Cash App has become one of the most popular ways for people to buy, sell, and withdraw Bitcoin and other cryptocurrencies. With its user-friendly interface and instant transferring features, Cash App makes it simple for even beginners to get started with Bitcoin.
In this comprehensive guide, we’ll walk through everything you need to know about withdrawing your Bitcoin from Cash App in 2024, including step-by-step instructions, tips, fees, timelines, and more.
Overview of Withdrawing Bitcoin from Cash App
Here’s a quick overview of what to expect when withdrawing your Bitcoin from Cash App:
- Easy Process – Withdrawing Bitcoin is designed to be simple for average users while keeping security tight. Just connect your wallet and submit your transfer.
- Small Network Fees – Cash App charges a small network fee to process withdrawals on the Bitcoin blockchain. This is typically around 1-2% of your total withdrawal amount.
- Fast Transfer Speeds – Thanks to blockchain technology, most Bitcoin withdrawals from Cash App are completed in 10-30 minutes. Larger withdrawals may take a bit longer.
- Secure Encryption – Cash App leverages encryption and other security measures to keep your personal information and Bitcoin transactions safe.
- 24/7 Withdrawal Availability – You can withdraw your Bitcoin from Cash App at any time of day, 365 days per year. The process is always “on”.
Now let’s look at exactly how to withdraw your Bitcoin from Cash App in a few quick and easy steps.
Step 1: Transfer Your Bitcoin to Your Cash App Bitcoin Wallet
In order to withdraw Bitcoin from Cash App, you must first have a Bitcoin balance in your Cash App wallet. Here is how to transfer Bitcoin into your wallet if you haven’t already:
Buy Bitcoin in Cash App
The easiest way to add Bitcoin to your Cash App wallet is by purchasing it directly within the Cash App.
- Open up the Cash App mobile app and tap the “Investing” tab on the bottom nav bar.
- From here, you can use a linked bank account or debit card to directly buy Bitcoin and have it credited to your wallet instantly.
Transfer Bitcoin from Another Wallet
If you already have Bitcoin stored elsewhere, you can quickly transfer it into your Cash App wallet address:
- Tap the profile icon in the top-right corner of the Cash App home screen.
- Scroll down and tap “Bitcoin Address”. This shows your unique BTC wallet address.
- On your external crypto wallet, initiate a Bitcoin withdrawal using the Cash App wallet address you just copied.
That’s it! The transferred Bitcoin should appear in your Cash App wallet within 10-30 minutes in most cases.
Step 2: Tap the “Withdraw Bitcoin” Button
Once you have a Bitcoin balance in your Cash App wallet, withdrawing your funds is extremely straightforward:
- Open up Cash App and select the “Bitcoin” tab on the bottom nav bar.
- You will see your current bitcoin balance, along with options to buy/sell Bitcoin.
- To the right of your balance is a “Withdraw Bitcoin” button. Tap it!
This will launch Cash App’s withdrawal interface to let you send your Bitcoin to an external wallet address.
Step 3: Enter Your External Crypto Wallet Address
In the Bitcoin withdrawal screen, you simply need to enter the receiving wallet address where you want your Bitcoin balance transferred to. Here are extra tips for this step:
- Make absolutely sure the wallet address is correct. Double and triple check for accuracy. An incorrect address may mean losing your funds forever.
- For optimal security, we recommend using a hardware wallet address from a device like Trezor or Ledger. The public address will start with “bc1q”.
- You can also withdraw to cryptocurrency exchanges like Coinbase. Make sure to use your specific BTC wallet address on the receiving exchange.
- Enter your destination Bitcoin wallet address in the “To” field. It will appear as a long string of numbers and letters.
Take your time and carefully enter the correct destination wallet address for your Bitcoin withdrawal.
Step 4: Enter the Amount to Withdraw
The next step is to enter how much Bitcoin you would like to withdraw out of your available balance in Cash App.
When entering the amount:
- Your balance is displayed in your local currency. You can toggle between your local fiat currency and BTC.
- You can choose to withdraw all available Bitcoin or enter a specific amount to withdrawal.
- Note that the minimum BTC withdrawal amount can fluctuate slightly over time. It is generally between 0.001 BTC and 0.0063 BTC.
Be careful not to withdraw an amount greater than your available BTC balance. Attempting to send more Bitcoin than your wallet balance will result in an error.
After identifying how much Bitcoin you wish to withdraw, enter that amount in the withdrawal screen.
Step 5: Carefully Review the Details
Before completing your Bitcoin withdrawal out of Cash App, it is very important to review all details for accuracy:
Confirm the receiving bitcoin wallet address
- Be 100% certain that the destination wallet address is precisely correct. An incorrect receiving address means you risk losing your funds permanently.
