Topic: USDT and USDC Questions - page 2. (Read 424 times)

If only 4 of them are supported, LTC is the cheapest one for transaction fees.

So what is the most low cost effective way for me to withdraw then from gambling site to my nano ledger s and then i send it to coinbase?


I could withdraw


btc
eth
litecoin
usdt


a ton of other coins but don't believe they have tron.


With those options listed... is it best litecoin?  Then its btc or usdt?  I got to assume ETH is the worst option right?

I have a Ledger Nano S but I didn't use it for USDT, this is my guess. USDT is an ERC-20 token so it should be on ETH network. You can't pay transaction fees with USDT, if you use ETH network you have to use ETH as gas cost.

https://coinmarketcap.com/currencies/tether/

From my understanding you want to withdraw your money but you can't directly send from gambling site to Coinbase due to your national laws. I suggest you to use another coin (not an ERC-20 token) both your gambling site and Coinbase support. For example TRX, DOGE, XRP have very low transaction fees. Ledger support these coins.

How would i know if my ledger nano s is on ETH by default?  Again i dont have usdt installed on it yet.  I only have btc, bch apps on it.  I don't have any ETH in my nano ledger nor did i even download the eth app on my nano ledger s.  So that mean i can't use usdt then unless i have ETH?  This is completely new to me.  I thought usdt was a regular altcoin where you give a site your USDT address, they send you USDT.  Then you send USDT from your nano ledger s to coinbase and you get deducted a tiny bit of usdt like cents or a dollar at the most to send it to coinbase.  So this isn't how it work with USDT?  So it was never like this?


If so, this makes USDT very complicated then.  I mean my thought would be hey if you send usdt... well fees would be tiny portion of usdt.  Why is ETH involved in it at all?


So in order for me to cashout from gambling site to my nano ledger s... then me sending the coin to coinbase and selling it for fiat and ACH to my US bank account, what coin should i withdraw from gambling site?


BTC or ETH or Litecoin or USDT?  Which is most cost effective?  I thought it was usdt... but now i got to assume its litecoin?  Also i had litecoin a while back but sold it all... but you just need the litecoin address from nano ledger s and thats all right?  You dont need to know if its the tr or ETH token or anything like that?  Previously a while back i used litecoin to send/receive with electrum litecoin but i use nano ledger now only.  I havent had litecoin in a while.  Again, i want to cash out my gambling funds so which coin should i withdraw? 

Your Ledger Nano S is probably on ETH network by default. If you send USDT on ETH network you have to pay big fees and when you want to send your USDT from your Ledger to your Coinbase account you need to pay fee again, so you have to have some amount of ETH in your Ledger too. Otherwise your money would stuck in your Ledger.

ETH network fees are higher than BTC fees. Be careful if you really want to make this transaction, you might lose more than 100 USD just for easy a couple of transactions on ETH network.

How does one make sure what network the usdt is on?  Like what network is the usdt on with nano ledger?  What about when asking the withdraw on the gambling site?  And what about when sending it to coinbase?

Okay so i would like to withdraw usdt from a gambling site.  My plan would be to have the usdt send to my nano ledger s... i haven't downloaded the usdt app yet on nano ledger s yet but will soon.  But once i do that, just copy and paste the usdt address shown for it on ledger live right?  Thus copy and paste it to the site im withdrawing as... okay this is my usdt address.  But on that gambling site, it doesn't specify like what type of usdt address is it... should it or should it not?  I have used this site many times to withdraw btc and give it by btc address, then they send btc to my btc address on nano ledger s.


I would then send the usdt to coinbase pro most likely and then convert it to fiat and then ach to my us bank of america account.  Can someone tell me if the process im doing is correct or incorrect?


That gambling site allows you to deposit/withdraw in crypto and most ppl use btc/litecoin etc but they have many coins you can use.  But since btc fees are expensive and take long to complete, people recommended using litecoin instead because of how cheap it is and fast.  But wouldn't usdt make even more sense since you won't have any fluctuation on price since its pegged to the dollar?  Converting litecoin or usdt to fiat on coinbase pro cost the same right?

be careful which network you choose when you choose your assets. especially with USDT which is available in several networks.
adjust to the network listed on both exchanges before sending. you should know that each network has different transfer fees.
but if you choose the ethereum network I'm sure the cost is over $ 20.

You can choose any option, but first you should know if the wallet or service supports the chain you are going to use.

