Hey! Hope you guys are good. Today I’m going to show you how to buy Bitcoin using the square app on your mobile phone so let’s get going
so if you’re a regular follower of Cryptovimto then you probably know that we usually use Coinbase to purchase crypto currencies and then from there we’ll put them on exchanges or move them into wallets. However, there are other ways to purchase Bitcoin and I have heard lately that buying Bitcoin through the square app is becoming more and more popular so we thought we’d give it a try and kind of walk you guys through the steps.
Assuming you already have the official Square’s cash app, if go to settings and then scroll down to funds, you can see that there’s a
cash and BTC option. After selecting this and entering the interface you can hit the buy button, which obviously you’ll need some cash deposited in there first before you can even buy any BTC. After entering your card details and entering your personal info like birthday etc you can then use the interface to purchase some Bitcoin! A bit like Coinbase where you need to provide them with info before you can purchase etc. When you’ve done all of this, you’re still going to need to enter a pin to keep your account securish to some extent.
We’re assuming that somewhere along the line the Square company will take out a little bit either as a merchant fee of their own or on the Bitcoin network so you won’t quite get the amount you purchased but it’s not that bad. Before you go buying something with your Bitcoin we just wanted to point out that they did not set up a recovery phrase for us. A normal cryptocurrency wallet where you control the private keys even if it’s on your phone is going to have you set up a backup phrase because the private keys are being held on the device. This wallet does not appear to be a wallet that has the private keys on the device, it looks more like a kind of a hot wallet kind of a web-based wallet, so our assumption here is that we don’t really own the Bitcoin. You could say you’re the authorized user of the Bitcoin by virtue of us setting up this app and connecting our card to it, but for all intents and purposes they own the Bitcoin and not us so if you wanted to buy some Bitcoin, maybe you should spend it right away or transfer it to a cold storage wallet like a Ledger or Trezor ( or something similar ).
For long-term storage we would not recommend storing your Bitcoin on an app like this because it looks like they’re the custodians of the Bitcoin but let’s have a look when it comes to selling the Bitcoin back for fiat currency. most of the newer Bitcoin apps and
exchanges are being compliant with the KYC regulations so you have to verify who you are in order to send and receive Bitcoin.
After taking a couple of selfies and letting the app do it’s verification processes, you should then be awaiting some kind of email confirmation to say that you’re eligible to use the platform. Bitcoin is just like cash, only digital, so there are destinations you can send and received the Bitcoin from. In this case the Bitcoin is being held by the company that runs this wallet we would
like to move this Bitcoin off of here into our own wallet.
Again, after you’ve received the email from them, which should take no longer than 24 hours. considering they check your ID against your photo provided and card information, it doesn’t take that long. You should have the transfer of Bitcoin enabled for you.
As long as you purchased a good amount the low transaction fees by Square shouldn’t make that much of an impact on the amount of profit or loss you’ve made, depending on the situation and trend of the Crypto market at the time of you purchasing/buying your Bitcoins.
That’s pretty much it! You’ve now used the Square app to buy and sell some Bitcoin. How and why you did it, is of course only you would know.
Have you used this app pand how did it work out for you? Please let us know below of your experiences with them.
As always guys! Peace Out!
“Doesn’t matter where you buy bitcoin from, just make sure you can recover it when you need it”