With the rise of cryptocurrency, platforms like Cash App have simplified buying and storing Bitcoin, making it easier than other competitors. But most users are uncertain about the exact process of withdrawing Bitcoin to an external wallet or converting it into cash.
No worries! We will show you how to do it step by step. You don’t need to be an expert in cryptocurrency to follow. All you need is a verified account and a wallet address. We’ll cover how to send Bitcoin, track transactions, and avoid mistakes. So, if you need to move your BTC elsewhere, continue reading!
Basics Of Cash App’s Bitcoin Functionality
Cash App does more than just money transfer. It also lets you buy, sell, and hold Bitcoin directly in your account. You can access your Bitcoin dashboard from the app’s home screen. This is where you track your BTC balance, price changes, and past transactions.
Cash App’s Built-in Bitcoin Wallet
Cash App provides a built-in Bitcoin wallet. This is a crypto wallet designed for everyday users, not advanced traders. It’s secure, simple, and managed inside your Cash App account. You don’t need any extra apps or technical setup to start.
Cash App Wallet vs External Wallets
Cash App BTC wallet is user-friendly but managed. External wallets like Ledger or MetaMask offer full control of private keys. For large amounts, an external wallet is more secure.
Convert Bitcoin to Cash
You can also convert BTC to cash directly inside the app. This is useful if you want to lock in profits or use your funds.
It shows real-time Bitcoin market prices and the amount in USD. Doesn’t matter if you’re a beginner or crypto-curious, Cash App makes it straightforward.
Pre-Withdrawal Checklist
Before you withdraw Bitcoin on Cash App, a few things matter. Let’s walk through each item to ensure a smooth transaction.
Verify Your Identity
You must verify your Cash App account before using Bitcoin features. Provide your full name, date of birth, and Social Security Number. It keeps your financial transactions secure.
Link a Bank Account or Debit Card
Connect a bank account or debit card to your Cash App profile. It’s a must to withdraw BTC as fiat (US dollars) later. The funds will be sent to your linked bank account after conversion.
Understand the Withdrawal Minimum
The minimum withdrawal amount is 0.00005 BTC. You cannot withdraw any amount below this limit. Always check the amount of Bitcoin available before proceeding.
Know the Withdrawal Speeds
Cash App offers three Bitcoin withdrawal speeds:
- Standard: Within 24 hours or less; no extra fee. (Minimum transaction limit: 0.001 BTC)
- Rush: Faster, with a small fee.
- Priority: Fastest, but with a comparatively higher fee.
The withdrawal speed depends on the Bitcoin network and chosen fee schedule. So, in this step, you have to choose carefully based on your preferences.
Double-Check the Wallet Address
Always double-check the wallet address before confirming the transaction. Use the QR code scanner or paste manually with care. A wrong address may cause permanent loss of funds.
Get these steps right for a safe, smooth Bitcoin withdrawal. Follow this checklist carefully before sending any BTC.
Methods of Withdrawing Bitcoin
Want to move your bitcoin? Cash App gives you two options. You can either convert it into cash or send it to another wallet. Each method has different steps, fees, and processing times.
Let’s break them down clearly!
A. Cashing Out Bitcoin to Fiat Currency
It’s easy to convert Bitcoin into U.S. dollars with Cash App. Start by opening the app and tapping on the Bitcoin tab. You’ll see your current BTC balance and recent transactions.
Step 1: Sell Your Bitcoin
Tap the “Sell” button and choose how much BTC to sell. You can either enter a custom amount or pick from suggested values. Once confirmed, the bitcoin is converted to cash instantly.
Step 2: Funds Go to Your Cash App Balance
The cash from your BTC sale appears in your Cash App balance. You’ll find it right on the home screen under your dollar balance.
Step 3: Withdraw to Your Bank Account
To transfer cash to your bank, tap Cash Out. Select the amount you want to withdraw and tap Next.
Step 4: Choose Withdrawal Speed
You can pick Standard (1 to 3 business days) or Instant (usually immediate). Standard is free, while Instant includes a small fee.
Step 5: Final Confirmation
Review the transaction details before confirming. Make sure everything is correct. Lastly, enter the Cash PIN or Touch ID of your account, and you’re done!
Additional Notes:
Fees vary based on withdrawal speed and bank type. Double-check the fee schedule in the app. Also, ensure your bank account is linked and verified.
