USDT on Nano Ledger S

[jerry0]

I am going to install the USDT app on my nano ledger s.  Reason being I want to withdraw some funds from a gambling website and they allow you to withdraw USDT.  I previously withdrew via BTC... but because of what I hear about how high the sending fees are now and how slow it is... would it make sense to withdraw any other coin besides btc?  I could also withdraw litecoin/eth/ripple and a bunch of other coins.



Now the thing that had me confused was... I thought i add the USDT wallet on my nano ledger s... then i would go and click on receiving address and then it would show me my USDT receiving address similar to how like it shows my btc receiving address.  Again I did not even add the app yet on my nano ledger s.  Now what confuses me is I hear that you have to make sure you know what network your USDT wallet is... can someone explain this?  For example i heard there is the ETH and TRON network but there is also a binance chain network?  I heard if you don't put the correct network, you won't receive your coins?



So if im giving a gambling website ... my USDT address... is that all I need to do?  Or do i need to make sure they could send to my network?  Or is that no issue... but the real issue is when i send the USDT from my nano ledger s to coinbase?  What network is usdt on coinbase on?  What about bitstamp?  What about binance.com or binance.US?  How do i make sure that when i give the gambling site my USDT address, they will send to the correct one/network?  And how do i make sure my USDT transfers from my nano ledger s... to coinbase pro?



Also, the thing that confuses me is... apparently you have to pay a flat twenty dollar fee to send USDT... regardless of amount... is that true or false?  And was that always the case or its been like this only because of the high btc sending fees?  Also ETH sending fees are high now right?  I have no ETH and no experience with it.



I had thought USDT was great in that... if you receive it... then transfer it... the fees were like a dollar only and fast.  But not only that, i heard you need ETH in your wallet in order to send USDT?  I don't have any ETH at all in my nano ledger s.  And i obviously i don't want to withdraw USDT from the gambling site DIRECTLY to coinbase and i risk my account getting banned since i know coinbase doesn't like transactions linked directly to gambling sites so i would be using the nano ledger s as my intermediary.



Reason i want to use USDT is because its pegged to the dollar and won't have any fluctuations.  Like say i withdraw l000 usd from a gambling site, i thought i would receive that amount in l,000 USDT... then say i send it to coinbase... cost me l usdt... then i sell that 999 usdt for fiat on coinbase.... and then have USD... then ACH transfer to my US bank account.  So this isn't how it works because USDT is on binance or ETH or TRON network?


Also what would be the cheapest way for me to withdraw USDT/BTC/LTC etc to my nano ledger s and then to coinbase?


Would like if someone can explain this.  

[joniboini]

1. Yes, USDT is running on multiple chains.
2. You need to manually check which chain your exchange/gambling site use. Most of the time you just have to see the address format, or simply ask the support for more clarity.
3. Make sure you use the same chain since it's not interchangeable.
4. You don't necessarily have to install the app if you already install an ETH/TRON/other apps that support USDT, since you can manually add the USDT token and then manage it with a wallet like MetaMask.
5. There is no flat fee on the network, it's probably exchange fees. It also depends on the chain that you use. Tron is cheap while Ethereum is currently expensive.
6. Yes you need ETH/Tron/BNB whatever main coin of the chain that you use since you need to pay the fee, USDT is not running on its own network.
7. Your fiat scenario is good, you can withdraw USDT to Ledger Nano from your gambling site directly (using the cheapest network like Tron, if they support it) and then send it to Coinbase.

I suggest reading some more about ETH or other networks to make sure you understand how their transactions work.

[jerry0]

Did usdt always run on multiple chains?  So years ago, it was only the on ETH chain? 


Okay i would ask that gambling site which chain they are on.  But the thing is i would have to give them my usdt address though.  So for example what chain is USDT on the nano ledger s?  Is it ETH or TRON? 


So if its a different chain... example that gambling site or exchange USDT is on the ETH chain... but my nano ledger s chain is TRON... then i give them  my USDT address but its TRON but they are sending from ETH chain... then the coins are lost?  The transaction would still go through but get lost?  Or would it get rejected?  I heard a while back you could send btc to a bitcoin cash address and vice versa but when you do that, the coins would be lost. 


Well, I want to have USDT on my nano ledger s.  So when i install/add the app, do i have a choice of choosing which chain i want?  Or nano ledger gives you the chain and says okay its ETH Or Tron?  Also what is this binance chain i hear about?



Yes i heard tron is cheap and ETH is expensive.  But again, i have no experience with this because i never used tron or eth.


USDT never ever ran on its own network?  I always thought back then when you send USDT to a site, it would deduct a tiny bit of USDT as the fee... similar to like when sending btc to someone or waves to someone.  So it was always like this?  Did tron existed years ago when it was mainly btc and eth?


So that mean i would need either ETH or Tron in my nano ledger s... if i want to send USDT to coinbase?  Again... i would obviously prefer to have the gambling site send USDT directly to my coinbase account and then i sell for fiat... but I know doing this is risky since you need an intermediary account the gambling funds go to first etc.  So i thought nano ledger s would be the best option.


Well can i make my nano ledger S USDT go on the Tron network?  But i need to first make sure the gambling website which will send me coins is on tron right?  Could they be on multiple networks and i be given a choice of which USDT chain i want to receive the USDT or not?

[AB de Royse777]

Did usdt always run on multiple chains?  So years ago, it was only the on ETH chain? 

There used to be only ETH chain if I am not wrong.

ETH chain is now expensive so avoid receiving using ETH chain. Tron chin is cheaper. You will need TRC10 or TRC20 address. Check with the gambling site which chain they have.

Is it ETH or TRON?

With your ledger you can have both. For ETH chain you will need ETH app to be installed and for Tron network you will need to have Tron installed.

Don't cross use any network. Like never send ETH chain USDT to TRON chain USDT or vice versa. There are nothing to make it complicated.