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Alternate cryptocurrencies => Altcoin Discussion => Topic started by: BitcoinHodler on December 06, 2020, 08:14:22 AM



Title: Need help with Tether
Post by: BitcoinHodler on December 06, 2020, 08:14:22 AM
I have never used Tether outside of exchanges and I wanted to send a small amount to my mobile wallet (Coinomi) and I am wondering how that works?

The wallet has created a new address for me that looks exactly like a legacy bitcoin address (starting with 1) which I get since it is Omni layer but I don't know how to spend the USDT from this address after I received it,
- Are the transactions taking place on bitcoin blockchain?
- Do I need to also have bitcoin in that address to pay the tx fees?


Title: Re: Need help with Tether
Post by: dzungmobile on December 06, 2020, 08:21:41 AM
I have never used Tether outside of exchanges and I wanted to send a small amount to my mobile wallet (Coinomi) and I am wondering how that works?

The wallet has created a new address for me that looks exactly like a legacy bitcoin address (starting with 1) which I get since it is Omni layer but I don't know how to spend the USDT from this address after I received it,
- Are the transactions taking place on bitcoin blockchain?
- Do I need to also have bitcoin in that address to pay the tx fees?
There are different chains for Tether USD and you have to move it to same chain. Move your Tether cross chain will cause a loss for your Tether and you will not be able to get it back.

Some chains
Omni layer on Bitcoin blockchain.
ERC20 on Ethereum blockchain.
TRC20on TRON blockchain.
EOS on EOS blockchain.

https://bitget.zendesk.com/hc/en-us/articles/360049409372-Difference-in-Three-USDT-Chain-OMNI-ERC20-and-TRC20
https://m.kucoin.com/news/en-kucoin-to-support-usdt-tron-and-usdt-erc20
https://www.bitfinex.com/posts/405


Title: Re: Need help with Tether
Post by: BitcoinHodler on December 06, 2020, 08:40:44 AM
I don't want to move Tether between chains, I want to send Omni layer Tether to Omni layer tether.


Title: Re: Need help with Tether
Post by: Charles-Tim on December 06, 2020, 08:54:55 AM
I have never used Tether outside of exchanges and I wanted to send a small amount to my mobile wallet (Coinomi) and I am wondering how that works?
Coinomi support many tether addresses, it support Omini layer USDt that has the  addresses similar to bitcoin address because it is built on bitcoin blockchain, it also support ERC-20 USDt that is built on ethereum blockchain. USDT is also bulit on other blockchains like tron, and it is similar to the address of coin that is built on its blockchain.

- Are the transactions taking place on bitcoin blockchain?
You can check this tether blockchain explorer
https://usdt.tokenview.com/

- Do I need to also have bitcoin in that address to pay the tx fees?
Tether fee will be charged not bitcoin fee.

I don't want to move Tether between chains, I want to send Omni layer Tether to Omni layer tether.
Before sending the tether to coinomi, check the prefix of the address on your exchange account, if it starts with 1 prefix, then you will send it to the Omini layer. If it starts with 0x prefix, then send it to ERC-20, also check if it starts from tron address, if so, then send it to TRC20.


Title: Re: Need help with Tether
Post by: dzungmobile on December 06, 2020, 08:55:05 AM
I don't want to move Tether between chains, I want to send Omni layer Tether to Omni layer tether.
Simple to do this. Choose a destination (receiving address) on an exchange or wallet that gives you Tether address on OMNI layer. Move your Tether on OMNI to that destination.