Selling bitcoin for cash is ideal when you want fiat quickly. Just remember that market rates and fees may affect final payout.
B. Sending Bitcoin to an External Wallet
Want to move your bitcoin outside of Cash App? You can send it directly to an external crypto wallet. It is great if you’re transferring BTC to cold storage or another trading platform.
Step 1: Access the Bitcoin Section
Start by opening the Cash App on your mobile device. From the home screen, tap the Bitcoin tab on your dashboard.
This will take you to the Bitcoin wallet and dashboard section. You’ll see your available BTC balance and recent crypto activity.
Step 2: Initiate the Withdrawal
After clicking on the “Bitcoin” tile from the dashboard, it will take you to this interface. Now tap the arrow button near the “Sell” button.
Then select the “Send” option on your screen. Enter the exact amount of Bitcoin (BTC) you want to withdraw.
Make sure the amount is above the 0.00005 BTC minimum limit. Cash App will display the equivalent amount in US dollars as well.
Step 3: Choose a Wallet Address
You’ll be asked to enter your wallet address next. You can paste the address manually into the required field. Or simply use the QR code scanner for accuracy and ease.
Be sure the address is from a crypto wallet that supports BTC. Double-check everything; sending to the wrong address can’t be reversed.
Step 4: Choose Your Withdrawal Speed
Cash App offers 3 different withdrawal speeds for Bitcoin transfers. You can go with Standard, Rush, or Priority, depending on urgency.
Standard is free, but may take up to 24 hours. Rush is faster with a moderate fee, while Priority is the quickest option. The higher the fee, the faster it moves on the Bitcoin network.
Step 5: Confirm the Transaction
Before hitting send, review all transaction details carefully. Make sure your wallet address, amount, and speed are correct.
Once confirmed, tap “Confirm & Send” to complete the transaction. You may also need to enter your Cash PIN to confirm the transaction.
Remember, crypto withdrawals are final; as you can’t reverse them later. That’s it. Your Bitcoin is now on its way.
Bonus: Use the Lightning Network
For smaller, faster transfers, consider using the Lightning Network. It offers near-instant processing with much lower fees.
Always be careful with wallet addresses. One small mistake can lead to a permanent loss of all your funds.
Common Issues and Troubleshooting
Even smooth systems can run into withdrawal problems occasionally. If your Bitcoin withdrawal isn’t going through, here’s what you should check and do.
Withdrawal Not Working?
Ensure your Cash App account is fully verified. Unverified accounts face restrictions.
Withdrawal Option Unavailable
This often happens during the verification process. Wait until it’s complete.
Hitting Withdrawal Limits
Cash App has daily and weekly limits on BTC withdrawals. Check your dashboard for the limits.
Can’t Scan the QR Code?
Sometimes, the scanner may glitch. Enter the wallet address manually.
Fee Confusion?
Cash App charges network fees per transaction. Go to the fee schedule section for clarity.
Pending Transactions
A congested Bitcoin network can cause delays. Try Priority speed next time.
Double-Check Wallet Address
If the wallet address is wrong, funds may be permanently lost.
Troubleshooting Failed Transactions
Retry after a few minutes. If it fails again, cancel and restart.
Still Stuck? Use ‘Contact Support’
In the app, go to profile > Support > Chat or Call.
What to Share with Support
Keep the transaction ID, date, and screenshot ready when contacting customer support.
Cash App’s crypto withdrawals are reliable, but technical issues can happen. Know how to identify and fix them. When in doubt, follow Cash App’s help articles or speak with a live agent.
Conclusion
Withdrawing Bitcoin on Cash App is simple, fast, and user-friendly. It gives you full control over your BTC transactions anytime. Whether you’re selling BTC or sending it to another wallet, it’s easy. Just follow the step-by-step process carefully to avoid common mistakes. Always double-check wallet addresses to prevent loss of funds. Make sure your Cash App account is verified before withdrawing Bitcoin.
Know the difference between Standard, Rush, and Priority withdrawal speeds. Use the Lightning Network for faster, low-fee bitcoin transfers when available. Stay aware of network fees and daily withdrawal limits in-app. Cash App also supports converting BTC to fiat instantly or gradually.
Use the BTC dashboard to track transactions and market value anytime. Explore other crypto tools within the app to grow your knowledge.