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

[Mr. Blonde]

T

Dude ur there!

Thanks, was reading back through some posts by you and others. I'll feel better once I do a transaction. Now there are so many options. I got to figure out a new vendor. Before I just used whoever accepted PayPal lol

 

[Gr33dyOctopus]

T

Thanks, was reading back through some posts by you and others. I'll feel better once I do a transaction. Now there are so many options. I got to figure out a new vendor. Before I just used whoever accepted PayPal lol

Me too buddy! Your iptions are limitless now. I wish I would have been able to get some of those christmas specials, but better late than never!

 

[tubby]

I was able to do it with venmo for whatever reason. Now I have usdc/sol. Just got to figure out how to purchase now...

Did you also purchase a small amount of SOL itself? If not you'll want to do that ($1 worth is probably fine), since when you're moving USDC around on the Solana network between wallets you have to pay a transaction fee. And that transaction fee is paid in SOL crypto itself.

 

[Mr. Blonde]

Did you also purchase a small amount of SOL itself? If not you'll want to do that ($1 worth is probably fine), since when you're moving USDC around on the Solana network between wallets you have to pay a transaction fee. And that transaction fee is paid in SOL crypto itself.

Now I did, thanks!

 

[Crumplestiltskin]

So, if I purchase something using crypto through Exodus, do I need to declare that purchase on my taxes? Or just the fact I purchased X amount of crypto?

 

[tubby]

So, if I purchase something using crypto through Exodus, do I need to declare that purchase on my taxes? Or just the fact I purchased X amount of crypto?

Here's an easier way to think about it:

If you buy some crypto for $100 and later sell it for $105, you would report the transaction once the sale occurs (just like stocks and mutual funds) and in that example realize a $5 gain. That part I think is straightforward and easy to understand for anyone who has dealt with capital gains before.

If you instead buy some crypto for $100 and then later use it to buy $105 worth of widgets, the IRS creates a fiction of sorts. They pretend that you first sold the crypto for $105 and then used the $105 to buy your widgets. Obviously that's not what really happened, but if you pretend that's what happened then IRS crypto rules will start to make sense.

 

[Crumplestiltskin]

Here's an easier way to think about it:

If you buy some crypto for $100 and later sell it for $105, you would report the transaction once the sale occurs (just like stocks and mutual funds) and in that example realize a $5 gain. That part I think is straightforward and easy to understand for anyone who has dealt with capital gains before.

If you instead buy some crypto for $100 and then later use it to buy $105 worth of widgets, the IRS creates a fiction of sorts. They pretend that you first sold the crypto for $105 and then used the $105 to buy your widgets. Obviously that's not what really happened, but if you pretend that's what happened then IRS crypto rules will start to make sense.

That helps break it down nicely, thank you!

 

[rosie1117]

I appreciate this thread so much, it helped me figure out how to make my first crypto transaction and order some tirz without being worried I was gonna fuck it all up!!

 

[Sara360]

I was able to do it with venmo for whatever reason. Now I have usdc/sol. Just got to figure out how to purchase now...

Thank you for the Venmo tip! My debit card, credit card and PayPal were all declined in Exodus. I was trying to avoid the 7 day wait time with Coinbase and using Venmo through Exodus worked immediately

 

[Mr. Blonde]

Thank you for the Venmo tip! My debit card, credit card and PayPal were all declined in Exodus. I was trying to avoid the 7 day wait time with Coinbase and using Venmo through Exodus worked immediately

Welcome. This forum rocks!

 

[Sara360]

Welcome. This forum rocks!

I agree!!

 

[redhead]

Man this is exciting to read. I figured out the crypto but have failed at finding a vendor. My first buy was a big flop. It forced me to learn crypto really fast. I set up crypto.com and used that to pay vendor — package shopped from id whse and I was giddy it was working and I was on my way to my first kit of t60 and klow. And then it failed. The package was sent back to vendor by usps saying address invalid. It’s not. It’s the one use for all things. So vendor (happily) agreed to refund but refused to reship. So then o had to set up a wallet which I hadn’t done. I did an exodus wallet. Tested it. Worked easy. Loved that I could fund it with Apple Pay. So easy! The. I transferred from Cryto to Ex. Success. Then the vendor refunded me today. After a week of nail biting that I was nt getting a refund.

So now I all my research for said vendor is useless as I can’t use them anymore. 😢 I have funds ready to deploy and I’m back to square one. Sigh.

But hey I got the crypto part figured out. 💅🏼

 

[New2ton]

Thank you for the Venmo tip! My debit card, credit card and PayPal were all declined in Exodus. I was trying to avoid the 7 day wait time with Coinbase and using Venmo through Exodus worked immediately

Out of curiosity, how are the fees, if any, when using Venmo? I currently use my debit card through Exodus and the fees are way higher than Coinbase. I don't have Venmo, so wondering if it would be worth my time to create a Venmo account.

 

[WeezinDaJuice]

Out of curiosity, how are the fees, if any, when using Venmo? I currently use my debit card through Exodus and the fees are way higher than Coinbase. I don't have Venmo, so wondering if it would be worth my time to create a Venmo account.

I looked at Venmo in Exodus but the 7.25% hit was more than I wanted to pay (YMMV depending on if you need it now). Tried BitPay as well, but both bank cards were declined.

I guess I'm waiting for CoinBase at this point.