Took the Crypto Plunge at Last — My First Buy Went Through, Way Simpler Than I Expected!!!!!

I'm a huge fan of crypto! Keep this between us and the authorities, but 70% of everything I own sits in crypto, and holding my own keys is the only way to go!
 
So I went ahead and created an Exodus account, then made sure to back it up. I tried buying USDC on the Sol network. Both my debit card and PayPal got declined. I have no clue why. What should I try next?
 
Mr. Blonde said:

So I went ahead and created an Exodus account, then made sure to back it up. I tried buying USDC on the Sol network. Both my debit card and PayPal got declined. I have no clue why. What should I try next?
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My PayPal attempt got turned down since the payment method it defaulted to was a credit card of mine. Might that be what's going wrong on your end with PayPal?

As for the debit card rejection, I'm stumped unless your bank tagged it as fraud. Every so often my bank flags a charge as fraud and texts me so I can approve or reject it.
 
For some reason, Venmo let me go through with it. So now I'm holding usdc/sol. Next step is just working out how to buy...
 
Once your order is placed, tell the vendor that you'll be sending payment in USDC-Solana, and they'll reply with their wallet address. Take that address and either copy-paste it, or scan a QR code if one is provided, into the destination wallet field. After that, verify the address once more against the one they sent. Easy peezy.
 
Thanks. I figure sending $1 first to check it goes through, then sending the full amount, is the smart move?
 
Mr. Blonde said:

Thanks. I figure sending $1 first to check it goes through, then sending the full amount, is the smart move?
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Yeah, that’s probably the smart move. On my initial buy I skipped it — guess I enjoy the risk. Plus I was hurrying to leave the house that day, and the order was tiny and from a vendor everyone knows. For my next big order, I’ll for sure send a test payment first.
 
Gr33dyOctopus said:

One night this week, I can show you the steps I took. Doing it alongside foxgirl was far less of a hassle than going solo.

Buying crypto on coinbase doesn't seem necessary to me. My guess is you could simply deposit funds into exodus and purchase the crypto right there?

My route was through paypal, though I suspect that wasn't required either.
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Bigging me up now and then as if I hadn't been working it out as well 😂
 
foxgirl said:

Gr33dyOctopus said:

One night this week, I can show you the steps I took. Doing it alongside foxgirl was far less of a hassle than going solo.

Buying crypto on coinbase doesn't seem necessary to me. My guess is you could simply deposit funds into exodus and purchase the crypto right there?

My route was through paypal, though I suspect that wasn't required either.
Click to expand...
Bigging me up now and then as if I hadn't been working it out as well 😂
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😅🤣😂 I was wondering when you'd come across this! 😅🥰😂
 
T

Gr33dyOctopus said:

Mr. Blonde said:

For some reason, Venmo let me go through with it. So now I'm holding usdc/sol. Next step is just working out how to buy...
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Man, you made it!
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Appreciate it — I was going back over a few posts from you and other folks. Doing a transaction will put my mind at ease. The choices available now are huge. I need to track down a different vendor. Previously I simply picked anyone who took PayPal lol
 
Mr. Blonde said:

T

Gr33dyOctopus said:

Mr. Blonde said:

For some reason, Venmo let me go through with it. So now I'm holding usdc/sol. Next step is just working out how to buy...
Click to expand...
Man, you made it!
Click to expand...
Appreciate it — I was going back over a few posts from you and other folks. Doing a transaction will put my mind at ease. The choices available now are huge. I need to track down a different vendor. Previously I simply picked anyone who took PayPal lol
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Same here, friend! The choices you have now are endless. I'm kicking myself for missing out on those christmas deals, but showing up late beats never showing up at all!
 
Mr. Blonde said:

For some reason, Venmo let me go through with it. So now I'm holding usdc/sol. Next step is just working out how to buy...
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Did you pick up a little bit of SOL too? If you didn't, you'll probably want to ($1 is likely enough), because moving USDC between wallets on Solana comes with a transaction fee. That fee has to be paid in SOL itself.
 
tubby said:

Mr. Blonde said:

For some reason, Venmo let me go through with it. So now I'm holding usdc/sol. Next step is just working out how to buy...
Click to expand...
Did you pick up a little bit of SOL too? If you didn't, you'll probably want to ($1 is likely enough), because moving USDC between wallets on Solana comes with a transaction fee. That fee has to be paid in SOL itself.
Click to expand...
Yep, I went ahead and did it — appreciate the help!
 
If I use Exodus to pay for something with crypto, do I have to report that purchase on my taxes? Or do I only need to report that I bought X amount of crypto?
 
Crumplestiltskin said:

If I use Exodus to pay for something with crypto, do I have to report that purchase on my taxes? Or do I only need to report that I bought X amount of crypto?
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A simpler way to wrap your head around this:

Say you spend $100 on some crypto, then sell it later for $105 — the transaction gets reported when the sale happens (same as stocks and mutual funds), and in this case you'd have a $5 gain. That piece strikes me as pretty clear and simple to grasp for anyone familiar with capital gains.

But if you spend $100 on crypto and afterward use it to purchase $105 worth of widgets, the IRS constructs a kind of fiction. They act as though you sold the crypto for $105 first, then took that $105 and bought your widgets. Clearly that isn't what actually went down, but once you imagine it that way, the IRS crypto rules begin to click.
 
tubby said:

Crumplestiltskin said:

If I use Exodus to pay for something with crypto, do I have to report that purchase on my taxes? Or do I only need to report that I bought X amount of crypto?
Click to expand...
A simpler way to wrap your head around this:

Say you spend $100 on some crypto, then sell it later for $105 — the transaction gets reported when the sale happens (same as stocks and mutual funds), and in this case you'd have a $5 gain. That piece strikes me as pretty clear and simple to grasp for anyone familiar with capital gains.

But if you spend $100 on crypto and afterward use it to purchase $105 worth of widgets, the IRS constructs a kind of fiction. They act as though you sold the crypto for $105 first, then took that $105 and bought your widgets. Clearly that isn't what actually went down, but once you imagine it that way, the IRS crypto rules begin to click.
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That really clarifies things, thanks a lot!
 
This thread was such a huge help, it showed me how to do my first crypto transaction and order some tirz without stressing that I'd mess everything up!!
 
Mr. Blonde said:

For some reason, Venmo let me go through with it. So now I'm holding usdc/sol. Next step is just working out how to buy...
Click to expand...
Thanks for the Venmo suggestion! In Exodus, my debit card, credit card and PayPal all got rejected. I wanted to skip Coinbase's 7 day wait, and going through Exodus with Venmo went through right away
 
Sara360 said:

Mr. Blonde said:

For some reason, Venmo let me go through with it. So now I'm holding usdc/sol. Next step is just working out how to buy...
Click to expand...
Thanks for the Venmo suggestion! In Exodus, my debit card, credit card and PayPal all got rejected. I wanted to skip Coinbase's 7 day wait, and going through Exodus with Venmo went through right away
Click to expand...
Glad to have you here. This community is great!
 
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