smal USDT balances ?? what to do ?? | Bitcointalksearch.org

magneto

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Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

What chain are they on?

You could possibly try to bridge your coins over to another chain with lower fees, or use a native DEX which have much lower fees compared to centralised exchanges.

You could also try to find a swap partner here p2p on the bitcointalk forum, or even try a swap service like Changenow or Changelly (note that both of these platforms have had issues in the past, so only use with small amounts).

tyz

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Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

The easiest thing would be to find someone (here in the forum there is a section for this) who will buy your 110 USDT from you for USD (e.g. in cash or via payment by paypal, block etc) with a small discount . On the other hand you could also use the sum to speculate and make more out of it. This is not recommended if you are dependent on the money, but as an emergency solution quite an option.

fauzan Ichsan

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for now because your position has received a transfer of $110 and to convert it requires a large fee because it is possible for you to use the erc20 network, so here I can only suggest making transactions at non-busy hours, namely in the early hours of the morning, where there is not much activity, at least this can reduce your gas fee. and in the future using the BSC network may be an option to reduce transaction costs

examplens

legendary

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Quote from: aliitp2 on March 08, 2022, 11:22:40 PM

Quote from: adzino on March 02, 2022, 07:39:44 PM

Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

Even if you could exchange your USDT, I think you will very likely have to pay the fee. You probably accepted the USDT ERC20. The ethereum network fee is sometimes insane. So if you do wish to transfer your funds, then you have to pay the fee. Keep an eye on the gas fee and pay when the network activity is the least (usually at late night). Or else accumulate more and then exchange (if there is no exchange fee). Next time accept bitcoin or some other coins.

currently i have this stupid 100 USDT stuck in my EXODUS wallet, i cant convert to BTC or any other currency for that matter, also i cant send from my exodus to KRAKEN as am getting this message:

"the ETH network requires a small amount of ETH to send this transaction. Deposit 0.004 ETH more in your wallet then try again" i dont even own ETH !...

I sent some BTC worth 10$ to my exodus wallet and tried to convert those to ETH, but then exodus needs a minimum of 0.0043 BTC to be able to convert to ETH !!

i dont want to convert 0.0043 BTC to ETH !! how to go about that nonsense ?!?...

lesson learned, ETH sux, will NEVER accept USDT ever again !...

thanks,

I don't know what the total amounts are, how often will you have payments like this but to skip the whole torment, give the client directly your address from Kraken. save both time and fee. it may not be the best solution for larger amounts, but if they are in the range of a few hundred dollars, I don't think you will have an issue.
Especially if you plan to convert USDT to fiat (or even BTC) immediately.

masterrex

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Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

I think its a complicated problem since your so-called wallet has no function that instantly converts it into fiat, Based on the OP, I presume that those $110 USDT is an erc20 tokens base on your estimate it can cost you $20 dollars if you send it to Kraken, Im sorry to tell you that because it was an erc20 token and the fees on Ethereum Network still cost you money, and there's nothing you can do about it without cost you some dollars for transaction fees.

But still, you can correct it next time by using a wallet that has crypto to fiat conversion functions that are available in your country I tried it too because I have a mini-store for prime commodities, telecom prepaid loads, and some merchandise, I have tried to accept crypto payments through QR code, and only accept XRP for an instant transaction and cheaper fees. avoid accepting those crypto coins that have expensive fees. it can affect your profit. I like the Matic network for payment because almost it has no fees in terms of USD value, but sadly it was not supported with my wallet only XRP was supported so I have no choose

mbakruroh

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Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

What wallet do you use to store USDT? If USDT is ERC20, you can use anyswap to change to BEP20 so the cost is much lower than ERC20. But if you hold USDT omni, I don't think it can be changed unless you send it to an exchange for a fee listed on the blockchain.

budz0425

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Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

I would suggest accepting payment using Bitcoins or Better use Exchange wallet to receive payment from your clients, this way you don't have to worry about high fees converting your Fiat to Bitcoins or any crypto. also, choose an exchange that can withdraw your funds directly from your bank account.

Adbitco

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Quote from: GreatArkansas on March 09, 2022, 10:34:50 PM

I think you need to consider different chains if you are not aware yet of the Solana network.
There is already USDT support on the Solana chain right now, and for me, Solana is the best alternative on the Ethereum network if you want to avoid high transaction fees.
On the Solana network, you can also convert that to wrapped BTC (wBTC) which is like 1:1 with Bitcoin.

