Buying Bitcoin in Exodus

[byefatlicia]

pepshi said:

byefatlicia said:

pepshi said:

When I attempted to settle with a vendor in BTC, the value wouldn't stop moving around. On top of that, the BTC total the vendor wanted exceeded the live trading price, since they simply look up the exchange rate on Google, which isn't the same as what real time trading shows. In the end I paid with USDC, because it's a stable coin with a 1 for 1 exchange rate. It might be worth checking whether they take anything besides BTC.

My own approach is Uphold, with the money moved over from my bank account. Plenty of credit or debit cards refuse crypto purchases, and any that do permit it tack on a % fee. Moving money from your bank account carries no fee, and the funds are available to spend right away, even if it may take a few days before they actually pull it from your bank account. Essentially they advance you the money while the withdrawal from your bank account is being processed.

Are you saying the cost of what you bought went up just because you paid with BTC?

That's a new one on me.

The vendor only looks up whatever the USD amount converts to, but that figure isn't the same as the live trading price at that moment. BTC can swing from one second to the next, and even a tiny gap makes a difference. In my situation, the vendor claimed .0085 BTC was needed to match what I owed in USD. When I tried to buy on uphold, the equivalent of my owed amount came out to .0081 BTC. At that moment, that .004 gap meant I'd be paying about $37 dollars too much.

I pointed out to the vendor what the live rate actually was, and they replied with a screenshot of their own conversion, still insisting on .0085. So I simply moved to USDC, which is far simpler to convert because it stays 1 to 1.

I've attached the current BTC conversion from google and the live trading price from uphold. $500 on google conversion shows .0073 BTC, but the live trading price is .0070.

If they never state how much BTC to send and only give a USD figure, then I suppose you just send the owed amount. In my case, I wanted to verify what that amount was in BTC for them, and they sent a number higher than it should've been.

For me, paying with a stable coin is just much easier than dealing with BTC, given how wildly it fluctuates.

I don't get it. Doesn't Exodus handle the conversion? You simply enter the dollar amount in US $ that you wish to send, and you don't have to think about some tiny fraction like .000000009887 to the 9th power or anything like that

 

[PAPoots]

I picked up 350 in USDC, intending to move it into my Exodus wallet. The bad news: it won't be available to send for another 4 days :-(.

My route is the Solana network. As far as I know, that's the cheapest option for acquiring crypto. That 4 day hold is rough. If anyone in this thread knows a quicker route, I'm listening.

 

[pepshi]

PAPoots said:

I picked up 350 in USDC, intending to move it into my Exodus wallet. The bad news: it won't be available to send for another 4 days :-(.

My route is the Solana network. As far as I know, that's the cheapest option for acquiring crypto. That 4 day hold is rough. If anyone in this thread knows a quicker route, I'm listening.

For me, Uphold completed the transaction within 4 minutes, and the SOL transfer cost came to .05

 

[pepshi]

byefatlicia said:

pepshi said:

byefatlicia said:

pepshi said:

When I attempted to settle with a vendor in BTC, the value wouldn't stop moving around. On top of that, the BTC total the vendor wanted exceeded the live trading price, since they simply look up the exchange rate on Google, which isn't the same as what real time trading shows. In the end I paid with USDC, because it's a stable coin with a 1 for 1 exchange rate. It might be worth checking whether they take anything besides BTC.

My own approach is Uphold, with the money moved over from my bank account. Plenty of credit or debit cards refuse crypto purchases, and any that do permit it tack on a % fee. Moving money from your bank account carries no fee, and the funds are available to spend right away, even if it may take a few days before they actually pull it from your bank account. Essentially they advance you the money while the withdrawal from your bank account is being processed.

Are you saying the cost of what you bought went up just because you paid with BTC?

That's a new one on me.

The vendor only looks up whatever the USD amount converts to, but that figure isn't the same as the live trading price at that moment. BTC can swing from one second to the next, and even a tiny gap makes a difference. In my situation, the vendor claimed .0085 BTC was needed to match what I owed in USD. When I tried to buy on uphold, the equivalent of my owed amount came out to .0081 BTC. At that moment, that .004 gap meant I'd be paying about $37 dollars too much.

