How Much Does It Cost To Purchase Cryptocurrency?

Clarifying Crypto

English - June 18, 2020 14:00 - 47 minutes - 43.8 MB
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Previous Episode: Understanding the Lightning Network

Next Episode: When It Crashes, Do You Buy or Sell?

When you begin buying Cryptocurrency, you may come into a bit of sticker shock when you start seeing the fees that are charged. However, the fees are not all the same.

In this episode, we discuss the main website to purchase cryptocurrency, and what kind of fees each charge.

Interested in getting your feet wet in Crypto?

Download the Chrome Extension Lolli to get money back on some of your favorite purchases. Get $10 in Bitcoin when you use this link: https://lolli.com/ref/su72Kpnsem

Get the Fold App to receive Satoshi's (a type of Bitcoin) for gift card purchases from some frequently used brands (Starbucks, Amazon, Target, etc. Use this link to receive 20,000 Satoshis after your first purchase. https://use.foldapp.com/r/gTcqtrPk

Ready to start Investing?

I use Coinbase for Bitcoin purchases. Use these links for $10 at Coinbase.

Coinbase: https://www.coinbase.com/join/smith_2o5

Want to Join BitBlockBoom in August?

Head over to BitBlockBoom.com and use the code COUSINS for 30% off!

Full Episode Transcription

Erin Gregor: Alright, so welcome back to another episode of Clarifying Crypto. I'm Erin Gregor. I'm here with my cohost, Gary Leland. Gary, welcome. Yeah, so it's good to be back. And I've got an official announcement. We are finally officially up. Well, everything's been sent, I don't know where exactly we're all up yet, but by the time this goes live.

The website is live, we're up on all the major places now. So finally got the wallet set up. So if anybody wants to donate, they can go onto the site clarifyingcrypto.com and go do that. So we are. We are finally official, official, official. It took me a little bit longer than it typically does, but, had to build a website, had to get a wallet, had to do all kinds of stuff.

Gary Leland: So, we are official and I'm excited to see, what you've done. Yeah. Make sure right now this is going to be fixed by the time this goes live, but you gotta type in www.clarifyingcrypto.com. I'll get all the non www done. Yes. So, but yeah, so we're official and we are recording this. It's been an interesting week.

Erin Gregor: You and I have talked, we were pre talking before hitting record. So today is March, I guess, 12 we're in the huge downfall of the, the free fall of the stock market, which has also shown a free fall of Bitcoin prices. As we're recording this right now, it's at $5,800. I know we're talking about, you know, picking some up and buying some again, we are not financial.

Investors or advisors. So don't listen to us, do your own research before you decide what you're going to do, but, tell me your thoughts on this whole crash. Like we're watching Bitcoin fall or watching the stock market fall. Kind of where we were. Have you been sitting in all of this and how are you doing well?

Gary Leland: You know, I'm just little said. I just thought we just, my wife and I just did put like seven grand each and two for one or two IRAs, like a week before this happened. You, I wish we waited till now. I mean, we've seen a good bit of that gone, but you know, I'm just kind of riding it out and in the stock market, I mean, you know, I feel like everything comes back sooner or later.

I don't think this is the end of the world. And I think there's some great values out there. I'd probably if I was buying it, but I'm...

When you begin buying Cryptocurrency, you may come into a bit of sticker shock when you start seeing the fees that are charged. However, the fees are not all the same.

In this episode, we discuss the main website to purchase cryptocurrency, and what kind of fees each charge.

Interested in getting your feet wet in Crypto?

Download the Chrome Extension Lolli to get money back on some of your favorite purchases. Get $10 in Bitcoin when you use this link: https://lolli.com/ref/su72Kpnsem

Ready to start Investing?

I use Coinbase for Bitcoin purchases. Use these links for $10 at Coinbase.

Coinbase: https://www.coinbase.com/join/smith_2o5

Want to Join BitBlockBoom in August?

Head over to BitBlockBoom.com and use the code COUSINS for 30% off!

Full Episode Transcription

I don't think this is the end of the world. And I think there's some great values out there. I'd probably if I was buying it, but I'm putting my money right now with the Bitcoin, you know, I just did IRAs cause I'm, you know, in a stock market. Cause that's what we do. But I put it in a Bitcoin company in the stock market from IRA, but I'm riding Bitcoin.

