Yes, you can cash out bitcoin on Cash App. Here’s a detailed guide on how to withdraw and cash out your bitcoin from Cash App:
How to Cash Out Bitcoin on Cash App
Step 1: Link a Bank Account
To cash out bitcoin from Cash App, you first need to link a bank account to your Cash App account. Here’s how to do it:
- Open the Cash App app and tap on the profile icon in the top-right corner.
- Scroll down and tap on “Linked Accounts”.
- Tap on “Link New Account”.
- Choose your bank.
- Enter your bank account details and routing number.
- Double check all the details and confirm linking the account.
Once you’ve successfully linked a bank account, you can proceed to the next step.
Step 2: Cash Out Bitcoin
Here are the steps to cash out bitcoin from Cash App:
- Open up the Cash App app and select the “Investing” tab at the bottom.
- Tap on the bitcoin wallet.
- Tap on the “Withdraw” button.
- Enter the amount in dollars that you wish to cash out.
- Confirm the details and tap on “Cash Out”.
The cashed out amount will be deposited into your linked bank account within 1-3 business days.
And that’s it! Those are the simple steps to withdraw and cash out your bitcoin to your bank account through the Cash App.
Tips for Cashing Out Bitcoin on Cash App
Here are some useful tips to keep in mind when cashing out bitcoin on Cash App:
- Cash out frequently – Don’t let your bitcoin funds accumulate too much on Cash App. It’s better to cash them out frequently to your bank for security.
- Double check details – Always verify the cash out amount and the receiving bank account before confirming the withdrawal.
- Transfer during business hours – Cash outs on Cash App only process during regular business hours on weekdays. Transfers on weekends or holidays may be delayed.
- Watch out for fees – Cash App does not charge any fees for bitcoin withdrawals, but your bank may charge incoming funds fees.
- Confirm the transfer – Log into your bank account to confirm the funds have been received after initiating the withdrawal from Cash App.
- Withdraw to a safe wallet – For large amounts of bitcoin, it may be safer to withdraw to a private wallet you control rather than directly to a bank account.
Cash App Bitcoin Withdrawal Limits
Cash App has set the following limits when withdrawing bitcoin:
- Daily withdrawal limit – $2,000 worth of bitcoin per day
- Weekly withdrawal limit – $5,000 worth of bitcoin per week
- Monthly withdrawal limit – $25,000 worth of bitcoin per month
These limits are based on the value of bitcoin at the time of withdrawal. Withdrawing larger amounts will require enhanced verification on your Cash App account.
Supported Countries for Bitcoin Withdrawals
Cash App currently supports transferring bitcoin to bank accounts in the following countries:
- United States
- United Kingdom
- Ireland
- Australia
- Spain
- Canada
Users in other countries cannot withdraw bitcoin to their bank accounts right now. They can either hold the bitcoin in their Cash App wallet or transfer it out to a private wallet address.
Advantages of Cashing Out Bitcoin on Cash App
Here are some of the key benefits of using Cash App to cash out your bitcoin:
- Easy and convenient – Streamlined process to instantly withdraw funds with a couple taps.
- Fast withdrawals – Receives funds in bank account within 1-3 business days. Much faster than traditional bitcoin exchanges.
- No withdrawal fees – Cash App does not charge any fees to cash out bitcoin. Only network fees apply for on-chain transfers.
- High limits – Generous $25,000 monthly bitcoin withdrawal limit once ID is verified.
- Beginner friendly – Easy to use mobile interface ideal for bitcoin beginners.
- Supports different assets – Can also withdraw cash balances and stocks along with bitcoin.
- Regulated company – Cash App is owned by Block (formerly Square), a publicly traded and regulated company.
For those seeking an easy on-ramp from bitcoin into cash in your bank account, Cash App provides a fast and convenient way to cash out bitcoin.
Potential Downsides of Cashing Out on Cash App
While Cash App offers an easy way to cash out bitcoin, there are some downsides to consider as well:
- ID verification required – To withdraw larger amounts, extensive identity verification is required.
