Venmo is letting users convert cash-back to Bitcoin (BTC) for free

CNBC reported that the popular payments app Venmo launched a credit card feature Tuesday to allow users to convert their cash-back rewards into bitcoin – free from transaction fees. Although not a proper bitcoin rewards system, Venmo provides interested users the option to have a buy order automatically executed upon receipt of any cash-back in their accounts. However, there are no signs of a bitcoin withdraw option being added to the app.

The new feature is not bitcoin-back but gives users an alternative to regular buying. Venmo charges its users a minimum of 50 cents for bitcoin purchases under $25 and a 2.3% fee from $25 to $100. The payments app charges a 2% fee for transactions between $100 and $200; 1.8% for orders between $200 and $1000; and 1.5% for all those above $1,000. But converting cash-back into bitcoin or other cryptocurrencies will be fee-free.

Continue reading