By Azeez Quadri 
As FinTech companies continue to disrupt the financial sector, their entry into the cryptocurrency space has also been impressive. Many use peer-to-peer systems to let users buy and sell digital assets such as Bitcoin, Ethereum, and Bitcoin Cash, among others.
Below is the top three cash payment apps that allow users to purchase and sell Bitcoin:
CashApp
CashApp is a peer-to-peer money transfer app owned by Block, Inc. (formerly Square). CashApp allows its users to buy and sell Bitcoin. Unlike other financial apps, it allows users to transfer Bitcoin to their cryptocurrency wallet with as low as $1. Cash App charges fees based on market volatility and volume of trading. Cash App discloses this fee at the point of purchase. It also allows Bitcoin withdrawals of up to $2,000 per day, or $5,000 in any seven days.
How to Buy Bitcoin on Cash App
- Download CashApp from the app store if you don’t have it and sign up
- Open the app and go to the Money/Investing tab on the home screen.
- Tap on the Bitcoin tile
- And then press “Buy”
- Choose a preset amount or tap the three dots (…) to enter the quantity you want to buy
- Enter your PIN or use Touch ID/Face ID to confirm the purchase.
NOTE: Residents of all 50 U.S. states can purchase Bitcoin on CashApp, but restricted in the State of New York. It is also available for residents in the U.K., but residents will have to pass through the KYC verification process and linking to local bank account is required for U.K. residents.
PayPal
PayPal users can purchase and sell bitcoin. However, the crypto must be kept on PayPal’s website. Users cannot transfer it to their digital wallet.
The transaction fee on Bitcoin purchase on PayPal largely depends on the volume of your purchase. For instance, purchases ranging from $1 to $74.99 is set at 2.20%; for $75 – $200, the transaction fee is 2%; while 1.50% fee applies on purchase of worth $1,000.01 and above, according to the breakdown of fee PayPal Consumer Fee.
PayPal allows you to make purchases with Bitcoin, provided that it is available. However, taxes will be imposed on Bitcoin sales in addition to any taxes related to the purchase or sale of goods and services.
Venmo
Venmo, the latest cash app, allows you to sell and buy cryptocurrency. It also offers four coins, unlike other providers: Bitcoin, Eether and Bitcoin cash. Venmo’s fees are similar to PayPal. They charge 0.5% in trading costs and tiered transaction fees of 2.3% on crypto trades between $25 and $100. This drops to 1.5% for trades over $1,000 (0.05% charged for purchases under $25). Limits apply: $20,000 per week and $50,000 for 12 months.
The limitation of Venmo is that it is only works in the United States and its territories such as Puerto Rico, Guam, and the US Virgin Islands.
How to buy Bitcoin on Venmo
- Download the app and sign up for an account if you haven’t
- Open the Venmo app and tap the Crypto tab at the bottom navigation bar.
- Select Bitcoin (BTC) and tap Buy.
- Enter the the quantity you want to by. You can start buying with as low as $1.
- Choose a payment method, such as your Venmo balance, a linked bank account, or a debit card.
- Confirm your personal information if it is your first time, then tap Buy Bitcoin to finish.