How to Send Bitcoin From CashApp to Bitnob
Let’s face it: sending money to your family back home can be a hassle. From working to make the money to finding a service that works and gives great rates, you jump through many hurdles and it gets tiring.
The good news is that there’s an easy way to send money to your loved ones wherever you are at any time of the day. Bitcoin makes sending money home easy.
In this article, I’ll show you how you can send bitcoin using your CashApp to your family in Africa with a Bitnob account. I’ll also share with you how your family member can receive the bitcoin you send directly in USD or split between USD and bitcoin and withdraw it in their local currency.?
Let’s get started!
Preparing to Receive Bitcoin with Bitnob
In order for you to send money to your loved one, you have to ask them to send you a lightning invoice with the amount of money you’d like to send.?
Here’s how they can send you a lightning invoice using the Bitnob App:
Step 1: Login to the Bitnob app and tap on Wallets at the bottom of the screen
Step 2: Once they’re taken to their BTC wallet they should tap on 'Receive'
Step 3: Then they should tap on "Receive via Lightning" and input the transaction details and also the description. Once done, they should tap on "Create Invoice".
Step 4: A QR code will appear with the lightning invoice below. They should tap on the copy button and send you the lightning invoice they copied. Another alternative is to click on the “Share” button to send it to you.
Preparing to Send Bitcoin Using CashApp
Once you’ve received the lightning invoice, copy the lightning address. Now that you have the lightning address, it’s time to send the money using your CashApp.
Step 5: Buy bitcoin on CashApp
On the homepage, tap the B at the bottom right corner of the screen. Then tap on the buy button.??
Step 6: Select how much bitcoin you want to buy on the app
CashApp already has some pre-set amounts but if you want to buy more bitcoin than what you have showing on your screen just tap on the 3 dots (...).
Once you’ve selected how much bitcoin you want to buy click on Next.
Step 7: Confirm your bitcoin purchase
The next thing you see is a summary of the transaction you’re about to make. Review your transaction and if you’re happy with it click on 'Confirm'.
Step 8: Send bitcoin
The next step is to send bitcoin to the bitcoin wallet of your friend or relative in Nigeria. To this, click on the send button on the right.
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?Step 9: Type out how much you want to send and tap Send
Step 10: Paste the lightning address you got from your family member or friend and tap Next and confirm the transaction with your pin.
Step 11: Select your withdrawal speed.
Step 12: Review your transaction summary and click on Confirm & Send to confirm withdrawal to external wallet
And you’re done! You’ve successfully sent bitcoin to your friend or relative.
Can your relatives receive USD instead of bitcoin?
Of course!?
Bitnob’s Payout feature allows your loved one to receive the bitcoin you send to them to be settled in BTC, USD, or both.?
They can access the payouts feature by clicking on the Actions button at the bottom of the homepage.
This will reveal the 3 different types of Payout options on the app:
The Auto Payout option allows you to choose which Bitnob wallet you want to receive the bitcoin that was sent to your bitcoin address. You can choose between the USD wallet and the bitcoin wallet. The default option is set on the bitcoin wallet.?
The Split Payout option allows you to split the bitcoin that was sent to your bitcoin address between your USD wallet and your bitcoin wallet. The split is done in percentages. By default, the percentage in USD and BTC are set to 50%. But if you want to receive 20% of your bitcoin in my USD wallet you can easily move the slider in the middle until you get it to 20% in USD and 80% in BTC.
The Direct Payout option allows you to add a bank or mobile money account (if you’re in Ghana) to receive the bitcoin that was sent to your bitcoin address in fiat directly to your bank/mobile money account.
Pretty cool, right?
Please note that the person you want to send money to must have set their Payout settings before you send them the money.?
There you have it!
With bitcoin and the lightning network you can easily send money to your loved ones.?
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