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- 1 Venmo is an app that facilitates money and crypto transactions.
- 2 It facilitates buying, selling, and holding digital currencies.
Venmo is an application that provides seamless transactions for digital currencies. It facilitates money transfers between the users and businesses. It is a mobile payment service that allows the user to store the digital currency. It acts as a digital wallet which helps in accumulating the funds within the Venmo account.
The company was established in 2009. It came under the ownership of PayPal in 2013. The user can buy, sell, and hold digital currency within the app. The parent company also launched a similar initiative in April 2021.
The Venmo users of the U.S., except Hawaii, can use four cryptocurrencies including Bitcoin, Bitcoin cash, Ethereum, and Litecoin. In the future, the app plans to include PayPal USC Stablecoin.
How Venmo Facilitates Bitcoin Transactions
Users can buy Bitcoin through a debit card, and any credit card or Venmo credit card cannot be used to complete the transactions.
Transactions are limited to a weekly amount of $20,000 and a yearly cap of $50,000 in crypto. Cryptocurrencies are digital currencies. Buying these requires the exchange of one currency with another. The amount of Bitcoin users receive in exchange for U.S. dollars is determined by the crypto exchange.
Steps to buy Bitcoin on Venmo
The very first step involves opening a Venmo account. Click on the drop-down menu and select Bitcoin from the pop-up menu which shows a list of different cryptocurrencies. It also shows the current exchange price of Bitcoin on the page. Click ‘buy’ and enter the amount of dollars for buying the currency. After this, push the review button which confirms the amount entered.
The app will also provide the breakdown of the amount of Bitcoin to be purchased along with the associated fees. After reviewing the details, complete the Bitcoin purchase through Venmo.
Once the purchase of the cryptocurrency is made, it is irreversible. This means the user has to sell the cryptocurrency, to receive the U.S. dollars. Venmo is not responsible for any change and fluctuations in the price of Bitcoin. The app does not take responsibility for losses, if any.
After the successful purchase of Bitcoin through this app, users can track the price fluctuations within the app itself. The app also shows historical data of cryptocurrency and the transactions made in digital assets. With the help of the app, users can also monitor cryptocurrency prices in real-time.
Requirements for Buying Bitcoin Through Venmo
One must be at least 18 years old and should be a resident of the U.S. to use the app. Venmo accounts and debit cards are a must to make use of the app. A phone number based in the United States must be linked with the Venmo account.
Venmo also facilitates the price alerts of the cryptocurrency. This can be used to monitor the fluctuations in the price. Before making any decision, one must monitor the price alerts. This will help the user avoid risks associated with the cryptocurrency price volatility.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
