- April 27, 2023
- |Bitcoin, University
Bitcoin is the most popular cryptocurrency on Earth, with over 114,000 accounts active worldwide. And, you don’t even need a bank account to use it.
Many users have already learned how to withdraw Bitcoin on Cash App. Now, you can too. Once you’ve made mobile-driven financial transactions work for you, it’s easy to bypass banks altogether.
Bitcoin & Mobile Finance Worldwide
Bitcoin users advocate for virtual currency as a hedge against inflation. And, in certain lower-income countries (like El Salvador), cryptocurrencies are recognized as legal tender.
Between 2020 and 2021, cryptocurrency adoption increased by 880% in Latin American nations. Part of this increase stems from a concerted effort among Latin American officials to increase financial inclusion for all.
Almost half of all Latin American citizens and residents are unbanked. Yet, most people have access to a mobile phone.
Peer-to-peer transfers through mobile applications now account for roughly 24% of El Salvador’s GDP. The trend is similar across the American continents.
You may be buying and selling in the global South. Or, you’re unbanked in the United States. Maybe you’re just trying to navigate the financial complexities of retirement.
No matter your situation, a Bitcoin wallet—and an app like CashApp—can be helpful financial tools. And these tools are easier to use than you might think.
Use this guide if you’re interested in using bitcoins to meet your financing needs. First, discover how to withdraw Bitcoin on CashApp. Then, learn to take advantage of the app’s excellent crypto-supporting features.
What Is Bitcoin?
Bitcoin is a digital currency. It differs from fiat currency authorized by a centralized government. Unlike fiat currency, Bitcoin is a form of cryptocurrency, and it is decentralized.
A decentralized network of nodes authorizes each bitcoin’s value. In addition, the nodes enable peer-to-peer transactions.
Transactions throughout this network of nodes are automated through a public ledger: the blockchain. The blockchain is the technology that validates all cryptocurrencies without a central government.
People use bitcoins for a range of pragmatic and ideological reasons. For example, it’s appealing to have an alternative to the fiat currency in your home country during times of instability and runaway inflation.
Bitcoin is a popular choice for investment. Traders bet the value of a bitcoin will increase relative to other currencies, similar to Forex investment.
What Is Cash App?
Cash App is a mobile payment application where users can connect to existing checking or savings accounts. Users can also easily create a Cash App account without a current bank account.
Cash App is only available in the United States and the United Kingdom. If you live outside those two nations, consider using Bitcoin through a different platform.
Cash App empowers users to create a secure account. Users can then use their Cash App account to send and receive payments with other account holders for free.
A Cash App account also enables users to buy and sell investments- including investments in cryptocurrencies, like Bitcoin.
Notes On Withdrawing Bitcoin From Cash App
Before withdrawing bitcoins from Cash App, keep a few of the app’s policies in mind. First, specific Cash App bitcoin fees are mandatory. Cash App imposes a 1.75% fee on each bitcoin withdrawal.
You must withdraw at least 0.001 bitcoin (minimum) to withdraw at standard speed. To withdraw at an expedited speed, you must withdraw at least 0.00005 bitcoin.
And it limits users’ Cash App bitcoin withdrawals. For example, you can only withdraw up to $2000 in bitcoins per day and up to $5000 worth of bitcoins per week.
How To Get A Bitcoin Wallet
The easiest way to send, receive, buy, and sell bitcoin on Cash App is by connecting your Cash App account to a third-party Bitcoin wallet. Fortunately, getting a Bitcoin wallet is easier than ever.
A Bitcoin wallet is a cryptocurrency wallet that holds and secures your bitcoins. It’s typically either a program or a physical hardware device. It stores your keys, and it empowers you to access your coins.
There are several options to get a Bitcoin wallet. One strategy is to download a free Bitcoin wallet, like ByteWallet.
ByteWallet is a secure, crypto-friendly bank account. You can download the associated app free from the App Store or the Google Play store. To get the ByteWallet, follow these instructions by ByteFederal.
How To Link Your Bitcoin Wallet To Cash App
Before you link your Bitcoin wallet to your Cash App account, ensure your wallet has a compatible address. Cash App can send and receive Bitcoin from wallets with one of three types of addresses.
Read about which kinds of wallets are compatible in this helpdesk article.
If your wallet’s address is compatible, you can connect it to Cash App.
Open Cash App Settings
Open the Cash App home screen to link your third-party Bitcoin wallet to Cash App. Then, click on the “Settings” icon. This icon should be in the upper left-hand corner. The Settings Tab will now open.
Once you’re on the Settings Tab screen, scroll down to “Funds.” Under “Funds,” select “Bitcoin.” A screen will open which shows you how many bitcoins you currently have.croll down until you get to the header “Wallet.” Under that header, tap “Enable Withdrawals.”
Next, you will verify your identity. To do so, you will likely have to take a selfie with your Driver’s License or State ID.
To do this, you will need to allow Cash App to access your phone’s camera. You can grant access through your phone’s settings for Cash App. To give these permissions, look under “Applications” within your phone’s “Settings” menu.
Once you’ve scanned the front and back of your ID and taken a selfie, tap “Done.” Cash App should bring up a screen that notes verification is in progress.
Return To Bitcoin Screen
Verification may take 24 hours. Once it’s approved, Cash App will send you an email. At that point, open Cash App’s home screen. Then, repeat the previous steps to get back to your Bitcoin screen.
Under the header “Wallet,” your screen should now give you the option to “Withdraw Bitcoin.” Click it.On the next screen, enter the amount you want to withdraw. Then, tap “Withdraw.”
