcoin buys on autopilot. Purchases are made automatically, in an amount and on a schedule set by the user. A small purchase of $10 or $20 a week can grow an account by an impressive percentage over time.
Step-by-Step Guide to Auto-Investing In Bitcoin
Here’s how to set up auto-investing with bitcoin on Cash App:
- Open the bitcoin screen.
- Hit the “Buy” button.
- Find “Standard One-Time Order” on the drop-down menu.
- Choose the frequency of your Auto Invest purchases, whether daily, weekly or every two weeks.
- Hit “Done.”
- Select the amount for regular investment from the preset amounts, or enter a custom amount. The minimum amount for an Auto Invest purchase is $10.
- Tap “Next.”
- Tap “Confirm.”
To cancel the Auto Invest purchase, follow these steps:
- Navigate to the bitcoin screen.
- Scroll to the active purchase, which displays the quantity and frequency of your investments.
- Tap on the purchase.
- Tap the “Cancel” button.
- Tap “Confirm.”
Risks of Bitcoin
Bitcoin has its risks as well. It’s been around a bit longer than Cash App, and several large companies accept it for payments. Yet bitcoin still has not established itself as a widely used method of buying and selling things. Trading and investing in bitcoin remains a gamble because the price fluctuates constantly.
Digital currencies may eventually achieve wider acceptance among banks, merchants and individual users. But they may never pose a serious threat to the dominance of dollars, yen, euros and other traditional currencies.
Cash App Investing users now have an easy way to buy and sell, but they should be prepared to lose their entire investment if the promise of crypto fades due to waning public interest, legal restrictions or the appearance of new and more useful digital money.
This article was republished on April 26, 2022. Information is accurate as of April 8, 2022.