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Creeped me out first time I used Venmo and I Saw all my friends transactions. I was like I know whose haning out with who and when. Was very weird never used again. At first most of them didn't even know it was public until I mentioned it to them.......

Mallory 2y ago

I used Venmo with my transactions turned to private for a while just because it made splitting the dinner bill easier. What really pissed me off about them was that you can buy bitcoin but not take it off Venmo.

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Discussion

Jac 2y ago

I believe Venmo is owned by PayPal….

Mallory 2y ago

It is

Jac 2y ago

Yeah, well, as much as I could say about PayPal, I recommend just don’t. Carry a few hundred in cash and a boatload in sats.

Ivan 2y ago

Is that still the case or did pressure make them change that policy? Bitcoin still locked in?

Mallory 2y ago

Still locked in

Fox 🧙‍♀️🪐 2y ago

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

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.

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.

Fox 🧙‍♀️🪐 2y ago

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

Mallory 2y ago

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

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.