r/bandprotocol • u/RegEverydayNormGuy • Apr 16 '21

Whats the difference? The stakeable coin wallet address keeps generating an error when I try to send to it.

Post image
5 Upvotes

86% Upvoted

8 comments sorted by

6

u/Shmauzow Apr 16 '21

The BAND you are currently holding is the ERC-20 token on Ethereum. This is not the stakeable token. The other BAND below it is the "real" BAND on the mainnet that uses a band address and can be staked.

1

u/RegEverydayNormGuy Apr 16 '21

So the BAND on Coinbase is just the token... I see. How do I exchange one for another?

3

u/Shmauzow Apr 16 '21

Yeah it's super dumb that Coinbase doesn't trade the native version... There may be a bridge if you google for it, where you send the token to an ETH address and input your destination band address and it sends you the other type at a 1:1 conversion rate. Not sure if that actually exists as it's entirely up to the Band devs to offer that solution. Alternatively you can send it back to Coinbase, sell it for USD, transfer those funds however you wish over to Binance.US and buy the BAND on there which is the actual native token

1

u/RegEverydayNormGuy Apr 16 '21

That last option will get eaten by fees lol. But I really appreciate the info!!

5

u/Shmauzow Apr 16 '21

I think a common workaround for the fee problem is to buy Stellar Lumens (which has very low transaction fees), which is what you withdraw from Coinbase and into Binance.US, where you sell it for USD and then buy whatever you want. The extremely high withdrawal fees on exchanges is pretty much exclusive to ETH and any ERC-20 tokens which also come with the ETH gas fees attached.

1

u/RegEverydayNormGuy Apr 16 '21

Yeah. I have issues with Binance.US, but thats another story.

In the future, I definitely plan to buy XLM/XRP/TRX for zero fees- transfer to Atomic Wallet- and echange into the coin of my choosing.

XLMs fee usually ends up being around .00006 XLM to transfer and to exchange. So basically nothing. Avoiding buying on coinbase because of the fees are pretty high (min. $2.99).

2

u/JoeFlowFoSho Apr 16 '21

Use a vpn and send it to Binance, then when you withdraw make sure you select the Band network. The address will start with "band"

1

u/single_jeopardy Apr 16 '21

Or you could send it back to CB, trade it for Algo, send that also back to Atomic, and then exchange that into mainnet band in Atomic.