Crypto in ARG for beginners

[Big Swifty]

I've Googled, but it's hard (for me anyway) to find info both reliable and relevant to ARG. I've searched here, but for all I know some of the info is out of date while some is still relevant - trouble is I don't know which is which. It's like reading a thread talking about ARG prices from 2 years (or even 2 months) ago. Most of all I find the whole topic of Crypto and the amount of info out there to be overwhelming and ultimately confusing. So hopefully I don't get crucified for starting yet another thread on the topic.

I'm a little frustrated with Moneygram (more with Trustly) who won't let me pay for xfers directly from my bank account where I'd get the better exchange rate; even though it's from the same bank account where they don't have any problems accepting payment through my debit card. A whole 'nother story, and regardless, it's always good to have multiple options for xfering money to ARG.

I'm not looking to do anything fancy or complex with crypto. Not interested in crypto as an investment, just as a means to an end. To be able to go to my local cueva and exchange stablecoin for $US or pesos. For now at least I just want to buy it on the day I intend to exchange it. Once I get the hang of things I wouldn't mind keeping a balance to cover any unforeseen problems with my bank or where for whatever reason I can't purchase stablecoin on the day I need to xfer. Or to eventually start making ARG purchases with merchants who accept crypto.

I have a US bank account (Schwab) and would be setting up an account with an exchange from here in ARG. The cueva in my little town accepts all kinds of stablecoin. I'm less interested in bells and whistles and am primarily interested in a way to purchase crypto and change it in ARG on the same day. So I'm looking for the lowest fee solution where (also considering the commission to the cueva) I'll be getting a better exchange rate than I am with Moneygram using my debit card, and obviously companies that can function given my US/ARG situation.

I've read about Coinbase and it's ease of use, but also it's higher fees which more than likely makes it more expensive than MG. Robinhood and it's lower fees, but supposedly it's not available in ARG. Gemini? Other options? I'm assuming it's best to set up an account with a company using my US address so I don't have to get the ARG govt. involved in my transactions. What about a wallet? Okay to use an app on the cellphone for these short term purposes?

Thanks for any info.

 

[lunar]

Today blue dollar rate is 522, Moneygram US gives 492.55. This is 5.6% difference. If I am not mistaken, las cuevas charge about 5% for cashing stablecoins to pesos. So, you will be saving 0.6%?

I'm assuming it's best to set up an account with a company using my US address so I don't have to get the ARG govt. involved in my transactions. What about a wallet? Okay to use an app on the cellphone for these short term purposes?

For US tax purposes, your company will need to have proof of the sale of the coins. Do you anticipate that cueva will issue you a receipt? "Some Shady Co @ My Little Town"?

As to the wallet, if you just want to transfer and not planning to store, you should be able to transfer from your exchange directly. Well, from your wallet, that is controlled by your exchange. So, there is no need for separate software.

 

[Big Swifty]

Thanks for the response. I didn't ask about receipts but it's a legit business (buy/sell gold) paying rent on the main drag in touristy La Falda and used by my in-laws for years. Are these receipts (when given) paper only, or an electronic record which can be recognized by whoever in the US needs to see them for tax purposes?

The cueva charges 3%. I don't know if I'd jump through hoops for that 0.6% if it was only for average monthly expenses, but 2.6% adds up over time or can be significant for larger xfer amounts. I'm looking for a solution that gives me as much of that 2.6% that's on the table. If there's no significant advantage as far as exchange rates and what we're walking out of the cuevea with when compared to what we'd receive using MG, why are (US) expats even bothering with crypto?

Another reason I'm interested in using crypto is so that I don't have to rely on using my wife's Santander account to receive funds. She has residence, I'm still waiting. MG xfers as cash to be picked up at an agent is a possibility, but only converts at 476.27 today, so I'd be leaving even more pesos on the table.

 

[Reply Guy]

Find out which crypto networks your local cueva allows you to send stablecoins over.

If you know little about crypto or computers, it can be slightly complicated for a novice.

What you'll need to do is the following:

1. Sign up for an exchange like Coinbase
2. Install a wallet on your computer or phone. Metamask or Phantom are two good ones.
3. After you are told by the cueva which networks they use, choose the network with the cheapest transactions fees. Let's use Solana as an example.
4. Buy the Solana token on Coinbase, and send it to your wallet.
5. The transaction should arrive to your wallet within seconds.
6. You will now need to exchange your Solana for USDT or UDSC using an decentralized exchange like https://jup.ag/
7. You now have a stablecoin balance in your wallet. The cueva will give you their wallet address and you send them your stablecoins.
8. Cueva gives you pesos.
Total Fees:
Coinbase: .4% if you trade using their advanced section and make it a post only trade.
Solana Network Fees: a few cents
Cueva Fee: Ask your cueva

I listed the extra steps of the wallet software because maybe whatever exchange you sign up for like Coinbase doesn't support USDC over the network you want to send it.