Topic: smal USDT balances ?? what to do ?? (Read 498 times)

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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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

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Quote from: adzino on March 02, 2022, 06:39:44 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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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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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: GreatArkansas on March 09, 2022, 09:34:50 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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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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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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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.

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.

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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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: zasad@ on March 09, 2022, 04:06:28 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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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, 03:49:03 PM

Quote from: zasad@ on March 09, 2022, 03:29:27 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, 03:29:27 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: adzino on March 02, 2022, 06:39:44 PM

Quote from: bluebit25 on March 09, 2022, 12:52:14 AM

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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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.

bluebit25

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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: adzino on March 02, 2022, 06:39:44 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: aliitp2 on March 02, 2022, 06:35:33 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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~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, 06:35:33 PM

Quote from: Rengga Jati on March 02, 2022, 06:16:10 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: Rengga Jati on March 02, 2022, 06:16:10 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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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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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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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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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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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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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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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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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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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.

Reid

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I like OgNasty's advise above and that was the first one that came out of my mind when I read OP's problem.
You have a transfer, exchange and withdrawal problem so why not use the exchange directly for business purposes. I think an exchange would gladly welcome that kind of idea and they want money coming in and out their business because of the fees included in it which is where they get their profits.
Take his advise and try it out.

Dr.Osh

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well, guess what you're using the ERC20 network, you should be using the BSC for that. however, the most effective way to reduce the cost of expensive fees is to wait for the fee to decrease.
My advice, if you still accept crypto as a means of payment for your business, try using BSC, or a network that has a lower fee. I think, after that you will feel the benefits of this transaction.

jrrsparkles

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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,

If you are having the USDT in your custodial wallet then you can go for p2p where you can save a lot while comparing the fee of an exchange but if it's in your wallet then you can't move anywhere unless you pay the gas fee which is high for years now. Atleast in future consider accepting the coins with low transaction fee, and why you didn't go with BTC which requires 1sat/byte for almost years now.

raidarksword

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Using erc20 usdt is pain in the butt because it takes huge fees to transfer it to another wallet and i am supposing you have an erc20 usdt because you mentioned $20 transfer fees. Maybe next time you can have and accept trc20 usdt in your business because its lot cheaper and fast as well that will has only have $1 transaction fee.

logfiles

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Looks like you are using USDT on Ethereum network (USDT ERC20), which is costing both you and the customers.

Why not use other cheaper means like USDT on tron blockchain (TRC20) or USDT on Omni layer?
or even Bitcoin. Yes! The transaction fees are far, much cheaper than the USDT you are using.

CaVO32

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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.

I believe, this route would be good if you do really trust the exchange. What I am looking as a good candidate here is binance as they also have p2p trading. Since the OP will convert it to btc or fiat right away, as he said he has bills to pay for, then sending it directly to the exchange will be a better option. I recommend binance here as they have insurance in place. And trading with p2p to get your local fiat is easy. But check their list if your local fiat is available. I have seen that kucoin has p2p trading as well and right now, they are not requiring kyc to small traders.

tabas

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It's likely that the fee is in ERC20 and that's why it's asking you to send in that amount. Wait until the network fee settles down and you really have to fund that wallet with ethereum so it covers the fees that you're about to pay.
But as I check the gas fee now: https://ethgasstation.info/ the fee is amazingly isn't that much.

hosseinimr93

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and sendindg to kraken will take like 20$ fees (maybe more),

If I'm not wrong, you have received the USDT tokens in ethereum network and now you are talking about the transaction fee.
Am I right? If so, consider receiving the payments using other networks like TRON for the next payments. In this way, you can pay much lower fees when making a transaction.

Bitcoin_Arena

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20 USD seems to have a huge loss impact on your business. Try checking out instant exchanges like Fixedfloat.com you might spend less than $5 for that amount trying to convert.

Though this thread is not updated, it might be of help - [list.] Instant exchanges
try checking out different rates on different platforms. Some of them have hidden fees.

Upgrade00

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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 ?!?...

There is no deposit fee needed to deposit Bitcoin or any other cryptocurrency on kraken and this is same for many other crypto exchanges I have used, where you pay a fee is when transferring out of your wallet to another wallet or when you are withdrawing to fiat from the exchange.

I would say that you should have done your research before accepting Bitcoin and a payment option, considering ways you can be scammed by accepting unconfirmed transaction fees, best ways to convert to fiat and fee consideration.
You may want to consider using a payment processor to accept transactions and convert to fiat.

_act_

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Lightning network is good with small amount of BTC

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 ?!?...

Sending BTC from noncustododial wallet address to another address will not take up to $2 with 24 sat/vbytes which I saw now on mempool observer , it depends on the mempool, to get your transaction confirmed very soon, the wallet will not take up to $2. You can use https://mempool.space to know the sat/vbyte you will use. Or are you using a custodial wallet that charges high fee?

@OgNasty advice is good, but know that if you are not using a noncustododial wallet, exchanges are often hacked, you do not have the full control of your coins on the exchanges. I will still prefer noncustododial wallet, but even if he fee on noncustododial wallet is not high when the mempool is not congested, the fee on exchanges are very high.

OgNasty

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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.

Pokapoka124

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