BTC and USDT - Address the same | Bitcointalksearch.org

AdolfinWolf

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Quote from: SNKDMC96 on June 19, 2019, 06:21:27 AM

Hello all,

Wondering if you can help me please as I am a complete rookie when it comes to bitcoin.

I have purchased some USDT on coindirect this morning and attempted to transfer this to a Huobi wallet to start purchasing.

On Huobi it offers 2 selections for chain name - OMNI & ERC20. How do I differentiate between the 2 please?

I have sent the USDT to the ERC20 address as I didn't buy many and there was a minimum to send to the OMNI address, but I am now worried I would have lost all the USDT.

Any help would be much appreciated.

Thank you in advance,

DMC

You shouldn't have lost anything. as was already mentioned; USDT operates both on ERC20 tokens, and OMNI. The transaction probably should have been confirmed rather quickly, so if you don't seen any balance at Huobi, check the txid to see if your funds got confirmed.

If they did, you probably should open a support ticket.

joniboini

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Quote from: SNKDMC96 on June 19, 2019, 06:21:27 AM

On Huobi it offers 2 selections for chain name - OMNI & ERC20. How do I differentiate between the 2 please?

Check the address format. If it looks like ERC/ETH address then it's ERC20, if it looks like BTC address then it's OMNI.

SNKDMC96

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Hello all,

Wondering if you can help me please as I am a complete rookie when it comes to bitcoin.

I have purchased some USDT on coindirect this morning and attempted to transfer this to a Huobi wallet to start purchasing.

On Huobi it offers 2 selections for chain name - OMNI & ERC20. How do I differentiate between the 2 please?

I have sent the USDT to the ERC20 address as I didn't buy many and there was a minimum to send to the OMNI address, but I am now worried I would have lost all the USDT.

Any help would be much appreciated.

Thank you in advance,

DMC

bitmover

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Quote from: Prospector_John on June 18, 2019, 04:13:38 AM

hmm, this crossed my mind. Is there any risk of losing my coins putting them on the wrong address type?

You need to follow exchange instructions. They will certainly warn you about which type of address you need to provide them. Read instructions carefully. Which exchange are you using?

If you have any doubts about exchange instructions, just paste it here so we can help you.
There is no risk using ERC-20 or omni, but you need to send to the correct address type to avoid exchanges excuses to hold your funds.

jademaxsuy

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Quote from: codewench on February 26, 2018, 06:44:17 AM

Quote from: Midoproj on February 26, 2018, 05:36:00 AM

Collecting all my different addresses in a spreadsheet, I realized that on the exchanges "Huobi" and "Gate.io" my BTC Wallet Adresses were identical to my USDT Wallet Adresses on these exchanges.

USDT is a token handled by the OMNI network* which rides on top of Bitcoin. OMNI transactions are Bitcoin transactions with a few extra payload bytes. Thus, USDT and OMNI addresses are simply Bitcoin addresses.

It would appear that Huobi and Gate.io are simplifying the management of keys by using the same addresses when possible.

* USDT also now exists on the Ethereum network, but this is a new variant.

Does the coin being existing in both block chain in ethereum and bitcoin really exist? We know that USDT is using bitcoin block chain but I do not think that it will be using ETH block chain since both block chain had different characteristics. This is very confusing especially we will be talking about the safety of our funds when transferring from exchange wallet or from wallet to wallet process.

Prospector_John

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Quote from: bitmover on June 17, 2019, 04:44:21 AM

Quote from: Prospector_John on June 16, 2019, 10:10:56 PM

Hey thanks man! Which of the two would you recommend? coinomi or omni?

I just edited this to say, i read the other posts and seems the difference between thes is on if I want to pay BTC or eth miner fees. Which can only be decided by me. Double thanks. I will go buy some now- just to do it, so if there are any other major things to take care for please im all ears.

In coinomi you can choose Omni or ERC-20 token, as it support both of them.
Miner fee is not that relevant IMO.

THe problem of coinomi is that it is not open source.
Maybe using the ERC-20 token version you can find more good wallets, such as Ledger Nano.

hmm, this crossed my mind. Is there any risk of losing my coins putting them on the wrong address type?
can usdt switch between these chains or are they issued ''1 currency 2 systems'' style lol.
Maybe that's not relevant or will be super self-explanatory. I will peek the omni wallet then come back.

bitmover

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Quote from: Prospector_John on June 16, 2019, 10:10:56 PM

Hey thanks man! Which of the two would you recommend? coinomi or omni?

I just edited this to say, i read the other posts and seems the difference between thes is on if I want to pay BTC or eth miner fees. Which can only be decided by me. Double thanks. I will go buy some now- just to do it, so if there are any other major things to take care for please im all ears.

In coinomi you can choose Omni or ERC-20 token, as it support both of them.
Miner fee is not that relevant IMO.

THe problem of coinomi is that it is not open source.
Maybe using the ERC-20 token version you can find more good wallets, such as Ledger Nano.

Prospector_John

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Quote from: bitmover on June 14, 2019, 07:45:27 AM

Quote from: Prospector_John on June 14, 2019, 03:47:58 AM

Hey I have actually neve used USDT before. Maybe you can answer this: Do you need ID verification to store USDT in your personal wallet? or is it stored ''anonymously'' like bitcoin, eth, Zcash? thanks Grin

It´s stored just like bitcoin, you just need a OMNI compatible wallet. (coinomi, for example)
Or some ethereum token wallet, as USDT can be a Ethereum Token or a "BTC token" (Omni)

No ID is necessary to store, sell or buy USDT. Many exchanges, such as bninance, do not require kyc to negotiate it too.

