How to Use Venmo’s Crypto Transfer Feature| Here is How!
Are you looking for transferring cryptocurrencies between wallets and exchanges? Do you want to know How to Use Venmo’s Crypto Transfer Feature?
Here is a deal! Venmo is now ready to make cryptocurrencies transfers between Venmo wallets, PayPal accounts, and external wallets and exchanges.
The process is very simple. Update the app first to the latest version and add a crypto wallet to the account. Next, choose the cryptocurrency to transfer, the destination, enter the amount, and confirm with passcode or Touch ID/Face ID. Finally, track the transfer status on the “Activity” tab of the app.
This has opened up up more options for users to manage their cryptocurrency assets.
According to press release, Users can transfer cryptocurrencies to external wallets and exchanges through Venmo’s new crypto transfer feature.
So, this feature is providing now more flexibility and convenience for users.
In 2021, Venmo first entered the crypto market with its in-app trading platform.
This had enabled buying and selling of crypto assets. The introduction of the new crypto transfer feature has opened a new Venmo’s journey towards mainstream adoption of cryptocurrencies.
The Bitcoin Lightning Network helps facilitate low-cost, low-value transactions by allowing off-chain transactions between two parties.
This faster and cheaper method has been a major driver for the adoption of commercial Bitcoin payments.
Though Venmo has not yet disclosed how fees and transaction costs for crypto transfers, the growing popularity of mobile wallets powered by the Lightning Network may help bring down transaction fees.
In future, it can make it a more appealing option for potential users.
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How to Use Venmo’s Crypto Transfer Feature ( A step by step guide)
| 1. | Update your Venmo app to the latest version. |
| 2. | Add a crypto wallet to your Venmo account by going to “Settings” > “Crypto” > “Add Crypto Wallet.” |
| 3. | If you want to transfer cryptocurrency to an external wallet or exchange, link it to your Venmo account by going to “Settings” > “Crypto” > “Link External Wallet or Exchange.” |
| 4. | Select the cryptocurrency you want to transfer from your Venmo crypto wallet. |
| 5. | Choose your transfer destination: another Venmo user’s crypto wallet, a PayPal account, or an external wallet or exchange. |
| 6. | Enter the amount of cryptocurrency you want to transfer. |
| 7. | Confirm your transaction by reviewing the transfer details and using your passcode or Touch ID/Face ID. |
| 8. | Track your transfer status by going to the “Activity” tab on the Venmo app. |
Following these steps will ensure a smooth and hassle-free experience when using Venmo’s new crypto transfer feature.
Venmo Vs Cash App
Earlier, Cash App had dominant position on Venmo regarding cryptocurrencies market. Now, Venmo appears to be big competitor for it in this market.
Let’s see comparative features between these two digital payment apps.
| Feature | Venmo | Cash App |
| Crypto trading | Yes, through in-app trading platform | Yes |
| Crypto transfers | Yes, between Venmo wallets, PayPal accounts, and external wallets and exchanges | Yes |
| Bitcoin Lightning Network | Not specified | Yes, leverages the Lightning Network for P2P BTC payments |
| Market share | One of the most popular payment apps in the U.S. | Rising to prominence |
| Company ownership | Owned by PayPal | Owned by Square |
| Entry to crypto payments space | Relatively late (2021) | Early (2018) |
When Does Venmo Enter Crypto Market?
Venmo initially entered the crypto market in 2021 with its in-app trading platform.
It only allowed buying and selling of crypto assets. With the introduction of full crypto wallet functionality in the app, millions of Venmo users are now able to transfer assets like Bitcoin to their peers.
This development opens up an opportunity for the normalization of crypto payments.
It also marks a significant step towards the mainstream adoption of cryptocurrencies.
Benefits of Venmo’s Crypto Transfers
- Venmo’s integration of crypto transfers facilitates millions of users to transfer cryptocurrencies to their peers easily.
- This is simple now. Users can identify a recipient with their wallet address or generate a unique QR code to share with others.
- This provides a new opportunity for the normalization of crypto payments.
FAQs
What is Venmo’s new crypto transfer feature?
Venmo’s new crypto transfer feature allows users to transfer cryptocurrencies between Venmo wallets, PayPal accounts, and external wallets and exchanges.
Can users transfer cryptocurrencies to external wallets and exchanges using Venmo?
Yes, users can transfer cryptocurrencies to external wallets and exchanges using Venmo’s new crypto transfer feature.
When did Venmo first enter the crypto market?
Venmo first entered the crypto market in 2021 with its in-app trading platform, which only allowed buying and selling of crypto assets.
How does the Bitcoin Lightning Network facilitate low-cost, low-value transactions?
The Bitcoin Lightning Network facilitates low-cost, low-value transactions by allowing off-chain transactions between two parties.
This enables faster and cheaper transactions than traditional on-chain transactions, making it a major driver for the adoption of commercial Bitcoin payments.
Will fees and transaction costs be a significant consideration for Venmo’s new crypto transfer feature?
While Venmo has not yet stated how fees and transaction costs will work for crypto transfers, it is likely to be a significant consideration for potential users.
The growing popularity of mobile wallets powered by the Lightning Network is helping to bring down transaction fees, and this may be a crucial factor for Venmo’s new crypto transfer feature.
Final Word
Venmo’s new crypto transfer feature marks a significant milestone in the journey towards mainstream adoption of cryptocurrencies.
With its simple user experience and full crypto wallet functionality, Venmo is hoping to catch up with its competitors in the mobile P2P payments market.
However, fees and transaction costs will be a crucial consideration for potential users.
