A Few Important Preliminary Comments

  • If you have never used CashApp before, you may have to allow a day or so between setting up CashApp for the first time and making your first bitcoin purchase
  • For new accounts, use the same name, etc. as you have on your driver’s license and bank accounts!!
  • In order to purchase bitcoin, you will likely need to connect your bank account directly, not just a debit card.
  • You may have to verify your CashApp account in general – BUT YOU WILL NEED TO VERIFY YOUR ACCOUNT ON THE BITCOIN SCREEN SEPARATELY IN ORDER TO TRANSFER TO NOVATECH.
  • RECOMMENDED: Prime your CashApp bitcoin area with a small $10 purchase to start. Then, once your bitcoin verification is complete, make your purchase for transfer.

Step 1: Open Cash App

Open Cash App on your phone. If you do not have Cash App, click one of the links below to set up your free account.
Tip: Be sure to use your legal name to set up the app. (i.e. Judith Brown NOT Judy Brown, if Judith is your legal name) You will need to verify the account with your identification later.
There may be a lag from initial set-up until you are able to purchase bitcoin. Allow 24-hours or so.

The Cash App icon looks like the image below.

Download Cash App Here:

Step 2: Click The Icon To Go To The Bitcoin Tab

Click the icon that looks like a bitcoin symbol. This will take you to the Bitcoin tab of Cash App.

NOTE: They may have redesigned the app and moved this feature. If you do not see the “B” in the lower right, click on the $ amount on the lower left. You will see the area for bitcoin purchases there.

Step 3: Click The Buy Button

Click the blue BUY button.

Step 4: Click The 3 Dots

Under the dollar amounts, click the 3 grey dots. This will take you to a screen to enter in the exact dollar amount.

Step 5: Enter The Amount

Enter your amount. You will need to enter a little more to cover the fees to purchase Bitcoin. An additional 10% will be more than enough, but you do not want to be short. Any balance remaining in Cash App is still your money. The fee to purchase Bitcoin seems to be less than 2%. There are also nominal transfer fees when you withdraw your funds to Novatech.

When you are finished, click “Next”.

For $500, enter $550

For $1,000, enter $1,100

NOTE: Cash App is best for investments up to $1,000.
Options for you want to make a larger investment:

  • Make subsequent deposits using CashApp until you have your desired balance
  • Make an initial deposit using CashApp, and then use Coinbase or another method to fund the remainder
  • Use Coinbase for your entire purchase (note in advance – validation of your deposited funds with Coinbase can take up to 14 days)

Step 6: Confirm Amounts

Verify that you have entered the correct amount and click “Confirm”.

Step 7: Final Confirmation of Your Purchase

You will receive a message showing you how much Bitcoin you’ve purchased. Click the Done button.

Step 8: Your Purchase is Complete

Your balance will reflect your purchase.

NOTE: When your account is new, you will need to do a separate validation in order to withdraw Bitcoin. Please go to Step 9.

Step 9: Validate Your Bitcoin Account

NOTE: You only have to complete the validation process the first time.

I do not have an image for this, but just below the “Buy Sell” buttons, you will see an option to validate your Bitcoin account. To do this you will need to upload your driver’s license and take a camera selfie. It may ask the reason for validating, say “personal use” – do not select “Investing”.

Once you have uploaded the information, it takes a little while to complete the process – they say up to two days. You will receive an email once it is finished.

NOTE: Your name should be the same on your driver’s license, bank and Cash App Accounts!!!

Random Information about Cash App:

CashApp has variations and quirks. I have seen different experiences for different individuals, and there is no way to understand the reason. Just letting you know, it’s not you, it’s them most of the time. However, if it is a new account, things seem to level out after a day or so if the validation has been completed.

The good news: You only have to go through the validation procedure one time!

Your Cash App Limits (How much you can deposit and withdraw):

  • From the main green screen (See step 1 above), click on the small circle in the upper right, which is your profile link.
  • Click on “Limits” to see your Cash App limits. Make sure your account is fully verified to increase limits.

Bitcoin Withdrawal Limits:

The maximum withdrawal limits for everyone are the same (if yours is less, it may be because of a new account). It will never be more than:

  • $5,000 weekly limit for withdrawal
  • $2,000 daily limit for withdrawal

The “withdrawal period” (day or week) starts with any transaction you make.

Examples:

  • If I withdraw $2,000 on Tuesday at 4:00PM, I will not be able to withdraw again until Wednesday at 4PM. Also my weekly limit remaining will be $3,000 until the following Tuesday at 4PM
  • If I withdraw $500 on Thursday at 11AM, my remaining daily limit will be $1,500. The daily level will return to $2,000 on Friday at 11AM. The weekly limit will be $4,500 until the following Thursday at 11AM.