Bitcoin trading could be done through a cash application, which has made the process of buying and selling bitcoin much easier, and now it just takes a few steps to trade bitcoin. This article will help you to understand how to use a cash application to trade bitcoin and what are the pros and cons of using a cash app to buy and sell bitcoin.
The procedure of trading bitcoin on a cash application is quite similar to other online payments systems that enables investors to send and receive money. Investors can buy bitcoin using a cash application, and the best thing is that there is no need to pay a huge amount of fee to buy bitcoin at its market price. It takes a few seconds to process the transaction.
When you download the cash application your account will show zero balance. When you click on the buy button, the first step would be to set buying frequency, like daily, weekly or just one time purchase, and then select the amount you are willing to invest in bitcoin. Once you will select the amount, the system will verify the transaction and display the summary of your purchase that you are willing to make before confirming the actual transaction.
The summary will show
- Fees
- Amount of bitcoin
- Exchange rate
- Funding source (Master Credit/Debit card)
- Total cost
Once the user confirms the transaction, the system shows the amount of bitcoin purchased. The users would be able to manage their investments, as the system will show the stock line graph which will help the user to understand the patterns and fluctuation.
The buy and sell option will appear and current price per bitcoin will also be displayed on the screen. Users can either buy more bitcoin or could sell existing bitcoin, if a user desire’s to sell its existing bitcoin, the system will ask about the portion of the amount the user is willing to sell. It will take seconds to process the transaction.
Sending bitcoin to other bitcoin wallets
The option of sending bitcoin to another wallet is also available, the user just needs to click on the send bitcoin icon and enter bitcoin wallet ID or the user can also scan QR code.
There is no rocket science in dealing with cash applications to trade bitcoin, the process has been simplified enough for everyone to get their hand on it easily. There are many bitcoin trading platforms which encourage the use of bitcoin cash apps like the Bitcoin system.
Pros and cons of using cash apps to trade bitcoin
As more and more people all around the world are getting aware of the bitcoin trading benefits, more easier and instant the process of trading bitcoin is becoming. Easy and quick withdrawals helps investors to bridge a trust between trading platforms and investors.
The possible problem that an investor might face dealing in bitcoin through cash apps, could be temporary network failure which will disable investors to access their funds. Another possible problem could be recovering your account.
Source: allafrica
