Topic: Beginner question (Read 294 times)
TOSAL is the broker with the best service among so many brokers I have used. The manual customer service service and deposit and withdrawal of funds are very safe and reliable
OP gives the example of a Binance address which isn't good practice to receive your Bitcoin. You can't change the address there unless change the chain. Keep in mind once you receive Bitcoin in another chain that's not true Bitcoin at all, it's called warp Bitcoin. If the sender doesn't have Bitcoin in the same wallet will cause a loss or be unable to send. So because using cross-chain. Better use a non-custodial wallet to store and receive your Bitcoin. You can change your address anytime. Also, your Bitcoin will secure there unless you compromise your seed phrase.
Binance networks:
- BNB - BNB Beacon Chain (BEP2)
- BSC - BNB Smart Chain (BEP20)
- BTC - Bitcoin
- ETH - Ethereum (ERC20)
- SEGWITBTC - BTC(SegWit)
Which network should I choose?
Thanks.
If I choose the Bitcoin (BTC) coin, but not choose the Bitcoin (BTC) network, is it possible? Is it works?
Don't do that. That's not Bitcoin. Bitcoin exists only on Bitcoin's blockchain. I know it seems tempting to use a network where Binance charges lower transaction fees, but the asset on BSC is just an altcoin. Withdraw your coins through the BTC network and consider using exchanges with lower withdrawal fees. If you are eager to learn and want to experience a real decentralized platform, check out Bisq.I generated new address. There are two:
Do I understand they can send me money to both addresses?
Do I have to tell the payer about the network or enough only one of my two addresses?
Anyone can send you Bitcoin to those two addresses. If it's Bitcoin you are after, there is no need to confuse the other party with alternative networks. May I ask why you are using Binance as a wallet? Do you want to exchange the coins you receive to those addresses for something else or what is your ultimate goal? - 1. address: 1392**************************1JSh (Coin: BTC) [Network: BTC - Bitcoin]
- 2. address (new): bc1q**********************************vn5t (Coin: BTC) [Network: SEGWITBTC - BTC {SegWit}]
Do I understand they can send me money to both addresses?
Do I have to tell the payer about the network or enough only one of my two addresses?
If you want a place to store your coins, it's much better to use a proper wallet such as Electrum that gives you access to your private keys and seed words. Binance can freeze and close your account and any coins you deposit there are theirs. Electrum doesn't have access to your funds.
The beauty of crypto and technology makes it easy for anyone, from all over the world to get a share, because of its decentralized nature, in playing crypto we need a laptop, internet smartphone and capital, we must also be at the right address, and also make sure we are on the right binance, before you make any transaction, you should study it first, and ask a friend who you trust and want to guide you.
I tried it. It works. Thanks. For my sponsors and buyers, is it enough to know only my address for Bitcoin coin and not know the network?
actually you just need to look at the address prefix in your wallet on one exchange if you want to make a transaction to receive from someone else, but on the other hand if you are going to send you have to really research what network is used, usually the exchange will be given an option so you don't send the wrong message, but still make sure the letters are the beginning of your wallet
Coin: Bitcoin (BTC)
Network: Bitcoin (BTC)
I would like use another address, not this.
How to?
If I choose the Bitcoin (BTC) coin, but not choose the Bitcoin (BTC) network, is it possible? Is it works?
Network: Bitcoin (BTC)
I would like use another address, not this.
How to?
If I choose the Bitcoin (BTC) coin, but not choose the Bitcoin (BTC) network, is it possible? Is it works?
Yes of course. It is possible. You can use another address from these networks.
BNB - BNB Beacon Chain (BEP2)
BSC - BNB Smart Chain (BEP20)
BTC - Bitcoin
ETH - Ethereum (ERC20)
SEGWITBTC - BTC(SegWit)
But to receive Bitcoins on another network you need to use an appropriate address from the respected networks. Each network uses a different address according to the network. But at the same time, you have control of these wallet addresses so that you can add network chains to access funds from your wallet.
The process of transferring funds using other networks is called the pegging of coins to the specific network. Pegged coins are called Wrapped Coins on a particular network. This mechanism is also known as bridging on DEX.
