Topic: USDT and USDC Questions (Read 424 times)

Okay so from the best option to worst option would it be like this


Again i have roughly 2000 dollars worth of altcoin and about 8 dollars worth of btc and 5 dollars worth of bnb.





Sell altcoin for btc.  Sell 5 dollar worth of bnb for btc.  Then just withdraw the entire btc to my nano ledger?  Pay the fee of 0.0005 btc = 22 dollars


Sell altcoin for usdt/usdc via Binance Chain/Tron Chain.  Sell the tiny amount of bnb and btc for usdt/usdc.  Then withdraw it to nano ledger using Binance/Tron network?  Pay Fee of = 1 dollar max


Sell altcoin for btc.  Sell all the btc for bnb and withdraw Bnb.  Fee = < 1 dollar


Keep the altcoin and withdraw altcoin to nano ledger.  Sell the btc for bnb.  Then withdraw entire bnb to nano ledger?


Sell altcoin for usdt/usdc via ETH chain.  Sell the tiny amount of bnb and btc for usdt/usdc.  Then withdraw it to nano ledger using ETH Chain?  Pay the fee =25 dollars




The thing about my situation is I don't really want to sell the altcoin that i have.  Its an ETH coin.  But since people say if i keep it and send it to my nano ledger... well im going to pay around 25 dollars the next time i want to move it to an exchange.  Is that accurate?  But my other concern is many of the exchanges I could trade this altcoin... im country restricted.  So wouldn't this be another reason to not with this altcoin?



People also mention about just trading it all for BNB.  Well the first thing is BNB isn't stable like btc.  I mean... i rather have btc than bnb.  The other thing is where can I even sell bnb if im a us citizen but in a restricted state?  I cannot use Binance.com... nor binance.us due to the state where im from.  So would this be another reason to not hold BNB?   Or is this not an issue for people?  Like imagine you cannot sell a coin because the exchanges that allow you to trade it... you are country restricted.  What do you do then?



I mean i rather have usdt/usdc but then i read you pay high fees if you use ETH chain which is the most popular chain.  But if i use binance chain or tron chain... isn't my issue... well how can i sell it in the future if im limited to coinbase and gemini only?  And those exchanges... they have usdt/usdc but its only on the ETH chain.



So based on that... best to just convert altcoin and tiny amount of bnb to btc?

It's always base on the receiving wallet address supported blockchain. I don't use coinbase so I don't know what blockchain it supports for USDT/USDC but let's assume ETH/TRON network for the sake of discussion, assuming that means you can only send your USDC/USDT on exchange that supports that network or vice versa. Just remember that the receiver wallet should support same network to the sender network to make the transaction successful.

You can choose the network you want. Deposit and Withdrawal fee on Binance. Some stable coins and some networks. Withdrawal fee of USDT on ERC20 chain is 25 USDT, Binance Chain (BEP2) is 1 USDT, Binance Smart Chain (BEP20) is 0.8 USDT and on TRC20 chain is 1 USDT.

https://www.binance.com/en/fee/cryptoFee

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After 6 months, you came back and asked the same question. What?

If you feel confused because of that, why do you use Nano Ledger in terms of storing your assets if one day your desire can change to exchange them again into other assets, do you not want to use another wallet option where the wallet can be more suitable for you? you when you need an exchange in the future.

Yea... knowing your wallet network is the thing here.  So nano ledger... if i want to withdraw usdc or usdt... my only option is ETH then right?  Thus it would be expensive to withdraw this way to my nano ledger?  Thus withdrawing btc would be cheaper than usdc/usdt since its few dollars cheaper based on the numbers i mentioned?

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The other issue is this.  Assuming i could use another network beside ETH to withdraw usdt/usdc.  Let say i withdraw with binance or Tron chain to my nano ledger.  I could do that right?


Well if i do that... how do i even trade the usdt/usdc that is on the Binance/Tron chain in the future if the only exchange i could use would be coinbase/gemini?  Wouldn't i be screwed then since i cant even trade a coin if im only limited to these two exchanges?

[moderator's note: consecutive posts merged]

You can use any network you need on an exchange like Binance.

Anyone can withdraw from any network regarding usdt or usdc or btc within Binance, only problem is that you have to know your wallet network when you want to receive something from withdrawals on the exchange, so you can customize the network.

Well do i get to choose the network or not?


I want to know the cost of withdrawing either usdt or usdc or btc on binance.com.  It seem to cost 25 dollars if its usd and usdc and btc is just a bit under that at 22 dollars?  Since usdt and usdc on binance is on the ETH chain?  Or could you withdraw it on the tron or bnb network?



But isn't the big issue here me wanting to receive usdt or usdc in my nano ledger s which is on the ETH network?

