Recent Venmo > Exodus experience

yrrdead

yrrdead

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Just sharing what happened to me lately, in case it's useful to anyone.

First off, I have a coinbase pro account. I decided to go with my venmo mostly since I had some funds sitting there, so I thought why not. Also I'm a total beginner here, so keep that in mind.

What I figured would happen:

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Swap it to USDTtrc20(Tron Network).

Step 1 went smoothly. Step 2, no trouble, QR codes handle the address part nicely. Step 3 is where things went wrong. Exodus wouldn't let me swap PYUSD to USDTtron. I'm sure that's clear to some but it wasn't to me. So after poking around google and the interface I ended up doing another swap in between. PYUSD > USDTetherum then USDTetherum> USDTtron. Then another issue: it wouldn't automatically turn my PYUSD into Eth for "fees". So back to Venmo to get a small amount of Etherum. Send that over to Exodus. Then convert everything. Here's the final sequence.

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Turn Venmo balance into Etherum (small amount)

4. Send it to Exodus.

5. In Exodus, Swap PYUSDeth > USDTeth (burn a little Eth for fees)

6. Swap USDTeth > USDTtron

7. Swap a little Eth > Tron

8. Freeze a little Tron for transaction use bandwidth/energy.

At this point my USDTtron should be set. All told I lost around $20 on swaps that were wasteful and not needed. Inexpensive lesson.

Going forward I'll just cut out a lot of these steps and get Tron straight on Coinbase then transfer to my Exodus Wallet. My reasoning for the way I did it was to dodge current market swings by using stablecoins. Next time if I use my Venmo balance again I'll probably just get BTC and send that. The volatility won't really matter next to the fees from pointless swaps.
 
yrrdead said:

Just sharing what happened to me lately, in case it's useful to anyone.

First off, I have a coinbase pro account. I decided to go with my venmo mostly since I had some funds sitting there, so I thought why not. Also I'm a total beginner here, so keep that in mind.

What I figured would happen:

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Swap it to USDTtrc20(Tron Network).

Step 1 went smoothly. Step 2, no trouble, QR codes handle the address part nicely. Step 3 is where things went wrong. Exodus wouldn't let me swap PYUSD to USDTtron. I'm sure that's clear to some but it wasn't to me. So after poking around google and the interface I ended up doing another swap in between. PYUSD > USDTetherum then USDTetherum> USDTtron. Then another issue: it wouldn't automatically turn my PYUSD into Eth for "fees". So back to Venmo to get a small amount of Etherum. Send that over to Exodus. Then convert everything. Here's the final sequence.

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Turn Venmo balance into Etherum (small amount)

4. Send it to Exodus.

5. In Exodus, Swap PYUSDeth > USDTeth (burn a little Eth for fees)

6. Swap USDTeth > USDTtron

7. Swap a little Eth > Tron

8. Freeze a little Tron for transaction use bandwidth/energy.

At this point my USDTtron should be set. All told I lost around $20 on swaps that were wasteful and not needed. Inexpensive lesson.

Going forward I'll just cut out a lot of these steps and get Tron straight on Coinbase then transfer to my Exodus Wallet. My reasoning for the way I did it was to dodge current market swings by using stablecoins. Next time if I use my Venmo balance again I'll probably just get BTC and send that. The volatility won't really matter next to the fees from pointless swaps.
Click to expand...
All I noticed was that my Coinbase purchases were locked from being sent to Exodus for 7 days. Since I wasn’t using Venmo, it could work differently compared to a debit or credit card.
 
Sara360 said:

yrrdead said:

Just sharing what happened to me lately, in case it's useful to anyone.

First off, I have a coinbase pro account. I decided to go with my venmo mostly since I had some funds sitting there, so I thought why not. Also I'm a total beginner here, so keep that in mind.

What I figured would happen:

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Swap it to USDTtrc20(Tron Network).

Step 1 went smoothly. Step 2, no trouble, QR codes handle the address part nicely. Step 3 is where things went wrong. Exodus wouldn't let me swap PYUSD to USDTtron. I'm sure that's clear to some but it wasn't to me. So after poking around google and the interface I ended up doing another swap in between. PYUSD > USDTetherum then USDTetherum> USDTtron. Then another issue: it wouldn't automatically turn my PYUSD into Eth for "fees". So back to Venmo to get a small amount of Etherum. Send that over to Exodus. Then convert everything. Here's the final sequence.

