Bitcoin Forum

I just sold a bunch of coins on coinbase not coinbase pro and I saw the option of USD or USDCoin. What use is that for?

I just got really lucky and found a BTC wallet from 7 years ago with about $6.000 in it. I immediately transferred it to my coinbase account, sold half to usd to lock in profits and kept the other half in BTC on coinbase, I think the fee was like $52.00!!! Does using USDCoin avoid fees?

I believe the advantage of USDC is that it is easier and faster to transfer to another exchange.

The primary advantage you get for using Usdc stablecoin over USD, is that it becomes easier to move funds across exchanges or wallets that supports USDC. You cannot do the same using USD except you want to send funds back to your bank account or card. You still get same USD benefits since USDC is pegged at 1:1 ratio to US dollar just like other stable coins.

As for the fees, USDC is available on Ethereum, Algorand and Solana blockchains. Since fees on ethereum are high, you can use USDC on Algorand blockchain if coinbase supports it. Fees are around 0.001 (Algo price ~ 0.065 give or take.)

https://algoexplorer.io/asset/31566704
https://www.circle.com/en/usdc

I couldn't help but notice this part. Never keep your Bitcoins in an exchange or custodial wallet because you don't own the private keys. You could wake up tomorrow only to discover that coinbase closed down their website.


That's a very high amount for fees  :o
Have you tried exploring other exchanges and stable coins like USDT, BUSD on Binance? I never even spend that much in trading fees since I use binance p2p exchange at times.

Also some traders would have to pay tax converting to USD. Switching from an altcoin to a stablecoin allows them to exit position without taking profit.

These coins are also useful for people who live in countries where crypto-fiat exchange is forbidden or restricted by the government. They can trade to a fiat equivalent without using fiat.

9635]
...kept the other half in BTC on coinbase, I
[/quote]
I couldn't help but notice this part. Never keep your Bitcoins in an exchange or custodial wallet because you don't own the private keys. You could wake up tomorrow only to discover that coinbase closed down their website.

Before anyone leaves their crypto units on an exchange ,you may want to read about the Vancouver crypto exchange where the owner disapered ,( maybe faked his death) and took with him the only pass word to 250 million dollars of clients money.

Google the sentence below .
 " Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds "

the main and the most important advantage of USDC is the capability of the wallets. In other words, you can hold and transfer your usdc coin in different wallets without of any problems and it's also much easier to use for the traders. If you chose USD you will need to use your bank account for ant deposit you make and it's not as capable as usdc, because the usdc is available on two blockchains, including erc-20 and this will make it more accessible.

I couldn't help but notice this part. Never keep your Bitcoins in an exchange or custodial wallet because you don't own the private keys. You could wake up tomorrow only to discover that coinbase closed down their website.

Before anyone leaves their crypto units on an exchange ,you may want to read about the Vancouver crypto exchange where the owner disapered ,( maybe faked his death) and took with him the only pass word to 250 million dollars of clients money.

Google the sentence below .
 " Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds "

[/quote]

Realistically do you think a company as big and well established as coinbase is going to do that? They must make a $hit load of money seeing how much volume they do across so many coins and its also the easiest way to buy bitcoins. If I planned on keeping BTC for months I would use my trezor which almost died on me when I was trying to sell at the last ATH for BTC. I kind of dont trust trezor now. They give you a seed but I think to use it you have to order a new trezor set it up then reseed getting your coins back on it. BTC is volatile Im always ready to sell all my coins at a moments notice if theres a big price drop. Hell I had 0.4BTC in "Localbitcoins.com" that I thought I lost seven years ago, thinking the company was out of business but I contacted them and got my coins out and now I can do some serious trading.

I think it is true that what everyone before me said, is that USDC is easier to send to exchanges, so not difficult to re-swap. rather than USD then you can only send it sort of to Paypal. so you separate from your needs.

Wait a minute... usdt or tether as its called is actually a coin?  I thought it was more like a digital fiat... where you can't send it from an exchange to another.


So usdt... usdc... you could send it from say binance to coinbase and kraken and vice versa?


Also... if you are using stablecoin, the best would be in what order?



Like this?


Usdc

Gemini coin

Pax

usdt



So basically if you want to move funds from exchanges easily, use usdc or usdt?  The gemini coin or gemini dollar is only able to be used on gemini only right?  But usdc is the best stablecoin because all exchanges accept it?  USDT is the same except well... its not one hundred percent backed? 


What about pax coin then?

coinbase or coinbase pro both are still owned by coinbase and usd or usd coins also existed in pro version of coinbase because it is an exchange and an exchange consist of wide specie of coins .

this answers your first question . when you sold your coins to usd your coins wont move high and low but your asking if converting btc to usd do have a fee ? i thought you have paid 52 dollars for the fee ? it does have a fee but the fee was high . thats coinbase .

USD Coin (USDC) is a tokenized dollar, a stable coin. There are other popular, paired to the dollar - Tether (USDT) True USD (TUSD), Neutrino USD (USDN), PAX, DAI, and so on.

I'm using them daily to (cheaply) transfer funds between exchanges.

USDC is much better to use than the other one. It saves you from various hassles. Now the question remains whether it will be able to completely replace USD?

USDC or USDCoin is a stablecoin and since it has been around for a long time, it's now being supported by many exchanges, so the benefit of using USDC over USDollar or selling BTC to USDC instead of USDollar is that, you can easily transfer it (USDC) to other exchanges as you want. Also, using USDC doesn't exempt you from paying the fees stipulated by the exchange as the case maybe but if it's USDT which is already supported by many chains or blockchains, then selling BTC  to USDT and sending USDT through Tron (TRC-20) blockchain, you will only pay very little for fee, which is of course better than doing so with USDC. Also, just like USDC is supported by many exchanges, same is the case with USDT.

Selling coin on coinbase is not a good idea due to a high fee. I only use coibase as a wallet because their transaction fees are much cheaper than any individual wallet and easier to understand. If the fee is outstanding high like that, you should consider change to other exchange or coin in order to prevent such fee. I have not make a deep research regard to this subject. But I believe there will be something to resolve

I had coins from 7 years ago in localbitcoins that I wrote off as lost as I had the 2FA stolen. I was able to recover the account this year and transferred almost 0.4BTC thats why I think the fee was so high it was almost $8000 I was transferring. I wanted to get day trading it asap so I tolerated the fee.

Right now I'm taking 1200 and investing for a day or two in some volitile alts to make some poket change while I go long with most of my portfolio in BTC because I can see that as the most stable growth in 2021. Every now and then when it gets close to 40k I take some profits and reinvest them in alts or back into btc. My original goal was just to make my back rent money but having bit coinbasepro  on my iphone is addictive. FOMO is keeping me from exiting, which I'm in a really sweet spot to do right now with a total portfolio of 12,000usd$ On thanks giving I was paying the liquor store in change I was so poor. My life is like nitcoins; its never stable.

But if you’re keeping your money on Coinbase from the sale, then there is no difference between selling into USD vs USDcoin?

I was actually wondering about this too because it used to default to USDcoin when you started a sale, but I believe it now goes to USD

"USDC Rewards is a way for Coinbase clients to earn a return on USD Coin holdings without any cryptocurrency having to be sold or transacted," Coinbase said in the article. ... "The company said in the post, "USD Coin retains its stable cost because you can still redeem one USD Coin for one U.S. dollar.