What is Bitcoin?
Bitcoin is a type of digital currency that is created, bought and sold electronically. Bitcoin is a part of a currency category known as cryptocurrency, because it uses cryptography techniques to secure transactions.
Is Bitcoin safe?
Square works diligently to keep you and your data secure. For your protection, payment information is encrypted and submitted to our servers securely, regardless of whether you’re using a public or private Wi-Fi connection or a data service on your phone (such as 3G, 4G or EDGE). Cash App is also compliant with PCI Data Security Standard (PCI-DSS) Level 1. Learn more about security at Square.
Can I use Bitcoin in Cash App?
Buying and selling Bitcoin through the Cash App is currently available to all Cash users except those located in New York, Georgia, Wyoming or Hawaii.
How much does buying and selling Bitcoin cost?
While we don’t add an additional percentage or fixed dollar amount onto your sale of Bitcoin, when you buy Bitcoin in the Cash App, the price we sell to or buy from you is calculated from the quoted mid-market price, inclusive of a margin, or spread.
The mid-market price combines the price of Bitcoin currently selling across other major exchanges to give you the average price. A margin is the difference between the current price Bitcoin is being sold at and the current price Bitcoin is being bought at. Like any other financial market, this average price is not necessarily the price you are able to buy or sell at but is the basis for which we calculate our bids and offers to you.
When you buy Bitcoin from Square, the margin may differ from when you sell Bitcoin to Square. The price and margin may also differ from what you see available on other marketplaces.
Who actually holds my Bitcoins - me or Square?
Square holds Bitcoin on your behalf. You have access to sell or withdraw your Bitcoin as indicated in the App.
Will I need to pay taxes if I sell bitcoin?
Cash App will provide you with a 1099-K form based on the W-9 information provided in the app. For any specific tax advice or information, please reach out to a qualified tax advisor.
Is there a limit to how much Bitcoin I can buy?
You are only able to buy up to $10,000 worth of Bitcoin per week, but there is no limit to the number of Bitcoin you can sell.
How can I buy and sell Bitcoin?
Using the funds in your Cash App balance, you can buy and sell Bitcoin directly from the Cash App. Check out Getting Started with Bitcoin for step-by-step instructions.
Can I send Bitcoin from Cash App to my other Bitcoin wallets?
Yes! You can transfer Bitcoin to any other Bitcoin wallet using your 3rd party wallet’s address in app. Check out our Getting Started with Bitcoin for step by step instructions.
Can I send Bitcoins to other Cash users?
At the moment, you aren’t able to send Bitcoin directly to other users through Cash App.