I pointed out to the vendor what the live rate actually was, and they replied with a screenshot of their own conversion, still insisting on .0085. So I simply moved to USDC, which is far simpler to convert because it stays 1 to 1.

I've attached the current BTC conversion from google and the live trading price from uphold. $500 on google conversion shows .0073 BTC, but the live trading price is .0070.

If they never state how much BTC to send and only give a USD figure, then I suppose you just send the owed amount. In my case, I wanted to verify what that amount was in BTC for them, and they sent a number higher than it should've been.

For me, paying with a stable coin is just much easier than dealing with BTC, given how wildly it fluctuates.

I don't get it. Doesn't Exodus handle the conversion? You simply enter the dollar amount in US $ that you wish to send, and you don't have to think about some tiny fraction like .000000009887 to the 9th power or anything like that

Yeah, but with my situation I asked the vendor to tell me the BTC equivalent because I didn't want to send the wrong amount. My goal was to pay exactly what was owed so the order would go through smoothly.

My point is that the vendor relied on a search conversion, which isn't live, so for me going with real time would have meant paying roughly $30 more.

If the vendor simply tells you the USD figure to send, then sure, it makes no difference. I just didn't want to underpay the vendor, so I had them confirm the BTC amount.

I'm not putting the blame on the vendor. I'm only saying BTC isn't worth using, and stable coins are safer for both parties.

 

[IronPaw.]

Lecotherk said:

I'm done trying. What's the way to purchase Bitcoin so the transaction actually completes? I attempted a $300 Bitcoin buy using Apple Pay. My bank turned it down. I then tried a $100 purchase through Venmo, and that got declined too. What's the method to get Bitcoin into my wallet? Should I buy through Cashapp and then send it over to Exodus? Would Cashapp close my account for doing that?

I got Exodus, then purchased BTC through it.

 

[Lovedog100]

Sorry if this comes across as a dumb question. Almost everything I know about crypto has come from this forum, and I'm still not entirely clear on things. People keep saying that banks attempt to stop crypto purchases, and there are all these complicated workarounds to avoid that. I have ATM cards linked to two brokerage accounts. Has anyone here ever used one of those cards to buy crypto?

 

[yrrdead]

Lovedog100 said:

Sorry if this comes across as a dumb question. Almost everything I know about crypto has come from this forum, and I'm still not entirely clear on things. People keep saying that banks attempt to stop crypto purchases, and there are all these complicated workarounds to avoid that. I have ATM cards linked to two brokerage accounts. Has anyone here ever used one of those cards to buy crypto?

-Everything here applies to the U.S.; I'm not sure how things work in Thai

It's not that banks object to you purchasing crypto. What they do is make sending crypto a hassle. On top of that, PayPal/Venmo will lock your accounts if you send crypto to "dangerous actors". No need to worry, they're looking out for you. The same now goes for major exchanges, which are increasingly tied up with legacy banking systems.

The "elaborate schemes" you might have come across aren't about buying peps. They're mostly about getting around KYC regulations that keep getting more intrusive. Basically, trying to treat crypto like cash for privacy's sake. Big government wants none of that. It's harder to tax and control.

The general approach that most of us (and guides) follow is to buy crypto on just about any platform you like. After that, move it to a more "anonmyous" wallet. Then buy whatever you're after. For example;

1. Buy BTC on exchange (Coinbase,Binance,Venmo,Cashapp)

2. ?

3. Send to Exodus Wallet

4. Send to Vendor from Exodus Wallet

5. Receive little vials of goodies from CNY

Step 1. can still involve delays while things are allowed to "settle". That isn't always the case; it depends on the site and how you pay. Also, plenty of people simply buy directly inside the Exodus wallet (which relies on external tools to do it). That's more convenient, but you pay for it with higher fees and the risk of bank account/card freezes.

 

[tendency]

byefatlicia said:

Open Exodus, then type in the amount of BTC you'd like to purchase. After that, choose the bank account option. You'll be sent automatically to moonpay, where they'll request your card details. It shows up in roughly 10 or 15 minutes. Simple as that.

I can't speak for everyone else, but Moonpay has gotten a lot of criticism from what I've seen. They might be better and more trustworthy these days, but I still steer clear of them.

