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Crypto and what are you using to buy it?

AzCreditGuy
Frequent Contributor

Crypto and what are you using to buy it?

I think everyone has that moment when they 1st learned about crypto and mine was back in 2012 with Bitcoin, huge mistake on my part. I had the idea of buying a miner and mining at that time. We'll life goes on and we all know where Bitcoin is at the moment. 

 

Ive been using Coinbase for the past 4 years and buying at that time, it was more of a hold for a while and see what happens. Well with Shib and other Alt coins that are so new, I had learn quickly to use other exchanges that are not so friendly as Coinbase. I learned about slippage and how to lose on Uniswap due to this and now the gas prices are a joke. 

 

So wondering what everyone else is using?

 

1. Coinbase

2. Hotbit only have Luffy there, but what a ride to send money there.

3. Lbank have fully set this up but have heard the depoists can be tricky if you are in the US.

4. Uniswap to Coinbase Wallet to buy some ALT coins, prob the worst of them all

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6 REPLIES 6
4sallypat
Established Contributor

Re: Crypto and what are you using to buy it?

I'm very new to cryptocurrency so I am following the lead of my step son who has reaped a huge amount of money over the past couple of years.

 

Purchasing crypto: Crypto.com using ACH and credit card 

Platforms: Crypto.com, BlockFi, SoFi.

Crypto coins: Bitcoin, Ethereum, LiteCoin, Cardano, and some other stablecoins

 

Have yet to gain what my stepson has done but it's a long term investment...

Message 2 of 7
AzCreditGuy
Frequent Contributor

Re: Crypto and what are you using to buy it?


@4sallypat wrote:

I'm very new to cryptocurrency so I am following the lead of my step son who has reaped a huge amount of money over the past couple of years.

 

Purchasing crypto: Crypto.com using ACH and credit card 

Platforms: Crypto.com, BlockFi, SoFi.

Crypto coins: Bitcoin, Ethereum, LiteCoin, Cardano, and some other stablecoins

 

Have yet to gain what my stepson has done but it's a long term investment...


Sally thats great, with coinbase I am using ACH also, which makes it very easy to buy coins. I am looking for the ALTcoins that may or may hit big. I mean where can you buy $100 worth of coins and end up with 13B coins lol

Message 3 of 7
NRB525
Super Contributor

Re: Crypto and what are you using to buy it?

I used PayPal to buy $100 of ethereum, and paid a 2.3% fee if I calculated correctly. It's now down to about $90 value. Can't directly spend it anywhere and I'm sure there will be a similar fee to convert back to USD, but at least I know it won't get lost Smiley Happy

 

I also got a $20 PayPal credit for "buying some crypto" that I need to use soon.

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Message 4 of 7
AzCreditGuy
Frequent Contributor

Re: Crypto and what are you using to buy it?

Man those gas fees are just so crazy and shady, they were never this bad until Crypto named Shib the new coin to get. I own a lot of but trying to get other coins is a joke when gas fees are $400 to $500 for a $150 transaction 

Message 5 of 7
Anonymalous
Frequent Contributor

Re: Crypto and what are you using to buy it?


@NRB525 wrote:

I used PayPal to buy $100 of ethereum, and paid a 2.3% fee if I calculated correctly. It's now down to about $90 value. Can't directly spend it anywhere and I'm sure there will be a similar fee to convert back to USD, but at least I know it won't get lost Smiley Happy

 

I also got a $20 PayPal credit for "buying some crypto" that I need to use soon.


Don't forget taxes. At least in the US, crypto isn't treated as money. It's treated as an asset, which means you'll get hit with the much higher short term capital gains tax if you spend it (or even convert it into a different type of crypto) in less than a year.

Message 6 of 7
AzCreditGuy
Frequent Contributor

Re: Crypto and what are you using to buy it?


@Anonymalous wrote:

@NRB525 wrote:

I used PayPal to buy $100 of ethereum, and paid a 2.3% fee if I calculated correctly. It's now down to about $90 value. Can't directly spend it anywhere and I'm sure there will be a similar fee to convert back to USD, but at least I know it won't get lost Smiley Happy

 

I also got a $20 PayPal credit for "buying some crypto" that I need to use soon.


Don't forget taxes. At least in the US, crypto isn't treated as money. It's treated as an asset, which means you'll get hit with the much higher short term capital gains tax if you spend it (or even convert it into a different type of crypto) in less than a year.


Dont get me started on taxes man lol....Congress just got schooled on Crypto last week and most of them are over 60 and heavily into the Fiat system. Ive had my Coinbase account for 3 years now and left my coins in there like a 401k dont touch and did long term holding, its only been this year this I converted about $3k coins into Shib. 

 

I closed my Robinhood account and sold the $1 Doge I bought, which Robinhood gave me back .75 cents....Glad I closed my account with them

 

Coinbase will not be sending out any tax forms on my behalf and this may change in the future...

 

Hotbit are overseas and dont send any tax forms to consumers...

 

There will be more privacy coins that will be coming into play due to the IRS...

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