USDC from Coinbase to Exodus. Now What?

ColdSmoke

ColdSmoke

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Apologies, I’ve read through everything and can’t figure this out. I’m trying to get transfer USDC from base network to ETH network to pay vendor. As I understand it I need native ETH for gas. When I try to do that, it says I need ETH in my base network. It’s so confusing… about to give up. I thought I was getting close.

So when I transferred from Coinbase, it’s always on base network? Because when I got the code to receive on Exodus, I chose the ETH network. It’s not turning out as simple as transferring to exodus, then paying vendor. Frustrating.

I can however buy USDC on ETH network. Is this all I need to do? I don’t want to expose my funds to the fluctuations while I’m trying to figure it out. Also, why am I only getting half the value when I buy?


Thank for your help
 

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ColdSmoke said:
Apologies, I’ve read through everything and can’t figure this out. I’m trying to get transfer USDC from base network to ETH network to pay vendor. As I understand it I need native ETH for gas. When I try to do that, it says I need ETH in my base network. It’s so confusing… about to give up. I thought I was getting close.

So when I transferred from Coinbase, it’s always on base network? Because when I got the code to receive on Exodus, I chose the ETH network. It’s not turning out as simple as transferring to exodus, then paying vendor. Frustrating.

I can however buy USDC on ETH network. Is this all I need to do? I don’t want to expose my funds to the fluctuations while I’m trying to figure it out. Also, why am I only getting half the value when I buy?


Thank for your help
Click to expand...

You need to move from the base chain to the ETH chain. The easiest way to do this may be to move it back to Coinbase and transfer the USDC to Exodus on the ETH chain.

Conversely, you need ETH on the base chain to move the USDC from the base chain to the ETH chain, then you need ETH on the ETH chain for the gas fees to move it on the ETH chain.


So far, I do all my USDC on the SOL chain, it's free from Coinbase to Exodus, and the SOL gas lasts almost forever. I reckon it's just happenstance that all my vendors use USDC-SOL.
 
This isn't really accurate, but I think it might be useful. Think of the different "chains" (base, ETH, SOL) as if they were different banks you had checking accounts at. If you have $100 in cash (your funds at Coinbase) and your vendor only takes payment from Chase bank (ETH chain), you just did the equitant of depositing your $100 at Wells Fargo (base chain). You now have $100 in the bank, but it's the wrong bank!

The easiest for you is probably trying to get the funds back to Coinbase and starting over (this time transferring to the correct chain).
 
Again thanks, but how do I get USDC on the ETH chain in Coinbase? If I succeed there, will it automatically be on the correct chain when it goes to exodus?
 
ColdSmoke said:
I mean thanks, but I don’t know how to do any of that shit.
Click to expand...

You're welcome. It seems your choices are the same as everyone's, either get over the learning curve, or accept you can't access the best product variety at the best prices and accept what you can find available elsewhere for the connivence premium.


I was resistant to the hassle of crypto, but after I finally got over it, I've saved thousands of dollars in fees and savings in the couple months.
 
ColdSmoke said:
Again thanks, but how do I get USDC on the ETH chain in Coinbase? If I succeed there, will it automatically be on the correct chain when it goes to exodus?
Click to expand...

When you go to transfer it out, you'll select the ETH chain on Coinbase dialog box and send it to your wallet. You'll also need ETH gas on ETH to move it from your wallet to the vendor.
 
woundcarping said:
You're welcome. It seems your choices are the same as everyone's, either get over the learning curve, or accept you can't access the best product variety at the best prices and accept what you can find available elsewhere for the connivence premium.


I was resistant to the hassle of crypto, but after I finally got over it, I've saved thousands of dollars in fees and savings in the couple months.
Click to expand...
Exactly what I’m trying to do, but not nearly as straightforward as I thought. For example, how do I convert the USDC from base chain to ETH chain in Coinbase?
 
ColdSmoke said:
Again thanks, but how do I get USDC on the ETH chain in Coinbase? If I succeed there, will it automatically be on the correct chain when it goes to exodus?
Click to expand...
Ask Coinbase. They're the ones that got you into this mess (by putting the "base" network as the default option and you not realizing it was a pulldown menu where you could have selected something else). Presumably, they should support their product.
 
ColdSmoke said:
Exactly what I’m trying to do, but not nearly as straightforward as I thought. For example, how do I convert the USDC from base chain to ETH chain in Coinbase?
Click to expand...

You click the button to change the network it's being sent on from SOL to ETH. Presumptively there will be fees sending it on ETH, but it is what it is.
 
ColdSmoke said:
Exactly what I’m trying to do, but not nearly as straightforward as I thought. For example, how do I convert the USDC from base chain to ETH chain in Coinbase?
Click to expand...
That's why I brought up my analogy earlier. The act of getting the funds back to Coinbase is equivalent to taking them off of the chain. They're no longer on a chain when they're in your Coinbase account. Just like when you walk into the bank and withdraw $100 in cash. At that point the $100 is no longer with any particular bank.
 
On the bright side, once you've sorted this mess out, you'll understand that there are different chains, that selecting the right one is an essential part of the process, and you'll never make the same mistake again! 🤣
 
Yeah, I’m getting closer. I need to play around with more. I’m sure it’s not as hard as I’m making it. Thanks for your help
 
tubby said:
On the bright side, once you've sorted this mess out, you'll understand that there are different chains, that selecting the right one is an essential part of the process, and you'll never make the same mistake again! 🤣
Click to expand...
At least until you send the coin the right address, wrong network and have to eat it.
 
tubby said:
On the bright side, once you've sorted this mess out, you'll understand that there are different chains, that selecting the right one is an essential part of the process, and you'll never make the same mistake again! 🤣
Click to expand...
Good thing I only used $10 for testing things out
 
ColdSmoke said:
Good thing I only used $10 for testing things out
Click to expand...

A recommendation, for new accounts/vendors/recipients, send a small test amount and ask the receiver to verify the amount before sending the full amount. Easy way to make sure you have everything right and at least the person you're talking to has access to the address you're sending the funds to.
 
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ColdSmoke said:
I may or may not have been drinking when I did it.
Click to expand...
I didn't know you had done that.

An example of what I am talking about is when you have the USDC-SOL address but sent USDC-ETH... it can still go out, but unless they have the same address on both chains and are honest, it's practically lost to the ether.

It doesn't matter if it's just a few dollars. It matters more if it's a few thousand. Hence I send a small amount and ask the receiver to tell me what I sent before sending the remainder.
 
tubby said:
Ask Coinbase. They're the ones that got you into this mess (by putting the "base" network as the default option and you not realizing it was a pulldown menu where you could have selected something else). Presumably, they should support their product.
Click to expand...
This was the problem. I didn’t notice the network selection part. Once I got that, all good
 
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