Now do I say this is possible if the payment has been sent to exchange already then he can make withdrawal with either Sol or Usdt-trc 20 network is very economical but if they sent payment to like Metamask wallet or Trust app he no option than to pay the fee to withdraw it or on MEW so he will surely need ETH gas to move out the usdt to exchange.

diminizio

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I think opening a business with USDT fees is quite complicated because of the high gas costs.
But that doesn't mean it's an obstacle, you can just use a network like BSC or tron to overcome it.
If you are already using the ethereum network, there is no other solution if the USDT balance goes into your wallet,
except waiting for the price of gwei gas to be cheaper.
But, you are lucky today. I think gas today is quite cheap,
you can directly check it at https://www.ethgasstation.info/ only around 49 for a fast one.
Immediately pull and switch to a cheap network, that's the solution in my opinion.

GreatArkansas

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I think you need to consider different chains if you are not aware yet of the Solana network.
There is already USDT support on the Solana chain right now, and for me, Solana is the best alternative on the Ethereum network if you want to avoid high transaction fees.
On the Solana network, you can also convert that to wrapped BTC (wBTC) which is like 1:1 with Bitcoin.

Adbitco

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Quote from: OgNasty on March 01, 2022, 03:22:56 PM

The added bonus is that many exchanges pay interest on USDT holdings, so you would get paid while the funds sat there until you needed to access the money.

Please Og is there any specific exchange you had in mind you can mention maybe if i could start having little savings from such reputable exchange for sending only USDT and store it for like 1 year or more instead of leaving them in an ordinary wallet or trust APP and Metamask.
i would really appreciate your effort for passing it to me here.

lobo13hf

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Quote from: aliitp2 on March 08, 2022, 11:22:40 PM

currently i have this stupid 100 USDT stuck in my EXODUS wallet, i cant convert to BTC or any other currency for that matter, also i cant send from my exodus to KRAKEN as am getting this message:

"the ETH network requires a small amount of ETH to send this transaction. Deposit 0.004 ETH more in your wallet then try again" i dont even own ETH !...
I sent some BTC worth 10$ to my exodus wallet and tried to convert those to ETH, but then exodus needs a minimum of 0.0043 BTC to be able to convert to ETH !!

So, where's bitcoin coming from? if this is also coming from your exchange site account and is not it possible to send ethereum directly to your wallet? You are deposit is too small. You must also think about the fees to convert your bitcoin to the ethereum.

Quote from: aliitp2 on March 08, 2022, 11:22:40 PM

i dont want to convert 0.0043 BTC to ETH !! how to go about that nonsense ?!?...

The fees was very high that's why it charges you the amounts that you think if that was a non sense.

Quote from: aliitp2 on March 08, 2022, 11:22:40 PM

lesson learned, ETH sux, will NEVER accept USDT ever again !...

thanks,

USDT operated in so many blockchains. The main problem is you have not even asked others who have better knowledge about that before try to accept USDT payment for your service.

TelolettOm

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Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

This may be one of the problems in cryptocurrency where the high fees of transactions are sometimes needed for certain tokens or coins,moreover the tokens that use Ethereum blockchain network. It seems that $20 of course is a big amount for you, moreover this may be included your pforit.
Do you mind holding them several times and waiting for the other transactions to be done in one time otogether? Or, is it available to send the tokens using other network choices such as BSC or Matic? And why should you convert it to BTC and in Kraken? MAybe you ned to try other alternatives to see eveyr chance of sending tokens with small transaction fee.

wxa7115

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Quote from: OgNasty on March 01, 2022, 03:22:56 PM

Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

While this may not be the greatest advice in the world, I would recommend using your exchange to accept USDT payments. That way you don't have to pay fees to move them from your wallet to the exchange and you can still verify using the blockchain or your exchange that payment has been received. The added bonus is that many exchanges pay interest on USDT holdings, so you would get paid while the funds sat there until you needed to access the money.

The downside of this would be that you would have to trust the exchange, but it sounds like you're going to transfer the funds and do that anyway. At least in this scenario there would be no transfer fees for you. Just make sure that you check the deposit address on your exchange every time that you go to accept a payment to avoid any problems that might occur due to the exchange giving you a new deposit address (some exchanges change their addresses occassionally).

You may even find that the person sending you funds is sending them from an exchange, so there might even be a savings of fees on their side if you're both using the same exchange and making an inter-exchange transfer.

This seems like the best choice, obviously it is not optimal as most of us always insist in having our coins in a wallet that is under our exclusive control.

But if that is not possible due to some specific circumstances then a compromise should be made and this seems like the best option, since the fees we need to pay to send our USDT can be very high and it seems the OP cannot really wait until the fees go down to make this transference to the exchange.

