Full transcript of “LSSC - 5 PM Monday Coinbase Training”. Click a timestamp to open the video at that moment. Need another video? Use the YouTube transcript generator.
0:02 Hello, hello, hello. It is time to start the cryptocurrency class. It is five o'clock. I am Professor Eric and I am here to help you. So, today we're going to talk about uh cryptocurrency in the way of Coinbase. Uh one of my favorite apps um only because I forced myself to learn it through and through. uh it's quite easy once you have someone to guide you. So, we're going to talk about first uh what is cryptocurrency? Um it's a digital currency. Uh it's regulated the well at least the currency that we use, the USDC, it's regulated by the government.
0:48 So, we're going to talk about USDC. USDC is a stable coin. It's got a onetoone value to the US dollar. So if you buy a dollar, you're gonna get a dollar. Um, and it's backed up, like I said, by the Federal Reserve. And it's a and it's regulated. So why do we use USDC? It's fast. It cost a whole lot less than doing a bank transfer or bank wire. Um and it has a stable value unlike other coins like um Bitcoin, Ethereum, they all fluctuate on the market. Uh those of you who want to comment uh you just have to click on the subscribe button. We do that just so
1:33 that one it helps the subscriptions and two so bots won't get in and just start spamming us. Hi Judith, how are you? So, going back to the cryptocurrency, case in point, many of you heard this story before. I was trying to help a friend out and they sent me the money in Cash App. I'm not a big fan of doing it in Cash App because if I do an instant transfer to my bank account, then I'm losing funds and I have to ask them to give me additional funds. So, this, you know, so this won't hurt me personally. So, what I decided to do is I decided to buy um BTC uh Bitcoin to purchase help
2:18 them purchase their scooters. So, they gave me $960. I bought $960 worth of Bitcoin and I immediately I'm saying as it cleared the account, I went over to LSSC, sent the money over and it told me insufficient amount. And I'm thinking, what the heck? I just did $960. They only needed 831. What happened was Bitcoin had plummeted within 3 seconds. It went from $960 to $888. I almost lost $100 trying to help someone. Well, not almost. I did lose $100. Um, but I didn't tell them
3:05 because, you know, you're trying to help someone out. you don't want them to freak out either. So, I went ahead and gave them the difference. But that's what I'm talking about having a stable value. So, that's why we use USDC. Um, and some of us can use USDT depending on uh where you live and how you're going to convert it. But this class is all about USDC. We only use USDC um on Coinbase. USDT does not work on Coinbase. If you send USDT to Coinbase, you will lose your money. They do not accept that network. Please don't ask me how I know. All right, moving right along. Uh, and USDC is widely accepted
3:51 um on most crypto exchanges um as well as from your bank. You can send USDC directly to your bank. You don't have to convert it. You don't have to uh to buy anything. You don't have to worry about paying any gas charges. You don't have to go directly to jail. You can just pass. You can go pass go and collect your $250 and deposit it directly into your account. That was a Monopoly joke. I don't know if you guys are even old enough to know what Monopoly is. But you can deposit that directly into your account. And that's how it works. All right. Is everyone with me so far? I want to make sure that we're coming through loud and clear. I want to make sure that um you guys are following
4:38 the lesson. Can I get a thumbs up? Okay, good. So, what we're going to what we're looking at right now is the Coinbase screen. And what we're going to do is what I'm going to do is I'm going to put up a Coinbase link. So those of you who do not have Coinbase and you wish to use Coinbase, um I will receive $30 and you will receive $30 on your first purchase. Remember, this is only for those of you who do not have Coinbase. It's very easy to create a