The transaction fee is usually depending on the network you choose. Currently the most expensive cost is on the ethereum network, it is highly discouraged to use this network. I used to use tron or bnb networks. That's just less than $1 a transaction.

Okay im still confused with the usdt and usdc and have few questions.


I have a few altcoin and tiny amount of btc on binance and I want to withdraw from there soon.



If i were to sell the altcoin for btc and then sell the btc for usdt/usdc....



I have a nano ledger s.   



Would you suggest i convert btc to usdt or usdc?


I heard there are like two or three different chains for each usdt and usdc?  So which chain cost the most/least and which is most popular?


Which chain does the nano ledger s use? 


How much would it cost to do one withdraw via usdt or usdc from binance to my nano ledger s?   I do not have any ETH or Tron and i heard those were two different chains.  I also heard there was a binance chain which is even more confusing.

Thanks for that information.  But why do i also hear usdt and usdc on the  TRC20 network then as well?  So usdt and usdc are also on other networks?  How many total?


Most importantly, how would i know what network are they on?  Example what about gemini or binance?  Since binance is huge... i got to assume they could send usdt and usdc in many different networks?

Yes

Yes


Yes


That's right, because USDT / USDC is an ERC20 / TRC20 based token

BTC and LTC have their own blockchain network, while USDT / USDC does not have their own blockchain network, so they need a fee (parent token)

This is still confusing to me.


So USDT and USDC on nano ledger is ER token only?


So if i want a gambling site to send me USDT or USDC, i need to ask them ... hey you are sending in the ERC20 network and not the TRC20 network right?


And USDT and USDC on coinbase is ERC20?


So basically if you want to send either USDT or USDC, you need to make sure you have ETH or TRON in your wallet in order to send these coins?  I though it was you pay tiny portion of USDT or USDC to pay a fee for it.  So basically you need to buy ETH almost always if you want to send those tokens?


Was it always like this with usdt and usdc?  Why isn't it just a regular coin sending like btc or litecoin where the fees are paid... well with usdt or usdc?

Well if i get usdt... i want to be able to send it to say coinbase and then convert it to fiat... to bank account.


Such as if i want usdt first sent to my nano ledger first.  How would i request usdt from a site since i want it sent to my nano ledger first as oppose to coinbase since going directly to coinbase.

Bro, they already answered most of your questions. But just to clarify it, I will quote it for you.
https://help.coinbase.com/en/coinbase/getting-started/crypto-education/USDT

So BEP20 or BEP2 is not an option or anything you are looking for as a chain for sending USDT or USDC.
Only Ethereum chain which is ERC20. That means you will pay a lot for a single transaction.

Just out of curiosity, what are you trying to do? Just plain withdrawal to fiat or is there something else you have in mind?

In my experience, you should convert your crypto to USDT and convert them to the Houbi exchange in the form of USDT-TRC20.
This way you will only lose 1 $ for the withdrawal fee. The next step is to convert all of that amount to USDC and withdraw to the USDC wallet address in your Coinbase wallet. The cost of withdrawing money from USDC from the Houbi exchange is only 2USDC, which is more economical with you withdrawing in USDC or USDT in the form of ERC 20 from Binance.
Just over $ 3 and you've saved a few tens of dollars by converting your crypto to Coinbase.

What chain is USDT on coinbase?  On nano ledger... do you have option or only on ETH?  I heard there is ETH, TRON, binance chain etc.

Why coinbase? Yes the exchange supports fiat deposits to bank account but coinbase have some limitations to bank account, why not use binance exchange? They have P2P network which coinbase don't have and fees are way cheaper too, there is no limit to how much you can sell or buy

So if I want to install usdt and usdc apps on my nano ledger live... both are going to be on the ETH network?  So it can't be on the Tron network?  I heard Tron network is cheaper but nano ledger s doesn't support tron network for usdt or usdc?


What about coinbase?  What is the usdt and usdc on coinbase?  Is it ETH or Tron or what is it?  Do we have option to choose which one?


Because if im going to withdraw usdt from a gambling site to my nano ledger s, how do i make sure its on the right chain?  Do i need to ask that gambling site... hey you are sending usdt on which chain... ETH or binanc or tron?  Is that correct?  Because if their chain is not the same as nano ledger s, the transfer won't go through?

Ustd tranfer with the trc 20 address, the transaction fee between 0-3$ based on exchange you are using. But the transaction fee for the usdc was 20$ minimum in most of the exchange due to the transfer using the erc 20.So the transaction fee itself a drawback for the usdc over a usdt. Most people prepare to inverse in the Usdt.

In my opinion, if you want to send USDT or USDC money to the coinbase the fees charged will depend on your country of residence and your method of payment. converting USDT to fiat ake on coinbase will attract a fee of 1.49% while wire transfer withdrawals will attract a fee of 25 USD. It should be noted that withdrawals to third-party wallets will incur network fees.