Introduction
Bitcoin is a type of digital currency that can be used as a form of payment for goods and services. It is decentralized, meaning there is no central governing body or middleman, and transactions are facilitated by a peer-to-peer network. Cash App is a mobile payment app developed by Square, Inc. that allows users to send and receive money from friends and family. Cash App also enables users to purchase and sell bitcoin.
Downloading the Cash App
The first step in buying and sending bitcoin on Cash App is to download the app. The Cash App is available for both iOS and Android devices, and can be downloaded from the App Store or Google Play Store. Once the app has been installed, users must create an account and verify their identity.
Adding a Bank Account or Debit Card
In order to buy and send bitcoin on Cash App, users must link a bank account or debit card. To do this, they must tap the “Banking” tab on the home screen and then select “Add a Bank.” From there, users will be prompted to enter their bank’s routing number and account number, which can be found on the bottom of their checks. Users will also need to enter their full name, date of birth, and Social Security number.
Buying and Sending Bitcoin
Once a bank account or debit card has been linked, users are now ready to buy and send bitcoin on Cash App. To purchase bitcoin, users should tap the “Investing” tab on the home screen and then select “Bitcoin.” From there, users can enter the amount of bitcoin they wish to buy and confirm the purchase. After the purchase is complete, the bitcoin will be stored in the user’s Cash App wallet.
To send bitcoin, users should tap the “Payment” button on the home screen and then select “Send.” From there, they will enter the recipient’s email address or phone number, the amount of bitcoin they wish to send, and a memo (optional). Once they have confirmed the transaction, the bitcoin will be sent to the recipient.
Storing Bitcoin Securely
After the transaction is complete, it is important to store bitcoin securely. Bitcoin stored on Cash App can only be accessed through the app, so users should enable two-factor authentication and use strong passwords to protect their accounts. Additionally, users should never share their private keys or seed phrases with anyone else.
Conclusion
Buying and sending bitcoin on Cash App is a simple and convenient way to take advantage of the potential of cryptocurrency. By downloading the app, linking a bank account or debit card, and following the steps outlined above, users can quickly and easily buy and send bitcoin. However, it is important to remember to store bitcoin securely after the transaction is complete to ensure its safety.
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