Finally hooked into Crypto, made my first purchase, so much easier than i thought!!!!!

[Phoenix_Vixen]

I really need to decide if I should go crypto or keep pestering vendors if they do PayPal 🫠

I did my first order a few days ago and went to order KLOW to try out, but the vendors PayPal has frozen.

I'm nervous, mainly due to personal reasons - and knowing me, I'd do something absolutely ridiculous whilst setting accounts up.

I think I'll have no choice soon but to dive into the crypto world!

 

[New2ton]

So once my bank account transfer into Coinbase becomes available (7-day hold), can I use it to pay the supplier directly from Coinbase or does it make more sense to transfer it to my Exodus wallet? I would think the extra step thru Exodus would incur more fees?

I just made a purchase today through Coinbase. Here's the transactions.
1. Purchased $60 of USDC on Coinbase. Paid $1.46 in fees for purchasing. Had $58.54 available to transfer.
2. Transferred $58.54 to my Exodus wallet. After transfer to my Exodus wallet, I had $58.54 to use. No fees incurred with the transfer.

When I sent payment to the vendor I did incur 0.000024 cents in SOL for the transaction fees when I used the Solana block chain, so you'll need to have a few dollars in SOL in your Exodus wallet as well, but that should last you A LOT of payments to vendors.

I've never incurred any fees when I've transferred USDC to my Exodus wallet from Coinbase.

 

[WeezinDaJuice]

I just made a purchase today through Coinbase. Here's the transactions.
1. Purchased $60 of USDC on Coinbase. Paid $1.46 in fees for purchasing. Had $58.54 available to transfer.
2. Transferred $58.54 to my Exodus wallet. After transfer to my Exodus wallet, I had $58.54 to use. No fees incurred with the transfer.

When I sent payment to the vendor I did incur 0.000024 cents in SOL for the transaction fees when I used the Solana block chain, so you'll need to have a few dollars in SOL in your Exodus wallet as well, but that should last you A LOT of payments to vendors.

I've never incurred any fees when I've transferred USDC to my Exodus wallet from Coinbase.

Thanks. So you paid about 2.4%.

I'm another 2-3 days out from my initial bank transfer into Coinbase (where I bought USDC-SOL) being unfrozen. At that point I will transfer into my Exodus wallet.

So did you purchase USDC in CoinBase with existing funds already there, or did you have to use a debit/credit card? If you went the debit/credit purchase, did that incur fees?

 

[New2ton]

Thanks.

I'm another 2-3 days out from my initial bank transfer into Coinbase (where I bought USDC-SOL) being unfrozen. At that point I will transfer into my Exodus wallet.

So did you purchase USDC in CoinBase with existing funds already there, or did you have to use a debit/credit card? If you went the debit/credit purchase, did that incur fees?

I've done it both ways. Deposited cash via bank transfer and then purchased USDC. The fees are associated with the purchase of the USDC, not the deposit itself. I've also purchased USDC directly with my debit card. Again, the fee was automatic because of the purchase not because I used my debit card.

Since the fee is associated with the purchase of the crypto and not the method of payment, you are going to incur a fee regardless of what method of payment you use, at lease that has been my experience so far. My goal is to pay the least amount in fees as possible, so I don't like to purchase USDC directly from my Exodus wallet with my debit card (via Moonpay). If I had done that with my example above I would have had to pay $5ish something in fees instead of $1.46 by purchasing on Coinbase.

 

[dogmom]

It was hard for me to figure out at first too. Now it is no big deal. There is a learning curve. I also pay with other stuff through crypto now too.

 

[New2ton]

It was hard for me to figure out at first too. Now it is no big deal. There is a learning curve. I also pay with other stuff through crypto now too.

Yep! After I completed my first transaction all the way through, I was kicking myself for being so stressed out.

 

[WeezinDaJuice]

I've done it both ways. Deposited cash via bank transfer and then purchased USDC. The fees are associated with the purchase of the USDC, not the deposit itself. I've also purchased USDC directly with my debit card. Again, the fee was automatic because of the purchase not because I used my debit card.

Since the fee is associated with the purchase of the crypto and not the method of payment, you are going to incur a fee regardless of what method of payment you use, at lease that has been my experience so far. My goal is to pay the least amount in fees as possible, so I don't like to purchase USDC directly from my Exodus wallet with my debit card (via Moonpay). If I had done that with my example above I would have had to pay $5ish something in fees instead of $1.46 by purchasing on Coinbase.

Just to close the loop on this (and I'm sure I've worn everyone out at this point):

1) Least expensive way = Bank Transfer to Coinbase (also longest wait for access to your crypto): Set up CoinBase account (or maybe other exchanges as well?) and initiate bank transfer from your Checking or Savings Acct. Impact: $0 fees...Wait 7 days for CoinBase to unfreeze those funds, then transfer into your Exodus wallet for the cost of network/"gas" fees. Impact: Immeasurably small unless transferring Tony Montana stacks of cash.

2) 2nd Least expensive = Venmo/PayPal etc (funds available instantly): Purchase crypto in Venmo (or PayPal et al). Impact: 1.8% purchase fees in Venmo, etc. Transfer to Exodus wallet for next to nothing as stated above.

3) Most expensive = Purchase inside of Exodus (assuming other wallets as well/instant access to funds): Impact: Fees upwards of 7%+ depending on payment source.

I am sure there are other variables, but it seems like these or similar routes are what most average low-end crypto consumers take.

Please correct any inaccuracies so future dummies like myself can shorten the learning curve.

 

[Bball24]

I still need to try crypto. I'm reading a lot so maybe I will not have questions.

 

[Jellojellojello]

I'm still a chicken, on the fence, looking. Crypto..........spooky! (I'm getting there)

 

[WeezinDaJuice]

I'm still a chicken, on the fence, looking. Crypto..........spooky! (I'm getting there)

It's not bad if you plan ahead or accept the fee hit for instant funds.

My banks (debit or credit) would not allow any other transactions after the initial one which was only a couple hundred dollars. What worked best for me was option #1 above = less fees but longest wait.

Tried PayPal also, where I purchased crypto there with the intent of transferring to my Exodus wallet. Ran into "can't verify your ID" with drivers license and passport multiple times. Called their Paypal support and got, "we think it something to do with the iPhone. Uninstall and reinstall the PP app, or try turning your phone on/off." My iPhone just did an update so I will see if anything is resolved.

Long story short: Plan ahead/save money/get skinny faster/be more happy.

Triple-check EVERY supplier contact via their contact info here (WhatsApp, Telegram, email) to test who you are speaking to is exactly who they say they are (well, the correct "Jane" or whomever anyways 😉 ). Too many scammers out there. Don't ask me how I know...