Ireland-based crypto beginner feeling nervous

[Thighknee]

Hello everyone,

I know this is all very basic for most of you, and I'm sorry for starting a whole new thread about it. Truth is, I'm really scared I'll get something wrong and kiss goodbye to 100's of euros I worked hard for. So I'm hoping the mods will put up with me, and I'll keep this thread updated with each step I take

To put it simply: I'm thinking about — and actually I really do want to — join a GB for the very first time. Crypto is completely new to me, it feels super technical and honestly it scares me a lot. So with your guidance I'll take it one tiny step at a time.

At this point I've got Kraken downloaded, and from what I understand I can use my bank account to buy crypto there. Someone in another thread said that once it's sitting in my Kraken wallet/account, it's better to send it to a different wallet first and only then pass it on to the person running the GB.

If the money/crypto is in Kraken, is it okay to just leave it sitting there while I get more comfortable with all this, or do I need to move it right away?

In another thread, my fellow Gael @bamagirl26 and honorary Gael @ultima thule wrote that "Exodus doesn't support web3 for new users anymore." (No idea what that actually means)

Besides Exodus, what's the next best wallet that's also simple to use?

What does "Gas" mean?

Which crypto do people use most often for this sort of thing, and do vendors/GBs usually take a few different ones?

Sorry for dragging this out so much, but once again I'm just petrified of one tiny slip costing me everything. I'm truly grateful for the help here, and for all the brilliant advice you've all shared since I began this journey back in May

Go raibh míle maith agaibh! (A thousand thank you's!)

 

[HouseCat]

Only 2 months into crypto here, so there's plenty I don't know (web3? Had to google that just now), but here's what I can offer. Sorry if it comes out awkward!

Keeping your funds on Kraken is fine. Just park them in a stable coin to dodge price swings. USDC, PYUSD, USDT are common stable coins and they track the USD. Holding Solana, Ethereum or Bitcoin instead means you might gain or you might lose.

One of those 3 stable coins will usually be accepted by vendors, and Bitcoin is frequently taken too.

Bitcoin (BTC), Ethereum (ETH), Tron (TRX) and Solana (SOL) are the major networks; ETH and SOL appear to be the favourites. These are also coins. So ETH can be sent over the ETH network, and USDT or PYUSD can go over the ETH network too. USDT mostly lives on the TRX network.

Think of gas as a toll booth on a private road. Imagine I'm in Dublin and need to reach Tullamore (vendor). In this scenario, M6 = ETH network and M7 = SOL network. My coins are my cars: a Toyota (PYUSD) and a Land Rover (USDC). Now, eFlow and Easytrip tags aren't valid on the same roads; eFlow works only on M6 (ETH), Easytrip only on M7 (SOL). The vendor's garage accepts only Toyotas (PYUSD) and requires arrival via M6 (ETH). So I take my Toyota (PYUSD coin), attach my eFlow (ETH gas) tag, drive the M6 (ETH network), and the vendor gets exactly what they wanted: a Toyota that paid for the M6 and is now in their garage (PYUSD-ETH).

Stable coin icons usually show a large symbol plus a smaller one. Different icons can represent the same Coin-network pair, so don't stress if yours look different. S stands for SOL, the blue diamond stands for ETH.

They can't be swapped between networks, so PYUSD ETH cannot be sent on the SOL network. Going back to the example: PYUSD-ETH is my red Toyota, PYUSD-SOL is my blue Toyota, and the vendor's garage only takes red Toyotas (PYUSD-ETH) that use the M6 (ETH network). Had I driven my red Toyota (PYUSD-ETH) on the M7 (SOL network) instead, I'd be locked up for not paying the correct toll and taking the correct highway (your money is gone or will be extremely difficult to recover.)

Gas doesn't cost much, and a few euro of SOL and ETH goes a long way. SOL gas tends to be cheaper. So sending PYUSD coin to the vendor also means buying a small amount of SOL coin or ETH coin.

Cake is another option besides Exodus that people seem to like. I'm not familiar with it. Write the 12-word key phrase on paper, make a copy, and store it in several locations. That way, if you get a new phone and need to reinstall apps, you can still recover your wallet.

