Cash App is a popular mobile payment service that allows users to buy, sell, and store cryptocurrency, including Bitcoin. As Bitcoin continues to gain mainstream acceptance, more and more people are looking to sell their Bitcoins on Cash App. In this article, we’ll take a closer look at what happens when you sell Bitcoin on Cash App.
First, it’s important to note that selling Bitcoin on Cash App is a straightforward process. Here’s a step-by-step guide:
1. Open the Cash App on your smartphone and tap on the “Investing” tab at the bottom of the screen.
2. Find Bitcoin and tap on it. This will take you to the Bitcoin trading screen.
3. Tap on “Sell” and enter the amount of Bitcoin you want to sell.
4. Confirm the transaction and the funds will be transferred to your Cash App balance.
Now that you know how to sell Bitcoin on Cash App, let’s take a closer look at what happens behind the scenes.
When you sell Bitcoin on Cash App, the app will automatically convert your Bitcoin into US dollars based on the current market rate. Cash App charges a fee of 1.76% for Bitcoin transactions, which is relatively low compared to other cryptocurrency exchanges.
Once your Bitcoin has been converted into dollars, the funds will be added to your Cash App balance. From there, you can transfer the funds to your bank account or use them to make purchases using your Cash Card.
It’s worth noting that if you have a large amount of Bitcoin to sell, you may want to consider using a different cryptocurrency exchange. Cash App has a limit on how much Bitcoin you can sell in a week, which is currently set at $7,500. If you need to sell more than that, you’ll need to use a different exchange.
One benefit of selling Bitcoin on Cash App is that the process is quick and easy. You don’t need to worry about complicated trading screens or order books. Instead, you can sell Bitcoin with just a few taps on your smartphone.
Another benefit is that Cash App allows you to store your Bitcoin and other cryptocurrencies in the app. This means you don’t need to worry about setting up your own wallet or dealing with the complexities of storing and securing your own cryptocurrencies.
In conclusion, selling Bitcoin on Cash App is a simple and straightforward process. The app will automatically convert your Bitcoin into US dollars based on the current market rate and add the funds to your Cash App balance. While there is a limit on how much Bitcoin you can sell in a week, the process is quick and easy, making it a popular choice for those looking to sell Bitcoin.