On Tuesday, Venmo announced that users will be able to buy and sell cryptocurrencies on the site. In other words, at a time when its value has never been higher, 70 million monthly active users will soon have access to Bitcoin, Ethereum and other digital tokens.
What you need to know about buying bitcoin on venmo videos is provided below.
- What cryptocurrencies are working today?
The digital tokens that can be purchased are Litecoin, Ethereum, Bitcoin, and Bitcoin Cash. There is no limit to the total amount of cryptocurrencies that can be purchased with Venmo. The only requirement is that your investment be worth at least $1. The investment will then be saved to your Venmo account and available for sale whenever you want. should i invest in cryptocurrency
- What if I already possess cryptocurrency elsewhere?
A company representative told CNBC Make It that investors who have bitcoin stored in another wallet, such as Coinbase, won't be able to move their bitcoin to Venmo. The same goes for any cryptocurrency bought using Venmo, which can only be accessed through the app and cannot be transferred to another wallet.
The company also confirmed that users won't be able to transfer cryptocurrency to other Venmo accounts. how to buy cryptocurrency for beginners
- Can I use my balance on Venmo?
Users of Venmo as a cryptocurrency wallet can transfer money without using a bank, which is one of its selling points. Instead, they can buy bitcoin and other digital assets using their current Venmo balance. Users can link a bank account or debit card to complete purchases if their balance is insufficient.
- Are there any resources to help first-time investors?
For the purpose of explaining the new features of the app to beginners, Venmo has produced a number of explainer videos. The brief, animated videos touch on subjects like the distinction between cryptocurrencies and stocks as well as a description of what cryptocurrencies are specifically.
The service also offers blog posts that outline the fundamentals of blockchain technology and describe how cryptocurrencies differ from fiat money like the dollar.