In this fast paced world, Venmo has emerged as an advanced fiscal technology. It was developed to make peer to peer payments and to allow people to transfer money to friends and family. It functions as a virtual wallet which permits you to do several transactions. It has also become a medium to purchase Bitcoin and other crypto coins. The simple procedure to buy Bitcoin via Venmo is given below:
Make an account on the platform which supports Venmo
It is a simple and easy procedure and just takes a few minutes. First you need to find out the platforms which support Venmo. Basically, Venmo only works in United States and is supported by two platforms: LocalBitcoins.com and Paxful.
So, you can make an account on either of the platform and then commence the transaction. Both the platforms offer person to person transactions and connect the buyers and the sellers. So, you need to find a seller who is ready to offer you the price and then you can make the payment through Venmo.
The transaction goes through a centralized network of Venmo where user can immediately pay the seller through Venmo. You can link your bank account, debit or credit card with Venmo to transfer money to the app.
Venmo is a safe app through which you can make payments to buy Bitcoin, but there are some risks involved. Hence, you should be careful while trading. Once your link Venmo to your debit card, the risk gets minimized. It is a viable method to buy cryptocurrencies. Choosing Venmo is a safe option for all those who don’t want to directly make payments from their bank account. Be it Paxful or LocalBitcoins, you can choose the platform as per your convenience and buy through Venmo within minutes. While Paxful charges 0.1% to 5% for sellers, Local Bitcoin charges 1% to advertisers. So, make sure you look out for the fee before making the transaction.
If you still want to know how to purchase Bitcoin with Venmo, then you can check out https://www.smartbitcoininvestments.com/buy-bitcoin-with-venmo/ and get all the details related to it. The website provides you a step by step procedure of how to use Venmo safely and make transactions to buy Bitcoin. Once you are familiar with the steps, you can proceed to the platform to make your purchase and own Bitcoin in your wallet.