Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
(Analysis from Android review)
On their website we find:
What cryptocurrencies does Venmo support?
Customers in the US (except Hawaii) can buy, sell and hold four different cryptocurrencies on Venmo: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- Bitcoin was invented in 2009 by Satoshi Nakamoto, it is the largest cryptocurrency by value.
- Ethereum is also known as Ether. It is the 2nd largest cryptocurrency by value. It is a decentralized Blockchain featuring smart contract functionality.
- Bitcoin Cash was created in 2017, as a fork of Bitcoin, due to concerns about Bitcoin’s ability to scale. Bitcoin Cash looks to increase scalability by featuring a larger block size, which increases the number of transactions that can fit in each block.
- Litecoin was created in 2011 by Charlie Lee. Litecoin is a fork of Bitcoin and is one of the oldest cryptocurrencies.
So they support Bitcoin but:
Can I transfer cryptocurrency into and out of Venmo?
Currently, you can only hold the cryptocurrency that you buy on Venmo in your account. Additionally, the cryptocurrency in your account cannot be transferred to other accounts on or off Venmo.
So this is not an actual bitcoin wallet but merely a tool to speculate on the value of bitcoin, with no assurance that they actually hold the bitcoin “you own” on the app.
Tests performed by Leo Wandersleb
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.