CashApp fully supports the purchase and sale of bitcoin.
Cash App, Square’s popular peer-to-peer (P2P) payment service app, has increased steadily since its appearance. This growth has been fueled by a promotional marketing campaign giving cash gifts to those who interact with the brand on various social media platforms.
The app is similar to Google Pay, Amazon Pay, Paytm, and more in that it enables users to transfer money with each other effectively through a mobile phone app. The app has become an essential means of transferring money and paying bills.
Amongst its uses, did you know that you can buy bitcoin through the App?
To purchase bitcoins through CashApp, the user must have a balance on their Cash Card. Within a series of options, the user will be able to select the amount of bitcoin that he wishes to buy. Finally, the user can enter his Cash pin or Touch ID to confirm the transaction.
According to CashApp, users may need to add extra information regarding their identification. For their first bitcoin purchase through the Cash App, users must accept the terms and conditions of the additional cryptocurrency service from Square, the company responsible for the application and of which Twitter CEO Jack Dorsey is a senior manager.
How about selling bitcoins?
Well, you can do this too on CashApp.
To sell bitcoins, users must select a Cash Card or the dollar amount at the top of the screen. Next, they must choose the option to sell, indicate the amount of bitcoin and finally, confirm the operation. For the transaction to be executed, the user must enter their Cash pin or Touch ID.
The cost of buying and selling bitcoins through the Cash App will not be a fixed rate. The Square team indicates that its cost will imply a margin added to the average price of bitcoin in the market. In addition, they had clarified that the margin that Square sets may be different for purchases and sales of the cryptocurrency. “When you buy Bitcoin from Square, the margin may differ from when you sell Bitcoin to Square. The price and margin may also differ from what you see available in other markets, “they pointed out.
In addition, users are also able to send their bitcoins to external wallets. To transfer bitcoins from Cash App to another wallet, the option Funds must be selected and later, Bitcoin. Next, it will be required to enable withdrawals, following some instructions in the application. After verification, the user must select transfer and confirm. You can then send the funds with the Qr code of the address.
This feature has been welcomed with open hands by the ends user. for this same reason, CashApp has also become attractive to scammers. nonetheless, if one is a little bit more careful, one will not fall into their hands
Here are a few things you should watch out for when transacting through CashApp to avoid being scammed.
- Don’t trust Twitter and Instagram posts promoting #CashAppFriday or other giveaways. Do the math; If it sounds too absurd ($900 for the first 900 people), it is probably a scam. Even if it’s a modest sum ($20 for the first 100 people), be sceptical.
- Changing money to multiply is not a real operation. There is no program or method to alter transactions to increase the value of your money within the Cash App or any other person-to-person payment service.
- If the test they offer you is to convert $2 into $20, know that the Cash App scammer is using his pool of funds to gain your trust and steal a larger sum of money.
- If you get a message from someone saying they won a Cash App giveaway and include a link to a website asking you to log into the Cash App, it is almost certainly a phishing site.
Also, it’s important to review your settings to scare off scammers. This includes making sure you have enabled “Security Lock”, which requires the Cash App pin to transfer funds. Keep the pin and never share it with anyone or with any website.