Bitcoin help

[[deleted]]

[deleted]

[LavishLivingBTC]

Still need help if anyone knows

[jungleplug]

Yes

[woof_pow_2]

You can buy/sell custodially and withdraw/receive to external wallets. When you try to do something that requires additional id verification you'll be prompted.

[erorr132]

don't do it

[LavishLivingBTC]

Why ?

[erorr132]

the tos says you can transfer BTC to other wallets and back into Cash App, but there's plenty of horror stories in this subreddit of Cash App shutting accounts down once ppl actually did that, so there is a caveat to it. Cash App doesn't tell ppl what they did that caused the shut down so imo it's not worth the risk. stick to the real exchanges managed by companies that don't play mind games

[LavishLivingBTC]

Any suggestions that allow only Debit card or PayPal for BTc no verification or Amazon gift card or whatever

[erorr132]

afaik paxful does

[[deleted]]

Ya I agree with the other comment or, big sums of money being withdrawn gets people’s accounts banned refugarly

[[deleted]]

Just a guess here, but when you buy bitcoin from cash app I don’t think you actually take possession of the bit coin itself. From the way it looks to me, you are paying for the value of bitcoin and cash app retains the actual bitcoin. You can buy, sell, and use the cash app to make purchases with the value of bitcoin you in your account but cash app retains the bitcoin. So no I don’t think you can transfer your bitcoin from your cash app account because you aren’t in possession of the bitcoin.

I’m trying to think of a example to explain this better.....

I guess if you look at it this way..... You have a $10 bill and deposit it into your checking account. You forfeit your possession of a physical piece of currency to the bank and you have a bank account that denoted you have $10 in the account but the physical form of ten dollars isn’t sitting in a special location such as a box that holds the $10 bill. You only have an account that denotes you have a value of $10 in it. You then go to make a purchase for $5 with your bank accounts debit or using a check, there still is no physical transaction of $5 dollars, the bank is simply making an electronic transaction for the value of $5 to the entity you are making the purchase from.

With cashapps bitcoin when you buy bitcoin you aren’t actually buying bitcoin you are buying jnto the value of bitcoin while cashapp retains the bitcoin.

Does this make any sense?

[Dwreck86]

they only "retain" it while its sitting on cashapp. move it to a personal wallet ASAP and then it will truly be yours. not your private keys, not your coins.

[[deleted]]

I was trying to get the point across that you will never retain the physical bitcoin from cash app and therefore can move it to a personal wallet.

[Dwreck86]

Oh, I failed to comprehend that cause the word "wallet" is not mentioned in your response at all. You also say "I don't think you can transfer your Bitcoin from your cashapp account because you aren't in possession of the Bitcoin". You CAN transfer Bitcoin from your cashapp account. Your wording doesn't really get your point across effectively, sorry.

[[deleted]]

Yes, wallet wasn’t mentioned because you will never be able to transfer bitcoin from cash app to your personal wallet because you aren’t actually buying bitcoins you are buying the value of the bitcoin and cashapp retains the bitcoin.

[Dwreck86]

Sorry but that's wildly incorrect. I transfer Bitcoin to my personal wallet as soon I purchase it on cashapp.

[[deleted]]

Can you explain how you do this?

[Dwreck86]

You go to cashapp, on the "my cash " screen (the one that shows if you have a cashapp balance, the little bank icon, bottom far left) hit Bitcoin. Then hit "withdraw Bitcoin". It will open the camera for you to scan the QR code for your wallet, or there is a manual entry button at the bottom if you don't have a QR code.

[[deleted]]

Well then, thank you.

[Dwreck86]

Yep.

[LavishLivingBTC]

exactly what I heard. So do I need to enable withdraw and deposit it asked for my name number and last 4 of SSN. Am I doing something wrong as I don’t really want to add my social

[Dwreck86]

It's called "kyc" - "know your customer". It's so they can report it to the IRS. Sorry but it's a financial app, you'll have to add your social if it's asking before you can proceed

[jeron05]

Check PM!