Replying to Avatar Mallory

Still locked in
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Fox 🧙‍♀️🪐 2y ago

What? So it’s there forever? That’s nuts!

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Mallory 2y ago

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.

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Mallory 2y ago

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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Fox 🧙‍♀️🪐 2y ago

Most likely you have an IOU and Venmo isn’t holding THAT much btc

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Mallory 2y ago

I would love to know how much BTC Venmo is holding vs how much customers believe they’re holding.

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Mallory 2y ago

I decided to look up their terms and conditions just now. They’re currently saying you can transfer it between users on Venmo, PayPal, and external wallets if you’re verified. You do have to pay a Venmo fee and a blockchain fee. Just weeks ago in practice they weren’t allowing any to be sent to an external wallet. It’s ambiguous what they consider verified.