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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)


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41 minutes ago, Nice Guy Eddie said:

I’ve used it in the past and no problems. Their ceo, jack dorsey, is a relatively early adopter of bitcoin so happy to support him. And unlike PayPal, Cash allows you to transfer the bitcoin off the app.

One thing that I don’t like about buying on the cash app is that it’s a 2 step process.  You have to fund your account and then make the buy. No big deal unless you want to stop at the last confirmation when you’ve seen the fees and final trading price. The money has already been withdrawn from your bank account.

If you decide to cancel at that last step, you can redeposit the funds back to your bank. In 3 days.

I haven’t had to fund my account. It’s just linked to a checking account and comes directly from there. 

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45 minutes ago, Muy Frio said:

I haven’t had to fund my account. It’s just linked to a checking account and comes directly from there. 

I will expand. 

Here is how the Cash app works for me:

  1. I indicate how much bitcoin I want to buy in $ USD.
  2. I agree to have the money withdrawn from my checking account. (I assume this is skipped if I have a balance on the Cash app.)
  3. The money is withdrawn from my checking account
  4. The final exchange rate and fees for the bitcoin purchase are displayed.
  5. I accept and the bitcoin purchase is made.

If I cancel in Step 5, the money has already been withdrawn from my checking account and I would be left with a balance in the Cash app. 

In contrast, if I bought on Coinbase, the money is not pulled from my checking account until I finalize the overall bitcoin purchase, step 5. If I cancel the bitcoin purchase at the end, no money is withdrawn from my checking account. 

 

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39 minutes ago, Nice Guy Eddie said:

I will expand. 

Here is how the Cash app works for me:

  1. I indicate how much bitcoin I want to buy in $ USD.
  2. I agree to have the money withdrawn from my checking account. (I assume this is skipped if I have a balance on the Cash app.)
  3. The money is withdrawn from my checking account
  4. The final exchange rate and fees for the bitcoin purchase are displayed.
  5. I accept and the bitcoin purchase is made.

If I cancel in Step 5, the money has already been withdrawn from my checking account and I would be left with a balance in the Cash app. 

In contrast, if I bought on Coinbase, the money is not pulled from my checking account until I finalize the overall bitcoin purchase, step 5. If I cancel the bitcoin purchase at the end, no money is withdrawn from my checking account. 

 

Ah gotcha. I’ve never stopped between. 

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2 hours ago, Nice Guy Eddie said:

I’ve used it in the past and no problems. Their ceo, jack dorsey, is a relatively early adopter of bitcoin so happy to support him. And unlike PayPal, Cash allows you to transfer the bitcoin off the app.

One thing that I don’t like about buying on the cash app is that it’s a 2 step process.  You have to fund your account and then make the buy. No big deal unless you want to stop at the last confirmation when you’ve seen the fees and final trading price. The money has already been withdrawn from your bank account.

If you decide to cancel at that last step, you can redeposit the funds back to your bank. In 3 days.

was able to make a payment this morning with the transacted bitcoin from last night.  pretty slick.(fees are just part of it I guess at this point)  Still seem to be restricted from adding more.  so get your cashapp shit started well before you actually need to do it since it takes several hoops to jump through.  but that is cool if the security is there.

 

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10 hours ago, zork said:

Anyone used Cash App App to buy and trade or use or sell Bitcoin?  Any pitfalls to watch out for?  Did a 50$ purchase within minutes of installing the app as a trial.  Trying again it is not letting me and I had to set up more stuff that is validating.

Am I asking for trouble with this app?

It’s extremely convenient, but you’ll pay more in fees there than somewhere like Coinbase Pro. That’s the only real trade off I’ve encountered. 

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BTC appears to be in a downward trend. It’s set a new low 6 days in a row. We’re nearing the last time for it to rally up before we’re likely headed for low 30s again IMO. If it breaks 36,400, I think we’ll start to see it go south quickly. 
 

ETH is still in a 15 day run with only one red day in that time. It fell into the 25s probably due to concern over the update, but it’s rallied back. 2800-3000 has been a point of resistance. It would be great if the update doesn’t have any major issues and can drive a push above the 3k mark. 

Edited by Burt Macklin
  • Hook 'Em 2
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4 hours ago, Nice Guy Eddie said:

I will expand. 

Here is how the Cash app works for me:

  1. I indicate how much bitcoin I want to buy in $ USD.
  2. I agree to have the money withdrawn from my checking account. (I assume this is skipped if I have a balance on the Cash app.)
  3. The money is withdrawn from my checking account
  4. The final exchange rate and fees for the bitcoin purchase are displayed.
  5. I accept and the bitcoin purchase is made.

If I cancel in Step 5, the money has already been withdrawn from my checking account and I would be left with a balance in the Cash app. 

In contrast, if I bought on Coinbase, the money is not pulled from my checking account until I finalize the overall bitcoin purchase, step 5. If I cancel the bitcoin purchase at the end, no money is withdrawn from my checking account. 

 

Strange. Thats not how it work for me (I have no current balance on cash app). I can select the investing option with the slider set to bitcoin. I select the buy button, and I am then presented with a dialogue to select how much in USD I want to buy. when I select next, I am prompted for my PIN, and once entered I am presented with a confirmation screen showing rate, fees, etc... at no point does money get withdrawn from my bank account. I can either submit the order or back out of it. 

and yes the fees are ridiculous compared to coinbase pro: 

For $100 purchase using cash app - fees are $2.26

For $100 purchase using coinbase pro - fees are $0.04

EDIT - I have it linked to a card rather than a checking account. Not sure if that matters. 

Edited by Blotto
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2 hours ago, bernorange said:

Etherium network upgrade went live. 

I just went to swap an old coin to ETh. The new system made gas prices crazy high. Fees for a swap were $298. They’re coming down some but I just checked and it’s $98. 
 

 

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