smal USDT balances ?? what to do ?? - page 2.

bluebit25

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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 !!

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,

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.
I think this will be an important lesson for you when approaching this field. It's really not difficult, just small mistakes from individuals. And time will help you experience these mistakes differently, wishing you more happiness on your journey to exposure to crypto.

cryptoaddictchie

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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,

Theres not much if you are using exchange then you cannot ignore those fee as those are implemented within their concession. Even you go to other market there would be considerable fee upon withdrawal and trading. But I think when direct converted to fiat then its minimal I supposed if that exchange supported conversion on your own fiat money.

aliitp2

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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,

DoublerHunter

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Quote from: aliitp2 on March 02, 2022, 07:35:33 PM

~snip~
btw does the same fees apply to USDC/ doge/ LTC ??

thanks,

^ These are very low fees, especially DOGE coin, avoid using a coin that has based on ERC20 which is as of now it has a huge fee because the Ethereum network becomes a very high fee. USDC will probably be a good choice too when you are Binance platform to exchange. Nevertheless, you have learned quickly and avoid those mistakes, use Binance wallet to accept any crypto and convert quickly into fiat and withdraw to your bank account. Binance exchange has a very low fee and this gives you the advantage to use as a receiving payment but of course, don't store your coins there for a long time.

aliitp2

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Quote from: aliitp2 on March 02, 2022, 07:35:33 PM

Quote from: Rengga Jati on March 02, 2022, 07:16:10 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 ?!?...

First of all, what kind of wallet do you use to accept the payment of USDT? custodial or non-custodial wallets? Because it will also influence the costs that you will spend.

Second, If you are using an ERC20 wallet that begins with 0x...., you can check the fee on eth gas station, and commonly it will change temporarily. It may take several dollars of yours, but you must also have eth as the fee in your wallet. Once more, it will be back again to what kind of wallet do you use.

Third, should you convert or send them to Kraken? The fee you need to use is commonly only the withdrawal fees from your wallet to the exchanges.
There are some exchanges that can convert your USDT to fiat and send it to yourbank. If you live outside the US, you may try Binance and other exchanges that are available in your country. No deposit fee is needed commonly. You will only spend several cents as the trading fee to convert the USDT to your own fiat. And commonly only need few fees for converting to your bankaccount.

e

am using Exodus

i tried sending that USDT (ETH) to kraken it just didnt work ! am currently communicating this problem with exodus support to see why !

am only verified with kraken platform ATM as it is the only means for me to sell crypto in exchange for fiat, lesson learned will never accept USDT (ETH), btw does the same fees apply to USDC/ doge/ LTC ??

thanks,

also am not sure if there is anyone out there accepting small USDT amount in exchange for fiat via paypal Huh

...

adzino

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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,

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.

Nazmul012

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I have experienced Various exchanges and websites. If you want to convert your usdt to btc in your btc address, then none of those exchanges or websites will allow you to withdraw without giving 20-25$ fee (depends on currency's current value). Only solution is, you need to withdraw your converted btc on trc bsc or such blockchain! You can hold or use that, wherever you want with less fees like some cents. You can also reconvert that with others currencies if you are willing to do so, anytime. Otherwise no way, as far i know in this matter

aliitp2

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Quote from: Rengga Jati on March 02, 2022, 07:16:10 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 ?!?...

First of all, what kind of wallet do you use to accept the payment of USDT? custodial or non-custodial wallets? Because it will also influence the costs that you will spend.

Second, If you are using an ERC20 wallet that begins with 0x...., you can check the fee on eth gas station, and commonly it will change temporarily. It may take several dollars of yours, but you must also have eth as the fee in your wallet. Once more, it will be back again to what kind of wallet do you use.

Third, should you convert or send them to Kraken? The fee you need to use is commonly only the withdrawal fees from your wallet to the exchanges.
There are some exchanges that can convert your USDT to fiat and send it to yourbank. If you live outside the US, you may try Binance and other exchanges that are available in your country. No deposit fee is needed commonly. You will only spend several cents as the trading fee to convert the USDT to your own fiat. And commonly only need few fees for converting to your bankaccount.

e

am using Exodus

i tried sending that USDT (ETH) to kraken it just didnt work ! am currently communicating this problem with exodus support to see why !

am only verified with kraken platform ATM as it is the only means for me to sell crypto in exchange for fiat, lesson learned will never accept USDT (ETH), btw does the same fees apply to USDC/ doge/ LTC ??

thanks,

Rengga Jati

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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 ?!?...

First of all, what kind of wallet do you use to accept the payment of USDT? custodial or non-custodial wallets? Because it will also influence the costs that you will spend.

Second, If you are using an ERC20 wallet that begins with 0x...., you can check the fee on eth gas station, and commonly it will change temporarily. It may take several dollars of yours, but you must also have eth as the fee in your wallet. Once more, it will be back again to what kind of wallet do you use.

