How do I figure out which asset I purchased?

cloratheshadow

cloratheshadow

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I got ETH through Robinhood and moved it into my exodus wallet. The thing that has me stuck is USDT/USDC — what are those exactly? Did I end up buying the wrong asset? The vendor I want to use takes “USDT/USDC/BTC”

For weeks I’ve been going through tons of forums, but it’s still not clear to me. I really don’t want to screw up this first buy 🙁 if anyone can help or point me to answers, I’d really appreciate it
 
Ethereum functions as a decentralized blockchain that supports smart contracts. The platform's native cryptocurrency is Ether.
 
cloratheshadow said:

I need to clear something up. Is it that labels such as “usdt ETH” or similar are throwing me off? Or am I going crazy?
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I don't know much about this stuff, so I ran your question through AI and it can break it down for you. Over on PGB, there are solid resources and people who really know Crypto. Personally, I'm too scared to try it. Best of luck. I've sent a DM with the search.
 
When you see USDT ETH, that means usdt travelling on the ethereum (eth) network. Other options exist: usdt sol, usdt tron. Which network the vendor uses is something only they can tell you, and yours has to match it. Send usdt eth into a usdt sol wallet, for example, and the funds are gone. A little of the network token is required too, as gas money. So with usdt eth, you also want a small amount of straight Eth (ethereum) on hand. Usdc/usdt count as stable coins, holding roughly $1 for each US $1.

Eth, Trn, Sol and BTC coins all swing with the market, so the value may drop by the time your transfer lands. Having bought Eth, the easiest move is asking the vendor whether straight Eth works for them. If not, swap just what's needed for the payment from Eth into usdt or usdc on the Eth network, and hold a couple bucks of eth back for gas money.
 
Were I in your position, I'd follow Minkster's suggestion first. Let the vendor know you're holding eth and ask whether they'd accept it. It would surprise me a lot if they said no—but if that happened, that's when I'd consider plan B.
 
Also, I’d really recommend having the vendor verify a small test transfer first, before you send anything large. And you can check on a crypto explorer site yourself to confirm it arrived — for example, by checking the transfers section.
 
Calm Logic said:

Also, I’d really recommend having the vendor verify a small test transfer first, before you send anything large. And you can check on a crypto explorer site yourself to confirm it arrived — for example, by checking the transfers section.
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I swapped it into USDT ETH, and at this point I believe I've got it figured out. I sent her $5, and she said it arrived. Then I sent the remaining $130, and the address plus network appear to be correct. Appreciate the advice!
 
When you come across pairs such as usdt/eth, usdc/eth, or usdc/sol, here's how to read them: the coin you're spending is listed first, the network carrying it is listed second. There's also a third requirement — your wallet must hold a bit of that network's native coin, since that's what covers the network fees for the transfer (commonly called gas).

So if a vendor asks for usdt/eth, you send the owed amount in USDT over the Ethereum (ERC-20) network, and you keep a small ETH balance in your wallet to cover the gas for that transfer.

Using the wrong network can wipe out the entire payment you sent — this is especially true with ETH, since ERC20 and BASE both exist as options. So far, I haven't come across any vendor asking for payment through the base network.

Before you send anything, read up on as much crypto material as you can find.

IF YOU HAVEN'T TRANSFERRED BEFORE, SEND A VERY SMALL TEST TRANSFER AND ASK THE SUPPLIER TO VERIFY RECEIPT OF THE TEST BEFORE MAKING THE FULL PAYMENT.

Losing $5 beats losing $500
 
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