Can Ethereum (ERC-20) be sent to a Ethereum (ETH) wallet? I have tried finding an answer to this on Google but I’m getting conflicting results and I don’t really understand what the difference is between the two and if they are compatible or not.

The place I am getting my coin from says it is Ethereum (ERC-20) and I need to enter an address to send it to. The only Ethereum wallet I have right now is on LocalCoinSwap which says it is a Ethereum (ETH) wallet. Am I able to send it there or should I find a new place that specifically has Ethereum (ERC-20) wallets? Any info or suggestions are appreciated! Thanks!

  • jeremy_fritzen@alien.topBEnglish
    1·
    1 year ago

    The way you describe it, it seems that you’re trying to send your crypto from a Centralized Exchange (CEX). Am I right? If so, please tell us which CEX you’re using.

    Before making any transaction, you need to understand some basics about Ethereum:

    • Ethereum is the name of the Blockchain, the protocol.
    • ETH is the native currency of this Blockchain. It is used to pay for sending transactions on it (ex : sending some ETH to another Ethereum user or executing a specific function of a “Blockchain-based app”, also called dApp for Decentralized Application).
    • The term “wallet” can be confusing for beginners:
      • It may refer to the software you use to interact with the Blockchain (I mean: sending transactions on the Blockchain, without a CEX). Think of it more like of a “key” to a safe containing your funds, not your actual funds. Your funds are on the Blockchain and you access them with your wallet.
      • It may also refer to an Ethereum adress itself, i.e. the “safe” in my previous analogy. With your wallet software, you are (should) be the only one to control that safe.

    So I suppose you’re trying to exit your ETH from a CEX. If you want to send it onchain directly (on the Ethereum blockchain), send it to whatever they call “Ethereum / ETH / ERC-20” address. All these terms are synonyms but some platforms tend to mix them. You can create a such Ethereum adress by installing metamask extension on your Browser. If you want to send it to another CEX, you should check their own documentation on how to transfer cryptos to. But I suppose that they proposer a simple Ethereum adress where you can send your funds to.

    I don’t know how comfortable you are with all of this. Feel free to ask any further question.