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How to Send Bitcoin on Cash App
Sending Bitcoin on Cash App is a straightforward process, but it’s essential to understand the pros and cons before making a move. In this article, we’ll guide you through the steps and considerations.
To begin with, if you’re new to Cash App or not familiar with blockchain technology, ID verification is mandatory for using the app to buy and sell cryptocurrencies, including Bitcoin. This means you need to provide your government-issued ID, proof of address, and other personal information before accessing these features.
Now that we’ve got that out of the way, let’s dive into the process of sending Bitcoin on Cash App:
1. Open Cash App: First, open the Cash App on your mobile device or access it via their website.
2. Tap on My Cash: You’ll see a list of options at the bottom of your screen; select “My Cash” to proceed.
3. Select Send: Next, you’ll need to tap on the “Send” option. This is where you’ll initiate the transaction process.
Now, here’s the important part:
Cash App uses Lightning Network (LN) for sending Bitcoin transactions, which significantly reduces fees and makes it a more attractive choice compared to traditional blockchain methods. However, this also means that your funds are held by Block Inc., the company behind Cash App, in a custodial manner.
In other words, you don’t have full control over the private keys, which can be concerning for some users who prioritize security and self-custody.
To proceed with the transaction:
4. Enter the Recipient’s Address: Type or scan the Bitcoin address of the recipient you want to send funds to.
5. Set the Amount: Choose how much Bitcoin you’d like to send. You’ll see the estimated fees for the transaction based on the amount and network conditions.
6. Review and Confirm: Double-check all details, including the recipient’s address and the amount being sent. Once satisfied, confirm the transaction.
It is essential to note that you can’t withdraw or transfer your Bitcoin from Cash App without verifying your identity first. If you don’t have a verified account, you won’t be able to access these features.
In conclusion, while Cash App provides an accessible platform for sending and receiving cryptocurrencies like Bitcoin, it’s crucial to understand the trade-offs involved in using their service. If you’re looking for full control over your private keys or more comprehensive crypto options, other alternatives such as self-custody wallets or exchanges might be a better fit.
What are your thoughts on this?
Source: https://ambcrypto.com/how-to-send-bitcoin-on-cash-app
