10 years in Crypto here to help

[New2ton]

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!

 

[ZippityDooDah]

Like what should my expectations really be?

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.

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'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.

 

[New2ton]

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.

 

[Cdub100]

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.

 

[New2ton]

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 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.

 

[mfc51]

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 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....

 

[Cdub100]

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....

Exodus: the world's leading bitcoin and crypto wallet

Buy and swap cryptocurrencies with the best Crypto Wallet & Bitcoin Wallet. Secure crypto, access all of Web3 with the multichain Exodus Web3 Wallet.

www.exodus.com

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:

View: https://www.youtube.com/watch?v=BG95BzTITT8

 

[mfc51]

Exodus: the world's leading bitcoin and crypto wallet

Buy and swap cryptocurrencies with the best Crypto Wallet & Bitcoin Wallet. Secure crypto, access all of Web3 with the multichain Exodus Web3 Wallet.

www.exodus.com

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:

View: https://www.youtube.com/watch?v=BG95BzTITT8

I am giving it a try

 

[mfc51]

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...

 

[Cdub100]

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.

 

[mfc51]

Good work it'll get easier from here.

Ok, now I have the BTC in the exodus wallet, but when I tap on the wallet icon, nothing happens.....

 

[mfc51]

Ok, now I have the BTC in the exodus wallet, but when I tap on the wallet icon, nothing happens.....

So I am currently unable to transfer for some reason, it shows the btc I have, just won't let me access to it

 

[mfc51]

Any advise????

 

[tubby]

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 hesitate to recommend Cashapp, but to their credit, their initial debit and transfer limits are somewhat less ridiculous than Coinbase. Just make sure you review both the debit and the BTC blockchain send limit (not to be confused with "lightening") on your account to avoid being surprised and find yourself holding BTC that is locked away in the app.

It's also possible that a wire transfer to Coinbase might clear faster than a standard bank account transfer, if you get truly desperate (although I'm not positive on the timeline there for a new account).

"Cooling off" period really is the best suggestion, though. Gives you a little more time weighing your options before diving into the deep end, which you don't realize you likely need right now.

 

[New2ton]

I hesitate to recommend Cashapp, but to their credit, their initial debit and transfer limits are somewhat less ridiculous than Coinbase. Just make sure you review both the debit and the BTC blockchain send limit (not to be confused with "lightening") on your account to avoid being surprised and find yourself holding BTC that is locked away in the app.

It's also possible that a wire transfer to Coinbase might clear faster than a standard bank account transfer, if you get truly desperate (although I'm not positive on the timeline there for a new account).

"Cooling off" period really is the best suggestion, though. Gives you a little more time weighing your options before diving into the deep end, which you don't realize you likely need right now.

Very true. I’ve got a few months until my current stash of Tirz runs out, so I’ll probably just keep researching vendors until I’m down to one vial. I have a few vendors already in mind, but I really don’t love the idea of needing to purchase from the previous direct to consumer vendor I used. I thought I got a great deal at the time, but now realize there are other’s that are 1/3 the cost.

 

[mfc51]

Good work it'll get easier from here.

Ok I wish I could say it is now easier, but I'm still having problems. I did finally get all ready and tried to send a small amount of BTC to ABC and it said the address was invalid, I scanned it in so no typos. It is very long. How can you tell if the vendor is in sync with your wallet?

 

[Cdub100]

Ok I wish I could say it is now easier, but I'm still having problems. I did finally get all ready and tried to send a small amount of BTC to ABC and it said the address was invalid, I scanned it in so no typos. It is very long. How can you tell if the vendor is in sync with your wallet?

It's probably not a complete address. Ask for the actual address so you can copy past it over

As for it being long yeah all crypto is like that. I usually check the first 4 and last 4 to make sure I have the address correct

 

[Crumplestiltskin]

Can I make sure I'm getting this process right?

1. I buy BTC using Paypal

2. That gets sent to my Exodus wallet

3. Once that amount lands in Exodus, I can now use for purchase

Suppose I'm doing a $300 purchase, do I need to send more coin to Exodus to cover any fees? Or will those fees occur during the PayPal purchase leg of the process?

 

[Cdub100]

Can I make sure I'm getting this process right?

1. I buy BTC using Paypal

2. That gets sent to my Exodus wallet

3. Once that amount lands in Exodus, I can now use for purchase

Suppose I'm doing a $300 purchase, do I need to send more coin to Exodus to cover any fees? Or will those fees occur during the PayPal purchase leg of the process?

Yes you should send a little extra to cover gas fees.

One concern I have with people using bitcoin is if you're going to hold on to it for more than a day or two. Bitcoin price fluxuiate quiet a bit. Which is why people use stable coins.

You might be better off buying PYUSD Paypals stable coin send that to exodus and swap for USDC or USDT then send that over instead.

 

[Crumplestiltskin]

Yes you should send a little extra to cover gas fees.

One concern I have with people using bitcoin is if you're going to hold on to it for more than a day or two. Bitcoin price fluxuiate quiet a bit. Which is why people use stable coins.

You might be better off buying PYUSD Paypals stable coin send that to exodus and swap for USDC or USDT then send that over instead.

Thank you! That's super helpful info.

Ok, maybe you can help with this: I had bought $1 SOL on Paypal to experiment; the purchase went fine, but when I tried to transfer it to Exodus, I keep getting an error message from payPal: "Not available in your region." I've done all the verification on PP necessary, and tech support wasn't sure why this is happening.