Third, should you convert or send them to Kraken? The fee you need to use is commonly only the withdrawal fees from your wallet to the exchanges.
There are some exchanges that can convert your USDT to fiat and send it to yourbank. If you live outside the US, you may try Binance and other exchanges that are available in your country. No deposit fee is needed commonly. You will only spend several cents as the trading fee to convert the USDT to your own fiat. And commonly only need few fees for converting to your bankaccount.

aliitp2

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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.

nice advise, i should have done so !

now am facing even bigger problem, i cant send from my exodus wallet those USDT (ETH) to kraken account! i tried both erc20 and trc20 (not sure what that even means) but neither would work ! exodus would simply say the address is not supported and wont send, i need some help to figure out how to cash out those freekin USDT

thanks,

jerry0

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Even if you wait for a bigger balance, why would people want to handle paying this much in fees?

The thing is why do most exchanges not accept the cheapest usd network like binance and tron since i hear that doesn't cost much?

mdzahed134

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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,

ERC-20 is the most expensive network, I think you should to convert an others network as like BSC and specially you can accept USDT on TRC-20 Network it might be the best way to reduce your transaction fees even in some exchanges there are no withdrawal fees on USDT(TRC-20), fees will be big impact in your business if you have to pay 20$ in a signal transaction.

X-ray

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Pay or you will never take the rest of your money from there. This must become a very good lesson for you to do a research. Ethereum blockchain is very well known as the most expensive blockchain in the world.
You need to pay a few bucks to get your money from your wallet. The only choice for you is pay or never take it and you must choose one from these choices. Your USDT will always sit in your wallet forever and it can't be withdraw.

tsaroz

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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,

$110 is still large enough. The best way to use it is send some Ethereum to your wallet just for one way fees (plus a bit more incase) and send the coins to a centralized wallet. When it's in a centralized wallet, you can convert to the coin you need or just withdraw it as USDT on another network that takes lower fees like TRC20 or solana or polygon.

perfect999

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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 ?!?...

Do you mean you're going to use the money to pay your local bill? if only they support crypto payments or usdt, you can just use it directly. Is your online business still running right? you can continue supporting usdt payments on the same chain, I believe it was on erc20, so that you will get more usdt and I think the pay is going to look lesser now, once you are trading with a bigger amount.

If you finally get rid of it, better if you accept only cryptos with cheaper fees like bsc and matic. 110 usd is not a small balance imo. Small balance to me are under 10 usdt. If you use binance, they have an option to convert small balance into bnb. It saves fee.

MadeMen

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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 suppose that you received ERC20 USDT to spend over 20$ for transferring it. The truth is that most people no longer send USDT on the ethereum blockchain due to the fact that the transaction fee is high. People prefer to go with bep20 and trc20. You'll have to pay the transaction fee or wait for the value to reduce.

TastyChillySauce00

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Some people above me may true as you need to wait until the gas fees will decreasing during the midnight or you will not able to send your USDT with cheap fees. You have no other option than it. It's caused by the fees determined by the blockchain and this is can't be changed. So, you must ask other or at least crypto expert before try to add more crypto as option into your crypto payment.
This may need to avoid the same thing to happen again soon. You must have paid that and it can't be avoided.
Remember that if ethereum blockchain was the most expensive blockchain.

Dilladupak

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Unfortunately I don't know in which wallet you receive the 110 USDT fee so to send it to the exchange you have to pay a fee of $20.
If the wallet you are using can use the TRC20 network you should be able to send your assets for a very small fee, so you can convert them to Fiat and you can use them for your needs.
Try opening your wallet again and looking for an address that uses the TRC20 network!

Teraboy

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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 ?!?...

I guess this based on ethereum network and i think you must learn from your mistake. There's no choice rather than paid $20 for the fees to convert your USDT to the BTC. I just give you a suggestion if you wanna accept stable token as a part of payment for your service and then you must noted that if USDT or any stable tokens must be based on the scalable blockchain like BSC or Matic. This will help you to convert it to the BTC with very small fees.

asyakashi

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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,

Once that USDT is in your personal wallet it looks like sending to any exchange will be high on gas.
I use this method although it is less effective but at least slightly reduces the high gas.
send to an exchange when transactions are low will usually get low gas on every shipment,
although there are no exact hours for that but I'm sure it will.
in my country usually when the morning is the right time because there people are getting tired and turn off their pc.
to ensure the price of gas every time you can use https://www.ethgasstation.info/

my advice, you should avoid transactions with the ethereum network for now because gas costs are always unstable. Currently recommended is the BNB network (bep20) or the tron network (if in usdt). $20 for a transaction is too big for a business just starting out. I only suggest switching networks between bep20 or tron at least it will get cheaper gas.

Topic: smal USDT balances ?? what to do ?? - page 2. (Read 474 times)