Cash App is a mobile payment application that facilitates fund transfers between the app’s users. The platform developed by fintech company Block, formerly known as Square, allows businesses, individuals, and even organizations to send and receive funds from other users.
Bitcoin On Cash App
Cash App is widely used in the United States for sending and receiving cash. The platform has all the necessary financial service provider licenses to offer its services in all 50 US states. The application can be downloaded from the Google Play Store or Apple’s App Store for free.
Apart from USD, the Cash App supports Bitcoin (BTC) transactions – buy, sell, transfer – and also functions as a Bitcoin wallet. However, BTC remains the sole cryptocurrency supported by the mobile-first payment platform, as Block has made it clear that it has no intention to support other crypto assets.
Users must note that Cash App is a centralized platform where you are not able to self-custody the Bitcoin as the platform does it on your behalf.
This article is a step-by-step guide on how to withdraw your Bitcoin from the Cash App and transfer it into another wallet.
How to Withdraw Bitcoin on Cash App?
Here are the steps you need to follow to safely withdraw Bitcoin from your Cash App wallet:
Step 1: Verify Your Cash App Account
In order to buy, sell, or receive Bitcoin, you must first verify your Cash App account. Here is what you need to do to enable BTC transactions on your Cash App wallet:
- Tap on ‘Bitcoin’ from the Cash App home screen.
- Select ‘Enable Withdrawals and Deposits’
- Provide additional information such as your registered email address, a reason for using Bitcoin, and details about your income and employment.
- Verify your identity by scanning the front and back of your ID card or driver’s license. US account holders may also need to provide their social security number.
- Take a well-lit picture of your face
- Wait for Cash App to process your verification, which can take up to 48 hours. You will receive a confirmation via email or text message.
Now that you have verified your Cash App account, it is time to purchase Bitcoin. This can be done on the app itself and is a straightforward process. Once you have bought your preferred amount of Bitcoin, you may withdraw the tokens to an external crypto wallet.
Let us take a look at how this can be done.
Step 2: Go to the ‘Banking’ Tab
The Cash App home screen displays several of the platform’s functionalities. If you want to make a Bitcoin withdrawal, you need to tap on the ‘Banking’ icon that appears in the bottom left corner of the app interface.
Step 3: Select Bitcoin
The Banking tab is where you can manage your account balances and initiate withdrawals. From the money section, tap on ‘Bitcoin’, and this will display your BTC wallet within the app.
Step 4: Choose How You Want to Receive the Bitcoin Payment
From the Bitcoin wallet page, tap the arrow icon to the right of the ‘Buy’ and ‘Sell’ button. This will open a prompt asking if you would like to send or receive BTC. Since we are withdrawing the tokens, hit the “Send Bitcoin” button.
Step 5: Enter Your Preferred Amount and Recipient’s Bitcoin Address
On the withdrawal page, you will be asked to enter the quantity of BTC that you wish to withdraw in the amount field. Here you can toggle between displaying the respective figure in US dollars or BTC.
You will be given two choices here; either scan a QR code of the receiving Bitcoin address; or type or paste the wallet address that you wish to send the BTC to. You can also add a description so that the app will display it in the record of your BTC transactions.
Step 6: Confirm Withdrawal
To confirm your withdrawal, you must provide the security PIN or the biometric ID (finger or face scan) that is used to sign in to the Cash App.
Now carefully review the details of the withdrawal and confirm whether the amount and the wallet address are correct. Then tap the ‘Next’ toggle on the top right of your screen.
You should be extra careful when pasting a wallet address and always verify it for accuracy. This is because there is malware that identifies Bitcoin wallet addresses on a clipboard and can switch them to another address controlled by a bad actor. Sending funds to the wrong BTC address will result in permanent loss.
Step 7: Send
Depending on how soon you want to receive the Bitcoin, you can choose one from the following withdrawal speeds:
BTC arrives in the recipient’s wallet in under 10 minutes. Cash App will charge a service fee of 0.000065 BTC, which is approximately $2.26 based on the market price of Bitcoin at the time of writing.
BTC arrives in the recipient’s wallet within 2 hours. Cash App will charge a service fee of 0.000035 BTC, which is approximately $1.21 based on the market price of Bitcoin at the time of writing.
BTC arrives in the recipient’s wallet within 24 hours. The app completes the transfer free of cost. Users need to transfer a minimum of 0.001 BTC (approximately $36) when selecting this option.
Once again, review the details of your transaction and then select “Confirm & Send” to complete the withdrawal. Voila! You have successfully withdrawn Bitcoin from the Cash App to your external wallet.
Step 8: Check Status
You should note that the Bitcoin network processes the transaction depending on the withdrawal speed you selected in the previous step. To check the status of your withdrawal, tap the clock icon on the bottom right corner of the screen.
Once the transaction has been added to a block on the Bitcoin blockchain, you will receive a confirmation message on the app.