Cryptocurrency: Cash App Update Allows Users To Instantly Buy And Sell Bitcoin

People who have the Cash App can now buy and sell bitcoin for free on the platform.

The new feature comes as the hype over cryptocurrency continues.

The bitcoin feature is available to all Cash App users under its latest update, except those in New York, Hawaii, Wyoming and Georgia. The update allows users to buy and sell bitcoin instantaneously on the app. The app now includes a bitcoin symbol in the upper right-hand corner when tapping Cash Card.

“Cash App is already the easiest way to send and receive money with friends and family. We’ve made it just as easy to buy and sell BTC straight from your Cash App balance,” the platform said on its site. “Unlike other apps, most of our buys and sells happen in seconds. You can even spend your proceeds from a free Visa debit card.”

Users are allowed to buy up to $10,000 worth of bitcoin a week, and have no limit on the number of bitcoin they can sell on the app. The cryptocurrency is held by Square on the user’s behalf. People can sell or withdraw their bitcoin through the app. As for taxes, the Cash app provides users with a 1099-B form based on the W-9 information on the app.

Users can buy bitcoin using their balance on the Cash App. Square provided a step-by-step guide and how to buy and sell bitcoin on the Cash App. The process can be done in four easy steps and users can confirm their payments by typing in their passcode or with Touch ID. People can also transfer bitcoin from the Cash App to other bitcoin wallets they might have using their third-party wallet’s address.

However, the Cash App warns that users should be cautious with the cryptocurrency.

“Bitcoin’s price is volatile and unpredictable, so please make wise financial decisions,” the platform said. “Don’t spend more than you can afford, and review the FAQ and risks to buying Bitcoin before you buy.”

For those who might have security concerns about making cryptocurrency transactions with the new feature, the Cash App assured users that buying and selling bitcoin on the platform is safe.

“Square works diligently to keep you and your data secure,” the app says. “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.”

Square CEO Jack Dorsey announced the new feature on Twitter. He said the Cash App added the bitcoin feature “because we see it as a long-term path towards greater financial access for all. This is a small step.”

The Cash App is available on Google Play for Android users or the App Store for iOS devices