Favorite payment app

[Sackett]

So I downloaded coinbase and went through the process of verification. Wouldn't let me verify my account so I'm at a stall. I went ahead and downloaded cash app and wise due to popularity from other individuals. I'm about to set up cash app next.

What does everyone use and there experience? I mostly understand the process of opening and buying the crypto the transferring it to a wallet. Not sure why people suggest exodus over the coin wallet that's linked to the app?

This isn't a rush for me. I'm trying to just learn the basics and payment is about the best place to start.

Any suggestions or recommendations? I downloaded the cheat sheet from peppys and read up from a few things posted by qsc. Thanks for any advise

 

[Bacchus]

I'll be uploading a full crypto guide when I find the time.

Adding your location and purpose of using crypto would make it easier to give suggestions.

Is it just for the ease of payments, or do you want to use crypto in order to transact anonymously?

If it's just for buying and sending crypto without any privacy concerns CashApp is one of the more convenient options

 

[milos]

I use exodus for some time already and its still fine for me, had no really reason to look for something else
Im sure if @Bacchus get into it, it will be a very good source of info

 

[roake]

I'll be uploading a full crypto guide when I find the time.

Adding your location and purpose of using crypto would make it easier to give suggestions.

Is it just for the ease of payments, or do you want to use crypto in order to transact anonymously?

If it's just for buying and sending crypto without any privacy concerns CashApp is one of the more convenient options

How does paying with crypto affect your taxes?
I read that the IRS treats it like stocks. When you pay with crypto you have to calc gain/loss for each trade.
OMG my head hurts just thinking about it.

 

[MrsRoper_1977]

How does paying with crypto affect your taxes?
I read that the IRS treats it like stocks. When you pay with crypto you have to calc gain/loss for each trade.
OMG my head hurts just thinking about it.

This is my concern too. Keep meaning to ask our accountant but haven’t made any effort to yet.

 

[Bacchus]

As

How does paying with crypto affect your taxes?
I read that the IRS treats it like stocks. When you pay with crypto you have to calc gain/loss for each trade.
OMG my head hurts just thinking about it.

Absurd as it seems, this is actually true... If you buy 500$ worth of crypto and it's worth 505$ by the time you send it, you should report and pay capital gains taxes on those 5$.

But in practice it is very unlikely for the IRS to come running after you for a small yearly unintentional capital gain of a couple hundred $ (or less).

And, depending on where you buy your crypto - they wouldn't really know unless you told them.

I'd say the biggest risk here, is if they wanted to nail you for something and this was the only straw they could grasp to hit you with the law.

You can send crypto and pay with fiat - then there won't be any capital gains in the first place. So if the only intention is to pay for something and you don't worry about privacy that isn't a problem.

Edit: But in this case, you could be requested to account for where the crypto was sent, and whether that was to a wallet you own or if you were truly paying for goods/services. Though i highly doubt that would be a real world scenario unless we are talking about significant sums.

That said, it could become a problem if you can't prove that you were paying for goods/services. So I would consult a professional since the burden of proof is on the tax payer in tax matters. But I do believe a record of transactions would suffice, like keeping a log of the txn hash for each transaction.

 

[RedSkip]

I felt the Alibaba payment method was simple and painless.

 

[MarisWinter]

I'll be uploading a full crypto guide when I find the time.

Adding your location and purpose of using crypto would make it easier to give suggestions.

Is it just for the ease of payments, or do you want to use crypto in order to transact anonymously?

If it's just for buying and sending crypto without any privacy concerns CashApp is one of the more convenient options

Thanks for this. I have all the usual, but would rather NOT do Crypto; should I ahem’leave the stage’ ahem, the other family members would never figure out how to retrieve it……

 

[Sackett]

I'll be uploading a full crypto guide when I find the time.

Adding your location and purpose of using crypto would make it easier to give suggestions.

Is it just for the ease of payments, or do you want to use crypto in order to transact anonymously?

If it's just for buying and sending crypto without any privacy concerns CashApp is one of the more convenient options

Location is USA
Intention would be to buy from China vendor in the future to stock up. Qsc only does direct wire (not for me) or crypto. I see others will use alibaba which is what I would perfer. Crypto is just a piece of the puzzle for all of us. Once we know what company to use and vetted the product then payment can be an issue if not prepared. My old marine Corp dad taught me " Chance favors the prepared mind"

 

[Sackett]

I felt the Alibaba payment method was simple and painless.

Not all take alibaba. Want to be prepared

 

[Sackett]

I use exodus for some time already and its still fine for me, had no really reason to look for something else
Im sure if @Bacchus get into it, it will be a very good source of info

So exodus is the wallet but coinbase allows you to buy it and transfer it to exodus? I really didn't understand why I needed coinbase and exodus unless one is to buy and the other is to hold? Looks like you can buy with exodus also? Seems cash app may be easier?