5:24 Coinbase account if you don't have one. You click, you simply download the app, Coinbase, not Coinbase wallet, Coinbase. Click getting started and then enter your email address. Fill out the information and then you're going to verify your email and your phone number. Once you verify your email address and your phone number, they're going to ask you to verify your identity. So that includes uploading a government ID um and possibly taking a picture of yourself. Um but just to start, I just want you guys to follow through on creating your Coinbase account. Get that free $30. Even if you have another email address
6:10 that you want to use just so you can test it out, you can do that as well. I'm going to give you a few seconds to go ahead and click on that link in the description. Adding a payment method to Coinbase um is very very easy. Vary. Hey. Hey bud. How you doing? Long time no see. Let's go back to adding a payment method. Adding a payment method, you have a few choices. You have adding your bank account,
6:57 adding your debit card, or using PayPal. And you can also do a wire transfer. But these are the most common uh methods of payment. Excuse me. It's allergy season. Why use your bank account? One, because that's the only way you can deposit money into your account. Two, it's recommended for large transactions. Debit card. Now, here's the downfall. You use your bank account, you're going to wait anywhere from zero to uh to 10 days for your money to deposit. So, it could do it the same day. It could do it overnight, but more than likely, you're going to wait somewhere around 7 to 10 days for that money to clear. You will see it as a
7:44 tradable amount, but you will not see it as a transferable amount. Debit card is your next option. It's an instant purchase. It will have fees, not may have fees. It will have fees. The debit card allows you to trade and transfer the same day. What does that mean? That means you can send your money directly over to LSSC without having to wait. PayPal is the same way. Um, you have to make sure that your PayPal account says instant trade and transfer. Today we had a a situation which I've never seen before um where it only said instant for trade. So I wasn't present during that setup. So I don't know what went wrong,
8:30 but the majority of the time PayPal will allow you to just do a straight up trade and transfer. Plus, you you'll get a larger sum of money with PayPal. And if all else fails, you can talk to someone who has um more buying power for USDC. And a lot of times they'll charge a small fee to uh convert that over for you because they'll have to pay fees. Buying USDC on Coinbase, very very very simple. You would click on buy and sell. Then you would click on buy. Then you would select USDC. Enter the amount of USDC that you want to purchase. Choose your payment method. We already did that from the
9:16 previous step. And then you would click on preview by to review the fees and then click on confirm buy now. You can confirm by clicking on buy now. That's it. That's all it takes to buy USDC, guys. That is it. Why is your heart breaking? Why do you have a broken heart? That's so disturbing. USDC will now appear in your Coinbase wallet. So, it it's almost it it happens within 30 seconds or less. Transferring USDC to another wallet or exchange is just as easy.
10:03 Step one, sending USDC. Going to go to send and receive in the Coinbase dashboard. Click send and choose USDC. Enter the recipient's wallet address. So, make sure you have their address that you're sending it to. Enter the amount of USDC to send. Select the network. In our case, it's going to be Polygon. Make sure the person who is send you're sending it to also chose Polygon.
10:59 And then last, you're going to click continue, review transaction details, and then confirm. So when I review, I make sure it says Polygon. I make sure it says USDC. I make sure the amount is right. And I also check to make sure the fees haven't subtracted a bunch of money that I'm supposedly send over to my buddy's account or someone else's account or even my account if I wanted to add more um USDC to my Coinbase. So those transactions can be really tricky. So keep an eye on those. Now don't panic if the money doesn't get there right away. Uh sometimes the network is busy and it just takes a little bit longer. Click send. Enter the recipient wallet.
