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

I'm at a point where I have to pick: switch to crypto, or keep bugging vendors about whether they take PayPal 🫠

A few days back I placed my first order and tried to get KLOW, only to find that the vendor's PayPal had been frozen.

Personal reasons are what make me anxious about this - and knowing myself, I'd probably pull some totally absurd move while getting accounts set up.

Seems like before long I won't have any option except to jump into crypto!
 
WeezinDaJuice said:

After my bank deposit into Coinbase finally clears (7-day hold), should I just pay the supplier straight from Coinbase, or is moving it to my Exodus wallet the better move? I'd assume that extra hop through Exodus would just tack on more fees?
Click to expand...
Today I completed an order using Coinbase. The steps went like this:

1. Bought $60 worth of USDC on Coinbase. The purchase cost me $1.46 in fees. That left $58.54 ready to move.

2. Sent $58.54 over to my Exodus wallet. Once it arrived in Exodus, the full $58.54 was available. Moving it cost nothing.

Sending the payment to the vendor did come with a transaction fee of 0.000024 cents in SOL, because I used the Solana block chain. So you'll want a few dollars of SOL sitting in your Exodus wallet too, but that amount should cover A LOT of vendor payments.

Every time I've moved USDC from Coinbase into my Exodus wallet, I've never been charged any fees.
 
New2ton said:

WeezinDaJuice said:

After my bank deposit into Coinbase finally clears (7-day hold), should I just pay the supplier straight from Coinbase, or is moving it to my Exodus wallet the better move? I'd assume that extra hop through Exodus would just tack on more fees?
Click to expand...
Today I completed an order using Coinbase. The steps went like this:

1. Bought $60 worth of USDC on Coinbase. The purchase cost me $1.46 in fees. That left $58.54 ready to move.

2. Sent $58.54 over to my Exodus wallet. Once it arrived in Exodus, the full $58.54 was available. Moving it cost nothing.

Sending the payment to the vendor did come with a transaction fee of 0.000024 cents in SOL, because I used the Solana block chain. So you'll want a few dollars of SOL sitting in your Exodus wallet too, but that amount should cover A LOT of vendor payments.

Every time I've moved USDC from Coinbase into my Exodus wallet, I've never been charged any fees.
Click to expand...
Appreciate it. That works out to roughly 2.4% you paid.

My own initial bank transfer into Coinbase (used to buy USDC-SOL) still needs another 2-3 days before it unfreezes. Once that happens, I'll move it over to my Exodus wallet.

So when you got USDC on Coinbase, were you spending funds that were already sitting in your account, or did a debit/credit card have to be used? And if you did go the debit/credit route, were there fees attached?
 
WeezinDaJuice said:

New2ton said:

WeezinDaJuice said:

After my bank deposit into Coinbase finally clears (7-day hold), should I just pay the supplier straight from Coinbase, or is moving it to my Exodus wallet the better move? I'd assume that extra hop through Exodus would just tack on more fees?
Click to expand...
Today I completed an order using Coinbase. The steps went like this:

1. Bought $60 worth of USDC on Coinbase. The purchase cost me $1.46 in fees. That left $58.54 ready to move.

2. Sent $58.54 over to my Exodus wallet. Once it arrived in Exodus, the full $58.54 was available. Moving it cost nothing.

Sending the payment to the vendor did come with a transaction fee of 0.000024 cents in SOL, because I used the Solana block chain. So you'll want a few dollars of SOL sitting in your Exodus wallet too, but that amount should cover A LOT of vendor payments.

Every time I've moved USDC from Coinbase into my Exodus wallet, I've never been charged any fees.
Click to expand...
Appreciate it. That works out to roughly 2.4% you paid.

My own initial bank transfer into Coinbase (used to buy USDC-SOL) still needs another 2-3 days before it unfreezes. Once that happens, I'll move it over to my Exodus wallet.

So when you got USDC on Coinbase, were you spending funds that were already sitting in your account, or did a debit/credit card have to be used? And if you did go the debit/credit route, were there fees attached?
Click to expand...
I've tried both approaches. I moved cash in through a bank transfer, then bought USDC. The charges come from buying the USDC, not from making the deposit. I've also used my debit card to buy USDC straight up. Same deal there — the fee kicked in automatically because of the purchase, not because of my debit card.

Given that the fee attaches to the crypto purchase rather than the payment method, some kind of fee will hit you no matter how you pay, or at least that's what I've run into so far. Keeping fees as low as I can is the whole point for me, which is why buying USDC directly from my Exodus wallet with my debit card (through Moonpay) isn't something I like doing. Using that route in the example I gave earlier would have meant paying around $5 in fees, versus $1.46 when buying on Coinbase.
 
