Can you send cryptocurrency through Venmo? The short answer is no – at least not directly. However, there are a few workaround methods you can use to get the job done. In this post, we’ll show you how to send crypto via Venmo using a few different methods.
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What is Venmo?
Venmo is a mobile payment service owned by PayPal. It allows users to transfer money to one another using a mobile phone app. The service is popular with millennials and has been described as a “social media network for money.”
Venmo can be used to send payments to friends, family, or businesses. The app can be linked to a credit or debit card, or a bank account. Venmo also offers a “cash out” feature, which allows users to transfer their balance to a linked bank account or debit card.
As of February 2018, Venmo had more than 40 million active users. The service processed more than $17 billion in transactions in the fourth quarter of 2017 alone.
What is cryptocurrency?
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.
What are the benefits of using cryptocurrency?
Cryptocurrencies offer a variety of benefits when compared to traditional fiat currencies, such as USD, EUR, and GBP. For one, cryptocurrencies are decentralized, meaning they are not subject to the volatility and manipulation that central banks can exert over traditional fiat currencies. Cryptocurrencies are also much more secure from a technology standpoint, as they utilize blockchain technology – which is essentially a digital ledger that cannot be tampered with. Finally, cryptocurrencies offer near-instantaneous transaction times and extremely low fees when compared to traditional fiat currencies.
How to use Venmo to send cryptocurrency
Unfortunately, you cannot use Venmo to send cryptocurrency at this time. The app only allows users to send and receive fiat currency, so you’ll need to find another way to send your crypto to friends or family.
There are a few different workarounds that you can use to get around this issue. One popular method is to simply purchase a gift card from a major retailer such as Amazon or Walmart using your cryptocurrency, and then sending the gift card code to the recipient via Venmo. While this method may take a bit more effort than simply sending crypto directly, it’s usually the most practical way to get around Venmo’s restriction.
Another workaround is to use a peer-to-peer (P2P) exchange service that allows users to trade cryptocurrency without having to go through a centralized exchange. LocalBitcoins is one popular option that supports many different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. Once you’ve found a trader in your area who is willing to trade the cryptocurrency you want for fiat currency, you can simply pay them via Venmo and receive the crypto you need in return.
Of course, the easiest way to send cryptocurrency is still through a major cryptocurrency exchange like Coinbase or Kraken. These exchanges allow you to directly link your bank account or debit card and make purchases without having to go through an intermediary service like Venmo. However, they typically charge higher fees than P2P services like LocalBitcoins.
How to use Venmo to receive cryptocurrency
Venmo is a mobile payment service owned by PayPal. You can use Venmo to pay or request money from others, and there’s also a social feed where you can see what your friends are paying for.
While you can’t currently use Venmo to buy or sell cryptocurrency, there are still some ways that you can use Venmo to receive cryptocurrency. For example, you can ask a friend to send you cryptocurrency through Venmo, or you can use a service that allows you to buy cryptocurrencies with Venmo.
If you’re interested in using Venmo to receive cryptocurrency, here’s what you need to know.
At the moment, there are no fees associated with sending or receiving cryptocurrency on Venmo. However, this could change in the future, so it’s always best to check with Venmo before sending any large amounts of cryptocurrency.
Pros and Cons
There are a few things to consider before sending cryptocurrency on Venmo. First, it’s important to remember that Venmo is a peer-to-peer payments platform, meaning that there is no middleman or bank involved in transactions. This can be both a pro and a con when it comes to sending crypto. On the one hand, it’s faster and easier to send crypto on Venmo than it would be to send it through a bank. On the other hand, because there is no bank involved, there is also no customer service if something goes wrong.
Another thing to consider is that, because Venmo is a peer-to-peer platform, transaction fees are usually lower than they would be with a traditional bank transfer. However, it’s important to check the fees associated with your specific cryptocurrency before sending anything, as fees can vary depending on the coin you’re using.
Finally, it’s worth mentioning that Venmo currently only supports Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). So if you want to send another type of cryptocurrency, you’ll need to use a different platform.
All things considered, sending cryptocurrency on Venmo is generally safe and easy as long as you take the necessary precautions (like checking transaction fees) and only send coins that Venmo supports.