Recent Venmo > Exodus experience

[yrrdead]

Just wanted to give my recent experience , hopefully it will help someone out there.

To preface I have a coinbase pro account. I wanted to use my venmo mainly because I had some balance laying around so I figured I would use it. I'm also a complete novice in this space so take that on board as well.

How I expected the process to go;
1. Convert Venmo balance to PYUSD (paypal stablecoin ETH network).
2. Transfer to Exodus.
3. Swap to USDTtrc20(Tron Network).

So step 1 was fine. Step 2 , easy, QR codes make the address stuff easy. Step 3 is where I ran into problems. Exodus couldn't swap PYUSD to USDTtron. I'm sure that's obvious to some but it wasn't to me. So from just noodling with google and the interface I had to run another intermediate swap. PYUSD > USDTetherum then USDTetherum> USDTtron. Next problem it wouldn't auto convert my PYUSD into Eth for "fees". So back to Venmo to buy a little bit of Etherum. Transfer that to Exodus. Then convert everything. Here is how it ended up going.

1. Convert Venmo balance to PYUSD (paypal stablecoin ETH network).
2. Transfer to Exodus.
3. Convert Venmo balance to Etherum (small amount)
4. Transfer 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.

Now my USDTtron should be ready to go. Overall I wasted about $20 on swaps that were inefficient and unnecessary. Cheap lesson learned.

In the future I will simply skip a bunch of these steps and buy Tron directly on Coinbase then send to my Exodus Wallet. My thoughts for doing it the way I did was to avoid current market volatility by sticking with stablecoins. In the future if I decide to use my Venmo balance again I will most likely just buy BTC and send that . The volatility won't really matter compared to the fees generated by unnecessary swaps.

 

[Sara360]

Just wanted to give my recent experience , hopefully it will help someone out there.

To preface I have a coinbase pro account. I wanted to use my venmo mainly because I had some balance laying around so I figured I would use it. I'm also a complete novice in this space so take that on board as well.

How I expected the process to go;
1. Convert Venmo balance to PYUSD (paypal stablecoin ETH network).
2. Transfer to Exodus.
3. Swap to USDTtrc20(Tron Network).

So step 1 was fine. Step 2 , easy, QR codes make the address stuff easy. Step 3 is where I ran into problems. Exodus couldn't swap PYUSD to USDTtron. I'm sure that's obvious to some but it wasn't to me. So from just noodling with google and the interface I had to run another intermediate swap. PYUSD > USDTetherum then USDTetherum> USDTtron. Next problem it wouldn't auto convert my PYUSD into Eth for "fees". So back to Venmo to buy a little bit of Etherum. Transfer that to Exodus. Then convert everything. Here is how it ended up going.

1. Convert Venmo balance to PYUSD (paypal stablecoin ETH network).
2. Transfer to Exodus.
3. Convert Venmo balance to Etherum (small amount)
4. Transfer 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.

Now my USDTtron should be ready to go. Overall I wasted about $20 on swaps that were inefficient and unnecessary. Cheap lesson learned.

In the future I will simply skip a bunch of these steps and buy Tron directly on Coinbase then send to my Exodus Wallet. My thoughts for doing it the way I did was to avoid current market volatility by sticking with stablecoins. In the future if I decide to use my Venmo balance again I will most likely just buy BTC and send that . The volatility won't really matter compared to the fees generated by unnecessary swaps.

The only thing I found was that when I bought on Coinbase they wouldn’t let me transfer it out to Exodus for 7 days. I wasn’t using Venmo so maybe that’s different than a debit/ credit card

 

[yrrdead]

The only thing I found was that when I bought on Coinbase they wouldn’t let me transfer it out to Exodus for 7 days. I wasn’t using Venmo so maybe that’s different than a debit/ credit card

I haven't tried Coinbase yet, is your Coinbase account hooked up to a bank account?

With Venmo (using existing balance) the transfers had no settling/waiting time, so I guess that was nice. I didn't try using bank account through Venmo. I may do a couple experiments to see.

