You may be thinking, I need to buy bitcoin now! How can I do it? You searched the web for “what is the most common way to buy bitcoin?” Ok, easy. You start to follow the first method that you find. Hmm, that did not work. Ok new idea. You now search for “what is the most common way to buy bitcoin in <INSERT COUNTRY HERE> ?”. For whatever reason, you keep running into roadblocks. Frustration sets in. What can you do? Maybe your country locked you out of a certain exchange that you really want to use. Maybe your bank doesn’t support buying cryptocurrency at all. For those affected by this predicament, this situation can be unbearably annoying and a real time sink. Never to fear, we at Bitcolumist may have you covered with another 100% valid method to purchase your precious bitcoin. Let’s buy bitcoin with Venmo.
What are my options?
For those without access to more conventional means of buying Bitcoin or other cryptocurrencies, such as Coinbase or Gemini, it can be a real head-scratcher on how to actually get your foot into the door to begin your decentralized currency investment strategy, (or to start playing in a crypto casino, if that doesn’t sound like 2020 futurism, I don’t know what does).
The good news is that there are indeed other alternative options that are in fact pretty simple to follow. The purchasing method I will describe in this post will get you going within an hour — or even a few minutes. Anyone can do it really. And before you get scared off, no, it does not take any special skills to follow this method. There are no steps that involve using the dark web or any shady dealings whatsoever. So, without further ado, let’s cut to the chase.
How Do You Buy Bitcoin with Venmo?
Pretty much anyone these days who is of legal age has access to a Venmo account that is either connected to a bank or a credit/debit card. If you don’t, you probably know someone who does. Yes, yes I know, before you discount buying Bitcoin with Venmo as something only a loon would use, let it be known, it is indeed possible and should be safe to buy Bitcoin (BTC) with Paypal’s hit money transfer app Venmo. Now, that doesn’t mean that you should just send cash to anyone willy nilly in order to buy Bitcoin with Venmo. But, if you correctly vet out your BTC seller and make sure to follow up and read other users’ positive reviews, you should be fine.
Please Note: While not a recommended strategy due to trust issues inherent to the Venmo asynchronous model of money transfer, if you have no other options, it is possible to purchase some sweet, sweet BTC with the Venmo instant cash sending app.
Buy Bitcoin with Venmo in 5 (or 7) Easy Steps
Depending on your jurisdiction, you may not need to complete steps 2 or 3 to fund your Venmo account. You can likely send money directly to your friendly crypto supplier to buy Bitcoin with Venmo.
- Set up a bitcoin wallet if you do not already have one
- We highly recommend a hardware wallet for security
- Sign up for a Venmo account if you do not already have one, connect a bank or card
- Transfer some money to a friend with a Venmo account, using your attached funding source
- Have your friend send you the money back to have the funding directly tied to your Venmo account
- Peruse a Venmo Bitcoin marketplace and select a seller
- Three “local” marketplaces to choose from:
- Be sure to check the seller’s rating!
- Be sure to check the exchange rate to make sure you are paying a fair enough price (please note that the prices here are likely not going to be able to match the prices of a major exchange)
- Contact the seller through the marketplace of your choice
- Provide the seller with your:
- Venmo Account Name
- BTC Address
- The amount you would like to purchase
- Provide the seller with your:
- Wait for a confirmation and send your money transfer to their Venmo account — now, wait a little for the response
- The seller should quickly send the Bitcoin to your Venmo account
Great, you’re done! You can move your Bitcoin into an exchange and start trading!
Can I Cash Out My Crypto?
Coinbase offers PayPal as a withdrawal option for many customers.
As you can see, the process to buy Bitcoin with Venmo is not difficult at all. IF you are in a crunch and cannot figure out a way forward, hopefully this post has given you a new tool for your kit. Happy trading.