 

[ultima thule]

Thighknee said:

Hello everyone,

I know this is all very basic for most of you, and I'm sorry for starting a whole new thread about it. Truth is, I'm really scared I'll get something wrong and kiss goodbye to 100's of euros I worked hard for. So I'm hoping the mods will put up with me, and I'll keep this thread updated with each step I take

To put it simply: I'm thinking about — and actually I really do want to — join a GB for the very first time. Crypto is completely new to me, it feels super technical and honestly it scares me a lot. So with your guidance I'll take it one tiny step at a time.

At this point I've got Kraken downloaded, and from what I understand I can use my bank account to buy crypto there. Someone in another thread said that once it's sitting in my Kraken wallet/account, it's better to send it to a different wallet first and only then pass it on to the person running the GB.

If the money/crypto is in Kraken, is it okay to just leave it sitting there while I get more comfortable with all this, or do I need to move it right away?

In another thread, my fellow Gael @bamagirl26 and honorary Gael @ultima thule wrote that "Exodus doesn't support web3 for new users anymore." (No idea what that actually means)

Besides Exodus, what's the next best wallet that's also simple to use?

What does "Gas" mean?

Which crypto do people use most often for this sort of thing, and do vendors/GBs usually take a few different ones?

Sorry for dragging this out so much, but once again I'm just petrified of one tiny slip costing me everything. I'm truly grateful for the help here, and for all the brilliant advice you've all shared since I began this journey back in May

Go raibh míle maith agaibh! (A thousand thank you's!)

Revolut is widely used in Ireland, so if that's an option for you, I'd recommend it for purchasing crypto. That's my method and I find it super simple. As for a wallet, I'm not much help since I use Exodus, which has a web3 feature...

 

[aca2310]

I just went through this for the first time not long ago. Tuesday was the day, and I was nervous as hell. My approach was ETH-USDC plus a small amount of ETH, just a couple of quids' worth.

Everything was bought through Revolut (just so you know, they may lock your account and warn you that you're being scammed - you pretty much have to confirm you accept the risk of losing the money before they'll let it go).

After that I moved it over to Kraken.

Then from Kraken it went to Exodus, and I paid the vendor from there.

About 5mins later, they marked it as received.

Edit:

One thing I did before anything else: I put on around ten quids' worth first and treated it as a trial run, just to confirm it would end up where I intended. That made me feel a bit better about sending the full amount afterward. The fees on that test and then on the final transfer were rough, but in the end it was worth it. When you do send the full amount, buy more than you actually need. For me the order came to $667 I think, so I bought $680 so the fees wouldn't leave the vendor short on their end.

 

[Thighknee]

Cheers everyone, my nerves have calmed down a lot now! I suspect I'd read so much on the subject that I tangled myself up, then got certain I'd botch it and watch all my money vanish, which only made me more wound up haha, my damn adhd

Well, I've already run into a minor snag: Kraken won't verify me, since my drivers licence shows my address in Irish while my bank statements and the like are in English, so one of them has to be officially changed so they line up for that Aaaargh!

I'm going to grab Cake and see whether it works for me as a wallet, thank you so much @HouseCat @ultima thule and @aca2310 your advice and help is much appreciated

 

[HouseCat]

Thighknee said:

Cheers everyone, my nerves have calmed down a lot now! I suspect I'd read so much on the subject that I tangled myself up, then got certain I'd botch it and watch all my money vanish, which only made me more wound up haha, my damn adhd

Well, I've already run into a minor snag: Kraken won't verify me, since my drivers licence shows my address in Irish while my bank statements and the like are in English, so one of them has to be officially changed so they line up for that Aaaargh!

I'm going to grab Cake and see whether it works for me as a wallet, thank you so much @HouseCat @ultima thule and @aca2310 your advice and help is much appreciated

I've got Irish roots but I can't speak the language. Still, when it comes to switching the bank address over to Irish versus getting the driver license changed to English, I'm all for the Irish route — it's probably cheaper too, and involves less hassle. Let's keep the language going!!!!

 

[aca2310]

Thighknee said:

Cheers everyone, my nerves have calmed down a lot now! I suspect I'd read so much on the subject that I tangled myself up, then got certain I'd botch it and watch all my money vanish, which only made me more wound up haha, my damn adhd

Well, I've already run into a minor snag: Kraken won't verify me, since my drivers licence shows my address in Irish while my bank statements and the like are in English, so one of them has to be officially changed so they line up for that Aaaargh!

