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Does Venmo Allow Bitcoin Withdrawals?
Yes, Venmo permits users to withdraw Bitcoin to external wallets. After verifying your identity, you can transfer Bitcoin to other Venmo or PayPal users, as well as to external crypto wallets.
It's essential to ensure the recipient's wallet supports Bitcoin and to double-check the wallet address, as crypto transactions are irreversible.
Be aware that while transfers within the Venmo and PayPal network are fee-free, sending Bitcoin to external wallets may incur network fees.
How to Send Bitcoin from Venmo to Another Wallet
Transferring Bitcoin from Venmo to an external wallet is straightforward but requires careful attention to detail to ensure security and compliance.
Follow these steps to execute a legal and secure Bitcoin transfer from your Venmo account.
Step 1: Verify Your Identity on Venmo
Before initiating any cryptocurrency transactions, Venmo mandates identity verification to comply with financial regulations.
This process ensures the security of your account and the broader Venmo ecosystem.
Access the Crypto Tab: Open the Venmo app and navigate to the Crypto section.
Initiate Verification: Follow the prompts to submit required identification documents, such as a government-issued ID.
Await Confirmation: Verification typically completes within a few minutes to a few hours.
Completing this step is crucial, as unverified accounts are restricted from sending or receiving cryptocurrencies.
Step 2: Navigate to the Crypto Section and Select Bitcoin
Once verified, you can access the cryptocurrency features within Venmo. This section allows you to manage your crypto assets, including Bitcoin.
Open the Crypto Tab: In the Venmo app, tap on the Crypto icon to view your crypto holdings.
Select Bitcoin (BTC): From the list of available cryptocurrencies, choose Bitcoin to proceed with the transfer.
Review Your Balance: Ensure you have sufficient Bitcoin in your Venmo account to cover the transfer amount and any associated fees.
This step ensures you're interacting with the correct cryptocurrency and have adequate funds for the transaction. It's also an opportunity to review current Bitcoin market trends within the app.
Step 3: Initiate the Transfer to an External Wallet
Transferring Bitcoin to an external wallet involves providing the recipient's wallet address and confirming the transaction details. Accuracy is paramount, as crypto transactions are irreversible.
Tap the Transfer Arrows: In the Bitcoin section, tap the transfer arrows icon to begin the sending process.
Enter Recipient's Wallet Address: Input the external wallet address carefully. Double-check for accuracy to prevent loss of funds.
Specify the Amount: Enter the amount of Bitcoin you wish to send. Venmo will display any applicable network fees.
Before confirming, review all transaction details thoroughly. Remember, sending Bitcoin to an incorrect address cannot be undone, and the funds may be unrecoverable.
Step 4: Confirm and Send the Bitcoin
After entering the necessary information, you'll need to confirm the transaction. This step finalizes the transfer and broadcasts it to the Bitcoin network.
Review Transaction Summary: Ensure all details, including the recipient's address and transfer amount, are correct.
Acknowledge Network Fees: Understand that sending Bitcoin to external wallets may incur network fees, which vary based on blockchain congestion.
Tap ‘Send': Once satisfied, tap the ‘Send' button to initiate the transfer.
Venmo will process the transaction, and you'll receive a confirmation notification. The transfer time can range from a few minutes to several hours, depending on network conditions.
How Much Does It Cost?
Sending Bitcoin from Venmo to an external wallet incurs network (miner) fees, which are not set by Venmo but determined by blockchain congestion.
Venmo does not charge an additional withdrawal fee for transferring crypto externally, but they do provide an estimate of the network fee before you confirm the transaction.
This fee can fluctuate, so it’s important to review it before sending. Also, if you're converting crypto to cash within Venmo, you may face a spread or conversion fee.
Blockchain Congestion Level | Estimated Fee (USD) | Average Completion Time |
|---|---|---|
Low | $0.50–$1.00 | 5–10 minutes |
Medium | $2.00–$5.00 | 15–30 minutes |
High | $6.00+ | 30–60+ minutes |
Peak (rare events) | $10+ | 1–3 hours or more |
How Long Does It Take?
The time it takes to send Bitcoin from Venmo to another wallet typically ranges from a few minutes to over an hour, depending on network traffic.
After you confirm the transaction, it is submitted to the blockchain, and the number of confirmations required may vary based on the recipient wallet’s settings.
During peak usage times, delays are more likely. Therefore, it’s best to avoid sending during high-volume periods.
Also, ensure the wallet address is correct beforehand to avoid any irreversible mistakes. You can track your transfer using the transaction hash provided.
Mistakes to Avoid When Sending Bitcoin from Venmo
Sending Bitcoin through Venmo is simple, but common errors can lead to irreversible losses. Here are key mistakes to avoid:
Entering the Wrong Wallet Address: Double-check the recipient’s address before confirming. A single typo can result in permanent loss of funds.
Ignoring Network Fees: Because Bitcoin transfers incur miner fees, it’s important to check them first. Sending during high congestion can make the transaction expensive.
Sending to Unsupported Wallets: Make sure the receiving wallet is Bitcoin-compatible. For example, don’t send Bitcoin to an Ethereum-only wallet.
Skipping Identity Verification: You must verify your identity to enable crypto transfers on Venmo. Without this, your transaction will be blocked.
These mistakes are easy to overlook, but they can have serious consequences. As a result, always take a moment to review the transaction details, especially if you’re new to crypto.
FAQ
Yes, as long as the wallet supports Bitcoin and you enter the correct wallet address. Always verify the destination before sending.
Yes, Venmo may enforce minimum transaction thresholds, especially when accounting for network fees. Check your crypto tab for specific limits.
No, as of now Venmo only supports standard Bitcoin transfers on the main blockchain, not on the Lightning Network.
Yes, Venmo provides a transaction confirmation and blockchain hash you can use to track it on block explorers.
No, crypto transactions are irreversible once confirmed. Always double-check wallet addresses and amounts beforehand.
If the wallet type is incompatible or incorrect, the funds are likely lost. Venmo cannot reverse such transactions.
No, you can send Bitcoin to any external wallet, not just other Venmo users.
Yes, just make sure you're using the correct wallet address provided by the exchange's BTC deposit option.