 

[Cdub100]

You can always look and make sure there is liquidity for the trade you want to make.

For those that Don't understand what happened. There was no market for PayPal USD to trade for Tron USDT. So it would have worked if he converted his PayPal to Tron or something else that there was a market for and then traded that for the Tron USDT

To put it simply you have oranges but you want grapes. The guy who sells grapes doesn't want to sell them for oranges he wants to sell them for apples. So you use your oranges to buy apples and then use the apples to buy grapes

 

[Habibibi]

I think the lesson learned is : don't use Tron. I find the fees on this network too high, and I simply don't do business with vendors that only accept Tron (are there any? ). I give a strong preference to vendors that use Solana.

But if you must do it again, buying Tron directly is probably the simplest way.

 

[Jfrick11]

Just wanted to give my recent experience , hopefully it will help someone out there.

To preface I have a coinbase pro account. I wanted to use my venmo mainly because I had some balance laying around so I figured I would use it. I'm also a complete novice in this space so take that on board as well.

How I expected the process to go;
1. Convert Venmo balance to PYUSD (paypal stablecoin ETH network).
2. Transfer to Exodus.
3. Swap to USDTtrc20(Tron Network).

So step 1 was fine. Step 2 , easy, QR codes make the address stuff easy. Step 3 is where I ran into problems. Exodus couldn't swap PYUSD to USDTtron. I'm sure that's obvious to some but it wasn't to me. So from just noodling with google and the interface I had to run another intermediate swap. PYUSD > USDTetherum then USDTetherum> USDTtron. Next problem it wouldn't auto convert my PYUSD into Eth for "fees". So back to Venmo to buy a little bit of Etherum. Transfer that to Exodus. Then convert everything. Here is how it ended up going.

1. Convert Venmo balance to PYUSD (paypal stablecoin ETH network).
2. Transfer to Exodus.
3. Convert Venmo balance to Etherum (small amount)
4. Transfer 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.

Now my USDTtron should be ready to go. Overall I wasted about $20 on swaps that were inefficient and unnecessary. Cheap lesson learned.

In the future I will simply skip a bunch of these steps and buy Tron directly on Coinbase then send to my Exodus Wallet. My thoughts for doing it the way I did was to avoid current market volatility by sticking with stablecoins. In the future if I decide to use my Venmo balance again I will most likely just buy BTC and send that . The volatility won't really matter compared to the fees generated by unnecessary swaps.

Quick question.... If you buy in Coinbase, why not send directly to the vendor from Coinbase? What's the advantage of first sending to exodus and then the vendor?

 

[Cdub100]

I think the lesson learned is : don't use Tron. I find the fees on this network too high, and I simply don't do business with vendors that only accept Tron (are there any? ). I give a strong preference to vendors that use Solana.

But if you must do it again, buying Tron directly is probably the simplest way.

Tron is HUGE in Asia. One of if not the largest ALT coin.

To your point, I've never seen a vendor take only TRON. They all take multiple different coins. There's no reason not to.

 

[yrrdead]

Quick question.... If you buy in Coinbase, why not send directly to the vendor from Coinbase? What's the advantage of first sending to exodus and then the vendor?

Exchange accounts similar to paypal/venmo can and have been locked down as well as autogenerating newly required tax forms for every transaction. And while I'm not super worried about it , I'd rather avoid it by using Exodus to conduct my transactions.

That's my understanding anyway. I definitely could be wrong, new to this.

 

[Cdub100]

Quick question.... If you buy in Coinbase, why not send directly to the vendor from Coinbase? What's the advantage of first sending to exodus and then the vendor?

This isn't totally on the up and up. Coinbase and other major exchanges will partner with the Government to stop payments to those vendors. If that's the case you risk your account getting shut down. That's why most people add an additional layer of privacy.

Note: There's no such thing as privacy on a public blockchain. If the government is watching ,they can track your spending super easy. But in general, they don't care.