After PayPal, Venmo also offers the possibility to buy and sell bitcoins through its platform.
In fact Venmo is a mobile payment service owned by PayPal itself, and uses an identical procedure to allow its users to buy and sell btc.
The service is actually based on Paxos, but is used directly inside the Venmo app, with the funds held on your account.
By buying bitcoins on the Venmo app you can have btcs on your Paxful wallet in less than an hour.
To buy you need to select one of the many offers published by users who sell BTC, using the app to search through the sales offers, or to create one if you want to sell the btcs held on your account.
Paxful allows its users to set sales prices and upload their own sales offers, which will be available to buyers both on Paxos and on PayPal and Venmo.
How to buy Bitcoin on Venmo
In many ways it works like PayPal, although it’s basically a mobile wallet, and the same is true for buying and selling bitcoins.
So to buy you have to choose the sale offer you prefer, select the amount in dollars to send, and send it: the platform will do the rest, that is the transfer of dollars to the seller, and bitcoins to the buyer.
To sell, instead, you have to publish your own Bitcoin Bank sale offer by setting quantity and price, and wait for some buyer to select it and send their dollars to finalize the purchase.
The sale offers and exchanges are managed by Paxos, as well as the bitcoin custody. We come instead manages the dollars and their sending.
The system therefore, although technically a bit complex, is actually quite easy to use, especially when buying.
The sale operation is slightly longer both because it requires the insertion of more information (i.e. the price) and because it is rare that buyers buy the internal amount of btc put on sale in the single offers.
It should be added, however, that although there are no commissions on the use of the service, the platform applies a spread on the price, i.e. increasing the purchase price and collecting the difference, as an alternative to the application of commissions on exchanges.
Moreover the procedure does not turn out to be rapid like on a true centralized exchange, because it happens to all effects an exchange of bitcoin between wallet and not only inside the wallet of the platform.