I'm going to grab Cake and see whether it works for me as a wallet, thank you so much @HouseCat @ultima thule and @aca2310 your advice and help is much appreciated

Kraken locked me out for a full 24hrs before I could do anything, though that was only for buying. If you buy somewhere else and then transfer over to Kraken Wallet (Kraken App is for trading, Kraken Wallet app handles sending and receiving coin), you can sidestep that. ChatGPT was a big help, but double-check that the coin network you're buying from is one your vendor accepts. Mine was ETH-USDC, so be careful you don't end up with SOL-USDC or similar by mistake. Good luck!

 

[bamagirl26]

HouseCat said:

Only 2 months into crypto here, so there's plenty I don't know (web3? Had to google that just now), but here's what I can offer. Sorry if it comes out awkward!

Keeping your funds on Kraken is fine. Just park them in a stable coin to dodge price swings. USDC, PYUSD, USDT are common stable coins and they track the USD. Holding Solana, Ethereum or Bitcoin instead means you might gain or you might lose.

One of those 3 stable coins will usually be accepted by vendors, and Bitcoin is frequently taken too.

Bitcoin (BTC), Ethereum (ETH), Tron (TRX) and Solana (SOL) are the major networks; ETH and SOL appear to be the favourites. These are also coins. So ETH can be sent over the ETH network, and USDT or PYUSD can go over the ETH network too. USDT mostly lives on the TRX network.

Think of gas as a toll booth on a private road. Imagine I'm in Dublin and need to reach Tullamore (vendor). In this scenario, M6 = ETH network and M7 = SOL network. My coins are my cars: a Toyota (PYUSD) and a Land Rover (USDC). Now, eFlow and Easytrip tags aren't valid on the same roads; eFlow works only on M6 (ETH), Easytrip only on M7 (SOL). The vendor's garage accepts only Toyotas (PYUSD) and requires arrival via M6 (ETH). So I take my Toyota (PYUSD coin), attach my eFlow (ETH gas) tag, drive the M6 (ETH network), and the vendor gets exactly what they wanted: a Toyota that paid for the M6 and is now in their garage (PYUSD-ETH).

Stable coin icons usually show a large symbol plus a smaller one. Different icons can represent the same Coin-network pair, so don't stress if yours look different. S stands for SOL, the blue diamond stands for ETH.





View attachment 320

View attachment 321

They can't be swapped between networks, so PYUSD ETH cannot be sent on the SOL network. Going back to the example: PYUSD-ETH is my red Toyota, PYUSD-SOL is my blue Toyota, and the vendor's garage only takes red Toyotas (PYUSD-ETH) that use the M6 (ETH network). Had I driven my red Toyota (PYUSD-ETH) on the M7 (SOL network) instead, I'd be locked up for not paying the correct toll and taking the correct highway (your money is gone or will be extremely difficult to recover.)

Gas doesn't cost much, and a few euro of SOL and ETH goes a long way. SOL gas tends to be cheaper. So sending PYUSD coin to the vendor also means buying a small amount of SOL coin or ETH coin.

Cake is another option besides Exodus that people seem to like. I'm not familiar with it. Write the 12-word key phrase on paper, make a copy, and store it in several locations. That way, if you get a new phone and need to reinstall apps, you can still recover your wallet.

THAT WAS SUCH A FANTASTIC BREAKDOWN!!! How on earth did you come up with THESE comparisons? Are you a frequent visitor to Ireland?

 

[bamagirl26]

I meant to add this too: once I got the hang of UDSC- Sol, the first few times went smoothly for me. But yesterday someone asked me to send USDT TRON, and I got a little nervous that I'd screw it up. So I had Chat walk me through the swaps step by step, and it helped a LOT.

 

[HouseCat]

bamagirl26 said:

HouseCat said:

Only 2 months into crypto here, so there's plenty I don't know (web3? Had to google that just now), but here's what I can offer. Sorry if it comes out awkward!

Keeping your funds on Kraken is fine. Just park them in a stable coin to dodge price swings. USDC, PYUSD, USDT are common stable coins and they track the USD. Holding Solana, Ethereum or Bitcoin instead means you might gain or you might lose.

