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.

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?