How to Buy and Send Bitcoin on Venmo

Venmo is a popular digital payment platform that allows users to send and receive money from friends and family. While Venmo itself does not directly support Bitcoin transactions, you can still buy and send Bitcoin using a workaround. Here’s a step-by-step guide to help you through the process.

1. Buying Bitcoin with Venmo:

Step 1: Set Up Your Venmo Account Before you can buy Bitcoin, you need to have a Venmo account. Download the Venmo app from the App Store or Google Play, and complete the registration process by providing your email address, phone number, and linking your bank account or debit card.

Step 2: Verify Your Identity Venmo requires identity verification to comply with regulations. Go to the settings in your Venmo app, select “Identity Verification,” and follow the prompts to submit a photo of your ID and a selfie.

Step 3: Fund Your Venmo Account Add funds to your Venmo account by linking your bank account or debit card. You can transfer money from your bank account to your Venmo balance to use for purchasing Bitcoin.

Step 4: Choose a Bitcoin Exchange Since Venmo does not support direct Bitcoin purchases, you need to use a Bitcoin exchange. Some popular options include Coinbase, Binance, and Kraken. Create an account with your chosen exchange.

Step 5: Transfer Funds to Your Bitcoin Exchange Link your Venmo account to your Bitcoin exchange account. Note that some exchanges may not support Venmo directly, so you might need to transfer funds from Venmo to your bank account first. Once the funds are in your bank account, deposit them into your Bitcoin exchange account.

Step 6: Buy Bitcoin Once your funds are available in your Bitcoin exchange account, navigate to the exchange's trading section. Select Bitcoin and specify the amount you wish to purchase. Confirm the transaction, and the Bitcoin will be added to your exchange wallet.

2. Sending Bitcoin Using Venmo:

Step 1: Transfer Bitcoin to a Wallet To send Bitcoin, you first need to transfer it from the exchange to your own Bitcoin wallet. Choose a Bitcoin wallet that suits your needs (e.g., hardware wallet, software wallet, or mobile wallet). Obtain your wallet's address and initiate a transfer from the exchange.

Step 2: Prepare for Sending Bitcoin Once your Bitcoin is in your wallet, you can prepare to send it. Open your Bitcoin wallet and select the option to send Bitcoin. Enter the recipient's Bitcoin address and specify the amount you wish to send.

Step 3: Confirm and Send Review the transaction details, including the recipient's address and the amount. Confirm the transaction. The Bitcoin network will process the transaction, and the recipient should receive the Bitcoin in their wallet.

3. Using Venmo Alternatives:

If the process seems complicated or you prefer a more straightforward method, consider using platforms that support Bitcoin transactions directly. Services like Coinbase, Cash App, and PayPal allow you to buy, send, and receive Bitcoin without needing intermediary steps.

Table: Comparison of Bitcoin Platforms

Platform	Direct Bitcoin Support	Fees	Transaction Speed
Venmo	No	Variable	Varies
Coinbase	Yes	1.49%-3.99%	Fast
Cash App	Yes	1.76%-3.75%	Instant
PayPal	Yes	1.80%-2.30%	Fast

Conclusion:

Although Venmo does not offer direct support for buying or sending Bitcoin, you can still manage Bitcoin transactions with a few additional steps. By using a Bitcoin exchange to buy Bitcoin and then transferring it to your own wallet, you can send Bitcoin to others. For a more seamless experience, consider using platforms that directly support Bitcoin transactions.