Bitcoin is the most widespread digital currency, with more than 114000 active accounts worldwide. Users don’t require a bank account to use this digital currency. Whether you are new to Bitcoin or an experienced user, the Cash App is an easy and safe means to purchase, accumulate, send, withdraw, and receive Bitcoin.
Moreover, it is a reliable financial application with increasing users in the United States of America. So in this guide, we have described the method to withdraw your BTC via the cash app. Let’s move forward to get the details.
Bitcoin And The Mobile Finance Cash App
Bitcoin users promote computer-generated currency as a windbreak against an increase. In 2020 and 2021, cryptocurrency approval rose 880 percent in the United States of America.
Hence, Cash App is a stimulating option in Bitcoin finance because CEO Jack Dorsey advances BTC as the instinctive coins of cyberspace. Dorsey has participated in Bitcoin-focused firms and bought almost $50 million value of BTC to grip on its financial statement at the end of 2020.
At the same time, the Bitcoin amalgamation is still restricted. The app does not allow users to buy and sell Bitcoin in a matter of instants. But users can transfer and withdraw BTC between the cash app and the fundamental base cryptocurrency system.
Furthermore, BTC’s lightning system improvements will soon or later make their way into the cash app.
How to Withdraw Bitcoin on Cash App
As tech is growing and cryptocurrencies are becoming more popular, fortunately, the cash app has a Bitcoin feature. Stakeholders use this application to invest in blockchain and crypto shares.
Currently, the cash app users can securely use the application to clasp and transfer Bitcoin worldwide as cryptocurrencies know no restrictions.
However, after you have bought Bitcoin through the cash app, you may want to withdraw it. Consequently, users can take their crypto coins from their cash app account to an external third-party Bitcoin wallet.
Doing so takes a few minutes, and you must follow the steps below.
1. Open your Cash App Account
First, you must open your cash app account on your device to take out the crypto coins.
2. Hover Over the Banking Tab
The cash app has some functions, so you will see quite a few tabs on the home screen when you open your account. You have to click on the Banking tab looks like a home icon, and you will see it at the bottom right side of the home screen.
3. Tap on the Bitcoin Option
After that, a pop-up screen will appear on your screen. Here navigate to the Bitcoin option to move forward.
4. Choose to Withdraw Bitcoin Option on the Cash App
In the Bitcoin section, you will see some of the options. Here choose the withdrawal Bitcoin option.
5. Select How you Want to Take the Payment
After that, you will see 2 choices to withdraw BTC. Select the one you prefer.
- Scan a QR code via the cash app QR scanner
- Use a BTC wallet address
NOTE: The cash app server agrees to take withdrawals only via the Bitcoin network. Users cant send BTC on the lighting system, Binance smart chain, or other substitutes.
6. Confirm the BTC withdrawal
Then users have to ample their withdrawal via the PIN code they used to sign up or using a Touch ID. However, users don’t like to do it, but it is for their safety to prevent anyone else from taking their BTC without their consent.
Significant Things to Remember to Withdraw Bitcoin Via Cash App
- If you withdraw BTC for the first time, you may need to add personal information before withdrawing.
- Before withdrawing the BTC remember to verify your account. If your cash app account is not verified, you cannot buy, sell, receive, take out, and sell your BTC.
- The financial Cash App executes a 1.75 percent charge on every BTC extraction.
- Users must have a balance of at least 0.001 BTC to withdraw at standard speed.
- If a user wants to use the rush and priority withdrawals, they must have a balance of at least 0.00005 BTC in their cash app account.
- Users can withdraw up to $2000 worth of BTC per day and up to $5000 within any 7 days.
- The withdrawals to an external wallet address take 30 to 40 minutes.
- Users must withdraw their BTC from their cash app account to enter their Bitcoin wallet address.
- A higher withdrawal could prevent users from gathering comparatively small amounts of BTC through the cash app and often withdrawing those totals to wallets for which they control the private keys.
- Keeping BTC on the Cash App server is not danger free, but you can significantly diminish this risk if you have a strong password and a two-factor authentication set.
BTC become popular in recent years, and people spot its potential as a valuable investment. At the same time, the cash app makes Bitcoin the best digital currency, allowing different options like selling, buying, ing, and withdrawing.
Users can use the cash app to purchase and withdraw Bitcoin. Buying Bitcoin for the first time and withdrawing it to your wallet Cash app account should be fun.
However, remember that Bitcoin on the cash app platform might be risky if it has a big amount. Let us know in the comment box if you ever use the cash app for withdrawing BTC.