I've been buying every day. We were saying earlier in the show, I'm really excited. I've been dollar cost averaging. I was going to buy a bitcoin about three weeks ago. And I decided just to buy like a hundred dollars worth today and yeah, I'm cleaning up. I'm really glad. It's the way it's going. I might end up with a bit Quinn and a half where I went ahead of Bitcoin, you know, with a mail or mine, you know what the price dropping I saw this morning.

I didn't get to read the article, but I just saw a few minutes ago during this crash, the number of people that own one Bitcoin is it all time high. So evidently a lot of people have been taking advantage of it. I didn't get to read much of the article there. So that's really good to know because. I recall it was our last episode.

Erin Gregor: When I, when I had asked you, I said, you know, I thought it was interesting because we were starting to see some dips and I had the impression that, and, and a naive impression, I'll just put it that way. Uneducated thought, like maybe Bitcoin will go up when the stock market went down, but we're seeing it flow.

And so I did some research. since then, just to say, okay, you know, what can we, what can we expect? Or what does this look like? And it is one of those things where there's just not enough history. Like, it looks like Bitcoin goes up with, but we don't know. And a lot of people, because it is an investment and especially like a.

more risky investment. We'll just say that a lot of people get more scared when the stock market's going down. You know, if they're safe, money's going, that's, I'm using air quotes. As I say, safe money is going down, then, you know, what about Bitcoin? So it's interesting to say that you say that like maybe possibly more people are buying.

And now as this, I mean, we're about, I don't think what we're seeing of downfalls and free falls of the stock market. I don't think it's over because we're not even going to see yet. What's happening to these companies that are going to be affected by, you know, the airlines, the restaurants, the, you know, all of these companies that are going to be affected by what's happening with the coronavirus.

Gary Leland: And so it's going to be interesting. To see what happens in the longterm. Yeah. But you got people like Scott towels who must be cleaning up. I mean, they are close to running out of toilet paper. I guarantee you that there's tons and tons of that stuff around, but that's, that's being bought up like no tomorrow.

Erin Gregor: Yeah. I

Gary Leland: bought some 3M cause they

Erin Gregor: make the masks. Like there are some winners on this, you know, it's an interesting winter that I didn't even think of. Like zoom as we're recording this on zoom, zoom software, like they're going through the roof right now. Because all these companies are making people work from home.

Gary Leland: All these gaming companies are going through the roof too. And I bet Netflix is because people aren't going to theater. So I'll tell you what else is going through the roof right now? Probably that we don't see is Uber probably going through the roof. They're charging, the accelerated rate almost everywhere.

Cause no one's wanting to take trains or buses, especially like in New York, my friend, Marty, Ben. He usually takes an Uber to work in New York and it's $8 cost him $55 the other day. Cause they charged for those. High rates because it's so busy, but it's so busy. Cause everybody's taking Uber's no one wants to take the subway, you know?

So, and there's some things, you know, when you think about it, there's, there's no way they're going out of business. I mean, I can't think of a thing, but there's some companies that you just think about it, it's a stable it's that matter where there's a chronic virus or not, it's just, everybody's like scare, they're fearful and they're worried.

And, you know, Warren buffet says, you know, by when there's blood in the streets exhibit, and there's a lot of blood in the streets and I've been the sad part. He's got a lot of blood right now in the street. There's a lot of blood and I've been, I've been picking up some good deals, but then the deals just kind of keep on getting better and I'm like, damn it.

Erin Gregor: So I shouldn't have bought yet. Yeah. I kinda bought, I bought some, I got some Apple quote unquote shoe. Like I said, I picked up some 3m, like, you know, Disney, like you're going to see these. You know, they're going to, I think, going to fall even more because you're going to see it affect it. So anyway, it's just really interesting, but I'm, I'm sticking to my guns and, I loved you when you told me, cause we're going to talk about the cash app and so.

I was using the cash app. I was really annoyed. I was ready to throw my phone through the wall with trying to get the cash app to work. And I remember, and you said, Oh yeah, I just buy a hundred a day. I'm like, Oh my God, that's so genius to do so I put some money in another account and started buying every day.