 

[latviantower]

tendency said:

byefatlicia said:

Open Exodus, then type in the amount of BTC you'd like to purchase. After that, choose the bank account option. You'll be sent automatically to moonpay, where they'll request your card details. It shows up in roughly 10 or 15 minutes. Simple as that.

I can't speak for everyone else, but Moonpay has gotten a lot of criticism from what I've seen. They might be better and more trustworthy these days, but I still steer clear of them.

I haven't given it a shot recently, but Moonpay turned me down before — according to them, my state's banking rules block it.

So my workaround is to purchase USDT/USDC on Coinbase with my debit card, then send it over to my Exodus wallet. Neither the buy nor the transfer has ever been held up or caused a problem. The whole thing takes a couple of minutes at most.

 

[Lovedog100]

yrrdead said:

Lovedog100 said:

Sorry if this comes across as a dumb question. Almost everything I know about crypto has come from this forum, and I'm still not entirely clear on things. People keep saying that banks attempt to stop crypto purchases, and there are all these complicated workarounds to avoid that. I have ATM cards linked to two brokerage accounts. Has anyone here ever used one of those cards to buy crypto?

-Everything here applies to the U.S.; I'm not sure how things work in Thai

It's not that banks object to you purchasing crypto. What they do is make sending crypto a hassle. On top of that, PayPal/Venmo will lock your accounts if you send crypto to "dangerous actors". No need to worry, they're looking out for you. The same now goes for major exchanges, which are increasingly tied up with legacy banking systems.

The "elaborate schemes" you might have come across aren't about buying peps. They're mostly about getting around KYC regulations that keep getting more intrusive. Basically, trying to treat crypto like cash for privacy's sake. Big government wants none of that. It's harder to tax and control.

The general approach that most of us (and guides) follow is to buy crypto on just about any platform you like. After that, move it to a more "anonmyous" wallet. Then buy whatever you're after. For example;

1. Buy BTC on exchange (Coinbase,Binance,Venmo,Cashapp)

2. ?

3. Send to Exodus Wallet

4. Send to Vendor from Exodus Wallet

5. Receive little vials of goodies from CNY

Step 1. can still involve delays while things are allowed to "settle". That isn't always the case; it depends on the site and how you pay. Also, plenty of people simply buy directly inside the Exodus wallet (which relies on external tools to do it). That's more convenient, but you pay for it with higher fees and the risk of bank account/card freezes.

Appreciate it. Still, I can't help but ask—what did #2 on that list say?

 

[yrrdead]

Lovedog100 said:

yrrdead said:

Lovedog100 said:

Sorry if this comes across as a dumb question. Almost everything I know about crypto has come from this forum, and I'm still not entirely clear on things. People keep saying that banks attempt to stop crypto purchases, and there are all these complicated workarounds to avoid that. I have ATM cards linked to two brokerage accounts. Has anyone here ever used one of those cards to buy crypto?

-Everything here applies to the U.S.; I'm not sure how things work in Thai

It's not that banks object to you purchasing crypto. What they do is make sending crypto a hassle. On top of that, PayPal/Venmo will lock your accounts if you send crypto to "dangerous actors". No need to worry, they're looking out for you. The same now goes for major exchanges, which are increasingly tied up with legacy banking systems.

The "elaborate schemes" you might have come across aren't about buying peps. They're mostly about getting around KYC regulations that keep getting more intrusive. Basically, trying to treat crypto like cash for privacy's sake. Big government wants none of that. It's harder to tax and control.

The general approach that most of us (and guides) follow is to buy crypto on just about any platform you like. After that, move it to a more "anonmyous" wallet. Then buy whatever you're after. For example;

1. Buy BTC on exchange (Coinbase,Binance,Venmo,Cashapp)

2. ?

3. Send to Exodus Wallet

4. Send to Vendor from Exodus Wallet

5. Receive little vials of goodies from CNY

Step 1. can still involve delays while things are allowed to "settle". That isn't always the case; it depends on the site and how you pay. Also, plenty of people simply buy directly inside the Exodus wallet (which relies on external tools to do it). That's more convenient, but you pay for it with higher fees and the risk of bank account/card freezes.

Appreciate it. Still, I can't help but ask—what did #2 on that list say?

That's the part nobody knows — apologies, it's a reference to the old underpants gnomes bit from Southpark.