Bitcoin trading could be done through a cash app, which made the process of buying and selling bitcoin much easier, and now it only takes a few steps to trade bitcoin. This article will help you understand how to use a cash app to trade bitcoin and what are the pros and cons of using a cash app to buy and sell bitcoin.
The process of exchanging bitcoin on a cash app is quite similar to other online payment systems that allow investors to send and receive money. Investors can buy bitcoin using a cash app, and the best thing is that you don’t have to pay a huge fee to buy bitcoin at its market price. It takes a few seconds to process the transaction.
When you download the cash app, your account will show a zero balance. When you click the buy button, the first step is to set the frequency of purchase, such as a daily, weekly, or one-time purchase, and then select how much you are willing to invest in bitcoin. Once you have selected the amount, the system will verify the transaction and display the summary of your purchase that you are ready to make before confirming the actual transaction.
The summary will display
- Amount of bitcoins
- Exchange rate
- Funding source (primary credit / debit card)
- Total cost
Once the user confirms the transaction, the system displays the amount of bitcoin purchased. Users would be able to manage their investments as the system will display the line graph of stocks which will help the user to understand patterns and fluctuations.
The buy and sell option will appear and the current price per bitcoin will also be displayed on the screen. Users can either buy more bitcoin or sell existing bitcoin. If a user wishes to sell their existing bitcoin, the system will ask what portion of the amount the user is willing to sell. The transaction will take a few seconds to process.
Sending bitcoin to other bitcoin wallets
The option to send bitcoin to another wallet is also available, the user just needs to click on the send bitcoin icon and enter the bitcoin wallet ID or the user can also scan the QR code.
There is nothing rocket science about processing cash requests to exchange bitcoin, the process has been streamlined enough that anyone can easily get their hands on it. There are many Bitcoin trading platforms that promote the use of Bitcoin Cash applications like the Bitcoin system.
Pros and cons of using cash apps to trade bitcoin
As more and more people around the world realize the benefits of bitcoin trading, the process of bitcoin trading is getting easier and more instantaneous. Easy and quick withdrawals help investors build trust between trading platforms and investors.
The potential problem an investor might face when trading bitcoin through treasury apps could be a temporary network failure that will prevent investors from accessing their funds. Another possible problem could be recovering your account.