Cash App simplifies sending Bitcoin. This guide covers enabling Bitcoin features and making transactions.
Table of contents
Enabling Bitcoin on Cash App
To deposit or withdraw Bitcoin, enable the feature:
- Tap the Money tab.
- Select Bitcoin.
- Follow prompts to verify your identity.
Sending Bitcoin
You can send Bitcoin via the Bitcoin network or Lightning Network:
- Tap the Money tab.
- Select Bitcoin.
- Tap the arrows.
- Choose “Send Bitcoin.”
- Enter the amount and recipient’s address or Lightning invoice.
- Confirm the payment.
Important Considerations
Deposits are limited to $10,000 per week. Transfer times vary based on network activity.
Cash App makes using Bitcoin accessible. Follow these steps to send BTC.
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Understanding the Bitcoin and Lightning Networks
Cash App offers two options for sending Bitcoin: the Bitcoin network (on-chain) and the Lightning Network. The Bitcoin network is the traditional blockchain, offering robust security but potentially slower transaction times and higher fees. The Lightning Network is a layer built on top of the Bitcoin network, designed for faster and cheaper transactions, ideal for smaller, everyday payments.
Choosing the Right Network
When sending Bitcoin, consider the following factors:
- Transaction Size: For smaller amounts, the Lightning Network is often more cost-effective.
- Speed: Lightning transactions are typically much faster.
- Security: The Bitcoin network offers the highest level of security, but comes with trade-offs in speed and cost.
Depositing Bitcoin into Cash App
To deposit Bitcoin into your Cash App wallet:
- Tap the Money tab.
- Select Bitcoin.
- Tap “Deposit Bitcoin.”
- Copy the provided Bitcoin address or scan the QR code.
- Paste the address into your external wallet and send the Bitcoin.
Remember that deposits may take some time to confirm, depending on network activity.
Troubleshooting Common Issues
If you encounter issues sending or receiving Bitcoin, consider these solutions:
- Insufficient Funds: Ensure you have enough Bitcoin in your Cash App wallet to cover the transaction and any associated fees.
- Incorrect Address: Double-check the recipient’s Bitcoin address for accuracy. Even a single incorrect character can result in a lost transaction.
- Network Congestion: During periods of high network activity, transactions may take longer to confirm.
- App Version: Make sure you are using the latest version of the Cash App.
By understanding these details, you can confidently use Cash App to participate in the Bitcoin ecosystem for a variety of transactions.