One of those 3 stable coins will usually be accepted by vendors, and Bitcoin is frequently taken too.

Bitcoin (BTC), Ethereum (ETH), Tron (TRX) and Solana (SOL) are the major networks; ETH and SOL appear to be the favourites. These are also coins. So ETH can be sent over the ETH network, and USDT or PYUSD can go over the ETH network too. USDT mostly lives on the TRX network.

Think of gas as a toll booth on a private road. Imagine I'm in Dublin and need to reach Tullamore (vendor). In this scenario, M6 = ETH network and M7 = SOL network. My coins are my cars: a Toyota (PYUSD) and a Land Rover (USDC). Now, eFlow and Easytrip tags aren't valid on the same roads; eFlow works only on M6 (ETH), Easytrip only on M7 (SOL). The vendor's garage accepts only Toyotas (PYUSD) and requires arrival via M6 (ETH). So I take my Toyota (PYUSD coin), attach my eFlow (ETH gas) tag, drive the M6 (ETH network), and the vendor gets exactly what they wanted: a Toyota that paid for the M6 and is now in their garage (PYUSD-ETH).

Stable coin icons usually show a large symbol plus a smaller one. Different icons can represent the same Coin-network pair, so don't stress if yours look different. S stands for SOL, the blue diamond stands for ETH.





View attachment 320

View attachment 321

They can't be swapped between networks, so PYUSD ETH cannot be sent on the SOL network. Going back to the example: PYUSD-ETH is my red Toyota, PYUSD-SOL is my blue Toyota, and the vendor's garage only takes red Toyotas (PYUSD-ETH) that use the M6 (ETH network). Had I driven my red Toyota (PYUSD-ETH) on the M7 (SOL network) instead, I'd be locked up for not paying the correct toll and taking the correct highway (your money is gone or will be extremely difficult to recover.)

Gas doesn't cost much, and a few euro of SOL and ETH goes a long way. SOL gas tends to be cheaper. So sending PYUSD coin to the vendor also means buying a small amount of SOL coin or ETH coin.

Cake is another option besides Exodus that people seem to like. I'm not familiar with it. Write the 12-word key phrase on paper, make a copy, and store it in several locations. That way, if you get a new phone and need to reinstall apps, you can still recover your wallet.

THAT WAS SUCH A FANTASTIC BREAKDOWN!!! How on earth did you come up with THESE comparisons? Are you a frequent visitor to Ireland?

Nope, haha — I simply pulled up a map and did a little research on what Ireland's equivalent of the US EZ Pass would be!

My one and only trip to Ireland (Dublin) happened back in my 20s, and wouldn't you know it, it landed during HOLY WEEK! LOL of all the weeks in the year, I managed to choose the one when shops keep short hours, alcohol is a pain to buy, and everything shuts down. Even so, I had the most amazing time! What a gorgeous city, with such warm people, and I packed in plenty of tours, museums, and even a bit of nightlife that happily ignored Holy Week! (Plus I met a very cute, polite boy who I kissed by the River Liffey...shh..don't tell my husband! LOL! Don't worry...it was long before we met.) The highlight for me was the Oscar Wilde museum, since he's one of my favorite authors and a total ICON! I can't wait to go back, and next time I'll make it out to the countryside and County Kerry, where my grandfather's family comes from. I'm sure I'll turn up 90,000 distant relatives, given how common my Irish last name is (kept my maiden name. Couldn't change it after my grandpa passed...it's a family gift.) And every one of them will give me that look of "You say you're of Irish descent, are you now?" Because I'm biracial (Black/white) and apparently I look Puerto Rican (which I will confirm or deny after our summer trip to PR!)

 

[bamagirl26]

HouseCat said:


Haha, no, I just looked at a map and looked into what the Irish version of the US EZ Pass is!

I've only been to Ireland once (Dublin) when I was in my 20s, and it was during HOLY WEEK! LOL I picked the one time of year when business hours are short, it's hard to buy alcohol and things are closed. Nonetheless I had the most amazing time! It is such a beautiful city, the people are so friendly, and I did lots of tours, museums, and even some good Holy-Week-ignoring nightlife! (And met a very cute, polite boy who I kissed by the River Liffey...shh..don't tell my husband! LOL! Don't worry...it was long before we met.) My fave was the Oscar Wilde museum as he's one of my favorite authors and is a total ICON! I look forward to going back, and this time will get out to the countryside and County Kerry, where my grandfather's family is from. I am sure I'll find 90,000 distant relatives since I have a super common Irish last name (kept my maiden name. Couldn't change it after my grandpa passed...it's a family gift.) And they will all look at me like "You say you're of Irish descent, are you now?" Because I'm biracial (Black/white) and apparently I look Puerto Rican (which I will confirm or deny after our summer trip to PR!)

