Is Cash App Good for Bitcoin: Selling & Purchase
Written by: Cashapp
Which is the best Bitcoin app for android in the USA? Is Cash App good for Bitcoin? These are the two most frequently asked questions over the internet. If you are also eager to know the best mobile application to sell and purchase Bitcoin, this post is for you.
In this blog, we are going to discuss, Is Cash App good for Bitcoin or not? Also, you will get an overview of Cash App use, pros, and cons. This exclusive post is for reference purposes only. For more information, we recommend you to connect with the representative of the Cash App customer service. So, let's start with understanding the basic question, what is Bitcoin?
What is Bitcoin?
Created in January 2009, Bitcoin is nothing but just digital money. It is also known as Cryptocurrency and E-money. In technical terms, you can presume it a computer file that we can send and receive in just a few simple clicks. Unlike real money, Cryptocurrency has no physical shape and size. It is neither controlled and managed by any bank nor approved by any financial institution. Due to the lack of any administration, the nature of Cryptocurrency is highly volatile. In just a matter of seconds, the rate and value of Cryptocurrency may jump up and down heavenly without prior notifications.
The network which helps Bitcoin trading simple and safer is called the blockchain. With the help of dedicated mobile applications and websites, users can have access to the blockchain and deal with the business of Cryptocurrency. Nowadays, there are a few numbers of popular mobile applications that one can use with ease of mind. But, be informed that Cryptocurrency is banned in many countries. However, in the USA Cryptocurrency trading is legal and widely accepted. Another piece of good news is that in America there are so many fast and reliable mobile-based applications available for both Android and iPhone. And Cash App is counted amongst the top-rated applications.
Pros & Cons of Bitcoin trading on Cash App
Cash App has started its journey to offer fast, free and reliable money transfer services in 2013. As a result of being a quality service provider for seven consecutive years, Cash App expanded its wings and added a few numbers of amazing features. Among so many benefits that Cash App offers, one is access to selling & purchasing Bitcoin. According to experts, Cash App comes with both pros and cons. Based on the below-mentioned comparison, you can decide whether Cash App is good to buy and sell Cryptocurrency or not.
- The procedure for selling and purchasing Bitcoin is quite simple.
- Bitcoin withdrawal is possible on Cash App. Even more so, users can transfer their Bitcoin to other applications like Coinbase, Delta and Xapo, etc.
- Cash App is fast, safe and secure. It offers dedicated security features to protect Cryptocurrency.
- Cash App Bitcoin selling limit has no restrictions. It means users can sell as many Cryptocurrency as they want in a day.
- Cash App Bitcoin fee is 1.75% for every transaction which applies to both buying and selling.
- Another uncomfortable truth is that Cash App comes with some restrictions. Like $2000 is per day withdrawal limit & $50,000 is set for per week. Similarly, Bitcoin buying limit is $10, 000 per week.
- Unlike other Bitcoin apps, on Cash App users can't turn their Bitcoin into cash.
- It lacks any feature that allows creating pie charts of your portfolio. Hence, the calculation of the metrics to gauge annual and monthly loss or benefits is quite difficult.
- Bitcoin tax declaration process is not simple.
- Cash App offers no auto notification about the ups & downs in the rate of Cryptocurrency.
- Bitcoin rate in multicurrency is not possible.
Based on the above-mentioned facts, it is relevant to say that Cash App has not been designed for serious and extensive Cryptocurrency trading. It seems like Cash App gives it the second priority. Offering peer to peer money transfer services comes first in the priority list of the Square Cash App. However, this application may be beneficial for those who are not hardcore traders of Bitcoin and they just consider it as an additional advantage over simple money transfer services to and from contact and bank accounts.