How to verify Bitcoin on Cash App? – To learn how to verify your Bitcoin, you will need to follow some simple steps in the Cash App. The latter is a popular platform with features for mobile payment. By using the Cash App, you can not only do regular financial transactions but also trade Bitcoin. However, to ensure security for transactions and trading, you need to verify your Bitcoin account on the app platform.
Basically, the Cash App asks you to verify your account if you want to trade Bitcoin using the app. In this article, you will learn how to verify your Cash App account to do Bitcoin transactions. Furthermore, this article will also consist of answers to some related questions. Additionally, you will also get a brief guide to the post-verification process. Hence, to learn more, read on through to the end of the article.
Why You Should Verify Bitcoin On Cash App?
According to CNBC, “Cash might be king, but its kingdom looks more and more digital. It’s no wonder that money transfer and payment apps are so popular, making transfers easy and quick. Cash App stands out from the pack by letting users pay for purchases at select merchants, invest in stocks, and even trade Bitcoin in addition to the peer-to-peer payment service it provides.”
Cash App is a popular and secure platform for financial transactions. Hence, it firmly believes in data regulation and user safety. Therefore, it tries to keep its security intact. Furthermore, once you verify your identity on the Cash App, it will help you to prevent further fraudulent activities. Hence, people performing transactions on the app will not be victims of cyber threats and money laundering.
Hence, to verify yourself on the Cash App, you will need to go through the Know-Your-Customer (KYC) process. As a result, it will be easier for financial institutions and governments to identify you and secure you from fraudulent activities.
How To Verify Bitcoin On Cash App? – The Process
The following are the ways through which the Cash App performs verification:
Information Collection
Here are the stages of information collection:
- You will have to provide your legal name, as per your government ID or SSN.
- Give your date of birth as per your birth certificate and other government documents.
- You will also need to provide your SSN’s last four digits during the initial verification process. Furthermore, in some cases, you might also need to provide your full SSN for the verification process.
Additional Information
In addition to that, you might also need to provide the following details about yourself:
- Your residential address or the place where you live.
- Provide a photo ID issued by the government. However, you will need to make sure that your photo ID is not expired.
- You will also need to provide documents that provide your income and source of income. This data is necessary to ensure larger transactions of Bitcoin.
When Will You Need To Verify For The Cash App?
Techopedia adds – “To activate your Cash App Bitcoin wallet, for example, you’ll need the basic information above plus a valid photo ID. In some cases, Cash App may also require income verification or information regarding the source of your funds. If you haven’t completed ID verification yet, you can use Cash App to complete identity verification by clicking on the account icon on the top right of the app and scrolling down to Security & Privacy. Then, select Identity Verification to get started.”
The following are some of the major cases when you will need to verify for the Cash App:
1. When you send or receive money worth $1,000 or more over a rolling period of 30 days.
2. If you send or receive money worth more than $1,500.
3. Verification is necessary if you order a Cash App card.
4. You will have to verify if you buy Bitcoin or Stocks through the Cash App.
5. Sponsoring someone
How To Verify Bitcoin On Cash App? – Steps To Follow
The verification process on the Cash App is pretty straightforward. The following are some of the major steps you will need to take if you want to verify Bitcoin on Cash App:
1. Open the Cash App on your phone. If you are not logged in, then log in to the app using your phone number or email and password.
2. Go to the Profile Settings. To access it, tap on your profile icon, which is in the top-right corner of your screen.
3. Go to the menu to find the “Security & Privacy” option, and tap on it.
4. In the “Security & Privacy” section, navigate to the “Identity verification” option. Here, you will need to verify your identity.
5. If you have not verified your Bitcoin account yet, tap on the “Verify” option to start the process.
6. In the verification process, all you need to do is follow the on-screen instructions and provide the necessary information. Here, upload all the documents required.
How To Ensure A Smooth Verification?
If you want to ensure a smooth verification process, here are some of the steps you must take:
- Make sure your information is accurate. To avoid any delay in the verification process, make sure you double-check all the information you provide.
- Ensure you have all the copies of your government documents and ID. Furthermore, also have copies of your income-proof and birth-proof.
- When you are about to upload your photo for identity verification, make sure they are clear and well-aligned. Make sure all the corners of your photo are clear.
- Once you provide the information, the verification process is not over. The app platform will also verify your identity. Hence, the process might take up to 48 hours. Once your verification process is complete, the Cash app platform will notify you through the app as well as your email address.
In Case Of Any Verification Issues, Do This
It is possible to have issues while you are performing the verification process. Hence, troubleshooting is important. Here are a few steps you need to take while you are verifying your identity:
- Double-check all your information, and make sure the information you provide matches your SSN and government ID.
