Cash App is a mobile payment service owned by Square Inc. It allows users to send and receive money, buy and sell stocks, and even purchase and store Bitcoin. If you have accumulated some Bitcoin on Cash App, and you are wondering how to withdraw it, this article will guide you through the process.
Before we dive into the steps to enable Bitcoin withdrawal, it is important to note that Cash App charges a fee of 1.75% per transaction for Bitcoin withdrawals. Additionally, Cash App does not support international Bitcoin transfers.
Here are the steps to enable Cash App Bitcoin withdrawal:
Step 1: Verify your identity
To enable Bitcoin withdrawal on Cash App, you need to verify your identity. To do this, go to your profile and tap on the “Personal” tab. From there, you will be prompted to provide your full name, date of birth, and the last four digits of your Social Security number. Cash App will then verify your identity using this information.
Step 2: Enable Bitcoin withdrawal
Once you have verified your identity, you can now enable Bitcoin withdrawal. To do this, go to your profile and tap on the “Bitcoin” tab. From there, you will see the option to “Enable Withdrawals.” Tap on this option to enable Bitcoin withdrawals.
Step 3: Provide your Bitcoin wallet address
After enabling Bitcoin withdrawal, you will be prompted to provide your Bitcoin wallet address. This is the address where your Bitcoin will be sent after withdrawal. If you do not have a Bitcoin wallet, you can create one by using a Bitcoin wallet provider such as Coinbase, Blockchain, or Exodus.
To provide your Bitcoin wallet address on Cash App, go to your profile and tap on the “Bitcoin” tab. From there, you will see the option to “Withdraw Bitcoin.” Tap on this option and enter your Bitcoin wallet address. You can also scan the QR code of your Bitcoin wallet to enter the address automatically.
Step 4: Confirm withdrawal
After providing your Bitcoin wallet address, you will receive a confirmation message on Cash App. This message will contain the details of your Bitcoin withdrawal, including the amount and the Bitcoin wallet address. Review the details carefully and tap on “Confirm” to complete the withdrawal.
Step 5: Wait for withdrawal to complete
Once you have confirmed the withdrawal, Cash App will process it. Depending on the network congestion, it may take some time for the withdrawal to complete. However, you can check the status of your withdrawal by going to your profile and tapping on the “Bitcoin” tab. From there, you will see the option to “View Transaction.” Tap on this option to see the status of your withdrawal.
In conclusion, enabling Bitcoin withdrawal on Cash App is a straightforward process that involves verifying your identity, enabling withdrawal, providing your Bitcoin wallet address, confirming the withdrawal, and waiting for it to complete. However, it is important to note that Cash App charges a fee of 1.75% per transaction for Bitcoin withdrawals, and it does not support international Bitcoin transfers.