Cash App Featured

Step-by-Step Guide to Bitcoin with the Square Cash App

Exchange Guides, Exchanges, Wallet Guides, Wallets

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! 

 

Get Cash App

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.

Cash App Link

 

Install Cash App

Select install from the app store to download and install the Cash App to your mobile phone.

 

Cash App Download

 

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.

Cash App Number

 

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.

 

 

Cash App Code

 

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.

Cash App Enter Name

 

Go to Main Menu

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.

Cash App Opening Screen

 

Main Menu

The Main Menu of the Cash App includes your photo, name, and an option to have a security lock.

 

Cash App Front Screen Top

 

Main Menu

The main menu also lists your funds in cash and bitcoin, the bank accounts linked to your account, and several different settings.

Cash App Front Screen Bottom

 

Set Security Lock

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,

Cash App Set Pin

 

Choose Pin

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.

Cash Pin

 

Add Bank Account

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.

Cash App Add Bank

 

Enter Debit Card Number

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.

Cash App Add Bank Card

 

Bank Account Linked

That’s it! Your bank account is now ready to use for buying bitcoin.

Cash App Bank

 

Bitcoin Funds

Select Bitcoin from the main menu to get started with buying bitcoin.

Cash App Go Bitcoin

 

Choose Buy Bitcoin

Next select the buy option from the bitcoin menu.

Cash App Bitcoin

 

Choose Amount

Choose the amount of bitcoin you want to buy.

Cash App Buy Bitcoin

 

Deposit USD

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.

 

 

Confirm Bitcoin Buy

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.

Cash App Bitcoin Confirm Buy

 

Bitcoin Purchased

The Cash App will display a confirmation that you purchased bitcoin. Select Done to go back to the bitcoin menu.

 

Cash App Bitcoin Buy Complete

 

Bitcoin Menu Updated

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.

Cash App Bitcoin Balance Update

 

Go to Transaction History

You can always view your transaction history in the Cash App from the upper right of the front page.

Transaction History Menu

 

Transaction History

The transaction history will show your cash deposits, sent and received cash transactions, and bitcoin transactions and withdrawals.

Cash App History

 

Withdraw Bitcoin

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.

Cash App Bitcoin Withdrawal

 

Verify Identity

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.

 

Cash App Identity

 

 

Get Started Buying Bitcoin with Cash App!