EmmaGod

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The reason why you're losing so much in the transaction is because the USDT sent to you is ERC20 and we've been having high transaction fees on the ethereum blockchain. The way out may be to wait for lower prices fees or advise your customers to use the trc20 or BSC while sending subsequent to avoid going through issues of this nature.

hosseinimr93

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Quote from: zasad@ on March 09, 2022, 05:06:28 PM

If you do not believe me, then download for example TronLink and try to send TRON ecosystem tokens to this wallet.

Take a look at transaction history of this address. It's a random address I picked from TRON blockchain.
The address in question has received 12 USDT transactions while it has never received TRON. Now, it has 270 USDT and no TRON. (I archived the address page, because it will probably change in future.)

The address owner will need TRON for spending the USDT tokens. For receiving tokens, there is no need to TRON.
So, TRON network woks same as ETH, BSC, etc.

zasad@

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Quote from: hosseinimr93 on March 09, 2022, 04:49:03 PM

Quote from: zasad@ on March 09, 2022, 04:29:27 PM

For USDT payments, use the TRON ecosystem. Only in this ecosystem, you first need to activate the wallet by sending a minimum amount of TRON coins.

As far as I know there is no such thing as activating a TRON wallet. You only need a little amount of TRON for paying the transaction fee and you can still receive the tokens even if you don't have any TRON. All other networks in which USDT is available like ETH, BSC, Polygen, etc. work in this way too. For example, for sending ERC20 tokens, you must have ETH.
Am I missing something about TRON network?

If you do not believe me, then download for example TronLink and try to send TRON ecosystem tokens to this wallet
https://tron.network/wallet?
Until the minimum amount of TRON coins is sent to this wallet, it will not be possible to send tokens to your wallet.

https://tokenpocket-gm.medium.com/3-ways-to-activate-your-tron-wallet-tokenpocket-c6ead17b3724
https://tron7010.zendesk.com/hc/en-us/articles/360033214032-Tron-Address-Activation

hosseinimr93

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Quote from: zasad@ on March 09, 2022, 04:29:27 PM

For USDT payments, use the TRON ecosystem. Only in this ecosystem, you first need to activate the wallet by sending a minimum amount of TRON coins.

As far as I know there is no such thing as activating a TRON wallet. You only need a little amount of TRON for paying the transaction fee and you can still receive the tokens even if you don't have any TRON. All other networks in which USDT is available like ETH, BSC, Polygen, etc. work in this way too. For example, for sending ERC20 tokens, you must have ETH.
Am I missing something about TRON network?

zasad@

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Quote from: aliitp2 on March 08, 2022, 11:22:40 PM

Quote from: adzino on March 02, 2022, 07:39:44 PM

Quote from: aliitp2 on March 01, 2022, 03:05:10 PM

i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...

thanks,

Even if you could exchange your USDT, I think you will very likely have to pay the fee. You probably accepted the USDT ERC20. The ethereum network fee is sometimes insane. So if you do wish to transfer your funds, then you have to pay the fee. Keep an eye on the gas fee and pay when the network activity is the least (usually at late night). Or else accumulate more and then exchange (if there is no exchange fee). Next time accept bitcoin or some other coins.

currently i have this stupid 100 USDT stuck in my EXODUS wallet, i cant convert to BTC or any other currency for that matter, also i cant send from my exodus to KRAKEN as am getting this message:

"the ETH network requires a small amount of ETH to send this transaction. Deposit 0.004 ETH more in your wallet then try again" i dont even own ETH !...

I sent some BTC worth 10$ to my exodus wallet and tried to convert those to ETH, but then exodus needs a minimum of 0.0043 BTC to be able to convert to ETH !!

i dont want to convert 0.0043 BTC to ETH !! how to go about that nonsense ?!?...

lesson learned, ETH sux, will NEVER accept USDT ever again !...

thanks,

For USDT payments, use the TRON ecosystem. Only in this ecosystem, you first need to activate the wallet by sending a minimum amount of TRON coins.
https://tether.to/transparency/
Fees in this ecosystem are minimal and Tether TRC-20 USDT is very popular.

imamusma

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Quote from: bluebit25 on March 09, 2022, 01:52:14 AM

You can use FTX to deposit those small amounts as a fee. I usually use this method to not lose money with the ETH network when FTX is ready for free or low ERC20 withdrawals.

Yes, FTX is always suitable for bringing and using very small capital through the ERC20 network which is already notoriously expensive on some other exchanges for now. So I agree more with what you say because the option for those who have small capital is FTX.

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