10 years in Crypto here to help
- Thread starter Cdub100
- Start date
I was mining Dogecoin back in the day. Like most things in crypto I wish I had mined/bought more.
frankpeptid
GLP-1 Apprentice
I hate crypto fees. Any suggestions on CHEAPEST way to get money from my bank to end user merchant is appreciated.
It depends on what the vender takes and how long you're willing to hold the crypto.
USDC/USDT are the most stable. The problem is most people use the ETH network to send them which cost a lot.
Onbe way around that is those stable coins (USDC/USDT) can be sent on Base, SOL AVAX network. Those are much cheaper to use. That being said you better make sure they know and the vendor gave you the network address. Because if you send SOL USDC to a ETH USDC address it is lost forever.
SOL can have big price movements, but is super cheap (pennies to send) and fast.
What I would do is open a major exchange account on coinbase, CDC, kraken etc... A place you can connect your bank to and not worry. Deposit some cash and let it sit there until it clears the ach transfer. Then you can buy whatever the vendor wants and move it to a warm wallet before sending it to them.
BL
BTC/ETH - More expensive network fees
SOL/AVAX/POLY etc... - Cheaper fees.
I just placed an order using Solana and it was super easy.
Bought on coinbase.
Sent to Phantom wallet
Sent to vendor.
Cheap easy and super fast. They got it in seconds rather than minutes.
True. Fees and speed have always been good with Sol. A lot of people have been using it lately. I have always converted it to btc. I just checked and one of my vendors say they take usdc on Solana. I wonder if they will take straight sol. I will check on my next order.
USDC on Sol is also sent cheaply. So that's good to use too. Make sure you buy the correct USDC and send it on the SOL chain.,
Calm Logic
GLP-1 Specialist
In Exodus, I will buy PYUSD-SOL and convert to USDC-SOL. It is significantly cheaper that way for most payment options, except Robinhood maybe.
I assume you're buying PYUSD on PayPal and moving it over?
Since you're using Solana I like to use Phantom wallet. But use whatever you're comfortable with. GL
I don't usualy accept stable coins for that reason. I have seen people losing money too many times from sending on the wrong chain.
keangkong
GLP-1 Specialist
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Surprisingly, I have never lost money when sending crypto. I always worry that I'll do it wrong but it hasn't happened yet.
Most of my customers are new to crypto. I want their early crypto experiences to be positive. Using stable coins adds a level of complexity that can overwhelm a new customer. Some people do prefer them because they are tied to the dollar and they don't quite trust decentralization yet.
Use what your comfortable with at the cost you're comfortable with. PYUSD is paypal btw. If things get tighter you might want to wish you figured out crypto.
IMO what gets people messed up is they try to jump straight to warm wallets like Exodus. The on ramp is the major exchanges. They play relatively nice with the old banking system.
Yeah man no worries feel free to ask if you have any questions.
I am brand new to crypto, but have made a few successful purchases using USDT TRON through my own research and have lost a little due to transfer fees and "gas money." I am using exodus as my wallet for sending and buying (moonpay) crypto. Is there an advantage to using coinbase, kracken, paypal, or other service vs just buying it from the exodus app?
The advantage most people will have is that they can transfer to and from their bank. You will also probably get a better rate when you buy or sell on a major exchange due to more liquidity. If Exodus is working for you that's great. It saves you a step in the process.
I've created a Coinbase account and Exodus wallet and made a few very small purchases with different methods, bank transfer, debit card, Paypal. All of my research so far has said to use a debit card so there is no mandatory hold before transferring to my wallet. My Coinbase account is telling me that I have a weekly limit of $50 using the debit card method, but a very large limit using a bank transfer. So are my only choices to wait for the hold period on a bank transfer or to purchase $50 every week. Also, I've tried purchasing through Paypal, which Coinbase tells me there is a very large daily limit, but the hold time is still 5-7 days. AND I've tried transferring money from my bank to my Paypal balance....same result, 5-7 day hold. Am I just doomed?
This sounds like you need to adjust your expectations.
Purchasing crypto through conventional methods requiring KYC is rarely instant if settled funds aren't already present in the account, or (as you're discovering) has limits. That's going to apply to most exchanges, PayPal, etc.
