Bitcoin is a cryptocurrency and an electronic equivalent of real money. In fact, bitcoins are a new digital payment system that allows you to make purchases, pay for services, and even invest.
Today, a lot of people wonder how to use bitcoin money to cash. Our new article will focus on ways to convert virtual currencies into traditional ones. Also, you’ll find out how to purchase bitcoins with Cash App. There are several ways how to use bitcoin cash. In almost all cases, you must be ready to pay a commission for using the service and go through a verification process. Let’s get started!
How to Use Cash App to Buy Bitcoin: Find Out the Key Steps
What is Cash App? How to use Bitcoin Cash App? Let’s try to find out! With Cash App for iOS and Android, users can transfer money to friends in real-time. The special features are the many additional services, the funky design, and the marketing strategy targeting millennials. The finance app can boast of more than 83 million downloads.
Users are assigned an individual ‘cash tag’ that acts as an alternative to the email address. Payments can be sent or received within seconds. There is also a free account or cashback function. Moreover, the app also allows to invest in shares or buy bitcoins.
How to use Cash App to purchase Bitcoin?
With the help of the app, you can purchase and also send bitcoins wherever you want to send them. Whether it’s to another person or with a trading broker or any other kind of crypto exchange. Here is a small guide on how to use Bitcoin on Cash App.
- Open the Cash app;
- Click on the button on the lower-left side (the button with your current balance);
- Click on the Add Cash (select the amount you want to send: $100);
- Click on the Bitcoin button;
- Click on the Buy Bitcoin (select the BTC amount: $100) & click Next;
- Confirm your Bitcoin payment;
- And you’re done! Now you have $100 worth a bitcoin.
How to Use Bitcoin Money to Cash: BTC Exchanges
Once you’ve found out how to use cash app to buy bitcoin, let’s consider other ways to turn BTC into cash. Many cryptocurrency exchanges provide a digital money withdrawal service. To do this, you need to register on the exchange and transfer funds to your exchange account. Exchanges charge a commission for making an exchange transaction. Each exchange sets the commission size independently, as well as a set of options for withdrawing funds. To get bitcoins this way, a user will have to go through a verification process — provide an identity card and documents confirming an address.
On the one hand, most exchanges offer different withdrawal options, support, and ease of transfer. On the other, exchange users aren’t immune to hacker attacks and fraudulent actions by the platform’s management. When choosing an exchange, you should pay attention to its history and reputation. This won’t give you a 100% guarantee, but it will reduce the risks.
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How to Use Cash Card Buy Bitcoin: Debit Cards for Blockchain Services
How to use cash card buy Bitcoin? Due to the development of cryptocurrencies, there is a place for debit cards (Visa or Master Card) tied to cryptocurrency wallets. Such cards allow you to withdraw cash from traditional ATMs. There are virtual cards — to pay for goods and services on the Internet or transfer funds — and plastic cards — to withdraw cash.
Services charge a fee for the production of cards, their maintenance, and transactions. Limited functionality, in particular, cash withdrawal limits is available without verification. To use all the features of a card, you need to be verified.
Popular debit cards include Wirex, SpectroCoin. They are convenient because you can get cash and use the card all over the world. Disadvantages — most services store only bitcoins. If an owner of the card wants to purchase another cryptocurrency, it will be converted into bitcoin.
How to use bitcoin as cash? What other ways do you know? Feel free to share your knowledge in the comments!