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Turn Venmo balance into Etherum (small amount)

4. Send it to Exodus.

5. In Exodus, Swap PYUSDeth > USDTeth (burn a little Eth for fees)

6. Swap USDTeth > USDTtron

7. Swap a little Eth > Tron

8. Freeze a little Tron for transaction use bandwidth/energy.

At this point my USDTtron should be set. All told I lost around $20 on swaps that were wasteful and not needed. Inexpensive lesson.

Going forward I'll just cut out a lot of these steps and get Tron straight on Coinbase then transfer to my Exodus Wallet. My reasoning for the way I did it was to dodge current market swings by using stablecoins. Next time if I use my Venmo balance again I'll probably just get BTC and send that. The volatility won't really matter next to the fees from pointless swaps.
Click to expand...
All I noticed was that my Coinbase purchases were locked from being sent to Exodus for 7 days. Since I wasn’t using Venmo, it could work differently compared to a debit or credit card.
Click to expand...
I haven't given Coinbase a shot yet — is your Coinbase tied to a bank account?

When I used Venmo with funds already in the account, the transfers went through with zero settling or waiting period, which was a plus. I never attempted a bank account transfer via Venmo. Might run a few tests to find out.
 
Before making any trade, it's wise to check whether the pair you're interested in has enough liquidity.

To clarify what went wrong for anyone confused: PayPal USD had no trading market against Tron USDT. If he had first swapped his PayPal balance into Tron or another asset that did have a market, then used that to acquire Tron USDT, the transaction would have gone through.

Think of it like this: you're holding oranges but you're after grapes. The grape seller won't accept oranges—he wants apples. So you take your oranges, buy apples with them, and then use those apples to get the grapes.
 
My takeaway here: Tron is not worth using. This network's fees strike me as excessive, so any vendor that takes only Tron is one I won't deal with (do any even exist? ). Solana-based vendors get a strong preference from me.

Still, should you find yourself doing it a second time, the most straightforward route is probably to purchase Tron outright.
 
yrrdead said:

Just sharing what happened to me lately, in case it's useful to anyone.

First off, I have a coinbase pro account. I decided to go with my venmo mostly since I had some funds sitting there, so I thought why not. Also I'm a total beginner here, so keep that in mind.

What I figured would happen:

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Swap it to USDTtrc20(Tron Network).

Step 1 went smoothly. Step 2, no trouble, QR codes handle the address part nicely. Step 3 is where things went wrong. Exodus wouldn't let me swap PYUSD to USDTtron. I'm sure that's clear to some but it wasn't to me. So after poking around google and the interface I ended up doing another swap in between. PYUSD > USDTetherum then USDTetherum> USDTtron. Then another issue: it wouldn't automatically turn my PYUSD into Eth for "fees". So back to Venmo to get a small amount of Etherum. Send that over to Exodus. Then convert everything. Here's the final sequence.

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Turn Venmo balance into Etherum (small amount)

4. Send it to Exodus.

5. In Exodus, Swap PYUSDeth > USDTeth (burn a little Eth for fees)

6. Swap USDTeth > USDTtron

7. Swap a little Eth > Tron

8. Freeze a little Tron for transaction use bandwidth/energy.

At this point my USDTtron should be set. All told I lost around $20 on swaps that were wasteful and not needed. Inexpensive lesson.

Going forward I'll just cut out a lot of these steps and get Tron straight on Coinbase then transfer to my Exodus Wallet. My reasoning for the way I did it was to dodge current market swings by using stablecoins. Next time if I use my Venmo balance again I'll probably just get BTC and send that. The volatility won't really matter next to the fees from pointless swaps.
Click to expand...
Quick question.... Buying through Coinbase, why not fire it straight to the vendor from there? What does routing it via exodus first actually gain you?
 
Habibibi said:

My takeaway here: Tron is not worth using. This network's fees strike me as excessive, so any vendor that takes only Tron is one I won't deal with (do any even exist? ). Solana-based vendors get a strong preference from me.

Still, should you find yourself doing it a second time, the most straightforward route is probably to purchase Tron outright.
Click to expand...

TRON has a massive presence across Asia. It ranks among the biggest, possibly the biggest, altcoins out there.

That said, I've yet to come across a vendor that accepts TRON exclusively. Every one I've seen supports several coins, so there's no downside to using it.
 