Link Bitcoin Wallet Address
After that, you can scan the QR code associated with your Bitcoin wallet to link it to the account. Or, you can enter your Bitcoin wallet’s address manually.
Once you’ve done that, that’s it! You’ve successfully linked your Bitcoin wallet to your Cash App account.
How to Start Sending and Receiving Bitcoin Through Cash App
There’s no fee to send and receive bitcoins through Cash App. You can send bitcoins to any Cash App account holder if you know the recipient’s $Cashtag.
You must send at least $1 worth of Bitcoin to initiate a transaction.
You can send and receive Bitcoin from the home screen or the Bitcoin tab. Read Cash App’s directions for more details.
How To Withdraw Bitcoin On Cash App
Withdrawing Bitcoin on Cash App is the process of transferring bitcoins in your Cash App account to a third-party Bitcoin wallet.
You can also withdraw Bitcoin on Cash App by selling it, which exchanges your coin for its USD equivalent. Then, you can withdraw the USD.
There are three ways to withdraw bitcoins from your Cash App account. Before making any transfers, you’ll need to have linked your wallet to your Cash App account. Once you’ve done that, go to the Cash App home screen.
Withdrawing Via On-Chain Transaction
On-chain transactions record your transactions on the public ledger (the blockchain). These transactions incorporate a high degree of security and transparency. But they also take longer.
On the home screen, open the Banking/Activity tab. This tab’s icon is in the bottom-left corner. It looks like a “$.”
Once you’ve opened the Banking/Activity screen, switch from “USD” to “BTC.” Then, select Bitcoin. Next, a screen will show you how much Bitcoin you have in your account.
You should see a screen with three rows. Under the “Wallet” row, tap “Enable On-Chain Transaction.”
The program will guide you to a verification page next. To verify your identity, type in your national ID number, and tap “selfie.”
Cash App typically takes 24-48 hours to verify your identity for a Bitcoin withdrawal request. Once your identity is confirmed, complete your withdrawal actions.
Transfer Bitcoin From Cash App To Wallet
In this section, learn how to withdraw Bitcoins from Cash App to your third-party wallet (like ByteWallet!).
Moving your bitcoins from your Cash App account to your Binance or Coinbase wallet is typically an off-chain transaction. Therefore, the blockchain is not affected by this action. Coinbase and Binance are third-party wallets. These companies offer their security measures, enabling much faster transactions.Even without the security of on-chain transactions, this type of withdrawal is still relatively safe.
To initiate this kind of transfer, open the Cash App home screen. Then, click on the “Investment” tab. The “Investment” icon is the second-rightmost icon. It’s between the “$” icon and the clock icon. In the “Investment” screen, tap “Bitcoin.” Then, click the paper airplane icon (the “send” icon). A new menu will open. Select “Send Bitcoin” from the menu.
Type in the amount you want to send to your wallet. Then, tap the “send” button at the bottom of the screen. You will now see a screen with an address bar (labeled “To”). In the address bar, type in your Coinbase or Binance wallet address. Tap “Done.” Then, tap “Confirm.”
Selling Bitcoin To Withdraw USD or GBP
To sell Bitcoin on Cash App, go to the home screen. Then, click on the Bitcoin tab (“₿”).
The Bitcoin Tab screen should show you how much bitcoin you currently have in your Cash App account. Next, tap the central “Sell” button. The app will offer preset amounts in USD that you can sell for.
Choose one, or tap “…” to input a custom amount. Then, tap “Next.” Cash App will ask you to type in your PIN for verification. Do that, then hit “confirm.”
Your Cash App account will reflect your sale quickly. Your account should now have that amount in USD or GBP.
Withdraw USD of GBP to Bank Account
Now, return to the Cash App home screen. Again, if you have a bank account linked to your Cash App account, it’s easy to withdraw from this point.
First, tap the Banking/Activity tab. Then, on the Banking/Activity screen, tap “Cash Out.” Type in the amount you want to withdraw. Then, tap “Cash Out” at the bottom of the screen.
A menu tab should appear. It lets you choose between the standard withdrawal method and the instant option.If you choose “Standard,” it will take up to three banking days to send the money to your account. If you select “Instant,” the transfer is instant. However, Cash App charges a flat $0.25 fee for Instant withdrawals.
Withdraw USD or GBP to Cash Card
If you don’t have a bank account, you can still withdraw USD or GBP. One option is to get a Cash Card. A Cash card is a debit card associated solely with your Cash App account. You don’t need a bank account to get a Cash Card. However, you do need a Social Security Number. With a Cash Card, you can withdraw cash from your Cash App account through any ATM that accepts Visa.
Pay With Cash App Without Withdrawing
You can also pay for items at certain stores directly from your CashApp account. This way of paying is the same as sending money through CashApp. You only need the seller’s $Cashtag to send the payment. Some stores also use QR codes for digital payment. For example, if you scan the QR code with Cash App, you can pay directly from your account.
The Best Bitcoin Network, Nationwide
At ByteFederal, we know how to make your money work for you. No matter what kind of currency you need or what you want to do with it, ByteFederal has the tech—and the lightning-fast network—to back you up.
Our knowledgeable team can advise you on every step of the process. We can walk you through the steps if you want to know how to withdraw Bitcoin on Cash App or receive crypto payments fast.
Are you ready for the human-centered banking of the future? Then contact our team today. We’re more than prepared to answer your questions and get you started on the road to financial freedom.
Choose Byte Federal, Go Bank Yourself.