I'm trying to withdraw Bitcoin from my Cash app and it's showing withdrawal canceled. Why?

I'm trying to withdraw Bitcoin from my Cash app and it's showing withdrawal canceled. Why?

Bitcoin, a pioneer digital currency in the crypto sphere, is rising upwards and users’ engagement is increasing respectively. In 2013, Cash App which was originated by Square, Inc., is a mobile payment service to convene sending and receiving Bitcoin. Do you want to know about Cash App Bitcoin withdrawal? This article features a step-by-step guide to inform about how to withdraw Bitcoin on the Cash App. Explore every detail of this process. In this guide, first, we will cover the basics of Bitcoin on Cash App.

Basics to Know About Cash App:

In January 2018, Cash App broadened its customer network by including Bitcoin buying and selling and allowing users to purchase and make Peer-to-Peer Bitcoin. After its users’ base extension, Cash App recorded 7 million active users in February and the amount continued to increase. It appeared as a testament to how much it was important for users to have Bitcoin on Cash.

 

With the help of this app, users can now safely hold and transfer Bitcoin to any part of the world, as cryptocurrencies are beyond any restriction. This app enables users to store Bitcoins in an offline system and assures them about not easily stolen by hackers or other malicious. No matter how much the app is secured, it would be better to make a Cash App Bitcoin withdrawal and have entire control of your coins with complete access to and handling of the private keys.

 

Keep in mind that Bitcoin on Cash App is somehow risky, but you can avoid it and minimize your risk if you have a good password and a 2F-Authentication set. Before moving towards how to withdraw Bitcoin on Cash App account, be noticed to verify your account. If you don’t verify your Cash App account, it will not be accessible for you to buy Bitcoin, sell Bitcoin, receive Bitcoin, or send Bitcoin.

What to Do for Enabling Bitcoin Withdrawal on Cash App?

Enabling Bitcoin withdrawal on your Cash App is crucial before approaching how to withdraw Bitcoin on Cash App. How’s this possible? It’s entirely possible by following the steps given below.

  • Regularly update your Cash Apps and make sure the latest version of the app is installed.
  • Complete identity verification to ensure secure transactions.
  • Scroll down the settings within the Cash App and find the Bitcoin section. Here, you'll find Bitcoin-relevant options.
  • By agreeing to the app’s terms and conditions, enable Bitcoin withdrawal.
  • To convert Bitcoin into cash, it’s crucial to link your bank account with the Cash App.

How to Withdraw Bitcoin on Cash App?

In the dynamic realm of cryptocurrency, navigating how to withdraw Bitcoin on Cash App is vital to managing your digital finances. Here is a comprehensive step-wise guide to shed light on how to withdraw Bitcoin on Cash App. Let’s traverse through all the steps.

Step 1: Authorize Your Cash App Account:

To continue buying, selling, or receiving Bitcoin, it’s a must to verify your cash app account. For this purpose, follow the method given below.

  • Click on the ‘Bitcoin’ option from the Cash App home page.
  • Then, go for the “Enable Withdrawals and Deposits” option.
  • Enter the credentials required for the process like your registered email address, a reason for using Bitcoin, and make income with trading and job.
  • Scan the front and back of your ID card or driver’s license to verify your identity. Keep in mind that US account holders must provide their social security number.
  • After that, take a clear picture of your face.
  • You have to wait for Cash App to process your verification. It can take up to 48 hours. Then, a confirmation email or text message is delivered to you.  

Your Cash App account has been verified, now it’s time to buy Bitcoin. It is accessible through the Cash App and once you have purchased your desired amount of Bitcoin, you can withdraw the tokens to an external crypto wallet. 

Step 2: Navigate to the “Banking” Icon:

The Cash App home page comes up with several of the platform’s functionalities. If you want to go for Bitcoin withdrawal, you must click on the ‘Banking’ icon that shows in the bottom left corner of the screen’s interface. 

