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13 Cash App Bitcoin Questions (Answered & Explained!)

By: Author Jeremy Davidson

Posted on Last updated:

Categories Cash App, Crypto, Financial Apps

Disclaimer: This content is not intended to be financial advice and is for informational purposes only. aTimeforCash is reader-supported. We may earn commissions if you buy through our links at no cost to you.

While Cash App was first introduced as a P2P payment platform that allowed users to send and receive money from family and friends, the platform has now grown and introduced a ton of useful features.

Users can now buy, send, hold, receive, and sell Bitcoin on this platform which has over 40 million active users. It’s one of the user-friendly apps that allows you to trade Bitcoin in a straightforward and quick process. 

Our detailed guide answers some common questions that you may have about how Cash App works with Bitcoin.

In This Post:

1) Does Cash App Have a Bitcoin Wallet?

While Cash  App doesn’t have a bitcoin wallet like Electrum or Exodus, it operates like a cryptocurrency waller that only supports  Bitcoin transactions. 

Cash App uses a wallet address, which is a special address that you can use to deposit Bitcoin from another place to your account. 

Note that your wallet address changes after every successful deposit, and you need to check the current one before any transaction. 

2) How to Find Your Cash App Bitcoin Wallet Address (Step-By-Step)

Unlike other trading platforms that have a Bitcoin wallet, Cash App uses a Bitcoin wallet address where users can send and receive Bitcoin. 

Additionally, the wallet address allows you to send or transfer BTC from one wallet to another. 

To find your Bitcoin wallet address, you need to:

  • Step 1: Launch Cash App on your phone and log in.
  • Step 2: Select the banking tab on the  home screen 
  • Step 3: Tap on Bitcoin and then select deposit Bitcoin
  • Step 4: You’ll  be able to view your Bitcoin wallet address

A new Bitcoin address is generated automatically when a public address gets a transfer of payment request. While previously Cash App users were able to use one address multiple times, it also exposed users. Anyone could track your payment history.

However, the generation of a new Bitcoin address with each transaction, makes it difficult for someone to trace your payment history.

3) Why Your Cash App Bitcoin is Pending

Your Cash App Bitcoin transaction may be pending due to a review.

Sometimes large Cash App Bitcoin transfers can lead to a review. In some cases, Cash App may put the transaction under review to determine if a violation or breach took place. 

A transaction can be placed under review if it was done to phone numbers or mail IDs that aren’t registered with Cash App. 

Crossing the daily/weekly bitcoin transaction limit can also warrant a pending transaction issue. 

Note that Bitcoin on Cash App verification can take close to 12 hours. Pending doesn’t mean your transaction was declined. It means Cash App is manually checking to prove that there was no violation of the set terms and conditions. 

4) Can You Buy Bitcoin with Cash App without Verification?

No, it’s not possible to buy or sell bitcoin with Cash App without verifying your identity. 

5) What Do You Need for Bitcoin Verification with Cash App?

To get Bitcoin verification with the cash app, you’ll need to provide:

Personal Information

You need to provide your name, date of birth, home address, and social security number or tax identification number. 

In some cases, you may need to include business tax documents for your employer-sponsored benefit plan. 

Proof of Identity

You need to upload documents to prove that you’re the owner of the Cash App account. 

That includes your government-issued national ID card, U.S. Birth certificate, Social security card, driver’s license, passport, or voter registration card. 

Photo Proof

Additionally, you also need to upload a photo of yourself to verify your identity.  The photo needs to:

  • Be in .jpg, . gif, or .png format
  • Have an off-white or white background without objects, shadows, logos, or objects
  • Be taken within the last 6 months with a full-face view facing the camera

Note that the image should not be filtered or edited. Also, it should be in focus with uniform lighting and free of glare from the flash. 

6) How Long Does it Take to Verify Cash App for Bitcoin?

While the process depends on different factors, in most cases it takes 24 hours to verify Cash App for Bitcoin. 

Payments are processed immediately your identity is verified. That means you can buy or send  Bitcoin after verification. Furthermore, you can send and receive funds that will reflect on your Cash App balance immediately.