Click to expand...

housesat, out of every cat I've ever met, you take the top spot (my 2 tuxedos come close, though <3 ) black and white is a look I enjoy

 

[ultima thule]

aca2310 said:

I just went through this for the first time not long ago. Tuesday was the day, and I was nervous as hell. My approach was ETH-USDC plus a small amount of ETH, just a couple of quids' worth.

Everything was bought through Revolut (just so you know, they may lock your account and warn you that you're being scammed - you pretty much have to confirm you accept the risk of losing the money before they'll let it go).

After that I moved it over to Kraken.

Then from Kraken it went to Exodus, and I paid the vendor from there.

About 5mins later, they marked it as received.

Edit:

One thing I did before anything else: I put on around ten quids' worth first and treated it as a trial run, just to confirm it would end up where I intended. That made me feel a bit better about sending the full amount afterward. The fees on that test and then on the final transfer were rough, but in the end it was worth it. When you do send the full amount, buy more than you actually need. For me the order came to $667 I think, so I bought $680 so the fees wouldn't leave the vendor short on their end.

Revolut won't lock or shut down your account — the restriction applies solely to crypto purchases. It might happen if you were to move crypto straight to the vendor. Also, why bother going Revo → Kraken → Exodus? That path makes no sense to me. I just move mine straight from Revo to Exodus, which is registered under my name, and I've never run into a problem.

 

[Thighknee]

HouseCat said:

Thighknee said:

Cheers everyone, my nerves have calmed down a lot now! I suspect I'd read so much on the subject that I tangled myself up, then got certain I'd botch it and watch all my money vanish, which only made me more wound up haha, my damn adhd

Well, I've already run into a minor snag: Kraken won't verify me, since my drivers licence shows my address in Irish while my bank statements and the like are in English, so one of them has to be officially changed so they line up for that Aaaargh!

I'm going to grab Cake and see whether it works for me as a wallet, thank you so much @HouseCat @ultima thule and @aca2310 your advice and help is much appreciated

I've got Irish roots but I can't speak the language. Still, when it comes to switching the bank address over to Irish versus getting the driver license changed to English, I'm all for the Irish route — it's probably cheaper too, and involves less hassle. Let's keep the language going!!!!

You're absolutely spot on @HouseCat — to me, nothing matters more than our native tongue and culture. I'm fortunate that the area I come from still mostly speaks Irish (Gaeilge), so I've been fluent since the day I was born.

You really ought to visit Kerry at some point! It's breathtaking, and so are Donegal, Cork, Waterford and the rest — most of the coastal spots here are gorgeous, but those are the top ones for scenery, the craic and a bit of peace and quiet!

As for my first steps into crypto, I've put enough euros into my coinbase account straight from my bank to cover what I need for the GB. My assumption is that I simply use that to purchase USDC-Sol on coinbase and then forward it to the GB organiser via their web page. Or would it be wiser to shift it into a different wallet first, so the trail back to my bank is less direct?

Go raibh maith agaibh as ucht an cabhair go léir, is iontach an áit seo don corp agus an t-anam!

 

[bamagirl26]

Thighknee said:


You're dead right @HouseCat our native language and culture is the most important thing in the world to me, luckily enough I am from an area that still speaks mostly in Irish (Gaeilge) so I am fluent from birth.



You should absolutely go to Kerry sometime! It is absolutely stunning, along with Donegal, Cork, Waterford etc, most coastal places here are really beautiful but those ones are the best for scenery, the craic and peace and quiet!

Regarding my dip into the crypto world, i have funded my coinbase account straight from my bank with enough euros to buy what i need in the GB, i presume i just use that to buy USDC-Sol on coinbase and then send it to the GB organiser through their web page. Or would it be better to move it onto another wallet from there to distance the trail to my bank?