Check the withdrawal amount
- Verify the amount of Bitcoin you are sending matches what you intended to withdraw.
Understand fees
- Cash App charges a small network fee to process Bitcoin withdrawals using blockchain technology. The fee varies based on market conditions and withdrawal amount but is usually around 1-2%.
Take a moment to carefully re-check everything before moving to the next step.
Step 6: Complete Security Check
As a final security measure, Cash App will complete a brief check before releasing your Bitcoin into the blockchain:
- You may be asked to enter your PIN or provide biometric authentication using Touch ID to verify your identity.
- If withdrawing to a new BTC address for the first time, additional verification may be required before completing the transfer.
- Cash App will also send a confirmation request to the email linked to your Cash App account. You need to confirm the withdrawal by clicking the link in that email.
After passing all security checks, your Bitcoin withdrawal out of Cash App will be processed!
Step 7: Wait for Blockchain Confirmations
It takes roughly 10-30 minutes for most Cash App Bitcoin withdrawals to complete after being initiated. This timeline can vary slightly depending on market conditions:
- Cash App first sends the withdrawal request out to Bitcoin’s peer-to-peer network.
- Bitcoin miners then confirm the details and add the transactions to blocks in the overall blockchain.
- After your transaction gets 1 blockchain confirmation, you will see the status in Cash App update from “Pending” to “Complete”.
Larger Bitcoin withdrawals may take over an hour in some rare cases, but usually your BTC appears in your external wallet within 30 minutes or less.
If it has been over an hour and your withdrawal still shows “Pending”, contact Cash App customer support for assistance investigating the status.
And that’s all there is to withdrawing your Bitcoin out from Cash App! Just follow the steps we outlined and your BTC will be securely transferred to any receiving crypto wallet of your choice.
Tips for Withdrawing Bitcoin from Cash App
To help ensure a smooth withdrawal process, keep these additional tips in mind:
Verify your identity first
Cash App requires user verification for certain activity, including making Bitcoin withdrawals. Confirm your identity by entering an SSN and other info so your accounts remains in good standing.
Backup your receiving address
Carefully write down or backup your destination Bitcoin address in case you need to recover it. Losing that address means you can’t access those wallet funds or withdrawal history.
Bookmark authentic Cash App website
Only visit Cash App through the legitimate web address — cash.app or cash.me. This avoids entering sensitive info on scam withdrawal interfaces.
Enable all security features
Make use of all security options available in Cash App, like customizable PIN, touch/face ID login, and linking your email for transfer notifications. This gives your account and crypto funds extra protection.
Cash App Bitcoin Withdrawal Fees
When you send Bitcoin from your Cash App wallet out to an external address, a small network transaction fee is deducted from your balance:
- Fee Amount – Cash App charges between 1-2% of the total BTC withdrawal amount as its transfer out/network fee. So withdrawing 0.5 BTC would incur ~0.005 BTC fee.
- What It Covers – This fee helps pay for the mining fees and computing power required to process and validate your Bitcoin transaction on the blockchain.
- Fee Consistency – Cash App aims to keep its BTC withdrawal fee stable at roughly 1-2% of transferred amount. But Bitcoin network congestion can cause rates to fluctuate slightly over time.
So if the current price of Bitcoin is $25,000, withdrawing 0.25 BTC from Cash App would deduct around 0.0025 BTC (~$62.50) in fees at a 1% rate.
The fee rate is clearly displayed before you complete a Bitcoin withdrawal out of Cash App — so you’ll know the costs upfront.
Why Do Bitcoin Withdrawals from Cash App Take So Long?
Compared to transferring dollars or stocks, waiting 10-30 minutes for a Bitcoin withdrawal from Cash App can seem slow.
Here’s a quick explanation of why Cash App Bitcoin withdrawals take longer than you might expect:
- Cash App sends withdrawal requests out to the decentralized global Bitcoin network.
- Bitcoin miners then group pending transfers into new “blocks” that make up the blockchain ledger.
- It takes an average of 10 minutes for miners to verify transactions enough to complete one new block.
- After your transaction gets one blockchain confirmation, Cash App completes the withdrawal.
So while the Cash App platform processes and initiates your BTC withdrawal quickly, transactions depend on decentralized blockchain validation. Allowing time for just 1 on-chain confirmation causes the longer 10-30 minute wait time.
The good news is that once completed, Bitcoin provides a uniquely secure and decentralized store of value compared to fiat currency. The extra validation steps keep your funds safe from hacking or manipulation.
And Cash App works to make the withdrawal experience as fast as possible while maintaining rock-solid integrity.
