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

Mr. Blonde said:
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
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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!
 
Mr. Blonde said:
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...
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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.
 
tubby said:
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.
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Now I did, thanks!
 
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?
 
Crumplestiltskin said:
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?
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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.
 
tubby said:
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.
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That helps break it down nicely, thank you!
 
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!!
 
Mr. Blonde said:
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...
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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
 
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. 💅🏼
 
Sara360 said:
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
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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.
 
New2ton said:
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.
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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.
 
WeezinDaJuice said:
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.
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7.25%? Wow, that's rough. I'll keep my money and just keep waiting on Coinbase.
 
WeezinDaJuice said:
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.
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Is that through Exodus? Because I didn't see any 7.25% fee when I used Venmo to buy then transfer to Exodus.
 
yrrdead said:
Is that through Exodus? Because I didn't see any 7.25% fee when I used Venmo to buy then transfer to Exodus.
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I just looked again (unless my Exodus is somehow different):

Paying $1000 USD and using Venmo as the payment method nets me $928 USDC (SOL)
 
RadicalCrimson said:
Know Your Customer requirements force US residents to declare their taxpayer ID/SSN and report crypto transactions on their tax returns, don’t they?
Fuck that with an anchor.
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Only if they’re using an exchange. On chain doesn’t require any identity verification.
 
WeezinDaJuice said:
I just looked again (unless my Exodus is somehow different):

Paying $1000 USD and using Venmo as the payment method nets me $928 USDC (SOL)
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Maybe try to buy crypto in Venmo, then transfer to your Exodus wallet. But don't do what I did. Buy some base crypto. If you want USDC(sol) I would buy Sol in Venmo, then transfer to Exodus.

-note I'm new to all this as well. Just basing off my very recent experience.
 
yrrdead said:
Maybe try to buy crypto in Venmo, then transfer to your Exodus wallet. But don't do what I did. Buy some base crypto. If you want USDC(sol) I would buy Sol in Venmo, then transfer to Exodus.

-note I'm new to all this as well. Just basing off my very recent experience.
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Yeah after doing my first crypto buy thru Exodus and paying around 5% in fees (with my debit card), I’m definitely doing the math now before hitting pay.

I"ll try buying in Venmo and sending to Exodus route, if my debit card doesn't bounce in Venmo now after all these declines in BitPay.
 
WeezinDaJuice said:
Yeah after doing my first crypto buy thru Exodus and paying around 5% in fees (with my debit card), I’m definitely doing the math now before hitting pay.

I"ll try buying in Venmo and sending to Exodus route, if my debit card doesn't bounce in Venmo now after all these declines in BitPay.
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I did the minimum amount as a test and was so excited it worked I didn’t really pay attention to the fees. Now that everyone is talking about it, yes it was high. $27.14 out of $30
 
WeezinDaJuice said:
How exactly does someone "buy on chain"?
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Why not purchase BTC on an exchange then send to a Trust wallet? Are you trying to avoid exchanges completely? If so you could buy BTC from a friend to your Trust wallet, or get paid on your Trust wallet. The latter being not feasible I’m assuming.
 
I'm still early in my research process and it looks like knowing how to crypto was a good thing to look into before diving in! It really wasn't daunting at all. Appreciate you making this post. Looking forward to not having to pay a premium for a vendor that takes credit cards.
 
Beside the fees they say, need to look at the actual value of money/rate. So BTC could be 90K Exodus uses 95k plus the fee. I have been looking and paypal seemed to have 2% fee and better exchange rates. I then transfer to Exodus. If there are better options please share.
 
GLP1Pharmacist said:
Beside the fees they say, need to look at the actual value of money/rate. So BTC could be 90K Exodus uses 95k plus the fee. I have been looking and paypal seemed to have 2% fee and better exchange rates. I then transfer to Exodus. If there are better options please share.
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Buying on a major exchange is going to be the "cheapest" imo. Plus it acts like a normal broker in that you can set limit buys instead of market buys.

But I have to remind myself that Alphabet vendors are already so inexpensive the fee's and effeciency don't really matter. I mean I sent a small test payment that cost me more to send than the actual amount.

With my first transaction (that I literally just finally completed a couple hours ago) I "wasted" about 7% in fees/swaps/etc. I kind of chalk that up to learning. Next time I will be more direct, buy what I want on Coinbase then xfer to Exodus.
 
The first time I sent crypto / BTC I thought ( well there goes that $400 bucks) but it worked and every time so far 😱
 

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Jazzyjeff said:
I been still trying to figure out a smoother way ive done 2 so far and was quite bumpy. What recommendations do you have and what service do you send with?
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I tired venmo and did not like that. but for me Cash app was WAY easy. It linked to my bank fast. When I need a quick 3 or 500 bucks for the Kangaroo's medicine ... with in a few seconds it's ready to buy BTC.
 
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?
 
WeezinDaJuice said:
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?
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Why not use Trust wallet (or similar)? It would end up being like $.60 to send to the vendor and the exchange can't make any claim you paid them directly.

Not familiar with Exodus to be fair.
 
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