crypto for idiots (aka me) lol

Is nobody concerned about putting your SS# out there in the crypto exchange world? People sell your SS# on the black markets paid for with ..... crypto! Seriously though. SS# was supposed to be the never tell anyone number.
 
ZippityDooDah said:
Please be very careful with this.

What they don't tell you is that your credit card issuer is going to treat the transaction as a cash advance and not a purchase which eliminates any buyer protections, they will probably charge a cash advance fee, and it will likely start accruing interest from transaction date. More importantly, the banks are getting really difficult about purchasing crypto with credit cards and there's a risk that they will close your account if they even allow the transaction in the first place.
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Not to be daft but does this include using a debit card in say AppleXO or Moonpay?

How do I find out what the fees/charges are for an exchange? Do people usually put more in the wallet than what their planning to pay for the peptides+shipping to cover those costs?
 
skbioglow said:
I've read a few posts about crypto tips here, but I've slept since then and can't remember where I saw them. Lol but from what I can remember, I think a lot of people said they bought the crypto in PayPal and then transferred it to an Exodus wallet -- this seemed to be what most people said was easiest. What are your thoughts? THANK YOU!
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One of the most established websites you can use is Coinbase. You can buy a multitude of coins there and send them wherever you please.

I'm new to the peptide scene but I've been into crypto since 2015. Fortunately I had a leg up in that regard when coming into this space.
 
USDC on Base works well for me. It is annoying but the best option I’ve found
 
Wallydog said:
Is nobody concerned about putting your SS# out there in the crypto exchange world? People sell your SS# on the black markets paid for with ..... crypto! Seriously though. SS# was supposed to be the never tell anyone number.
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Little late on this Wally but over the last decade just about every single persons Social Security number has been exposed in every major data breach. So unless you've never entered it on any website ever (loans,cellphones, etc.) it is out there.

Social Security numbers are now just like any former address. Public information at this point. Lock your credit at every agency.
 
After reading a few "how to use crypto" guides and posts and consulting with Gemini Pro, I got Coinbase on my phone and bought BTC. Then, after downloading Exodus, I transferred my BTC to my Exodus account and from there, will pay the vendor. Something about Exodus being 'the man in the middle' seems slightly less terrifying. I sure as hell hope I got it all right.
 
What’s everyone’s opinion about reporting these transactions? There’s no question you are legally required to report this to the IRS, even if buying and immediately transferring to a vendor, but is the IRS going to know? If they audit you they would, but that doesn’t seem very likely. Maybe it depends on how much you buy and sell in the year? I get it if peptides are your business and you’re spending $50K-$100K, but for those of us in the $2K-$3K range? Important?
 
Gr33dyOctopus said:
Why the fuck does this all.seem so complicated? Ive spent thousands now through PayPal. But I want to pay in crypto to expand my horizons.

I use chase bank, have a debit and credit card and get shut down at every turn for crypto. My head spins when I read all this shit. Can someone help me with how to submit money to buy crypto? I have a privacy.com account, has anyone used that? I dont really mind some fees. Just want to be able to move money around and actually make crypto work. But it feels.like chase bank has me shut down before I even get started
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I just figured out how to make a purchase with crypto and hit some roadblocks along the way.

You're going to need:
A funding source (Bank, debit or credit card, PayPal)
A wallet

Do you have an Exodus wallet? If not, go and download it.

I also downloaded Kraken to move money from my source to Exodus without doing so directly. Don't bother. Exodus has within it connections to tools you can use to take the money from your funding source to your wallet.

Exodus is like the ATM at some random store. You can get your money out of it and you pay the owner of the machine a fee. Same thing here.

I recommend making sure to conceptually understand the process and the connection points before touching your money. It's easy to make a mistake as a new user and there's no recourse if we do. We also don't need to do all steps in one sitting if it suddenly gets confusing or something isn't working as intended or expected. It took me several days to get through my first purchase. When I finally placed my order, it went through exactly as expected with zero need to send a ticket to PGB. 🙂

You can do this, @Gr33dyOctopus !!🤓
 
I think I posted this in the wrong thread. If you have read it before, I apologize in advance.

After reading many posts, I have decided to enter the world of crypto for the first time. What are the pros and cons of paying a vendor in USDT via the TRON (TRC-20) network in the following way:
1) Open a Kraken account
2) Link a credit union account and do an ACH transfer of the desired amount to Kraken
3) Buy USDT in Kraken
4) Withdraw USDT from Kraken and send to a TronLink wallet address using TRC-20
5) Send vendor payment from TronLink wallet

TIA for any and all advice and comments.
 
Kraken has a 7 day hold on funds from bank account.

I think Tron is the more expensive way to go as opposed to sol or eth. But check that with others, I could easily be wrong.
 
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I feel like I must be doing something wrong it was so simple. I installed MoonPay on my phone, I bought USDC with my CC and then I paid the vendor with the USDC. Done it twice now.
I feel like I am doing less steps then many are describing here. Please let me know if I am missing something?
 
| Kraken has a 7 day hold on funds from back account.

Forgive my ignorance, but what do you mean by "back account"? Or is that bank account? I am so new to crypto, to me it could be either.😕
 
AcadiaPeptides said:
I feel like I must be doing something wrong it was so simple. I installed MoonPay on my phone, I bought USDC with my CC and then I paid the vendor with the USDC. Done it twice now.
I feel like I am doing less steps then many are describing here. Please let me know if I am missing something?
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What percentage is your cc charging you for buying USDC?
 
