I have a problem in exchanging my altcoins, when i tried to convert TokenCard to Ethereum it is showing the following message:

Cancelled: You need some ETH in the same address as your token to pay the gas to send it!

I'm using shapeshift.io for the conversion.

What could be the reason for this?

up vote 0 down vote accepted

TokenCard is an ERC20 token issued on the Ethereum platform. In order to transact on the Ethereum blockchain, you must have some Ether in your account to pay for the transaction. Once you have a small amount of Ether in your account, the transaction will go through.

Check the latest transactions using Etherscan here: https://etherscan.io/txs

In the TxFee column, you will see the fees for the latest transactions. The fee goes to miners. Transactions are sent to the Ethereum blockchain and miners gather the transactions into blocks. The fee is the reward they get for doing this work. The Ether will be deducted from your account.

Ether is the name of the currency used within Ethereum. It is used to pay for transactions on the Ethereum blockchain. This is done indirectly by purchasing gas for ether as explained in gas here: http://www.ethdocs.org/en/latest/ether.html#gas-and-ether

  • How many ether I have to keep in my account? so for each translation they will take that much form my account as fee right? – Unnikrishnan Sep 15 '17 at 11:34
  • Also is it only applicable for TokenCard or for other coins also? – Unnikrishnan Sep 15 '17 at 11:41
  • This applys to all transactions of the Ethereum blockchain, and so all Ethereum tokens. – deeplizard Sep 15 '17 at 11:50

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