Ledger Nano - https://www.ledger.com/supported-crypto-assets
Coinbase - https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/supported-cryptocurrencies

For example;

1. Ledger Nano S supports ERC20 tokens. This means that you can send USDC-ERC20 and USDT-ERC20 to the appropriate address with no issues
2. It also supports Binance Chain tokens(BEP2). It means you can send USDC-BEP2 and USDT-BEP2 to the appropriate address with no issues
3. It does not support Binance Smart Chain tokens (BEP20) so don't send any BEP20 tokens

The same applies to BTC, BCH or LTC… But why would you want to withdraw LTC-BEP or BCH-BEP? The default withdrawal fees are already low.

You have to select the one that have the cheapest fees if you are concerning about fees first look at Coinbase if the chain you selected is supported like if you want to withdraw USDT using Tron check first on Coinbase if deposit using USDT on tron is available.

Okay so if i trade btc or altcoin for usdt or usdc on binance... now let say i want to send that usdt or usdc to


nano ledger s


or


Coinbase



Which of the options would i choose in each of these situations to make sure there won't be an issue?  Again i never heard of this.  I thought when you send or withdraw usdt or usdc... it would be like a regular coin etc.  What other coins do this?  I mean if you send btc or ltc or bch... well you would know what that address is.  But with this, there are few options which again i never heard of.



I mean wouldnt that mean lot of usdt or usdc is lost because of sending to the wrong chain? 


Wouldnt binance chain and binance smart chain be the main chains then?  Then you put down tether (omni) and that sound even more confusing.

You should not worry about it. When you trade BTC to USDT or USDC, you will have a credited amount of USDT or USDC on your balance.

You will have options to withdraw your USDT or USDT from Binance. They give you different options to withdraw. Options here are the chain you want to use to move your USDT or USDC. Different chains give you different withdrawal fees (people gave you posts and link to check).

Your next task is decide the chain that is supported by the wallet or the exchange you are using and will use it to receive your USDT/ USDC withdrawal from Binance.
Moving your USDT or USDC cross chain (from OMNI layer to ERC-20 chain will cause a permanent loss of your USDT, example). Don't worry about that as you will always see the warning from exchanges on the chain on which the address you use is created.

Read more articles from Binance Academy. It is best to focus on official guides from Binance.
What is Tether USD?

Wait im confused.  So if you trade btc or altcoin for usdt or usdc on binance... which usdt or usdc are you getting?


BEP2 or BEP20?



I never heard of this.  I thought usdt or usdc is just a stablecoin and thats it... but theres like two or three types of it?  So how do you know which one you have on binance then before sending it to coinbase?

Just go here https://www.binance.com/en/fee/depositFee.
You will find out the fees of all coins listed on the Binance exchange there, including withdrawal fees of USDT or USDC.
You also can see some options of the network that you can use and how much the fees of the network there.

BEP2 - Token on Binance chain
BEP20 - Token on Binance Smart Chain
ERC20 - Token on Ethereum Network

Obviously Ethereum gas fees are so high right now, so it's the reason the fee for transferring ERC20 tokens is so high, BEP2 and BEP20 fees are cheap however Coinbase does not support BEP2 and BEP20 deposits. Therefore, your only choice is ERC20

When withdrawing on Binance, it will show you options to withdraw either BEP2, BEP20 (BSC) or ERC20.

Whats the difference between

BEP2
BEP20
ERC20



Why would anyone ever use the last option if its so expensive?  Also for USDT, how do you know if you using BEP2 or BEP20?

On Binance, there is currently a different withdrawal fee base on which network of USDT/USDC you will use for withdrawals.
For USDC:
BEP2: 1 USDC
BEP20(BSC): 0.8 USDC
ERC20: 16 USDC

For USDT:
BEP2: 1 USDT
BEP20(BSC): 0.8 USDT
ERC20: 20 USDT
OMNI: 24 USDT
TRC20: 1 USDT

I think Coinbase currently supports ERC20 deposit addresses as of now? Not sure, check the deposit address on your Coinbase account.

You can check the full list here for withdrawal fee: https://www.binance.com/en/fee/depositFee

That depends on yourself dude, if you wanna try to withdraw some of your money and it's better to trade it for USDT or USDC to avoid the volatility.

Im actively using USDT and when coinbase is supporting USDT TRC20 asset and then the transfer fees should be around 0.2 cents

I think that you just need to pay a small fees for the trading fees + 1% as withdrawal fees to your bank.

https://help.coinbase.com/en/more/coinbase-commerce/getting-started/withdrawals

Say i sell btc or some altcoin on binance or exchange for USDT or USDC.  Let say i sell to get around l,000 usdt or l,000 usdc worth.


Now i want to send either that amount to coinbase and sell it for fiat to my US bank account.  What are the fees to transfer that amount in usdt or usdc to coinbase?


How much would it cost to convert that l,000 usdt or l,000 usdc to fiat on coinbase?  Once that is done... doing an ACH transfers to my US bank account is free right?