AcadiaPeptides said:
I feel like I must be doing something wrong it was so simple. I installed MoonPay on my phone, I bought USDC with my CC and then I paid the vendor with the USDC. Done it twice now.
I feel like I am doing less steps then many are describing here. Please let me know if I am missing something?
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I was told to buy then hold in a 3rd party app (wallet) so there isn't a direct connection between the funding source and the recipient of the crypto. Apparently, buying research products is not white hat.
 
attcbf said:
| Kraken has a 7 day hold on funds from back account.

Forgive my ignorance, but what do you mean by "back account"? Or is that bank account? I am so new to crypto, to me it could be either.😕
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Typo on my part. BANK not back. My apologies.

I'm usually the new kid trying to figure out if I just don't understand or if someone is saying something completely nonsensical.

I went back and fixed it. Thanks for the catch!
 
AcadiaPeptides said:
I feel like I must be doing something wrong it was so simple. I installed MoonPay on my phone, I bought USDC with my CC and then I paid the vendor with the USDC. Done it twice now.
I feel like I am doing less steps then many are describing here. Please let me know if I am missing something?
Click to expand...
Seconding @attcbf ‘s question. How long ago did you do this, and did your CC charge you extra? I was seeing that it would’ve been considered a cash advance, which has much higher interest rates that apply IMMEDIATELY
 
AcadiaPeptides said:
I just looked. I used my debit card actually (sorry). It was $320 out and $320 in. The payment to the vendor had an extra charge though.
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What transfer network do you use?
MeedzMoar said:
Kraken has a 7 day hold on funds from bank account.

I think Tron is the more expensive way to go as opposed to sol or eth. But check that with others, I could easily be wrong.
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MeedzMoar, thank you very much for setting me straight. I will be switching to ACH into Moonpay, USDT-Sol via a phantom wallet to the vendor. Cheaper and quicker.
 
attcbf said:
What transfer network do you use?

MeedzMoar, thank you very much for setting me straight. I will be switching to ACH into Moonpay, USDT-Sol via a phantom wallet to the vendor. Cheaper and quicker.
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Please check about Tron. I've done one crypto transaction that wasn't through CashApp (do NOT recommend). I'm no expert.
 
MeedzMoar said:
Please check about Tron. I've done one crypto transaction that wasn't through CashApp (do NOT recommend). I'm no expert.
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I was told Tron was more expensive than Sol. I was also told I could do an ACH transfer with Moonpay (trying to keep fees down), only to find out tonight that Moonpay only allows ACH transfers for sales, not purchases. This was after its chatbot confirmed I could do it. Needed human support person to figure out what for what type of actions ACH transfers are allowed. a waste of two hours of my time {end of rant}.
 
attcbf said:
I was told Tron was more expensive than Sol. I was also told I could do an ACH transfer with Moonpay (trying to keep fees down), only to find out tonight that Moonpay only allows ACH transfers for sales, not purchases. This was after its chatbot confirmed I could do it. Needed human support person to figure out what for what type of actions ACH transfers are allowed. a waste of two hours of my time {end of rant}.
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That's incredibly frustrating. I hope you are (or were) able to do what you needed to do or will be able very soon.
 
MeedzMoar said:
That's incredibly frustrating. I hope you are (or were) able to do what you needed to do or will be able very soon.
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We will see. Moonpay waived the fee for my next transaction as a mea culpa for its chatbot. It essentially covers the fee I am incurring having to pay via debit card. Once this transaction is completed, I will be on the lookout for the most user friendly (and hopefully least expensive) way to use crypto for transactions with vendors going forward. I am still very, very new to this world. I definitely now understand the fears and frustrations expressed by other posters.
 
So how i got this to work was i added money to my paypal account from a store . One in my paypal balance i bought sol through paypal using my paypal balance. Next i sent the sol to my new exodus wallet. This is where im at now i have a small test amount of sol in exodus . Now im assuming i can switch it to whatever i need in the exodus wallet like usdc then from there send to supplier does that sound about right . Not to worried about fees and things like that
 
I
So_krispy69 said:
Now im assuming i can switch it to whatever i need in the exodus wallet like usdc then from there send to supplier does that sound about right .
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Right. I buy PYUSD-Sol and then usually swap in Exodus to USDC-Sol (for my favorite vendor). But you can swap to anything else like BTC, etc.
 
joseblo said:
Sorry, I didn't really address your main question with my first answer.

Yes, normally you should be able to purchase SOL and PYUSD in Paypal (or USDC on Coinbase) and directly transfer to the Exodus wallet Sol address. If you can't you've got some sort of location restriction (more often there's a time restriction when coming from a debit card/account).
Click to expand...

To add to this, doing that and then using Jupiter to flip that pyusd to usdc or usdt on sol is the basis of the guide peptideusername wrote and posted in this section (not tagging him cause I don't want to summon him every time I credit him, which I always do cause he's the reason I can use crypto.)

(this has probably been mentioned multiple times on this thread already, but once a thread becomes a megathread like this one, all bets for reading through it are off)
 
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randompersonrandom said:
To add to this, doing that and then using Jupiter to flip that pyusd to usdc or usdt on sol is the basis of the guide peptideusername wrote and posted in this section (not tagging him cause I don't want to summon him every time I credit him, which I always do cause he's the reason I can use crypto.)
Click to expand...
Is the benefit to doing this in Jupiter to save on fees?
 
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