Bitcoin’s price may still be on the decline, but that hasn’t stopped some major companies from piling onto the cryptocurrency craze. Last month it was Kodak, and now Square (the mobile payments company created by Twitter co-founder Jack Dorsey) is jumping on the Bitcoin bandwagon, too.
Dorsey announced on Wednesday that Square Cash, the company’s answer to Venmo, will let you buy and sell Bitcoin from inside the app. The entire process looks pretty simple, but here’s a quick guide to investing in the original cryptocurrency with Cash if you need some help.
How to Buy Bitcoin With Square Cash
Before getting started you’ll need to make sure you have some money in Square Cash. You can do that by adding money directly into your account, or just wait until someone sends you money with Cash and then use that to buy Bitcoin. You’ll also need to agree to the company’s new terms of service for virtual currency.
Once that’s out of the way, open the Cash app and select Cash Card, or just tap on the dollar amount at the top of the screen. Then swipe left and you should see the Bitcoin symbol. Tap on “Buy” and select how much money you want to spend using the slider (you can also swipe up to enter a specific amount). Then hit “Buy BTC” and confirm with 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 it. You just sold some Bitcoin.
Square Cash notes that its prices are based on the wider crypto-currency market, which can change pretty rapidly over the course of a day or even a few hours. So think carefully before you sell (or buy).
How to Send Your New Bitcoin to Another Wallet
If you plan on holding onto your Bitcoin for a while you may want to keep it somewhere safer than your Square Cash account. Thankfully, the app makes it easy to send your digital currency to another wallet.
To start, open the app and hit the icon in the top left corner. Then scroll over to Funds and select Bitcoin. To “Enable Withdrawals” you’ll need to prove your identity by answering some questions in the app. Then tap on “Transfer Out,” confirm it, and scan in the QR code for the wallet address you want to send your Bitcoin too. Finally, hit Confirm again to finish, though it could be a few hours before the transfer is processed.
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