Jfrick11 said:

yrrdead said:

Just sharing what happened to me lately, in case it's useful to anyone.

First off, I have a coinbase pro account. I decided to go with my venmo mostly since I had some funds sitting there, so I thought why not. Also I'm a total beginner here, so keep that in mind.

What I figured would happen:

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Swap it to USDTtrc20(Tron Network).

Step 1 went smoothly. Step 2, no trouble, QR codes handle the address part nicely. Step 3 is where things went wrong. Exodus wouldn't let me swap PYUSD to USDTtron. I'm sure that's clear to some but it wasn't to me. So after poking around google and the interface I ended up doing another swap in between. PYUSD > USDTetherum then USDTetherum> USDTtron. Then another issue: it wouldn't automatically turn my PYUSD into Eth for "fees". So back to Venmo to get a small amount of Etherum. Send that over to Exodus. Then convert everything. Here's the final sequence.

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Turn Venmo balance into Etherum (small amount)

4. Send it to Exodus.

5. In Exodus, Swap PYUSDeth > USDTeth (burn a little Eth for fees)

6. Swap USDTeth > USDTtron

7. Swap a little Eth > Tron

8. Freeze a little Tron for transaction use bandwidth/energy.

At this point my USDTtron should be set. All told I lost around $20 on swaps that were wasteful and not needed. Inexpensive lesson.

Going forward I'll just cut out a lot of these steps and get Tron straight on Coinbase then transfer to my Exodus Wallet. My reasoning for the way I did it was to dodge current market swings by using stablecoins. Next time if I use my Venmo balance again I'll probably just get BTC and send that. The volatility won't really matter next to the fees from pointless swaps.
Click to expand...
Quick question.... Buying through Coinbase, why not fire it straight to the vendor from there? What does routing it via exodus first actually gain you?
Click to expand...
Accounts on exchanges that work like paypal or venmo have been frozen, and they also automatically produce new tax documents that are now mandatory for each transaction. Even though this doesn't stress me out much, I prefer to sidestep it by doing my transactions through Exodus.

At least that's how I see it. I might be mistaken, since I'm new to this.
 
Jfrick11 said:

yrrdead said:

Just sharing what happened to me lately, in case it's useful to anyone.

First off, I have a coinbase pro account. I decided to go with my venmo mostly since I had some funds sitting there, so I thought why not. Also I'm a total beginner here, so keep that in mind.

What I figured would happen:

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Swap it to USDTtrc20(Tron Network).

Step 1 went smoothly. Step 2, no trouble, QR codes handle the address part nicely. Step 3 is where things went wrong. Exodus wouldn't let me swap PYUSD to USDTtron. I'm sure that's clear to some but it wasn't to me. So after poking around google and the interface I ended up doing another swap in between. PYUSD > USDTetherum then USDTetherum> USDTtron. Then another issue: it wouldn't automatically turn my PYUSD into Eth for "fees". So back to Venmo to get a small amount of Etherum. Send that over to Exodus. Then convert everything. Here's the final sequence.

1. Turn Venmo balance into PYUSD (paypal stablecoin ETH network).

2. Send it to Exodus.

3. Turn Venmo balance into Etherum (small amount)

4. Send it to Exodus.

5. In Exodus, Swap PYUSDeth > USDTeth (burn a little Eth for fees)

6. Swap USDTeth > USDTtron

7. Swap a little Eth > Tron

8. Freeze a little Tron for transaction use bandwidth/energy.

At this point my USDTtron should be set. All told I lost around $20 on swaps that were wasteful and not needed. Inexpensive lesson.

Going forward I'll just cut out a lot of these steps and get Tron straight on Coinbase then transfer to my Exodus Wallet. My reasoning for the way I did it was to dodge current market swings by using stablecoins. Next time if I use my Venmo balance again I'll probably just get BTC and send that. The volatility won't really matter next to the fees from pointless swaps.
Click to expand...
Quick question.... Buying through Coinbase, why not fire it straight to the vendor from there? What does routing it via exodus first actually gain you?
Click to expand...

This isn't entirely legitimate. Major exchanges like Coinbase will work alongside the Government to block payments to those vendors. Should that happen, your account could be closed. That's the reason many people introduce an extra privacy layer.

Note: Privacy doesn't exist on a public blockchain. If the government is monitoring, they can trace your spending very easily. Usually, though, they aren't interested.
 
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