Withdrawing USDT.ERC20 questions

The gas fee is same for any amount.

And yes, gas fee $0.6 around now. But you can pay more when you transfer from an exchange. For example, Coinbase is taking $14 around for USDT.ERC20 transfers. It depend exchanges, they are adding their fee not only ETH gas fee.

This was a rollercoaster... Glad it came to an end and the transfer was a success.

And this right here folks, is why crypto is not mass adopted yet.

RottenApple said:

This was a rollercoaster... Glad it came to an end and the transfer was a success.

And this right here folks, is why crypto is not mass adopted yet.

Click to expand...

Yeah pretty much, this is bullshit.

Sure, I'm a bit difficult, and I don't always see the obvious. But I don't fuck around when it comes to money and I hate saying YOLO and clicking submit. I need to know exactly what we're doing and why we're doing it.

Anyway, we're all done here.

Thanks all for the help.

Scorpion Ghost said:

So now the question becomes, is the gas fee proportional to the amount I'm sending?

If the gas fee was 0.00426658 for sending $50, is the gas fee going to be 0.04 if I send $500?

@sunil0021 @Ndiqi @Thousand Bytes @a11s @Daemon Targaryen @indianmojojojo @bluematter

Click to expand...

No.

The gas fee is not proportional to the value transferred.

The gas free is proportional to the difficulty of the transaction, so if you're interacting with a smart contract for example (transferring USDT is more expensive than transferring ETH, as USDT is a smart contract and ETH is not).

Scorpion Ghost said:

I withdrew another $500.

For some reason they defaulted to $500.000242, and they charged me $500.601. I tried twice, both times the same.

My starting ETH is 0.03200978 ETH

My ETH after the payment was sent is 0.02774401 ETH

So the fee this time is $0.60, plus gas fee of 0.00426577, which is $5.77. So total fees paid $6.37

It seems the gas fee was more or less the same for the $50 and for the $500 transaction.

Anyway, I'm gonna withdraw the rest of it to Kucoin and consider the matter closed. Fucking bullshit fees.

Click to expand...

The gas fee changes every block, depending on how many transactions are in that particular block.

For example, if in a block only 10 people want to transfer some ETH, the gas fee will be probably $0.01 per transfer, even on Ethereum. But if in the same block 500 people want to mint NFTs, the gas fee can go up to thousands of dollars per transaction.

Here is a tracker: https://etherscan.io/gastracker



You can check it before you do any transaction, and it will tell you an estimate of how much your tx will cost, as you can see right now transferring USDT will cost you $0.95 per tx on average speed, while doing a swap on Uniswap will cost you $3.24 on average speed.

Which exchange has such high fees ? You should change it to something like Binance.

ETH is a native coin of the Ethereum Blockchain.

Ethereum lets people who don't wanna develop their own blockchain create and run tokens on their blockchain but in return asks these tokens to pay some fee. And this fee is paid in Ethereum's native coin which is ETH.

ERC-20 is a code name for all tokens created and run on the Ethereum blockchain.

Since all ERC-20 tokens run on Ethereum, they all can be stored in one wallet address. It's like living in a 100-story building. Even though there live thousands of people, the building address of them all is the same and they all receive emails to the same building.

This is why sometimes you can see different tokens in a single wallet on Etherscan:



So, whenever you move an ERC-20 token from one wallet to another, you pay a fee. This can be from a wallet to another wallet, from a wallet to an exchange, from a wallet to a smart contract, and vice versa.

When moving them out of an exchange, normally, these exchanges charge you (for the fee) from the token you are moving out instead of the native token of a blockchain you're using. Because they know it's a hassle and made it easier for the user. On the contrary, you have to have some native coins of a blockchain you're using when doing a transaction between two wallets to pay the fee, which is exactly your case.

Just get some ETH using Binance, and send them to the wallet address you have your USDT inside.

Which exchange is this? Is is funny they want eth and usdt on same exchange.

Scorpion Ghost said:

How the fuck can I have ETH and USDT on the same address?

Click to expand...

By the same dick of a person who opened a thread severly bitching about the difficulty he faced when paying for BHW subscription renewal. I know 3 upgraded BHW members and for them paying BHW subscription renewals has been smooth, no issues.
Seems you need to quit using the internet itself.

MakeCoolDays said:

By the same dick of a person who opened a thread severly bitching about the difficulty he faced when paying for BHW subscription renewal. I know 3 upgraded BHW members and for them paying BHW subscription renewals has been smooth, no issues.
Seems you need to quit using the internet itself.

Click to expand...

You don't have anything better to do than bitch about me bitching? Go away noob