You have to convert your BTC to fiat to make a withdrawal. So are you ever really holding BTC? Or is Venmo just holding the fiat and adjusting the conversion rate based on the current market rate of BTC? And making a fee based on the illusion of holding BTC.
I don’t know if you can send or receive BTC between other Venmo users. They treat ETH and Litecoin the same way.
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Most likely you have an IOU and Venmo isn’t holding THAT much btc
I would love to know how much BTC Venmo is holding vs how much customers believe they’re holding.
