The world of cryptocurrency has come a long way from its early days when obtaining digital assets required a significant amount of effort and a high degree of technical expertise. The cryptocurrency landscape has evolved to become more user-friendly, making it accessible to millions of people worldwide.
In fact, if you’ve used popular apps like Cash App, PayPal, or Venmo, you’re already well on your way to purchasing cryptocurrency. In this article, we’ll explore how to buy cryptocurrency on these everyday apps, demystifying the process for beginners and providing insights for more experienced users.
Simplified Crypto Buying: Navigating the Apps You Already Love
The beauty of the cryptocurrency revolution is that it has made its way into the apps you already use. Acquiring cryptocurrency has become as simple as a few taps on your smartphone. Whether you’re a newcomer to the crypto space or an experienced investor, these platforms offer a user-friendly experience.
Cash App: Your Gateway to Bitcoin Ownership
Cash App, developed by Block, introduced Bitcoin services in 2017 and has since expanded its Bitcoin-related features. For those who already have a Cash App account, this platform offers one of the easiest ways to get your hands on Bitcoin. Here’s a step-by-step guide:
– Open the Cash App and locate the “Bitcoin” tab on the home screen.
– Click on the “Bitcoin” tab, which will allow you to start the process of buying Bitcoin.
– Choose the amount of Bitcoin you want to purchase. If the default options don’t match your preferred amount, you can enter a custom amount.
– Confirm your purchase by entering your PIN and checking your account balance.
Additionally, Cash App offers other investment features like auto-invest and custom orders, making it a versatile option for those interested in cryptocurrencies. With Cash App, your journey into the world of cryptocurrency is just a few clicks away.
PayPal: Easy Cryptocurrency Access with Some Limitations
PayPal, another widely used app, has incorporated bitcoin-focused products. While it simplifies the process of acquiring bitcoin, it comes with some withdrawal restrictions. Here’s how to buy cryptocurrency using PayPal:
– In your PayPal account, navigate to the “Finances” tab and select “Crypto.”
– Choose your preferred cryptocurrency from the options available (typically bitcoin, ethereum, litecoin, and bitcoin cash).
– Click “Buy” and follow any identity verification steps if required.
– Enter the amount of cryptocurrency you wish to purchase and click “Buy” once again to complete the transaction.
It’s important to note that when buying cryptocurrency through PayPal, you can’t withdraw the coins to an external wallet, limiting you to PayPal’s services. Additionally, PayPal charges fees based on the amount of cryptocurrency you purchase, so be aware of these costs when making your transactions.
Venmo: Limited but User-Friendly Crypto Buying
Venmo, owned by PayPal, introduced a feature in 2021 designed for buying and selling cryptocurrency. Just like PayPal, Venmo also imposes withdrawal restrictions, along with maximum purchase limits. Here’s how you can buy cryptocurrency on Venmo:
– On the Venmo app, find the “Crypto coins” tab at the bottom of your screen.
– Select your preferred cryptocurrency from the options available, which are usually the same as those offered by PayPal.
– Indicate the amount of cryptocurrency you want to purchase and click “Buy.”
– Review your purchase, including all associated fees, and click “Buy” again to complete the transaction.
To use Venmo for cryptocurrency purchases, you need to ensure you have enough funds in your Venmo balance or link a debit card or bank account to cover the transaction. While Venmo provides an easy way to buy cryptocurrency, keep in mind the restrictions on withdrawals and maximum purchase limits.
Robinhood: Trading and More with Crypto
Robinhood is a financial app that’s rapidly gaining popularity in the world of cryptocurrency. Unlike the other apps we’ve discussed, Robinhood specializes in offering trading services to its users. Beyond simply buying and selling cryptocurrency, Robinhood allows you to trade it and even send it as a gift.
To start buying cryptocurrency on Robinhood:
– Open the app and navigate to the cryptocurrency section on the home screen.
– You’ll find an order window on the right side of the screen. Enter the amount of cryptocurrency you want to buy and click “Review.”
– Confirm your order by selecting “Confirm.”
For the web version of Robinhood, the process is slightly different. You can purchase cryptocurrency by clicking the “Trade” button within the cryptocurrency section, choosing your preferred order type, and confirming your purchase. Robinhood offers support for seven digital assets:
Furthermore, Robinhood is set to introduce a crypto wallet feature, giving users more control over their digital assets. This feature will allow users to move their crypto funds off the Robinhood platform, offering an added layer of security and control over their investments.
A noteworthy advantage of using Robinhood is that it doesn’t charge its users any fees for buying or selling cryptocurrency on its platform, making it an attractive option for cost-conscious investors.
With these user-friendly apps, anyone can easily become a cryptocurrency owner, with access to a wide range of digital assets. No matter which app you choose, you’ll find that the process is streamlined and designed to cater to both beginners and experienced investors. Embrace the future of finance by entering the world of cryptocurrency through these everyday apps.