Venmo is a popular mobile payment application that allows users to send and receive money from friends and family. While Venmo only supports USD transactions, it is possible to send Bitcoin to another wallet on Venmo using a third-party service.
Sending Bitcoin to another wallet on Venmo involves a few simple steps that can be completed in just a few minutes. Here is a step-by-step guide on how to send Bitcoin to another wallet on Venmo.
Step 1: Set up a Bitcoin Wallet
Before you can send Bitcoin to another wallet on Venmo, you need to have a Bitcoin wallet. There are several types of Bitcoin wallets available, including hardware wallets, software wallets, and online wallets. Choose a wallet that suits your needs and set it up according to the instructions provided by the wallet provider.
Step 2: Buy Bitcoin
Once you have set up your Bitcoin wallet, you need to buy Bitcoin. There are several ways to buy Bitcoin, including using a Bitcoin exchange, a Bitcoin ATM, or a peer-to-peer trading platform. Choose a method that suits your needs and purchase the desired amount of Bitcoin.
Step 3: Transfer Bitcoin to Venmo
After buying Bitcoin, you need to transfer it to Venmo. To do this, you need to use a third-party service that allows you to transfer Bitcoin to Venmo. One such service is Bitwala, which allows you to transfer Bitcoin to Venmo in just a few clicks.
To transfer Bitcoin to Venmo using Bitwala, follow these steps:
1. Sign up for a Bitwala account and verify your identity.
2. Click on the “Send” button and select “Bitcoin.”
3. Enter the recipient’s Venmo username and the amount of Bitcoin you want to send.
4. Confirm the transaction and wait for the Bitcoin to be transferred.
Step 4: Withdraw Funds from Venmo
After the Bitcoin has been transferred to Venmo, you can withdraw the funds to your Bitcoin wallet. To do this, follow these steps:
1. Open the Venmo app and click on the “Withdraw” button.
2. Enter the amount of funds you want to withdraw and select “Bitcoin.”
3. Enter the address of your Bitcoin wallet and confirm the transaction.
4. Wait for the funds to be transferred to your Bitcoin wallet.
Sending Bitcoin to another wallet on Venmo requires a bit of effort, but it is a simple process that can be completed in just a few minutes. By following the steps outlined in this guide, you can easily transfer Bitcoin to Venmo and withdraw the funds to your Bitcoin wallet. Remember to always be cautious when dealing with cryptocurrency and use reputable third-party services to ensure the safety of your funds.