Introduction
Bitcoin is a digital currency that allows people to make payments without an intermediary such as a bank or credit card company. Cash App is an online payment platform developed by Square Inc. that allows users to transfer money to each other. This article will provide an overview of how to convert Bitcoin to cash using Cash App.
Research Cash App’s Bitcoin Selling Process
Before attempting to sell Bitcoin on Cash App, it is important to understand the fees involved and read the requirements for selling Bitcoin. Cash App charges a fee equal to 1.75% of the transaction amount when selling Bitcoin. Additionally, there are minimum and maximum limits for transactions. The minimum is $10 and the maximum is $10,000 per transaction.
Create a Cash App Account
The first step in converting Bitcoin to cash is to create a Cash App account. To do this, download the app from the Apple App Store or Google Play Store. Once downloaded, open the app and sign up with your name, email address, and phone number. You will then be asked to verify your identity by providing your date of birth and Social Security number.
Connect Your Bank Account to Cash App
After creating your Cash App account, the next step is to link your bank account. To do this, open the Cash App and select “Link a Bank” from the home screen. Enter the required information and confirm your bank account. This may take a few minutes.
Transfer Bitcoin to Cash App Wallet
Once your bank account is linked, you can begin transferring Bitcoin to your Cash App wallet. To do this, you will need to get a Bitcoin address from Cash App. Open the app and select “Deposit Bitcoin” from the home screen. Copy the address provided and use it to send Bitcoin from your external wallet to your Cash App wallet.
Sell Bitcoin in Cash App
When the Bitcoin has been transferred to your Cash App wallet, you can begin selling it. Open the Cash App and navigate to the Bitcoin section. Select “Sell” and enter the amount of Bitcoin you want to sell. Confirm the transaction and the funds will be deposited into your Cash App balance.
Withdraw Funds from Cash App to Your Bank Account
Finally, you can withdraw the funds from your Cash App balance to your bank account. To do this, open the Cash App and navigate to the Banking section. Select “Withdraw Cash” and enter the amount you wish to withdraw. Confirm the transaction and the funds will be deposited into your bank account.
Conclusion
In summary, converting Bitcoin to cash using Cash App is a relatively straightforward process. Be sure to review the fees involved and read the requirements for selling Bitcoin before beginning. Once you have created a Cash App account, linked your bank account, transferred Bitcoin to your Cash App wallet, sold your Bitcoin, and withdrawn the funds to your bank account, you will have successfully converted Bitcoin to cash.
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