Venmo, a versatile financial application, provides a range of features, including peer-to-peer (P2P) money transfers and cryptocurrency transactions. Serving as a comprehensive financial tool, Venmo enables users to seamlessly handle transactions, including the option to participate in digital currencies like Bitcoin (BTC). The app is designed to simplify financial operations and assist users in navigating contemporary economic systems.
What is Venmo?
Venmo, a mobile payment service established in 2009, has been under PayPal’s ownership since 2013. It operates as a P2P platform for money transfers within the United States. The social payment app facilitates money exchanges between users and businesses. Additionally, it functions as a digital wallet that enables individuals to accumulate funds within their Venmo accounts for future expenses.
Venmo also extends its capabilities by integrating cryptocurrency transactions, enabling users to buy, sell and hold digital assets within the app. Following a similar initiative by its parent company, PayPal, this feature was introduced in April 2021. Venmo users in the U.S., excluding Hawaii, can engage with four cryptocurrencies: BTC, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). In the future, Venmo has plans to incorporate the PayPal USD stablecoin (PYUSD).
Buy Bitcoin with Venmo
To purchase Bitcoin with Venmo, users can use their Venmo balance, bank account or debit card, among other payment methods. However, it’s important to recall that credit cards and Venmo Credit Cards cannot be used to complete these transactions. Moreover, users are restricted from making crypto purchases through Venmo. Users are limited to a weekly cap of $20,000 and a yearly cap of $50,000 in crypto acquisitions.
Since cryptocurrencies are digital currencies, buying them involves exchanging one currency for another. The exchange rate determines the amount of Bitcoin users receive in exchange for U.S. dollars. Keep in mind that cryptocurrency values are highly volatile and change frequently.
Steps to buying Bitcoin through Venmo
Open the Venmo app and navigate to the “Crypto” tab at the…..