Sending Business with Venmo: Everything You Need to Know

Digital transactions make it very easy to send money to friends and family compared to previous times. Among these, peer-to-peer payment services like Venmo revolutionized how people split bills or share financial burdens. But what about the world of cryptocurrency? Can one directly send Bitcoin with Venmo?

Although Venmo has adopted cryptocurrency by buying, selling, and even holding some of these digital assets, it does not support the direct sending of Bitcoin (BTC) from Venmo to an external BTC wallet address. However, there are workarounds to do so. The article will explore everything about sending Bitcoin with Venmo, including its limitations and alternative solutions.

Understanding Venmo and Cryptocurrency

Venmo is a mobile payment service for money transfers between people. It is linked to bank accounts or debit cards of users to enable people to send and receive payments with ease. One reason Venmo is so popular is the ease of use and the social aspects associated with this application.

On the contrary, this is a digital asset built on top of a specific decentralized network called blockchain. Being independent of the traditional currencies that governments control, cryptocurrency boasts its special characteristics, such as transparency and security. An example would be Bitcoin, reputedly the first and most popular cryptocurrency.

Venmo Crypto Functionality

Although it doesn’t support Bitcoin natively, Venmo has recently added the ability to buy, sell, and hold cryptocurrencies. That means you can buy Bitcoin directly in the Venmo app using a connected bank account or debit card on your Venmo spending account. But the Bitcoin you buy lives in Venmo’s custodial wallet—not a personal Bitcoin wallet you have control over.

That’s a critical distinction. When you send someone money on Venmo, cash flows directly from one account to another. Your Venmo Bitcoin does not move at all on the Bitcoin blockchain. In its place, Venmo holds that underlying asset. You have some kind of representation of that ownership within the app.

Workaround to Send Bitcoin with Venmo

Since direct Bitcoin transfers are unavailable, how can you achieve your goal? Here’s a two-step workaround:

Sell your Venmo Bitcoin: Then, using the Venmo app, head to the “Crypto” tab and choose “Sell” on the Bitcoin holding. Venmo will sell the received Bitcoin back into US dollars and deposit the money into a linked bank account.
Transfer to your Bitcoin exchange: Once the US dollars settle in your bank account, transfer them to a reputed Bitcoin exchange, such as Coinbase or Gemini. These websites allow you to buy your bitcoins and then send them right from the website to your wallet; thus, you completely control the asset.

Below is a breakdown of the steps involved.

Open the Venmo application. Sign in to your account.
Go to the “Crypto” tab.
On the list of your holdings, select “Bitcoin”.
Tap “Sell.”
Select the quantity of Bitcoin you wish to sell, whether all or in part.
It will confirm the details of the transaction and start the sale.

The amount will be transferred to your linked bank account within 1-3 working days. Once the transfer mentioned above is made, proceed with the following step.

Sign in to your account on a Bitcoin exchange of your choice.
Deposit the USD received from Venmo into your exchange account, usually through bank transfer or ACH.
After the funds settle, go to “Buy” and change the field at the top to Bitcoin.
Amount of Bitcoin you would like to buy (amount equivalent to amount sold on Venmo):.
Review the transaction details, including fees, and proceed to buy.
The exchange will credit your Bitcoin to a personal wallet address, which you will provide during the purchase process.

Important Considerations

While the workaround allows one to send Bitcoin indirectly, there are a few key points that have to be considered:

Fees: Be prepared to pay fees along the way. Venmo takes a spread when you buy and sell cryptocurrency in-app. Besides, exchanges usually charge a transaction fee for buying Bitcoin, and some charge even for sending Bitcoin.
Transaction Times: Selling Bitcoin on Venmo takes 1-3 Business Days to be settled in your bank account. Additional timing might be consumed by the transfer from your bank to the exchange and purchasing Bitcoin in and of itself.
Security: Always choose a reliable Bitcoin exchange service with solid security measures. Generate your personal Bitcoin wallet on a safe platform, under a secure environment, and never reveal your private keys.

Conclusion

Even though Venmo will not allow you to transfer Bitcoin to wallets outside of their own, two-step workarounds still help you achieve your aim. Consider the fees and times it takes for the exchange to be processed. In any case, if you’re new to cryptocurrency, study Bitcoin wallets alongside some exchange websites before moving on to this process. Overcome those limitations with knowledge and use such steps to take advantage of features that will let you explore the world of Bitcoin through Venmo.

Sending Business with Venmo: Everything You Need to Know

Real Name
Nick Name
Profession

Sending Business Personal Life

Date of Birth
Age
Sun Sign
Birth Place
Religion
Caste/Ethnicity
Nationality
Hometown
School
College
Education
Debut