And I'm sticking to that. Like, I'm going to keep. You know, now is the time I'm, I'm going to keep buying, keep going in. And, I'm just glad I'm at a place because typically when we've well, in 2008, I wasn't at a place where I could pick up a lot. So I feel very grateful that I can, you know, hang out in the sh in the bloody streets right now and pick up some stuff.

Gary Leland: Dollar cost averaging is the way a good way to buy. I mean, as over, especially in Bitcoin, if you go over the history of Bitcoin, if you. Had dollar cost average, you know, over a certain over a year period of time, you always are a winner. You know, actually in 2017, you know, in 2017, Bitcoin had reached a 19,000 and change and dropped all the way to 3,200.

And then, so a year later it was 3,200, but if you had bought every week, starting at the 19,000. And bought for two years, you were up, even though you started buying it a price, it still hasn't reached yet. Exactly. Yeah. Cause it wasn't that high. It wasn't $19,000 that long. Yeah. So yeah. I'm all right. With some deals and I'm going to, excuse me.

Erin Gregor: I still am getting over a cold. We've been, we've been quarantining ourselves here cause we've been all sick. So I'm going a little stir. Crazy. Just. In the house and I pray to God, we all don't go through a massive quarantine cause I'm going to probably lose my mind if that's the case. But, all right.

Let's I always love to start the show too with, you have a show called, Four Minute Crypto, five days a week. You post a news story about crypto. We haven't talked in a couple of weeks, so we'd love to know anything that really sticks out for you on news of, of crypto. It seems like there's been a lot of good stuff coming through.

Gary Leland: There's been a lot of good stuff and a lot of bad stuff too, but, you know, not really that bad stuff, just I'm real depressed with the, conference situation across the country. Yeah. So what's happening with the big conferences you're going to stick. You've got Bitbucket. Boom. I would assume you're far enough out that there's no decisions being made yet, right?

I'm into August. I feel pretty comfortable. I think that they'll have this. I would think almost everybody would have caught it by August. You know what I mean? I mean, this sounds crazy, but I mean, you know, the way it's spreading, I would think everybody's got it and got well by then, but I'm still going with mine, but you know, I was supposed to, during between the last week of February and the first week of April, I was supposed to go to five conferences and they're all canceled.

Erin Gregor: Wow. I was going to consensus in New York and may, that may be canceled, you know, so a South by Southwest was canceled. South by Southwest was canceled. That is crazy to me. It's like 250,000 people and they're not refunding people. Did you see that? No. No, I didn't. I'm glad. How can they not refund people?

It's like in a clause that they're trying to get around the we're possibly going to reschedule it. But what I saw, the last news thing I saw and know this could change that they were not going to refund people who bought tickets, which I think is total BS, but they've laid off like 30%, 30% or something.

Gary Leland: They have 175 employees. And I think like 35 or 30% of people have already been laid off from there. Like there's a lot of money being lost by what's happening right now. Yeah. And think of all the local vendors and local bars and local musicians and maintenance, a lot of people who bought, saw it at money, you know?

And then, then again though, you know, if you think I'm just going to use my conference, as a base, you know, cause that's the only one I do. I've already guaranteed. All those homes, hotel rooms, I've guaranteed almost 300 hotel rooms. I've guaranteed, you know, thousands of dollars in food expenditure.

Erin Gregor: And I don't have an escape clause for a pandemic. I mean, we didn't think of that. So it would be up to the hotel. The hotel could go. Hey, sorry, dude. So we can't help it. You're not having your conference. You owe us thousands and thousands of dollars. So a act of God though, like if there's an, a national or a state emergency or something, I don't know.

Gary Leland: I called my contact. I don't negotiate with hotels. I use a hotel negotiation company, but there is something in your contract that should have a clause of act of God. And I actually have a friend, we were in a mastermind together and she's got an event coming up and I'm like, I would just cause she's going to keep up with it.

She's like two weeks away. And, and I'm like, you gotta talk with them. Yeah. Like what a mess. But, is the conference I was looking at, I tried to get a ticket, the big one in San Francisco. It's at the end of this month. Is that canceled? I guess it is canceled. It's canceled. Yeah. Yeah, it's canceled for sure.