Hey thanks man! Which of the two would you recommend? coinomi or omni?

I just edited this to say, i read the other posts and seems the difference between thes is on if I want to pay BTC or eth miner fees. Which can only be decided by me. Double thanks. I will go buy some now- just to do it, so if there are any other major things to take care for please im all ears.

TheHas

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As someone said - OMNI rides on BTC network.

You'll notice that many Exchanges list ERC20 tokens more readily and easily than entire new blockchain projects - and the ERC20 tokens might all have the same deposit address like you noticed with BTC and USDT.

As you might guess, this is because doing the backend work for an Exchange to list an entire new blockchain is a lot more work.

This can make it tough for the smaller blockchain projects out there that are trying to build a whole new ecosystem to get exchange listings. It is often easier to get listed on smaller exchanges if you have a token riding on Ethereum.

So if you see a small Exchange list an almost unknown blockchain/coin (not ERC20) - it is likely a lot more work!

So in short, it's all good if BTC and USDT are the same address, and equally no issues if ETH and ERC20 tokens have the same address on an Exchange.

Husna QA

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Quote from: Midoproj on February 26, 2018, 05:36:00 AM

Collecting all my different addresses in a spreadsheet, I realized that on the exchanges "Huobi" and "Gate.io" my BTC Wallet Adresses were identical to my USDT Wallet Adresses on these exchanges. ...

I quoted from the explanation found in imToken:

Quote

Why do USDT and BTC have the same receiver address?

Introducing USDT
update at 2019-06-14

Basic information:

Pegged currency: US Dollar
Issue date: 2014
Company: Tether Limited
Market value: about $2.2 billion (as of 2019.3)

There are many types of USDT released by Tether, two common ones:

Bitcoin-based USDT
This type of USDT token is based on the Bitcoin network's Omni protocol. The receiving address is the same as the Bitcoin main address. The transfer transaction requires Bitcoin to be used as miner's fee. More about Omni protocol.

Note: Do not use Bitcoin child address for USDT receipts.

Ethereum-based USDT
This type of USDT token is based on the Ethereum ERC-20 standard. The receiving address is the same as the Ethereum address. The transfer transaction requires Ethereum to be used as miner's fee.

Reference:
imToken v2.4.2.562 cp19
www.omnilayer.org

nakamura12

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Quote from: offordscott on June 13, 2019, 11:04:56 PM

Thanks for this answer. I found the same thing with gate.io where I paid a guy via BTC one month and then the next month I paid him in USDT. I was so confused that it was the same address but a different coin. My mind was blown.

It's also the same in erc20 tokens that I just deposited to trade. I depositeda two different tokens to an exchange instead of different wallet address for the second token I still sent it to the same wallet address just like in the op's case where usdt and bitcoin is sent to the same wallet address and explained by bitmover.

bitmover

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Quote from: Prospector_John on June 14, 2019, 03:47:58 AM

Hey I have actually neve used USDT before. Maybe you can answer this: Do you need ID verification to store USDT in your personal wallet? or is it stored ''anonymously'' like bitcoin, eth, Zcash? thanks Grin

It´s stored just like bitcoin, you just need a OMNI compatible wallet. (coinomi, for example)
Or some ethereum token wallet, as USDT can be a Ethereum Token or a "BTC token" (Omni)

No ID is necessary to store, sell or buy USDT. Many exchanges, such as bninance, do not require kyc to negotiate it too.

Prospector_John

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Hey I have actually neve used USDT before. Maybe you can answer this: Do you need ID verification to store USDT in your personal wallet? or is it stored ''anonymously'' like bitcoin, eth, Zcash? thanks Grin

offordscott

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Thanks for this answer. I found the same thing with gate.io where I paid a guy via BTC one month and then the next month I paid him in USDT. I was so confused that it was the same address but a different coin. My mind was blown.

codewench

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Quote from: Midoproj on February 26, 2018, 05:36:00 AM

Collecting all my different addresses in a spreadsheet, I realized that on the exchanges "Huobi" and "Gate.io" my BTC Wallet Adresses were identical to my USDT Wallet Adresses on these exchanges.

USDT is a token handled by the OMNI network* which rides on top of Bitcoin. OMNI transactions are Bitcoin transactions with a few extra payload bytes. Thus, USDT and OMNI addresses are simply Bitcoin addresses.

It would appear that Huobi and Gate.io are simplifying the management of keys by using the same addresses when possible.

* USDT also now exists on the Ethereum network, but this is a new variant.

Midoproj

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Hey fellow Cryptos,

Collecting all my different addresses in a spreadsheet, I realized that on the exchanges "Huobi" and "Gate.io" my BTC Wallet Adresses were identical to my USDT Wallet Adresses on these exchanges.

This confused me as on the other exchanges I have accounts on (Binance, Kucoin, Bittrex) this wasn't the case.

Therefore my question, is this common? I googled, but found no clear answer to this question.

Thanks in advance and best wishes.

Topic: BTC and USDT - Address the same (Read 416 times)