Step 3: Choose “Bitcoin”:

The Banking screen is where you can handle your account balances and start withdrawals. From the money section, click on ‘Bitcoin’, and it will present your BTC wallet within the Cash App. 

Step 4: Choose the Bitcoin Payment Method:

On the Bitcoin wallet screen, press the arrow icon present on the right of the ‘Buy’ and ‘Sell’ button. Then a screen is opened with a prompt asking if you would like to send or receive Bitcoin. After that, press the “Send Bitcoin” button. 

Step 5: Add Your Desired Quantity and Recipient’s Bitcoin Address:

On the withdrawal page, you are requested to enter the amount of BTC that you intend to withdraw in the amount field. Then, you can toggle between exhibiting the respective figure (for the preferred amount) in US dollars or BTC. 

 

Two options are given here; either go for scanning a QR code of the receiving Bitcoin address; or type or paste the wallet address that you want to send the Bitcoin to. Here you can also enter a description so that the Cash App will show it in the record of your BTC transactions. 

Step 6: Confirm Withdrawal:

To confirm your withdrawal, you need to enter the security PIN or the biometric ID (finger or face scan), used for signing in to the Cash App. It’s time to carefully review the details of the withdrawal and confirm whether the amount and the wallet address are accurate. After that, press the ‘Next’ option on the upper right of your page. 

 

There is a need to be extra careful about pasting a wallet address and always do its verification for accuracy. Because there is a risk of malware that recognizes Bitcoin wallet addresses on a clipboard and can shift them to another address supervised by a bad actor. Bear in mind that transferring funds to the wrong BTC address will result in permanent loss. 

Step 7: Send:

Depending on how soon you wish to get the Bitcoin, you can opt for any one of the withdrawal speeds. These include:

Priority 

Bitcoin is delivered to the recipient’s wallet within 10 minutes. You are charged a service fee of 0.000065 BTC, which is almost $2.26, depending on the market value of Bitcoin at the time of writing. 

Rush

Bitcoin is delivered to the recipient’s wallet in under 2 hours. You are charged a service fee of 0.000035 BTC, which is almost $1.21, depending on the market value of Bitcoin at the time of writing. 

Standard

Bitcoin is delivered to the recipient’s wallet in under 24 hours. This procedure is free of cost. To choose this option, users must transfer a minimum of 0.001 BTC (approximately $36).

 

For more precision, go through the details of your transaction and then choose “Confirm & Send” to complete the withdrawal. Once you have done it, you successfully withdraw Bitcoin from the Cash App to your external wallet. 

Step 8: Check Status

Exercise caution that the Bitcoin network processes the transaction based on the withdrawal speed you chose in the former section. To check the status of your withdrawal, click on the clock icon in the bottom right corner of the page. 

 

Helpful Tips to Convene Bitcoin Withdrawal Process:

We have discussed the whole process of how to withdraw Bitcoin on Cash App. Let’s end up with some useful tips to make sure that your Bitcoin withdrawal process on Cash App is seamless.

Update Your Cash App: Updating your Cash App is a guaranteed way to optimize safety and introduce new features. An updated app ensures a convenient transaction process.

Maintain a stable internet connection: To continue the Bitcoin withdrawal process on Cash App, maintaining a stable internet connection is necessary to prevent transaction failures or delays.

Utilize a Safe Bitcoin Wallet: The safety of your Bitcoin after withdrawal on the Cash App is compulsory. So, it would be better to use a wallet with the latest security features to protect your investment.

Observe the market Situation: As we know Bitcoin’s value rises and comes down. So, keep an eye on the market fluctuation to boost your profits.

Final Words:

Cash App is an innovative addition to fetch smoothness and convenience in transferring Bitcoin across the world. With the rising popularity of cryptocurrency, Cash App stands out as an ultimate companion to proceed with payment transfers seamlessly. To manage digital currency, understanding how to withdraw Bitcoin on Cash App is essential. This comprehensive guide is all about how to withdraw Bitcoin on Cash App and other must-to-know information.