Go raibh maith agaibh as ucht an cabhair go léir, is iontach an áit seo don corp agus an anam!

Click to expand...

for a group buy that could work, I havent participated in one, though if keeping your money from being traced matters to you, opening Exodus seems like a good move, since that way an intermediary/middle man is sort of holding your funds. When buying from Vendors maybe that is best, but once more, I'm not sure what Group buy protocol involves.

My Gaelic is going terribly. Ive been watching Children's programs (and saw Shrek in Gaelic) was epic! Cá bhfuil tú sa Ghaeltacht? IS that right? A lot of my fam hail from Donegal, but all moved to Co Tyrone, my dad and bro in Dub, and all my other aunts/uncles/cousins in Waterford. I hope to be headed over in Jan again, was just over in May.

 

[Thighknee]

bamagirl26 said:


that may be good for a group buy, I havent done one, but if you want your money to not have traces back to you, I think it is good to open Exodus and that way, your money is kind of being held by an intermediary/middle man. Maybe this is best when buying from Vendors, but again, not sure about Group buy protocol.

Failing miserably at Gaelic over here. Ive been watching Children's programs (and saw Shrek in Gaelic) was epic! Cá bhfuil tú sa Ghaeltacht? IS that right? I have a lot of fam from Donegal, but all moved to Co Tyrone, my dad and bro in Dub, and all my other aunts/uncles/cousins in Waterford. I hope to be headed over in Jan again, was just over in May.

Click to expand...

Thanks a million @bamagirl26! I'll shift it over to Cake wallet or Exodus and from there send it to whoever's running it, I'll test with just a few euros first so I don't screw something up and lose everything

Beidir go bhfuil aithne agam ar do shinsir ansa! Nó béidir gur col ceathracha muid

(Edit: TMI )

 

[bamagirl26]

Thighknee said:


Thank you so much @bamagirl26! Ill move it to either Exodus or Cake wallet and then onto the organiser, i will send a few euros worth first just to make sure i dont make any dreadful mistake and lose the lot

Yeah you were right! Táim ó Gaeltacht beag i oirdheisceart na hÉireann i contae Phort Láirge, beidir go bhfuil aithne agam ar do shinsir ansa! Nó béidir gur col ceathracha muid

Click to expand...

Wow, what a coincidence. My sister recently relocated to Passage East. I've got tons of relatives in Phort Lairge. The hubby and I had just been checking out that area and Arthurtown, and we even made it as far as Dungarvan. Your corner of the world is absolutely lovely. I'd guess you're located even further West. There's also a new development happening in kilmacthomas... we were chatting about how great it would be to spend time on the greenway. Small world, right? Slainte!

 

[ultima thule]

Thighknee said:


You're dead right @HouseCat our native language and culture is the most important thing in the world to me, luckily enough I am from an area that still speaks mostly in Irish (Gaeilge) so I am fluent from birth.



You should absolutely go to Kerry sometime! It is absolutely stunning, along with Donegal, Cork, Waterford etc, most coastal places here are really beautiful but those ones are the best for scenery, the craic and peace and quiet!

Regarding my dip into the crypto world, i have funded my coinbase account straight from my bank with enough euros to buy what i need in the GB, i presume i just use that to buy USDC-Sol on coinbase and then send it to the GB organiser through their web page. Or would it be better to move it onto another wallet from there to distance the trail to my bank?

Go raibh maith agaibh as ucht an cabhair go léir, is iontach an áit seo don corp agus an t-anam!

Click to expand...

Are you from Donegal, mate? My work brings me to God's country once a week, and in spots like Gweedore or Gortahork, gaelige is just the everyday language...fun fact: I only know a few words, but me daughter speaks it quite good...

 

[Thighknee]

Nah mate, I'm far down in the sunny south East. That said, I've visited the Gaeltachtaí in Donegal on plenty of occasions — it's a gorgeous county with genuinely warm, friendly folks. Fair play to your daughter for speaking it as well, don't let her stop, it matters a lot!

 

[Thighknee]

Delighted to say I've pulled it off at last!! Massive thanks to all who pitched in, having this know-how under my belt is such a weight off, it unlocks loads more options for my own personal growth, and cheaper as well!

 

[Rolltide61]

Whenever I go through these posts, I hear them in an Irish accent inside my head. It is completely strange.