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Hackernoon logoHow to buy Bitcoin with Cash? by@vamshi

How to buy Bitcoin with Cash?

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@vamshiVamshi @ BearTax

Co-founder of BearTax

With growing alternatives to buy Bitcoin, here’s a detailed explanation and a step by step guide to walk you through buying Bitcoin using Cash app from Square.

Mandatory Introduction to Bitcoin

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

Casual Introduction to Square Cash

Cash is an utility app and one of the products of well known company in payments solution called Square which is already into the space of point of sale systems for merchants and small business owners with their innovative solutions.

Cash is introduced in April 2013 and was helping many friends to pay each other with a single tap and as easy as sending an email. Anyone with a bank account or a debit card can link your card to Cash app and start sending/receiving money — let it be for your dinner expenses or anything.

Since Square’s idea of introducing Cash app is to enable person-to-person payments and make it a seamless experience and they have been very successful.

Enabling Buy/Sell of Bitcoin with Cash

Now in December 2017, Square has made a decision to enable their customers to buy and sell Bitcoin on Cash app. This basically brings all of their existing Android and iOS customers closer to owning Bitcoin. This might not sound as big as it really is — but that’s a great deal towards the main stream adoption.

Now the big question — How to Buy?

Step-1: Get the Cash app

Step-2: Link your bank account or debit card

Step-3: Explore Cash app to find Bitcoin

Step-4: Review and proceed to Buy Bitcoin

That’s how you navigate the Cash app and finally buy your Bitcoin. All prices are based on market rates across various exchanges. There is no conversion fee or convenience fee on Bitcoin buys and sells at this point of time.

All the best for your Bitcoin journey

Disclaimer

PS: This is not an investment advice and you need to consult a proper financial advisor to make any proper investments. I don’t work for Square. This is just an educational article explaining the possibilities enabled by the provider of these services. Make your own decision & Do your own research.
Always — always pay your taxes and never try to evade them!
“File Your Cryptocurrency Taxes Using BearTax!”

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