Bitcoin is a cryptocurrency and a payment system; it is the first decentralized digital currency, as the system works without a central repository or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
How does Cash App Bitcoin work?
The Cash App is a mobile payment service developed by Square, Inc., allowing users to transfer money to one another using a mobile phone app.
The service also allows its users to buy and sell bitcoin. As of February 2018, the service had 7 million active users.
Cash App lets you buy, sell, and hold bitcoins. You can also use the Cash App to pay for goods and services with merchants who accept bitcoin as payment.
To buy bitcoin using the Cash App, you’ll need to first deposit money into your account. Once you have money in your account, you can then use that money to purchase bitcoin.
The Cash App charges a fee for buying and selling bitcoin. When you buy bitcoin, the Cash App charges a spread of 1.75% of the total transaction amount. For example, if you bought $100 worth of bitcoin, the Cash App would charge you $1.75 for the transaction.
When you sell bitcoin, the Cash App charges a fee of 2.75%. So if you sold $100 worth of bitcoin, the Cash App would charge you $2.