How to Buy Bitcoins With Square Money
The price of bitcoin may still decline , but that hasn’t stopped some big companies from dabbling in cryptocurrency . Last month it was Kodak , and now Square (a mobile payments company created by Twitter co-founder Jack Dorsey) is also joining the victory over Bitcoin.
Dorsey announced Wednesday that Square Cash, Venmo’s response, will allow you to buy and sell bitcoins within the app. The whole process looks pretty straightforward, but here’s a quick guide to investing in the original cryptocurrency with cash if you need help.
How to buy bitcoins with square money
Before you start, you need to make sure you have money in Square Cash. You can do this by adding money directly to your account , or you can simply wait for someone to send you money with cash and then use it to buy bitcoins. You also need to agree to the new terms of use of the virtual currency by the company .
Once it doesn’t get in the way, open the Cash app and select Cash Card, or simply tap on the dollar amount at the top of the screen. Then swipe left and you should see the bitcoin symbol . Click Buy and select how much money you want to spend using the slider (you can also swipe up to enter a specific amount). Then click “Buy BTC” and confirm your password.
How to Sell Bitcoin with Square Cash
Start the same way by opening the app, selecting Cash Card and swiping left to the Bitcoin page. Then select Sell instead of Buy, decide how much you want to sell and confirm. You have just sold Bitcoin.
Square Cash notes that its prices are based on the broader cryptocurrency market, which can change quite quickly over the course of a day or even a few hours. So think carefully before selling (or buying).
How to send new bitcoin to another wallet
If you plan on holding your Bitcoin for a while, you might want to keep it in a safer place than your Square Cash account. Luckily, the app makes it easy to send your digital currency to another wallet.
To get started, open the app and click the icon in the upper left corner. Then go to the Funds section and select Bitcoin. To “Allow Withdrawals”, you need to verify your identity by answering some questions in the app. Then click “Transfer”, confirm it and scan the QR code to find the wallet address you want to send your bitcoin to as well. Finally, click Submit again to complete, although it may take several hours for the transfer to be processed.