Nowadays, many people don't prefer to carry cash along with them. That's why tech companies have made it easier for them to carry all the money in their smartphones. Cash App is one of the best applications with some of its unique features such as investing in stocks, buying, selling bitcoins, etc.
In this guide, we will discuss the verification process of Bitcoin on Cash App. This guide will help you in clearing all your doubts regarding Bitcoin's verification. We will discuss the process of purchasing and depositing bitcoin in your Cash App wallet in brief.
What is Bitcoin
Bitcoin is the most famous and advanced form of cryptocurrency. It uses Cryptographic equations to create, hold and transfer value to ensure that the transaction is complete only one time.
Bitcoin is decentralized using peer-to-peer technology, which doesn't allow any other institution to control the Bitcoin Network.
The Verification Process
Firstly, you have to select the home button.
Then, you have to visit the Add Cash section and add some cash into your wallet.
Then, you have to select the Bitcoin option and enable Withdrawals and Deposits.
After clicking in Withdrawals and Deposits, you will need a License or State ID.
Then, you have to scan the front and back portion of your ID for successful verification of Bitcoin.
After the scanning process, it will take a maximum time of 48 hours to complete the verification process.
After successful verification, you can be able to purchase and deposit Bitcoin in your Cash App Wallet.
Note: If the scanned ID is not clear enough, the application may decline the verification. You have to make sure that you scan your ID carefully and all the details are visible.
How to Purchase Bitcoin using Cash App
Firstly, you have to click on the investing tab on the application home screen.
Then, you have to select Bitcoin .
Then, press the Buy button.
Then, you have to select the amount which you want to buy.
Then, enter your security pin and select confirm.
To successfully purchase bitcoin from Cash App, you must have a sufficient balance in your Cash App wallet.
If you want to view the Bitcoin limit and Progress, then you have to follow the below steps:
Open the Banking Tab in Cash App.
Then, select Bitcoin.
Then, you have to scroll down to the Bitcoin limit section to view all the Progress.
Note: if you are an iOS user, you have to tap on the View Limit Progress option to view all the Bitcoin limits and Progress.
How to Withdraw Bitcoin into your Cash App
To withdraw Bitcoin from your Cash App:
Firstly, you have to open the Banking Tab from your Cash App home screen.
Then, select Bitcoin.
Press the withdraw button .
Then, you have to scan a QR code address, or you can manually enter your Wallet address.
Now, you have to confirm the transaction by using a pin or touch ID.
In order to withdraw Bitcoin, you must have at least 0.0001 bitcoin in your wallet. You can withdraw up to $2000 of Bitcoin in a period of 24 hours.
The transfer process of bitcoin can take a maximum time of 30-40 minutes.
Buying and Selling Bitcoins on Cash App is not free. You have to pay fees for each transaction. The fees will depend on the amount you are purchasing or selling, and it can be listed on the trade confirmation before you complete a transaction.
The Bitcoin Sales and Purchases on the Cash App are carried out at a mid-market rate determined by the exchange process.
It is not a challenging task to verify Bitcoin in the Cash App. You just have to be careful while scanning your ID and make sure that all the information on the ID is clearly visible during the scanning process.
This is all about this guide. If you found this guide useful, don't forget to share it once. If you have any query regarding this guide, or if we have missed any critical fact related to the Bitcoin process's verification, you can tell us by commenting down below.