In a fast-paced, on-the-go banking world, Venmo seems to be the most-widely relied upon financial technologies at the moment. Initially, developed as a peer-to-peer payment smartphone application, it has evolved to become one of the most popular methods of sending money to friends and family in the United States. Users can simply link a card or bank as a funding method on the Venmo platform and send money to other people.
Cryptocuurency investors have also not been left behind since they can now sell and buy on its platform. The digital tokens available for purchase are Bitcoin, Bitcoin Cash, Ethereum and Litecoin. For you to buy Bitcoin using Venmo, you will have to look for a reputable exchange or marketplace that will let you do it hassle-free.
Before you do anything else, you need to set up a Venmo account. Luckily, this process is simple and only takes a couple of minutes. To pull this off successfully, visit Venmo’s website and sign up using your email address or your Facebook profile and password. Verify your account after which you can connect your contacts and Facebook friends. You should also link your bank account and pay in apps that allow Venmo as a payment option.
Once you set up your Venmo account, it is time to look for a Bitcoin broker who will allow payment through the platform. Binance, Paxful and LocalBitcoin.com will come in handy in this regard. Ensure you factor in the pros and cons of each Bitcoin broker before you can finally open an account with one. From there, you can use Venmo to purchase Bitcoin.
To minimize your risks when purchasing Bitcoin with Venmo, you can link it to your debit card. Through this action, disputing transactions is easier and consumer liabilities tend to be minimal. It is also better to buy Bitcoin in smaller dollar amounts to reduce risk exposure when counting on Venmo.
Since Bitcoin is a peer-to-peer digital currency, you can count on Venmo (a peer-to-peer social payment network) to make a purchase. Remember, you must connect a bank account since all transactions go through the centralized Venmo network. The good news is that the Venmo app is available for both iOS and Android platforms making it the most viable way to buy Bitcoin. After all, you can easily buy or sell with a few extra taps.