Cash App was developed by Square as a way for people to send money to one another quickly. By inputting a persons cash tag and how much you want to send, the ability to send money is a few clicks away. Cash App for a while now has also given people the ability to buy Bitcoin and send to their personal wallet or use as payments and transfers.
What makes buying Bitcoin on Cash App different from say buying on Coinbase? First off, on Cash App, there are no actual fees. They use an averaged exchange rate for your purchases and typically it is a little higher than some of the common exchanges but not by much. Coinbase on the other hand gets a bit confusing but as an example if I buy $10 on cash app I typically get about $9.85 in Bitcoin (using a debit card). If I use a debit card with Coinbase to purchase that same $10 (which is all Coinbase will let me buy with my debit card but that’s a long story in it self) its a $1 charge plus a % fee. So, even if there was no % fee I’m still paying 10% out of the gate with Coinbase.
Fast? You bet! When I send Bitcoin from Cash App to my Exodus wallet it shows up almost instantly and is available after about 5 minutes. Network fees are surprisingly low through cash app also.
What about sending Bitcoin to Cash App so I can use it as a mobile wallet without having to spend fiat? Yup, does that too. Recently, Cash App enabled Bitcoin deposits to their app so you can no receive on top of buy and send Bitcoin.
Easy to verify and submit KYC? So, sadly, this is Cash Apps only downside from my perspective. Getting verified was a bitch and took a bit of communication with their support team. Not everyone has this issue but it isn’t uncommon either. If you do not get verified within 72 hours contact their support. It can be a bit of an annoyance but I found it was worth it!
Lastly, Cash App, of course, offers promotions via Twitter to get you excited about the app and they also offer a $5 referral bonus. If you use our link to sign up and send $5 to anyone we both get $5! Easy money.