Yes, you can buy Bitcoin with Venmo. To purchase bitcoin using your Venmo account: Tap the Crypto icon from your Venmo home screen. Read and Accept the terms and conditions and Tap on Bitcoin. Select a custom amount and tap “Review.” Click the “Buy button” to confirm your Bitcoin purchase.
Continue reading on for a step-by-step guide and to learn all about investing in Bitcoin with Venmo and its pros and cons.
Do you want to know how to buy Bitcoin with Venmo?
Investing in cryptocurrency is the new bomb in a world where technology has taken over everything. Digital coins that almost had no value are currently worth multiples of the most precious materials.
If you’ve just started investing in cryptocurrency, you’re probably looking for ways to purchase Bitcoin. And while there are many methods to invest in Bitcoin, using Venmo remains one of the most convenient and cost-effective ones.
Can I Buy Bitcoin with Venmo with a Prepaid Card? It depends on the type of prepaid card. You can buy Bitcoin on Venmo with prepaid cards from VISA, Mastercard, Discover, etc.
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How to Buy Bitcoin With Venmo?
Here’s a quick step-by-step guide on buying Bitcoin with Venmo:
1. Create a Venmo Account
If you don’t already have a Venmo account, you can easily set up a new one by following these steps:
- Download the Venmo app on your iOS or Android device or visit Venmo’s website on your computer
- Open the app and click “Sign up”
- Enter the requested information
- Set a new password and input your mobile phone number
- Confirm your account through a text
Once you’ve created your Venmo account, you can now link any debit or credit cards you want and start using them to send money to Venmo so you can buy Bitcoin.
2. Link a Debit or Credit Card to Venmo
To link a new debit or credit card and start using your account, do the following:
- Open the app
- Click “Menu,” then click the gear-shaped icon “Settings”
- Select your preferred payment method
- Choose “Add card or bank”
- Input the details of your debit or credit card to verify it
3. Complete Your Bitcoin Purchase
With Venmo, you can buy cryptocurrencies for just $1 by clicking the crypto icon at the bottom of the app’s home screen.
Then, all you have to do is read and accept the terms and conditions, select your preferred cryptocurrency which is Bitcoin, and input the amount you want to buy.
Alternative to Venmo for Buying Bitcoin
Along with Venmo, there are multiple ways to buy Bitcoin, such as crypto exchange accounts and crypto-wallets. Let’s take a look at them.
Crypto Exchange
A crypto exchange account is the most popular option for buying and selling Bitcoins. It’s like a virtual currency exchange that deals with cryptocurrencies instead of conventional currencies.
Generally speaking, there are three types of crypto exchanges: decentralized or DEX, centralized or CEX, and hybrid. You can learn more about them here.
Using a crypto exchange will be a great choice if you’re serious about your crypto investment.
There are many crypto exchanges out there, which include Coinbase, Robinhood, eToro, and Webull. Binance is another great choice that has very low fees, too.
Software and Hardware Crypto Wallets
You only get into crypto when you acquire your first crypto wallet. For that, you have two options: software and hardware wallets.
A software wallet is an application that you install on your computer and keep Bitcoin in. Per contra, a hardware wallet stores your Bitcoin keys on a special board that’s created specifically for Bitcoin.
There are other less common types of wallets like paper wallets and online wallets, but these are nowhere as secure and convenient as software or hardware wallets.
And while neither software nor hardware wallets are perfect, they’re still better designed for crypto.
Sure, you may lose your hardware wallet somewhere, or your software wallet may get hacked, but if you’re careful, everything should go smoothly.
Difference Between Crypto Exchanges and Wallets
The difference between a crypto exchange and a crypto wallet is that the former is made for buying and selling crypto in a market-like model, while the latter is just a means for any crypto investor to keep their cryptocurrency stock.
Read: Retailers Who Accept Venmo?
Why Buying Bitcoin With Venmo Isn’t the Best Way to Go
Buying crypto with Venmo seems like an easy way to stack up on Bitcoins, but there are many reasons why this isn’t your smartest option.
You Can’t Move It
When you buy crypto using Venmo, you don’t actually own the Bitcoin; Venmo does.
In other words, buying crypto with Venmo means that it’ll be stuck there forever. That’s right; you won’t be able to move it to a software or hardware wallet. The only thing you can do is sell it.
It’s also worth noting that this isn’t the most secure way to keep your crypto. It’s recommended that you only keep your Bitcoins in your own crypto wallet.
So, if you’re really thinking about your crypto business as a long-term investment, we’d advise you to think twice about buying your Bitcoins through Venmo.
You Can’t Lend It
Storing crypto on your Venmo account can be a missed opportunity simply because you won’t be able to lend your crypto.
Lending Bitcoins can be an excellent form of investment since you’ll be earning interest from the person you lent the Bitcoin to.
On the other hand, with a crypto exchange, you can easily lend your Bitcoin to others with a lending program.
Limited Choices
Even if you’re only investing in Bitcoins, for now, you might decide to invest in other cryptocurrencies in the future.
Unfortunately, Venmo is very limited when it comes to the selection of cryptocurrencies, as it only supports Bitcoin, Ether, Litecoin, and Bitcoin Cash.
Venmo’s crypto fees are displayed to the user when they’re making a transaction.
The fees are due to the difference between the market price and the exchange rate.
The standard fees are one-half of one percent (0.50%), which is considered negligible. You can find out more details about fees on the website.
Final Words
There you have it; now you should be able to buy Bitcoin with your new Venmo account. You just need to go through the account setup process correctly, and the rest is super easy.
Of course, buying Bitcoin through Venmo is only good for small quantities. For larger investments, a crypto exchange would be a more realistic long-term solution.
