Watch this quick tutorial on How To Buy Bitcoin with Venmo, and How to Buy Crypto with Venmo. Venmo released this new function to let us invest in Crypto like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Here is how to purchase those coins using the platform!
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From the Venmo Website:
Crypto on Venmo
Your journey starts here
Welcome to the world of crypto! Explore right in the app and get started with as little as $1
Crypto is volatile, so it can rise and fall in value quickly. Like all currencies, there’s potential for gains and losses – so be sure to take it at a pace you’re comfortable with.
Get started with as little as $1
Your first crypto purchase doesn’t have to be huge. You can even use payback from yesterday’s coffee run to buy it.
Choose from four types of crypto
Buy Bitcoin, Ethereum, Litecoin, or Bitcoin Cash and watch how its value changes.
Crypto with confidence
Buy, hold, and sell crypto on the app you already know and love. We’ve got you covered with in-app articles and videos to help you out along the way.
Choose to share your crypto purchases on your Venmo feed with custom stickers and celebrate with our growing crypto community.
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that is created by Cryptography. It is not physical and not issued by a central authority. It utilizes a decentralized network and works through a distributed ledger technology, known as a Blockchain.
What cryptocurrencies does Venmo support?
Customers in the US (except Hawaii) can buy, sell and hold four different cryptocurrencies on Venmo: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Bitcoin was invented in 2009 by Satoshi Nakamoto, it is the largest cryptocurrency by value.
Ethereum is also known as Ether. It is the 2nd largest cryptocurrency by value. It is a decentralized Blockchain featuring smart contract functionality.
Bitcoin Cash was created in 2017, as a fork of Bitcoin, due to concerns about Bitcoin’s ability to scale. Bitcoin Cash looks to increase scalability by featuring a larger block size, which increases the number of transactions that can fit in each block.
Litecoin was created in 2011 by Charlie Lee. Litecoin is a fork of Bitcoin and is one of the oldest cryptocurrencies.
Who can buy, sell, and hold cryptocurrencies?
Customers in the US (except Hawaii) who have verified their identity with Venmo can buy, sell, and hold cryptocurrency with their personal Venmo profiles. Cryptocurrency transactions are not supported for business profiles on Venmo.
Are there fees for buying or selling cryptocurrency on Venmo?
Venmo’s crypto fees are from the spread (or margin) between the market price we receive from our trading service provider (Paxos) and the exchange rate between US dollars and the crypto asset displayed to the user, and a transaction fee when buying or selling crypto assets. At the time you buy or sell crypto assets, we will disclose to you the applicable exchange rate and the amount of fees that you will be charged for that transaction.
The exchange rate may include an estimated spread of one-half of one percent (0.50%), provided, however, that the actual spread may be higher or lower based on market conditions. We will not separately calculate or disclose the spread we earn on each transaction. By using Venmo’s crypto services, you agree to pay all applicable exchange rates (including spread) and fees.
If you use a linked bank account or debit card as a funding source to buy crypto assets, your bank may charge you its own fees, including overdraft fees or insufficient fund fees, if applicable. Venmo is not responsible for any fees that may be charged to you by your bank.