Yeah it's an 'investment' and you have no way of knowing if they're even holding the Bitcoin they claim to be holding for you. So it might just be paper Bitcoin.

I had the same experience with PayPal. I bought some, realized I couldn't withdraw it, and sold it.

I think they enabled withdrawals like a year or two ago though.

Venmo will probably do the same.

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As far as I'm concerned, if I can't send my own Bitcoin to myself, it doesn't exist and whatever it is, it sure the hell isn't Bitcoin.

iirc PayPal is Venmo's parent or sister corp. So if that's how PayPal operates, I'm sure that's exactly how Venmo operates, too.

Yeah as I understand it venmo is just a service wrapper for PayPal. PayPal provides the financial plumbing for venmo.