So, yeah, that's bad news. That's bad news for them. They're rescheduling, they said for third quarter, but I'm, you know, talking to them a lot because, you know, mindset and third quarter, you know, and there's this huge in mind say more of a, you know, a smaller conference in there. So, and we had a lot of the same people that, so they, when I talked to them, they said, yeah, they'd been contacted quite a few times by people to let.

People letting them know the Bit Block Boom was the same time, you know? So, so they're aware of that and are trying to work around it, but that's a big conference to reschedule and, I hate to be, sounding like I'm, I'm not concerned, which I definitely am concerned, but you know, it actually could be great for a Bit Block Boom.

I mean, you know, every conference cancels up until June, June, and then they cure it and everything's okay. And. You know, my conference is coming up. I mean, it could be great and it could be bad. I mean, it's going to be one way or other, so you're going to be a nightmare or the best thing that could happen to the conference.

Not the best thing that happened to the people or the world. I'm just talking, I'm just being run, just being realistic here, you know, and, and open them at. So we'll see what happens, but I'm open next year at next week. And no one else has a cancer conferences and no one else has to get sick or die. You know, you could be in a perfect storm of good, not gonna lie.

So, you know, stock market goes down. People may be going into crypto, which will affect the price. Cause it is, I mean, it's, it's going to happen happening coming up in 60 days. And then you've got all these conferences. So you could be, yeah. I talked to a friend of mine. He just did pod Fest. I just got through talking to him this morning and last weekend in, Florida, it'll probably be the last podcast conference in the U S for awhile.

And he say, he gave me a lot of great tips, what they did. They had everywhere. They had those PRL stations set up, you know, and then they had a dots on people's badges, like a big red dot. If the person could say, put one of those dots, my badge, and I meant that person didn't want to shake hands. So don't try to shake hands with them.

So he gave me lots of things they were doing to make people feel more comfortable, you know, at the thing. So even if it's over my August, I think they'd be good things to do, you know, to follow through. I can't believe we're at this spot we're at, and obviously I have nothing. I can't predict anything.

It's I think we're going to be over this by, I mean, I wouldn't say that they're warms up. It's I think as the weather warms up, I think these foreign countries that are working on this cause you know, China did release the DNA sequencing of the virus or whatever. And so everybody's working on it and not all of those countries are like us when it comes to testing stuff.

Erin Gregor: Right. You know what I mean? They are going to do the years of testing. So somebody is going to some country is going to whip that thing out quick and start putting it in people. Well, sorry for those people, but are people are probably going to be the test subjects and we'll find out that it's working or not.

So I think it would be cure fast. And I mean, here's the thing like, so my husband, JJ is a chiropractor and he even told me this back in December. I remember he's like, you know, there's this weird strain of need. I don't think he actually called it the flu. And he's like, there's this weird strain going around.

What's really affecting people in the upper respiratory. He said it. We've not tested for it yet. So you can't tell me, it's just getting in the U S it's BIA. And if you're not sick enough to go into the doctor, no, one's going to know you had it. Right. So I think it's, there's no way it could have just stayed in.

I mean, The, like I was at CES in January, if that thing was coming, I mean, there's no way that, that the, the show was like, yeah, I was gonna say, yeah, that's true. It was half Asian there. Yeah. So, I mean, it's been in the U S like, there's no way it just came in the U S we just happen to just test for it. So it's like a flu where I think sure.

Gary Leland: It'll trickle out, you know, but. And I've read it hates heat. So hopefully I asked, I'm thinking summer's coming August. You know, someone posted the other day going Gary Leland could look like a genius doing a conference when it's hotter than hell in August. Exactly. He'll just like lay out in the Texas heat for about five, five minutes.

Kill all the Corona virus that's on you and then come on in. Well, yeah, I really feel bad joking about it cause it's not a joking matter. So I'm not, I'm not laughing about it, but. I, I said, I hope it's over with, I have financial things. I'm kind of concerned about in the back of my mind, I guess. And, still, I'm hoping those work out for me, but, I am a cannabis greedy pig when it comes to money.

I don't want anyone any harm, right? I don't want anyone to be harmed in my process of gaining my money. So how about good news? Like we talked about any, like, I know I saw a square, just put out a grant for people. Well, they've been doing