Venmo Changing The World
One of the most widely used peer to peer money transfer systems available today; Venmo has certainly made the world a much better place to live in. originally developed as a smartphone application it has been evolving at a rapid pace and now encompasses much more than its original avatar.
With diversification into a virtual wallet, Venmo is also looking to adapt to the cryptocurrency market as well. The privacy of money transfer provided by cryptocurrency most notably Bitcoin is unparalleled in this current financial climate.
So, how does one go about purchasing Bitcoin with Venmo?
Purchasing Bitcoin With Venmo
The very first thing that needs to be done is to create a Venmo account. That can be easily achieved by visiting the official website of Venmo, linking your email ID or your Facebook profile along with a password and your account will be set up.
After the usual verification with an authorization code sent to your mobile number to verify the authenticity of the account, you need to link your bank account for transfer and receiving money through that Venmo account.
Please note that when you link your credit or debit cards to your Venmo account, you can send money easily but with credit cards, there is a 3% fee attached to it.
Venmo had been classed as microtransactions done to settle small payments between people that are familiar with one another. Transaction reversals are there, which makes the platform somewhat vulnerable to scammers.
So please be careful when you are using Venmo to transact with Bitcoin platforms for purchasing bitcoins. Now that we have mentioned that, let’s move on to the process to do the conversion from Venmo to Bitcoin.
Now that your Venmo account is set up, you need to find a platform that deals in Bitcoin and accepts Venmo as a payment option.
Well, at this current moment, there are two such platforms; Paxful and LocalBitcoins. These two platforms are reliable, efficient, and can transfer the bitcoins to your bitcoin wallet in seconds after the money is transferred from your Venmo account.
The transfer is seamless, without any kinks, and the website is user friendly and simplistic in its design as well.
Things To Keep In Mind
Please remember that any transfer that can be linked to a bank account is not truly anonymous as in the case of purchasing Bitcoins with Venmo. However, this method can be used should you want to get into investing in cryptocurrency or if you just want to transact anonymously with another person without any issues.
As a word of caution; if you truly want safety in your transactions with the bitcoin platform, use your debit card or credit card to perform the transfer. That way, in case you find that the transfer is not done properly, or there are other transactions that you have not authorized, you can dispute that with your bank and you shall be reimbursed within 72 hours if your case stands.
It will minimize the risk of having to transact in volatile cryptocurrency.
If you’re unsure of whether to use Cash App or Venmo, check out this comparison guide. You might find what fits and work for you!
And if you’re leaning towards Venmo’s competitor, Cash App, then you might want to read this:
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