11:47 Enter the amount. Choose the network. Click continue. So, it's the same if you're sending it to uh LSSC or if you're sending it to someone else. Receiving. So, you want to get your money out. You want [Music] to touch your money, you want to play with your money, you want to spend your money. So, you would have to bind your wallet address to LSSC. The person who invited you should show you this. Once they have done that, you only have to do it one time. You would click send and receive. Select receive. Choose your USDC as the asset. Copy your wallet
12:34 address and share it with the sender. In our case, it will be LSSC. Wait for the transaction to complete. Processing time depends on network speed. So once L once it's left LSSC, it usually takes about 24 to to 72 hour, I'm sorry, 48 to 72 hours to see your money uh actually leave the LSSC account and then hit Coinbase. Once it hits Coinbase, you can cash it out immediately directly to your bank. And that normally takes about sometimes it's the same day. I would say within 24 hours, you typically see your money. If you're dealing with a full-size bank like Bank of America, Wells Fargo,
13:21 Truis, the larger banks, Chase, Capital One, they typically process that in the same day. Don't panic. Track your USDC transaction. Click assets. Select USDC to view past transactions. Check transaction status on the blockchain. The blockchain is where it hops from one computer to another and you can watch it travel. And if it's delayed, verify the correct network was used. How long should you wait? Up to 30 minutes. If it's longer than 30 minutes, then I would start asking questions. Um, so my final tips in summary, always always verify your wallet address before sending
14:09 USDC. Choose the right network. In our case, it's going to be Polygon to avoid losing funds. Use Coinbase security features like two factor authentication for added protection. Be mindful of transaction fees before transferring large amounts. And if all else fails, you can always pick up the phone and call Coinbase. You can call Coinbase customer service if issues arise or you can hit them up on the chat. So guys, that's the end of the Coinbase class. I see there's a couple of questions here, so I'm going to see if I can answer those real quick. Uh, which bank account to transfer money in USDC in Canada? I'm not sure. In
14:58 fact, I'm not sure of the question. Which bank account? I don't whichever bank account that you have tied into your Coinbase. I'm not following you there, RG. Um, hi, Professor Eric. I really need help transferring money from Coinbase to LSSC for a new member. Very simple. We just went through the steps. Go back and watch the video. It's very, very simple. It's it's literally like six steps. All right, guys. I don't see any other questions here. I am going to sign off and I will see you guys um at 7 o'clock for the company update. Uh wait, question please. How can I fund someone
15:45 Coinbase to LSSC in New York? Um, I don't know. New York is kind of funny, so you're gonna have to ask your manager about that. Um, yeah, I would if you're instead of funding them, I would just send the money directly to their LSSC account. Um, you said you can transfer money without changing it. Yeah, with LS so when you when you're using USDC on the Polygon network, you all you are all you're doing is going from LSSC to your bank, I mean to Coinbase to your bank. There's no trans there's no conversion of money. So as long as in LSSC you've chosen USDC Polygon to to transfer out
16:34 to withdraw from, it will always be USDC all the way down. All right, guys. That's all I can ask for answer right now. Um, let me see if there's anything that's super super super important. Um, Rebecca says, "Hi, Professor Eric. Will we be doing crypto wallet for transfer?" Um, you can use wallet if uh for USDC as well. So, you can use Coinbase wallet, but this was based on Coinbase. Coinbase is the exchange. Coinbase wallet is the wallet. The only reason I don't like using the wallet is because I'm responsible for my my um my
17:20 password and my ID, and I'm not really that reliable in remembering all of those things. So, I let Coinbase handle all of that. It's a 12 It's a 12word phrase. And if you lose that 12word phrase, you're locked out of your account. So, I don't want to bother with um with Coinbase wallet. I'll use it if I have to, but for the most part, I use Coinbase. It's simple. It's great for beginners and, you know, no weird stuff. Um, let's see. Can you transfer from your LSSC account to someone else's LSSC account? No, you cannot. That would have been super cool, but you know, you
18:06 can't. Can someone change their phone number on LSSC? No, you'd have to open up a whole new account. All right, guys. That's all I could answer for right now. Um, if we use I can't, Bella, I can't answer that question. This is the Coinbase class. I'm not familiar with cryptoomania. That sounds like a disease. I don't know what that is. I'm sorry. All right. I think that's it. I think I've gotten all the major ones. Um, let's see. How can someone in Africa join LSSC? They'd have to be in the States. That's not really a crypto wallet question. Um, but I answered it anyway.
18:53 All right, I don't see any other questions. Guys, we got 375 people on. Please hit that like button. We only have 81 likes. The more you hit that like button, the more popular the uh the video becomes and it really pushes LSSC to the top. Um, and not to mention it helps me out too. So, hit that like button. Uh, and I will see you guys at 7 o'clock.