Hold times are simply part of the process, and it's easier just to accept that and work within those hold times rather than trying to find ways to make it "instant". It's really no different than someone who gets paid with a paper check and their bank puts a 5 or 7-day hold on every check before the funds are available (except for maybe the first $100 that they'll make available immediately).
If you know you're going to be making a $300 purchase with crypto, a little advance planning is all that's necessary to avoid these hassles. Transfer $300 (plus extra for gas fees) far enough in advance so that those funds are settled and available for purchasing crypto when needed. Then when the time comes you just buy your coin with those funds, transfer to your Exodus or other wallet, and use it to make your purchase.
For people planning to use crypto to make purchases regularly, it's probably easier just to transfer extra cash ahead of time on a regular basis so that it's always just there—ready and available—when the time comes; or just keep a large enough balance in your exchange account to purchase/convert crypto on-demand. I know a number of people who use their PayPal accounts as a pseudo-bank account and then always have funds in there to use for various things rather than waiting on a bank transfer.
Personally, I just let a few hundred bucks in BTC sit in my Exodus wallet and either pay with that or swap to USDT within Exodus if/when needed. I also keep around $25 each in ETH and TRX to cover gas fees depending on the network when dealing with USDT.
Thank you! I've been reading so many posts about the process being so simple with a debit card and being able to make their first purchase immediately, I thought I was doing something wrong. I've also read where certain regions have different limitations, etc., so I thought may have also been part of my problem with my debit card only allowing $50 a week. Everything else I've read, even on Coinbase, says with frequency of transactions the limit goes up, blah blah blah. Like what should my expectations really be?
Regarding your comment about the PayPal account being a pseudo-bank account, what are you referring to exactly. I've tried the process of transferring cash from my bank to my PayPal account, and it was available immediately, but then when I used my PayPal balance to purchase in Coinbase it put the hold on it. I wasn't able to tell if this was a hold being put on it by Coinbase, PayPal, or my bank or what.
I'll take your advice and just start transferring ahead of time so I don't get as frustrated. I was hoping to be able to take advantage of a few of the great New Year's promos going on right now, but alas, I will have to wait!
That this is not an instant process. It takes time to learn how this all works, and time to get the funds in place to use for buying crypto.
I'm referring to using your PayPal account to buy crypto within PayPal.
The easiest way I can think to explain it is like this:
To buy crypto with PayPal, you should have settled funds available in your PayPal account.
To buy crypto with Coinbase, you should have settled funds available in your Coinbase account.
I guess the key phrase to all of this is "settled funds", which for anyone new to crypto is going to take time and patience.
Thank you again! You have been very helpful. That makes so much more sense about "settled funds." I just need to slow my roll and be patient. I truly thought I was doing something wrong when I read all of the posts everywhere (not just here) about how easy this is. In my head "easy" means "fast" which obviously is not the case.
In addition to what Zip said I find connecting your bank account to coinbase makes things easier and will probably increase your limit.
I know crypto can be scary with all the thieves and scams, but coinbase is a massive company that is traded on the stock exchange (not that traded companies don't commit fruad) but you can trust your ID and account with coinbase almost as much as a normal bank.
I know crypto can be scary with all the thieves and scams, but coinbase is a massive company that is traded on the stock exchange (not that traded companies don't commit fruad) but you can trust your ID and account with coinbase almost as much as a normal bank.
I currently have my bank account, my debit card, and my PayPal account all linked. The limit using my bank account or my PayPal account isn't an issue, it's well above what I would normally purchase at one time. My shock came when it said that I have a limit of $50 weekly when I use my debit card, and currently it says $0 even though I only did a small test purchase of $20. What the heck?
Crypto is very new to me, so it's probably a good thing that I have some guardrails in place that are keeping me from going on a spending spree. 😆
I am absolutely tearing my hair out. I set up and funded Coinbase, but setting up the wallet to transfer the bitcoin into to pay for the purchase so confusing. The tutorials end up looking nothing like the app thar I downloaded so navigation is horrible. I don't know if I'll ever figure this out!!! Appreciate any help....
Go here and download the software wallet.
Install it. If you get a 12-24 word code. WRITE IT DOWN
DOUBLE CHECK the words are correct.
TRIPLE CHECK the words are correct.
Finish the install.
Once it's installed you should be G2G
Install guide:
I am giving it a try
I actually was able to set up the wallet and send a small sample amount of bitcoin to it...now to figure out how to pay a vendor...
Good work it'll get easier from here.
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