How to Buy Bitcoin on Venmo and Send to an External Wallet

Venmo, a popular digital wallet and payment service, has become an accessible platform for buying Bitcoin. However, Venmo does not allow you to directly send Bitcoin to external wallets. This guide will walk you through the steps to buy Bitcoin on Venmo and explain how you can transfer it to an external wallet indirectly, using alternative methods if necessary.

Step-by-Step Guide to Buying Bitcoin on Venmo:

1. Download and Install Venmo: First, ensure you have the Venmo app installed on your smartphone. It’s available for both iOS and Android devices.

2. Create or Log In to Your Account: Open the app and either create a new account or log in to your existing Venmo account.

3. Verify Your Identity: Venmo requires identity verification for purchasing Bitcoin. This involves uploading a government-issued ID and completing some basic identity checks. Follow the prompts in the app to complete this process.

4. Add Funds to Your Venmo Account: Before buying Bitcoin, you need to have funds in your Venmo account. You can add money from your linked bank account, debit card, or other sources supported by Venmo.

5. Navigate to the Crypto Section: Once your account is set up and funded, go to the "Crypto" section on Venmo. Here, you'll find the option to buy Bitcoin.

6. Choose the Amount of Bitcoin to Buy: Enter the amount of Bitcoin you want to purchase. Venmo allows you to buy Bitcoin in fractional amounts.

7. Review and Confirm Your Purchase: Review the transaction details, including any fees that might apply. Once you’re satisfied, confirm your purchase.

Transferring Bitcoin to an External Wallet:

As of now, Venmo does not offer a direct method to transfer Bitcoin to an external wallet. However, you can use the following workaround:

1. Sell Bitcoin on Venmo: You will need to sell the Bitcoin you’ve purchased on Venmo. Go to the "Crypto" section, select Bitcoin, and choose the option to sell. The funds from the sale will be added to your Venmo balance.

2. Withdraw Funds to Your Bank Account: Transfer the funds from your Venmo account to your linked bank account. This step is necessary because you need to use a different platform to complete the transfer to an external wallet.

3. Transfer Funds to a Crypto Exchange: Once the funds are in your bank account, you’ll need to transfer them to a cryptocurrency exchange that supports Bitcoin withdrawals to external wallets. Popular exchanges include Coinbase, Binance, and Kraken.

4. Buy Bitcoin on the Exchange: After depositing funds into the exchange, use them to purchase Bitcoin on the platform.

5. Withdraw Bitcoin to Your External Wallet: Navigate to the withdrawal section of the exchange, enter the address of your external wallet, and complete the withdrawal process.

Summary:

Venmo’s current functionality does not support direct transfers of Bitcoin to external wallets. By following the above steps—selling Bitcoin on Venmo, transferring funds to a bank account, moving those funds to a cryptocurrency exchange, and then withdrawing Bitcoin to an external wallet—you can effectively achieve the goal of moving your Bitcoin to an external wallet.

This indirect method might seem a bit complex, but it ensures that you can still manage your Bitcoin assets effectively despite Venmo's limitations.