Cash App has become a popular platform for buying, selling, and holding Bitcoin (BTC) for many individuals. While it allows for easy peer-to-peer transactions within the app using $cashtags, you might also want to transfer your Bitcoin to another wallet, like a dedicated crypto exchange or a hardware wallet.
This guide walks you through the process of sending Bitcoin from your Cash App to another wallet, explaining each step in detail to ensure a smooth and secure transaction.
Before You Begin:
- Ensure you have the recipient’s wallet address: This is a unique string of alphanumeric characters that acts as the destination for your Bitcoin. Double-check the address for accuracy, as even a single mistake can result in lost funds. If you’re unsure, ask the recipient to confirm their address or share a QR code you can scan.
- Understand transaction fees: Sending Bitcoin involves a network fee paid to miners who verify and process the transaction. Cash App automatically calculates and adds this fee to your total transfer amount. However, it’s good practice to be aware of the estimated fee before initiating the transfer.
- Know your Cash App security details: You’ll need your Cash App PIN or Touch ID/Face ID to confirm the transaction.
Steps to Send Bitcoin from Cash App to Another Wallet:
- Open the Cash App: Launch the Cash App on your mobile device and log in with your credentials.
- Navigate to the Bitcoin tab: On the main screen, tap the “Investing” tab at the bottom of the screen. Then, select “Bitcoin” from the list of investments.
- Initiate the withdrawal: Tap the “Withdraw Bitcoin” button. This will take you to the transfer screen.
- Enter the transfer details:
- Amount: Enter the amount of Bitcoin you want to send. You can either type the amount in BTC or use the dollar value and Cash App will convert it automatically.
- Recipient address: There are two ways to specify the recipient’s wallet address:
- Scan QR code: If the recipient has provided a QR code for their wallet, tap the icon in the top left corner of the screen and use your phone’s camera to scan the code. This will automatically populate the address field.
- Enter manually: If you have the recipient’s wallet address as a string of characters, carefully paste it into the “To” field.
- Review for accuracy: Double-check the entered amount and recipient address to ensure everything is correct before proceeding.
- Select the withdrawal speed (optional): Cash App offers two withdrawal speed options:
- Standard: This is the slower and cheaper option, taking 1-2 business days for the transaction to complete.
- Priority: This option prioritizes your transaction and typically completes within 1 hour, but comes with a higher fee. Choose the option that best suits your needs.
- Review and confirm: Once you’ve entered all the details and selected the speed option, review the transaction summary carefully. This includes the amount, recipient address, fees, and estimated arrival time.
- Confirm the transaction: When you’re confident everything is correct, tap the “Confirm & Send” button. You’ll then be prompted to enter your Cash App PIN or use Touch ID/Face ID to confirm the transaction.
Post-Transaction:
- Track your transaction: Cash App allows you to track the status of your Bitcoin transfer within the app. Go to the “Activity” tab and look for the Bitcoin withdrawal transaction. You can see the transaction details and its current status (pending, confirmed, or completed).
- Estimated arrival time: Remember the estimated arrival time you saw during the confirmation stage. It’s normal for Bitcoin transactions to take some time to process, depending on the chosen speed option.
Additional Tips:
- Start with small amounts: If you’re new to sending Bitcoin, consider making a small test transaction first to familiarize yourself with the process and ensure it works as expected.
- Never share your Cash App PIN or security details with anyone.
- Be wary of scams: Never send Bitcoin to anyone you don’t know and trust, especially if they promise unrealistic returns or claim to be affiliated with Cash App in an unexpected way.
- Consider using a dedicated crypto wallet: While Cash App allows basic Bitcoin transactions, for more advanced users and long-term holders, a dedicated crypto wallet offers greater security and control over your Bitcoin holdings.
Conclusion:
Following these steps, you can successfully transfer your Bitcoin from Cash App to another wallet. Remember to prioritize security, double-check all details before confirming, and be mindful of potential scams.