- If you are still having issues, contact Cash App support on the website. You can reach out to their helpline number as well. You can find all that information on the website. Hence, they can assist by resolving your verification delays and troubleshooting issues.
Security Measures To Take After The Verification Process
CNBC recommends – “Even with all the security measures, it’s best to stay vigilant to avoid scams. CashApp payments are instant and typically can’t be canceled or reversed. Only send funds to people and businesses you trust, and double-check all the information before sending money so that it goes to the correct person.”
Once your verification is complete, here are some of the steps you can take if you want to enhance the security of your app:
- Make sure to enable the two-factor authentication in the login process. This authentication system makes sure that there is an additional security layer. Here, you will have to provide a unique code in addition to your password when you are logging in to the system.
- Phishing is a common phenomenon in areas where finance is related. Hence, you will need to protect yourself from it. Here, you must never share your login credentials or personal information with anyone. Cash App never asks for it, either. Hence, always be cautious of strange phone calls and suspicious messages.
- Go to the transaction settings at least once a week to review your transactions. Hence, in case any unauthorized transaction occurs, you will be aware of it.
Basically, you need to make sure your finances and Bitcoin data are secure on the Cash App. To do that, you need to be aware of any suspicious activity and make sure to check your transaction data on a regular basis.
Post-Verification: How Do You Trade Bitcoin on Cash App?
There are a variety of ways in which you can trade Bitcoin on Cash App:
1. Buying Bitcoin With The Auto Invest Option On Cash App
Although you can make one-time purchases on Cash App, the app lets you invest in Bitcoin automatically. This concept is called Dollar-cost Averaging (DCA). Once you buy fixed dollar amounts at frequent intervals, you actually end up buying more when prices are down. Also, you buy less when prices are high.
Furthermore, by doing so, you are actually eliminating the guesswork about whether the market will go up or down. Since you are buying despite fluctuations in prices, you are optimizing the cost as you buy more at lower prices.
If you want to enable this option, you need to change the investing option in the “Order Type” section. Here, you need to just change this option to “Auto Invest.”
However, to enable the “Auto Invest” option, you need to have a minimum order of $10. On the other hand, for one-time purchases, the minimum order is as low as $1.
2. Buying Bitcoin With Custom Orders On The Cash App
If you speculate on Bitcoin’s prices and know when they will dip or go high, you can use the fixed-price orders on the Cash App. Once you do that, you must choose an expiration period. If the price of Bitcoin does not reach the price target within this expiration period, the Cash App will automatically cancel your order.
Furthermore, if you place the order, the funds for customer orders are locked in the Cash App. Hence, you need to be aware of this factor. Apart from that, once you cancel the order or if the orders expire without filling, you will get back your funds.
3. Sell Bitcoin On The Cash App
Selling Bitcoin is actually easier, and you can do this in two ways – the custom sell order option and the one-time order.
One-Time Order
If you have a one-time sell order, you will be able to sell at a market price. Here, you will be able to check this price when you trade. To start selling, you will have to go to the Money home screen. Here, select the Bitcoin option and tap the “Sell” button to start the selling process.
Select the button with three dots, and choose a custom amount or an amount from the presents. Here, the minimum sell order is $1. As you visit the next screen, verify the details of the transaction, and click “Confirm” to sell the Bitcoin.
Custom Sell Order
As with the custom buy order, you can set the price in the custom sell orders section. Here, too, you must go to the Money home screen. Then, choose the Bitcoin option and tap on the “Sell” button. This will initiate the selling process. Here, make sure to change the order type to Custom Sell Order.
In the given section, you will get a slider that you can use to select the selling price. After that, select the “Set” button. Once you set the price, you must write or select the amount you want to sell. Also, set an expiration date like before. Finally, confirm the order details by tapping on the “Confirm” button.
Here, if the Bitcoin price reaches the amount that you set before, your order will go through. However, if this does not happen, the Cash App will automatically cancel your order.
Security Measures To Take During The Trading Process
Make sure to ensure the following things to ensure secure transactions through the Cash App:
- Understand the price fluctuations of Bitcoin as well as the associated risks.
- Always transfer your Bitcoin to an external wallet since the Cash App does not offer you a private wallet to keep Bitcoin.
- Make sure you are aware of the Bitcoin transaction fees.
Wrapping Up
Hope this article was helpful in learning how to verify Bitcoin on Cash App. You can see the verification process is extremely essential. Otherwise, it might lead to security risks and financial losses. Hence, to ensure proper verification, follow the steps mentioned above.
Do you have further information to add to the Cash App? Consider sharing them in the comments section below.
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