7) Why is Your Cash App Verification Still Pending?

Cash App verification may remain pending if you fail to provide your bank account information. That means you need to submit the required documents and still provide your bank details. Note that the information on both your bank account and your documents need to match. 

Additionally, it’s critical to note that the verification process can take up to five days. You won’t be able to deposit money into your Cash App account. You’ll get an error message that your verification is pending.

8) Is Buying Bitcoin Through Cash App Safe?

Cash App is PCI-DSS Level 1 Compliant, which means your payment information is encrypted and sent to their servers securely whether you’re using private or public data service. Funds are stored on square’s account and not on the app. Cash App has systems in place to ensure Bitcoin transactions are safe. 

Nonetheless, no platform is breached or hackproof. Cash App faces similar security challenges as other companies like Venmo, Paypal, and others. Exchanges like BitHub, Bitfinex, and MtGox have been previously hacked despite them being presumed to be safe and secure by cryptocurrency investors. 

9) Can You Send Bitcoin with Cash App?

Yes, it’s possible to send Bitcoin with Cash App. 

You can also send BTC to people who don’t have a Cash App account by providing their email address or phone number. The recipient will be prompted to create an account for them to accept the payment. 

However, you should note that there’s a limit that applies to buying and selling Bitcoin through Cash App. There’s a $9 million limit. If you need to trade and get more than that, you can check other options like Coinbase or Binance. 

You can send bitcoin to any $Casgtag for free from Cash App by:

  • Clicking on the Bitcoin tab on the Cash App home screen
  • Select the airplane button
  • Tap on send Bitcoin
  • Choose the amount and the recipient’s $cashtag

Alternatively, you can send Bitcoin by:

  • Tap on USD or BTC on the Cash App home screen
  • Enter $1 or more and tap pay from the home screen
  • Provide the recipient’s unique $Cashtag, email address, or current phone number.
  • Click on pay

10) Is Cash App Bitcoin Anonymous?

No, Bitcoin transactions through Cash App aren’t anonymous. 

Any transactions carried out are linked to your email address, phone number, and bank account.  That information can be used to trace every transaction. 

11) Is Cash App Bitcoin Insured?

No, Cash App doesn’t insure Bitcoin.  

Additionally, Cash App cryptocurrency is not FDIC or SIPC insured. Although FDIC issues Cash Card, Sutton Bank doesn’t transfer or hold Cash App’s funds. They consider any coverage too risky. 

However, unlike fraud credit cards or bank transactions, it’s possible to reverse unauthorized cryptocurrency transactions. 

12) What Is the Cash App Bitcoin Limit?

Cash App has a $10,000 limit for buying and selling BTC over seven days. The limit can be increased by verifying your identity and providing information about yourself. These measures are set for security reasons to make sure every transaction is safe. 

13) Can You Spend bitcoin on Cash App?

Cash App only supports Bitcoin, which means you are allowed to spend it on the app for goods and services. You can also opt to convert it into cash and withdraw funds using a third-party service or at an ATM. 

Wrapping Up

Cash App is not only limited to sending and receiving funds, you can also use it to buy and sell Bitcoin. Unlike other apps that have stringent regulations, Cash App allows you to sign up, verify your identity and start trading Bitcoin. Buying Bitcoin using Cash App is simple, the fees charged are reasonable, and you can withdraw your bitcoin to exchange or personal wallet. Hopefully, with the common questions answered above, you can now proceed with any Bitcoin transactions on Cash App.

References

  1. https://cash.app/help/us/en-us/3107-deposit-bitcoin-into-cash-app#:~:text=Cash%20App%20only%20supports%20Bitcoin,third%20party%20to%20your%20account.
  2. https://cash.app/help/us/en-us/31071-bitcoin-addresses
  3. https://cash.app/help/us/en-us/3101-buying-bitcoin
  4. https://cash.app/help/us/en-us/3105-bitcoin-security
  5. https://cash.app/help/us/en-us/31021-sending-and-receiving-bitcoin#:~:text=You%20can%20instantly%20send%20bitcoin,your%20Cash%20App%20home%20screen