Figuring it out was tough for me in the beginning as well. These days it is nothing. A learning curve exists. I use crypto to pay for other things now too.
 
dogmom said:

Figuring it out was tough for me in the beginning as well. These days it is nothing. A learning curve exists. I use crypto to pay for other things now too.
Click to expand...
Once I had finished that initial transaction from start to finish, I couldn't believe how worked up I'd gotten over nothing.
 
New2ton said:

WeezinDaJuice said:

New2ton said:

WeezinDaJuice said:

After my bank deposit into Coinbase finally clears (7-day hold), should I just pay the supplier straight from Coinbase, or is moving it to my Exodus wallet the better move? I'd assume that extra hop through Exodus would just tack on more fees?
Click to expand...
Today I completed an order using Coinbase. The steps went like this:

1. Bought $60 worth of USDC on Coinbase. The purchase cost me $1.46 in fees. That left $58.54 ready to move.

2. Sent $58.54 over to my Exodus wallet. Once it arrived in Exodus, the full $58.54 was available. Moving it cost nothing.

Sending the payment to the vendor did come with a transaction fee of 0.000024 cents in SOL, because I used the Solana block chain. So you'll want a few dollars of SOL sitting in your Exodus wallet too, but that amount should cover A LOT of vendor payments.

Every time I've moved USDC from Coinbase into my Exodus wallet, I've never been charged any fees.
Click to expand...
Appreciate it. That works out to roughly 2.4% you paid.

My own initial bank transfer into Coinbase (used to buy USDC-SOL) still needs another 2-3 days before it unfreezes. Once that happens, I'll move it over to my Exodus wallet.

So when you got USDC on Coinbase, were you spending funds that were already sitting in your account, or did a debit/credit card have to be used? And if you did go the debit/credit route, were there fees attached?
Click to expand...
I've tried both approaches. I moved cash in through a bank transfer, then bought USDC. The charges come from buying the USDC, not from making the deposit. I've also used my debit card to buy USDC straight up. Same deal there — the fee kicked in automatically because of the purchase, not because of my debit card.

Given that the fee attaches to the crypto purchase rather than the payment method, some kind of fee will hit you no matter how you pay, or at least that's what I've run into so far. Keeping fees as low as I can is the whole point for me, which is why buying USDC directly from my Exodus wallet with my debit card (through Moonpay) isn't something I like doing. Using that route in the example I gave earlier would have meant paying around $5 in fees, versus $1.46 when buying on Coinbase.
Click to expand...
Wrapping this up for good (and yeah, I've probably beaten this topic to death by now):

1) Cheapest route = Bank Transfer into Coinbase (though your crypto takes the longest to become usable): Open a CoinBase account (possibly other exchanges work too?) and start a bank transfer out of your Checking or Savings Acct. Result: $0 fees...Once CoinBase unfreezes the funds after 7 days, move them to your Exodus wallet and pay only network/"gas" fees. Result: Immeasurably small unless you're moving Tony Montana-sized piles of cash.

2) 2nd cheapest = Venmo/PayPal etc (money ready right away): Buy crypto through Venmo (or PayPal and the like). Result: 1.8% purchase fees on Venmo, etc. Then send to your Exodus wallet for next to nothing, same as above.

3) Priciest = Buying directly inside Exodus (and presumably other wallets too/immediate access to funds): Result: Fees upwards of 7%+ depending on which payment source you use.

There are surely other factors at play, but these or comparable paths appear to be what the typical lower-end crypto buyer goes with.

If anything here is off, please set it straight so future dummies like me can cut down the learning curve.
 
I have not given crypto a shot yet. I am doing plenty of reading, so perhaps I will not need to ask anything.
 
Jellojellojello said:

Still acting like a scaredy-cat, hesitating, just watching. Crypto..........scary! (I'm making progress)
Click to expand...
If you prepare in advance, or you're fine eating the extra charge to get funds right away, it's not a problem.

After the first transaction — which was only a couple hundred dollars — my banks (debit or credit) blocked any further transactions. Option #1 above ended up being my best route = lowest fees, but the longest wait.

I gave PayPal a shot too, buying crypto there so I could move it into my Exodus wallet. Time and again I hit "can't verify your ID" with both my drivers license and passport. When I phoned PayPal support, they told me, "we think it something to do with the iPhone. Uninstall and reinstall the PP app, or try turning your phone on/off." Since my iPhone had just updated, I'll check whether that fixed anything.

Bottom line: prepare ahead/save money/get skinny faster/be more happy.

Before dealing with ANY supplier, verify their contact details here (WhatsApp, Telegram, email) more than once, to confirm the person you're talking to really is who they claim to be (the right "Jane" or whoever it may be 😉 ). There are far too many scammers around. Don't ask me how I know...
 
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