crypto for idiots (aka me) lol
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Because many of the standard KYC wallets (PayPal, Coinbase, etc) will close down your account and/or lock funds if they discover you are purchasing peptides. You don't control your money there.Sasquatch said:So this is why the extra step, shuffling to the Exo wallet? And why you don't just use the PayPal wallet. Everyone's tight-lipped about this
thatsrich said:
Just to be clear. Almost all crypto (other than private chains like Monero XMR) are on a public ledger. In other words, if the government knows your exchange address, they can easily find any other wallet to which you send your cryptocurrency.
It's why I always laughed when people said criminals use crypto. The government loves it when they use it because they can track every last cent in seconds.
Does the government care you are buying some reta for your personal use? No not really. But they will shut down suppliers so it's best to send crypto off the exchange to a warm wallet so you don't lose your exchange account.
Yep, you need an account that won't block crypto purchases. That's why Paypal, Binance, CashApp and others are popular. Chase is particularly bad about blocking transfers. Wellsfargo sometimes does.redhead said:
I'd also note that I've found crypto.com to charge pretty high fees >1% for buying stable coins. That's another reason people buy them elsewhere. Exodus will do purchases and conversions internally, but it will be another few%.
I obviously know it's a public ledger. The point is a KYC exchange wallet is quite literally verifiable tied to you by your identity documents, a secondary wallet in the middle is not and isn't necessarily yours. Proving it is would be more work which they're not doing. The KYC element is free. If anyone tracks payments to the vendors wallet, the first address they see is one that they can't instantly say is yours. You're right maybe they don't care, but that's different country to country and it's not a whole lot of effort.Cdub100 said:
One more question, as I am totally new to crypto:
I can't just purchase coin on Paypal (like SOL or BTC), and then transfer to Exodus, right? I just attempted it with $1, and was told "not available in your region."
I have to move the coin through something like Coinbase?
I can't just purchase coin on Paypal (like SOL or BTC), and then transfer to Exodus, right? I just attempted it with $1, and was told "not available in your region."
I have to move the coin through something like Coinbase?
Most locations will allow transfers on Paypal after they do KYC, and I don't (want to) know where you are. Paypal and Coinbase aren't that different in terms of region restrictions, but they have different stable coins (PYUSD, USDC) which can both the transacted on the /sol blockchain. You just have to conver to what the vendor wants (and USDC is more common). Lookout for fake coins getting sent to you though (pelase send me back scam). People can and do create fake coins (wrong contract#) on Solana. Exodus (et al) will detect it and put it in a different wallet slot, but check and make sure it shows up in the right place (which you don't really need to do with the big KYC vendors).
Yeah each contry is different.thatsrich said:
Also, I'm talking to everyone, not specifically you. There are a lot of new people to crypto, so I try and avoid any misunderstandings. No offense.
Sorry, I didn't really address your main question with my first answer.Crumplestiltskin said:
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).
That works in reverse, too, such as for sending PYUSD to PayPal for conversion to a PayPal balance.
Personally, for sending something like USDC-Sol to a vendor, I just purchase PYUSD-Sol in Exodus and then convert in Exodus to USDC-Sol (since cheaper that way). You also need to have a small amount of Sol for sending the USDC-Sol.
Personally, for sending something like USDC-Sol to a vendor, I just purchase PYUSD-Sol in Exodus and then convert in Exodus to USDC-Sol (since cheaper that way). You also need to have a small amount of Sol for sending the USDC-Sol.
Note that the built-in conversions in Exodus have significant fees ~1% so if you're converting a lot, it may be worth using a web3 market / dex like jupiter on /sol where fees will be <0.1%. Like everything here, there's another rabbit warren full of holes to go down. I personally know only 1 or 2.
(edit: oops Cdub100 already gave this advice)
There's probably a good dex for /eth chain conversions too, but I haven't crossed that fetid swamp yet.
(edit: oops Cdub100 already gave this advice)
There's probably a good dex for /eth chain conversions too, but I haven't crossed that fetid swamp yet.
How do you send it to Exodus though?Cdub100 said:
Open ExodusRolltide61 said:
Pick your coin e.g. USDC
Click Receive.
Copy the long address it gives you / You can also scan it with the crypto.com app.
Open Crypto.com
go to your coin USDC and click send.
Paste the address you copied from Exodus. Check first 4 and last 4 digits.
Send...
I almost got it w/ your directions. Crypto.com would not let me send a test amount of USDT. Like $3. All or nothing. Also wanted to know my wallet name in Exodus. WTF? It ain't got no name.Cdub100 said:
Gonna try again tonight but thanks. You got me fairly far along.
Make sure you're sending on the correct crypto.Rolltide61 said:
Think of crypto like different operating systems.
Windows, Apple, Android, Linux etc...
Solana, Etherum, Cardano, Sui etc...
You can't download a windows app on an apple phone. It has to be coded to operate on apple.
Same goes for crypto. You can't send Bitcoin to a Solana address; it will not work, and you'll lose it forever. So make sure you are sending Solana USDC to a Solana address or ETH USDT to a ETH address.
Yeah I tried to send USDT to my Exodus wallet via Solana.Cdub100 said:
I got that crazy idea due to the fact a supplier said he only took USDT and wrote it as USDT(SOL). I "assumed" the SOL meant Solana. I guess it means Shit OUTA Luck.
Oh ok. What do you mean "I might not be SOL"? I thought I could only send USDT on Eth or is that only transferring from Crypto.com to Exodus.Cdub100 said:
By the way thanks for your help. I'm learning a lot from you. I'm 64 and retired and all of this is very new to me. I feel like I'm entering the 21st century for the first time. I've spent the last 9 years hunting, fishing and growing my vegetable garden.
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
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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