Square’s Cash app is probably one of the best to enter into the crypto market and buy bitcoin in Dubai. Using a bank account or credit card, the cash app began as a peer-to-peer mobile payments service in 2013. From 2018, to sell and buy bitcoin, it has since evolved to allow users to purchase goods, pay bills, and invest in stocks.
Who can buy Bitcoin with the Cash App?
For virtual currency purchases on the Cash App, to be eligible, users must:
be a resident of the United States.
Be a person, not an entity, while using the service for personal use.
Be at least 18 years, and the age of majority in your state of residence, or elder to use the service.
Use the services in the United States.
To buy bitcoin in all 50 states, you can use the cash app, but it won’t be anonymous. For certain transfers of virtual currency or government-issued currency, “you may be required to provide square with certain personal information including but is not limited to your address, name, e-mail address, taxpayer identification number, date of birth, government identification number, and all the information linked to your bank account (e.g., account type, financial institution, account number, and routing number), employment and source of funds.
How Bitcoin can be bought with the Cash App
1. Download and install the Cash App from either the Apple App Store or Google Play.
2. Begin the signup process with either a phone number or an email address.
3. A debit card or a personal bank account number should be added to your account.
4. Enter your name.
5. Pick your unique $Cashtag. You’ll be able to receive funds to this unique username.
Whenever a friend signs up using their unique referral code, this is where users can earn a referral code.
6. Add your address details.
7. Before you can buy bitcoin, funds must be added to your Cash App account. Decide the amount you want to add, and from the home screen, pick Add Cash. A user needs to confirm their date of birth, name, home address, and social security number to finalize the process. Funds can be added to your Cash App balance once these details are loaded.
8. Pick the bitcoin option that sits just under Transfers & Deposits to buy bitcoin while tapping the home screen. The ‘Enable Withdrawals and Deposits’ option’ should be picked. Additional information will be requested by Cash App now, such as your email.
All the questions about your employment and income and why you are buying the bitcoin will be asked. By scanning both sides of a state ID or driver’s license, you will be asked to prove your identity after that. A well-lit photo of your face should be taken after that. It can take up to 48 hours to process I.D for verification. On their screens, users will see a “verification in progress” message.
9. Go on the ‘Investing’ section of the Cash App after verification is complete. Either Stocks or Bitcoins can be picked under the option on the next screen—select bitcoin. With a BUY button, you will see a price chart of recent performance.
10. Tap on the “Buy” button. Either make a one time purchase or set up recurring purchases as you will have an option for that. To buy and hit ‘Next,’ select an amount (in dollars, not satoshis). Hit “Confirm” on the next screen.
11. Outlining the amount of BTC, fees to be paid, and the amount of bitcoin to be received, you will see an overview of your order on the confirm screen. To buy their BTC, users can then tap confirm.
12. Select “Done” once it is processed. Using the home tab, users can then view their bitcoin holdings. To deposit or withdraw bitcoin from an external bitcoin wallet, a user’s wallet address is displayed. With their bitcoin, Cash App users don’t have to trust a third party and have this option to withdraw their funds.
There is an option to “Withdraw Bitcoin” in the bitcoin section. Hit “Withdraw” while choosing your amount. To manually enter a bitcoin address or to scan a DR code is the option the users have. The process is complete when you confirm the transaction. The transaction can be tracked using an explorer, and the bitcoin withdrawals usually take between 30-40 minutes.
Using either a QR code or manually copying a bitcoin address, users can deposit into their cash address. They have the option to convert it into USD once bitcoin arrives in a user’s account, and then they transfer it into their bank account.
The weekly bitcoin purchase limit of bitcoins is US$100,000. In any seven day period, users can deposit up to $10,000 worth of bitcoin. Within any 7 days, you can withdraw up to $2,000 value of bitcoin every 24 hours. Per 24 hours, users are limited to five purchases.