And if there’s one thing crypto fans know, it’s that the longer you hold, the better. Of course, that’s a short term perspective. (Specifically, I’d walk away with $10.27, $.23 less than my initial investment of $10.50). So if I sold my Bitcoin right now, I’d lose money even though the price of the cryptocurrency went up.
Venmo charges an additional $0.50 fee to sell. My holdings are worth $10.77 as of writing this thanks to a ~7.7 percent increase in Bitcoin’s value. So should you buy Bitcoin or any other cryptocurrency on Venmo? To find out, I tried it myself.Ī fews ago, I bought $10 of Bitcoin (costing me $10.50 after Venmo’s fee). On top of that, Venmo charges users high fees to buy or sell crypto. dollars in their bank accounts, and they’re giving you an IOU.” “You’re trusting that Bank of America actually has your U.S. dollars with Bank of America,” Birla said. Venmo manages your wallets, so it’s more of an IOU, Asheesh Birla, General Manager at Ripple, the settlement, remittance, and currency exchange (and creators of the cryptocurrency XRP) told CNBC. If Venmo can capture even a slice of that market, it could make a killing.īut there’s a catch: the coins you purchase aren’t technically yours. According to a 2020 customer survey, 30 percent of the payment app’s customers were already buying cryptocurrency last year through other services.
But it’s not a bad deal for Venmo either. This represents yet another step for crypto into the mainstream financial world - Venmo boasts over 70 million users in the U.S. Users of PayPal-owned Venmo can now use the mobile wallet app to seamlessly buy four major cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash - for as little as $1. You probably already use Venmo to split the bill at restaurants, but should you use it to buy cryptocurrency?
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