The Cash App from Square is the fastest and easiest way to buy and sell bitcoin with U.S. dollars. This Step-by-Step Guide to Bitcoin with the Square Cash App shows how to buy bitcoin with a debit card from the Cash App in just minutes. The Cash App is one of our most frequent recommendations to buy your first bitcoin because it is even less intimidating than Coinbase. While other services such as Coinbase, Gemini, Bitflyer, Circle, and Abra currently offer more features and control of your cryptocurrency, the Cash App is a simple, effortless, and user-friendly service that is an ideal introduction to bitcoin. An added benefit is that the Cash App also makes it simple to send and receive U.S. dollars with friends and family. Let’s get started!
The Cash App is available for Android and Apple mobile phones. If you download the Cash App with the Crypto Space Guides code of RQNQPTR, you will get $5 after using the Cash App to send your first $5.
Select install from the app store to download and install the Cash App to your mobile phone.
Link Mobile Number or Email
The Cash App is connected to your mobile phone number or email. If someone steals your phone number, mobile phone, or login to your email account, as applicable, the only thing standing between the thief and your bitcoin is a relatively easy to decipher four digit pin. The Cash App is not ordinarily a good choice for storing large amounts of bitcoin.
Enter One-Time 6 Digit Code
Every time you attempt to log in to your Cash App account, you’re sent a one-time-use confirmation code. Enter the code sent to your phone number or email, as applicable.
Enter First and Last Name
Enter your first and last name to continue to your Cash App account. Then enter your zip code when prompted. You may also enter a debit card when prompted, but we skipped that step to cover it later in this guide.
The opening screen of the Cash App is for sending and requesting fiat currency payments. Select the icon in the upper left to go to the main menu with options applicable to buying and selling bitcoin.
The Main Menu of the Cash App includes your photo, name, and an option to have a security lock.
The main menu also lists your funds in cash and bitcoin, the bank accounts linked to your account, and several different settings.
You should enable the security lock feature to protect your account. Otherwise, anyone who steals your mobile phone has easy access to your account. Turn on the security lock toggle,
Enter the four digit pin code to protect your account and then confirm the four digit pin when prompted. You can change your pin from the settings in the future.
The Cash App makes it super easy to link a bank account in seconds. Select the Add Bank from the main menu to link your bank account.
The Cash App works primarily with debit cards. Enter your debit card number to link that bank account to your account on the Cash App.
That’s it! Your bank account is now ready to use for buying bitcoin.
Select Bitcoin from the main menu to get started with buying bitcoin.
Next select the buy option from the bitcoin menu.
Choose the amount of bitcoin you want to buy.
The Cash App uses funds from your U.S. dollar balance to purchase bitcoin. Therefore, you must deposit U.S. dollars into your account before completing the bitcoin purchase. For example, we needed to deposit $15.00 before we could purchase $15.00 of bitcoin.
The Cash App displays a confirmation listing the amount of bitcoin and price paid (exchange rate). According to Square, the exchange rate for buying and selling Bitcoin is calculated using the current market rate across the most popular U.S. exchanges, plus a spread determined by the size of your transaction and market volatility. Select confirm to buy bitcoin.
The Cash App will display a confirmation that you purchased bitcoin. Select Done to go back to the bitcoin menu.
The bitcoin menu will show the amount of bitcoin purchased. However, you do not actually hold the bitcoin. Square holds bitcoin on your behalf, while you have access to sell or withdraw your bitcoin.
Go to Transaction History
You can always view your transaction history in the Cash App from the upper right of the front page.
The transaction history will show your cash deposits, sent and received cash transactions, and bitcoin transactions and withdrawals.
The Cash App is not the ideal way to manage large amounts of bitcoin because there are significant security risks (if your phone number, mobile phone, or email account is stolen) and you do not control the private keys to the bitcoin you purchase. Thankfully, Square allows users to withdraw bitcoin to any third-party wallet provided you verify your identity. Withdrawing is as simple as either scanning the QR code from your external wallet or tapping Use Wallet Address at the bottom of your screen to enter the address manually.
To verify your identity for bitcoin withdrawals, Square asks for many of the same things as a traditional bank. You need to provide your full name, social security number, date of birth, photograph of your driver’s license, and photograph of yourself. We encountered problems using Square’s driver’s license verification process, but Square’s support team promptly helped with manual verification via email.
Get Started Buying Bitcoin with Cash App!