- Tracking concerns – Providing personal information may raise privacy concerns for some bitcoin users.
- Holds and delays – Cash App may place holds or delays on withdrawing large amounts of bitcoin.
- No control of keys – You don’t control the private keys, so bitcoin is at custody of Cash App.
- Rate spreads – Bitcoin sell prices may be 1-1.5% lower than market prices when cashing out.
- Support limitations – Getting support can be difficult due to reliance on automated bots.
For users with larger amounts of bitcoin or higher privacy concerns, it may be better to cash out using an OTC desk or private sale rather than a mainstream app like Cash App. But for smaller amounts, the convenience may outweigh the downsides for many users.
Alternatives Ways to Cash Out Bitcoin
While Cash App provides a simple way to cash out bitcoin, here are some other methods to consider:
Cryptocurrency Exchanges
Exchanges like Coinbase, Kraken and Gemini allow you to sell bitcoin and withdraw the funds to your bank account. This requires going through identity verification and exchanges may have limits on withdrawals. But exchanges give you more price transparency and control over the sale process.
OTC Brokers
Over-the-counter (OTC) brokers like Genesis Trading and Circle provide personalized service to institutions and high-net-worth individuals looking to cash out large amounts of bitcoin. OTC desks provide excellent liquidity and personalized services.
P2P Exchanges
Peer-to-peer (P2P) exchanges like Paxful and Bisq connect you directly with a buyer for your bitcoin. This allows you to negotiate a customized price and payment method. Great for maintaining privacy but requires more effort.
Bitcoin ATMs
Bitcoin ATMs allow you to insert cash and withdraw bitcoin instantly. There are thousands of Bitcoin ATMs scattered across the US and internationally. Convenient but has high fees of 5-10% on average.
In Person Trades
You can arrange to meet up with a buyer in person to complete a cash trade for bitcoin. This offers privacy and the ability to negotiate terms, but conducting large trades in-person has risks.
Frequently Asked Questions
Is there a fee to cash out bitcoin on Cash App?
No, Cash App does not charge any fee to withdraw bitcoin to your bank account. You only pay blockchain network fees which are usually very cheap (less than $1).
Can I cash out bitcoin anonymously on Cash App?
No, Cash App requires full identity verification in order to withdraw bitcoin for anti money laundering requirements. All bitcoin transactions are tied to your real identity.
How long does a bitcoin cash out take on Cash App?
Cash App sends the funds to your bank account within 1-3 business days in most cases. Weekends and bank holidays may cause delays.
Can I withdraw bitcoin on Cash App to PayPal?
Unfortunately no. Cash App only supports withdrawing bitcoin to your linked bank accounts. You cannot withdraw bitcoin directly to PayPal or other services.
What are the limits for cashing out bitcoin on Cash App?
Cash App allows withdrawing $2,000 per day, $5,000 per week, and $25,000 per month worth of bitcoin. Verified accounts can withdraw up to $25,000 per month after submitting ID.
Does cashing out reset the Cash App weekly limit?
No, the weekly limit on Cash App is fixed Sunday-Saturday each week. Cashing out and withdrawing bitcoin does not reset the weekly limit. The limits refresh each Sunday.
Can I cash out bitcoin from any country using Cash App?
No, Cash App only supports cashing out to bank accounts in the United States, United Kingdom, Europe, Canada and Australia right now. Users in other countries cannot withdraw bitcoin.
Conclusion
Cash App offers a quick and convenient way to convert your bitcoin into cash deposited right in your bank account. Just be sure to take security precautions, pay attention to withdrawal limits, and watch out for any potential fees from your bank. As with any bitcoin transaction, only withdraw what you can afford to lose access to in a worst case scenario.
For most mainstream users who have purchased bitcoin through Cash App, cashing out directly back to your bank is a perfectly fine option. But for larger holders and professional traders, it may be advisable to withdraw to a wallet you control or use other cash out methods. Evaluate your specific needs and use the option for cashing out bitcoin on Cash App that makes the most sense for you.