 

[zpped]

So I downloaded coinbase and went through the process of verification. Wouldn't let me verify my account so I'm at a stall. I went ahead and downloaded cash app and wise due to popularity from other individuals. I'm about to set up cash app next.

What does everyone use and there experience? I mostly understand the process of opening and buying the crypto the transferring it to a wallet. Not sure why people suggest exodus over the coin wallet that's linked to the app?

This isn't a rush for me. I'm trying to just learn the basics and payment is about the best place to start.

Any suggestions or recommendations? I downloaded the cheat sheet from peppys and read up from a few things posted by qsc. Thanks for any advise

If you use the wallet directly attached to the app you could eventually lose access. services where you exchange USD for crypto are heavily regulated and scrutinized. If your account is seen associated with a wallet that gets tagged, you'll get booted. If you send it to a private wallet first than your fine.

Best practice depends on where you buying. some places accept a few options, some only one. But say you need USDT-Sol. Easiest way I've found is purchase Sol on coinbase, transfer to Exydos and convert to Tether (USDT)

 

[roake]

If you use the wallet directly attached to the app you could eventually lose access. services where you exchange USD for crypto are heavily regulated and scrutinized. If your account is seen associated with a wallet that gets tagged, you'll get booted. If you send it to a private wallet first than your fine.

Best practice depends on where you buying. some places accept a few options, some only one. But say you need USDT-Sol. Easiest way I've found is purchase Sol on coinbase, transfer to Exydos and convert to Tether (USDT)

OMG this is the easiest way?

 

[PopTart]

I used Wise once and paid with a debit card - it was intuitive, fast, and a painless process for a boomer. The fee was $5 more than going with crypto. Transactions can be canceled if you end up making a mistake (I did) before the money transfer is completed.

I haven’t ruled out crypto as the setup process is easy after I read through a very detailed walkthrough on another forum.

Coinbase with coinbase wallet was the basis for the walkthrough but it can be adapted for other blockchain networks. Funding the wallet in advance of purchase sounds like the route to go for newbies who make last minute purchases.

 

[Bacchus]

Thanks for this. I have all the usual, but would rather NOT do Crypto; should I ahem’leave the stage’ ahem, the other family members would never figure out how to retrieve it……

If you use a custodial platform that wouldn't be a concern since it would be retrievable by contacting support. Crypto on a centralized platform is not very different from a bank account 🙂

 

[milos]

If you use a custodial platform that wouldn't be a concern since it would be retrievable by contacting support. Crypto on a centralized platform is not every different from a bank account 🙂

Oh sorry I did write it before in the different post wrong and didn't even realize it until your comment here, I mean non-custodial
sorry for confusion everyone and thanks @Bacchus for pointing out the difference
it is important that only you are holding private keys (or seed) and no one else (if you want a privacy), if you are worried about lost access custodial is the way to go as it is really almost like a bank account

 

[Sackett]

I used Wise once and paid with a debit card - it was intuitive, fast, and a painless process for a boomer. The fee was $5 more than going with crypto. Transactions can be canceled if you end up making a mistake (I did) before the money transfer is completed.

I haven’t ruled out crypto as the setup process is easy after I read through a very detailed walkthrough on another forum.

Coinbase with coinbase wallet was the basis for the walkthrough but it can be adapted for other blockchain networks. Funding the wallet in advance of purchase sounds like the route to go for newbies who make last minute purchases.

So far I've downloaded coinbase, wise and cash app. I've set up coinbase other than linking an account. Gonna look at wise and cash app set up next.

 

[zpped]

OMG this is the easiest way?

yes? Crypto is was easier these days than it was back when you had to either mine it yourself or find someone at a conference to sell it to you directly.

 

[Bacchus]

It

OMG this is the easiest way?

Seems more complicated than it is 🙂

A centralized exchange/app is no more complicated than your online bank. And you can send whatever currency you want anywhere (just faster and with less restrictions than the bank).

But to keep your bank account safe from getting flagged for sending payments to a sketchy business/place - With crypto you get the option to first send it to an anonymous bank account, that's where it starts sounding complicated - But still quite simple once you understand how it works.

So lets say you had this 2nd anynymous bank account, and you want to transfer Japanese Yen to someone.

Then you can either send them JPY directly from your original bank, or you could use that 2nd account.

But that 2nd account could for example only support Euro and Euro-JPY (lets just assume that's a currency to exist, or the explanation would get too long).

So in order to pay the transfer fees on that account you would first need EUR. So either you send a tiny amount of EUR to pay the fees and the EUR-JPY you want to send. Then simply send it.

Or you could send it all as euro, then exchange most of it to EUR-JPY and then send.

Not sure if that makes sense, but in my head it does 😀

Now keep in mind, there is still no privacy included in this transaction, anyone who knows your original bank accounts account number can track it to the end-point. You can obscure the transaction to avoid that, but then there are more steps to the process.