Cash App Bitcoin Withdrawal Limits
Cash App allows users to withdraw up to $2,000 worth of Bitcoin in any 24 hour period, depending on account status:
Unverified Accounts
If your Cash App account is unverified, meaning you have not completed identity confirmation, two rules apply for Bitcoin withdrawals:
- You can only withdraw a maximum of $250 worth of BTC per 24 hour period
- AND you are limited to a total of $1,000 in combined sending + receiving Bitcoin activity every 7 days.
These lower limits help Cash App manage risk and remain compliant with identity regulations for crypto transactions.
Verified Accounts
By entering your SSN, ID documents, and additional personal details, you can verify your Cash App account identity. Benefits include:
- Higher BTC Withdrawal Limit – Verified users can withdraw up to $2,000 worth of Bitcoin every 24 hours, a 8x increase compared to unverified accounts.
- Lower Trading Fees – Identity-verified accounts qualify for reduced trading fees when buying or selling Bitcoin within Cash App.
- Account Protection – Verifying your account also helps keep it in good standing. Unverified accounts sometimes face restrictions or investigations if activity seems suspicious.
So make sure to verify your Cash App account for the best Bitcoin withdrawal limits along with other perks.
Supported Cash App Regions for Bitcoin Withdrawals
Cash App allows users located in the United States and United Kingdom to withdraw their Bitcoin balances to external wallet addresses.
Specifically, these two supported regions for BTC withdrawals are:
United States
Cash App is available in all 50 US states. So residents of any state can use Cash App to withdraw their Bitcoin holdings.
Just note that certain states do have extra regulations when using Cash App’s investing/trading services related to Bitcoin and other assets. But withdrawals are allowed countrywide.
United Kingdom
In addition to the US, Cash App also officially operates in the United Kingdom — including England, Wales, Scotland, and Northern Ireland.
British users of Cash App can therefore withdraw their Bitcoin just like American users. The same quick, easy withdrawal process applies.
So if you have a Cash App account registered in either the United States or United Kingdom, sending your Bitcoin to an external crypto wallet is fully supported.
Frequently Asked Questions About Withdrawing Bitcoin from Cash App
Here are answers to some of the most common questions when it comes to withdrawing Bitcoin holdings out of your Cash App wallet:
Is there a fee to withdraw Bitcoin from Cash App?
Yes, Cash App charges a small network fee to process Bitcoin withdrawals on the blockchain. The fee varies based on activity but is usually around 1% – 2% of the transferred BTC amount.
Can I withdraw Bitcoin from Cash App to PayPal?
No, Cash App does not directly support withdrawing Bitcoin to PayPal. You need to provide a legitimate receiving address from a crypto wallet, like a hardware wallet or exchange wallet.
What happens if I withdraw Bitcoin to the wrong address?
If you make a mistake and withdraw Bitcoin from Cash App to the wrong receiving address, unfortunately those funds are likely lost forever. Be extremely careful to enter the correct destination wallet address before sending.
Can I reverse a Bitcoin withdrawal out of Cash App?
No, once you confirm the details and complete a Bitcoin withdrawal from Cash App, it cannot be reversed. The decentralized nature of Bitcoin transfers prevents transactions from being cancelled once initiated.
Does Cash App report Bitcoin withdrawals to the IRS?
In the USA, Cash App is legally required to gather tax info on user accounts with significant activity related to Bitcoin or cryptocurrencies. By reporting data to the IRS, this helps users remain compliant with capital gains taxes that may apply to crypto transactions.
What happens if I lose my phone after withdrawing Bitcoin?
Hopefully you backed up your destination Bitcoin wallet! Your actual Bitcoin funds live on the blockchain, so losing access to Cash App itself does not mean losing withdrawals you’ve already completed successfully. Just make sure control of your receiving crypto address isn’t solely tied to the mobile device.
And that wraps up the most popular questions when it comes to successfully withdrawing your Bitcoin holdings out from the convenient and user-friendly Cash App platform!
Withdrawing Bitcoin from Cash App — In Summary
Withdrawing held Bitcoin from the Cash App investing wallet is an easy, quick process:
- First, transfer Bitcoin into your Cash App wallet — either by purchasing directly in app or sending from an external address.
- When ready, tap the “Withdraw Bitcoin” button and enter your receiving BTC address from another wallet like Trezor or Coinbase.
- Carefully double check the details before submitting the request.
- Pass security checks as required for account verification and risk analysis. This may include 2FA confirmation.
- After 1 on-chain confirmation, your BTC withdrawal will complete within 10-30 minutes in most cases.
So by following our guide, you can feel confident withdrawing your valuable Bitcoin from Cash App to any secure, external crypto wallet you choose.
Just take precautions like verifying your destination address and account before initiating the transfer — and your Bitcoin will be sent safely in a matter of minutes thanks to the convenience of Cash App!