Anyone can use this service to reduce fees on transactions.
I would like only Bitcoin and I would like use 2 different address in my Binance account.
< snip >
I would like in 1 Binance account:
1392**************************1JSh for my sponsors.
bc1q**********************************vn5t for my buyers.
Yes you can use, but there are important things you should be aware of< snip >
I would like in 1 Binance account:
1392**************************1JSh for my sponsors.
bc1q**********************************vn5t for my buyers.
- 2 addresses are different address types but they are created by same private key/ mnemonic seeds
- On centralized exchange, Binance in this case, you don't have control of private key / mnemonic seed. That means Binance owns it and you might lose your Bitcoin if your account is suspended, frozen, banned (by whatever reasons)
- If you want to really own your Bitcoin by controlling your key/ seed, let's use non custodial wallet. It is more important if what you are doing is running donation, charity, service, etc.
- Recommended wallets.
- Electrum is a SPV wallet and very light (in storage requirement) to use. If you don't care much about privacy, let's use Electrum. In addition, you can practice to create Electrum wallet in 2 types by same seed, which will help you understand point 1
- [GUIDE] How to Safely Download and Verify Electrum. Make sure you verify wallets (not only with Electrum)
Since Electrum 4.1.0, the step to choose seed type is no longer available, hence if you want to do it, you must to do it with Command line.
# Release 4.1.0 - Kangaroo (March 30, 2021)
This version is our second major release with support for the
Lightning Network. While our initial Lightning release was mostly
about implementing the protocol, this release brings features that are
specifically aimed at keeping Electrum lightweight and trustless,
while avoiding single points of failure. Most of the features listed
below are user-visible.
* The wallet creation wizard no longer asks for a seed type, and
creates segwit wallets with bech32 addresses. Older seed types can
still be created with the command line.
This version is our second major release with support for the
Lightning Network. While our initial Lightning release was mostly
about implementing the protocol, this release brings features that are
specifically aimed at keeping Electrum lightweight and trustless,
while avoiding single points of failure. Most of the features listed
below are user-visible.
* The wallet creation wizard no longer asks for a seed type, and
creates segwit wallets with bech32 addresses. Older seed types can
still be created with the command line.
I tried it. It works. Thanks. For my sponsors and buyers, is it enough to know only my address for Bitcoin coin and not know the network?
You should both have knowledge about your public address and networks for depositing and withdrawing Coins from Binance and actually, you didn't use the beginner's guide from Binance on how to deposit and withdraw.
Always make sure that you are in the correct network and your Bitcoin address you will always find it under your Binance wallet.
Take note that Binance is a custodial wallet you don't have full control of your wallet.
1392**************************1JSh for my sponsors.
bc1q**********************************vn5t for my buyers.
bc1q**********************************vn5t for my buyers.
I tried it. It works. Thanks. For my sponsors and buyers, is it enough to know only my address for Bitcoin coin and not know the network?
Those are both deposit addresses to your Binance account.
Keep in mind that those are Binance's addresses, not yours (you don't hold the private keys) and when money arrives to those addresses your account gets credited.
It's important to know this because although your account may remain credited, Binance may use the coins from those addresses for other needs (like other users' withdrawals).
It's usually advised to have your own local wallet and give different individuals different deposit addresses (like different address for each sponsor, no matter how many they are) or even different address for each different operation.
Back to Binance. Although they say that one of those addresses is on Bitcoin network and the other is on Bitcoin SegWit network, it's actually the same network (Bitcoin), so you don't really have to say anything.
I would like use another address, not this.
How to?
If I choose the Bitcoin (BTC) coin, but not choose the Bitcoin (BTC) network, is it possible? Is it works?
How to?
If I choose the Bitcoin (BTC) coin, but not choose the Bitcoin (BTC) network, is it possible? Is it works?
If i got you right correctly, you want a wallet that can help generate multiple address or that supports multiple coins, first i will advise you make use of electrum wallet whereby you can generate as many addresses from it but it only support a bitcoin address, secondly you can make use of Metamask which is a multi currency supported wallet and also good for privacy and you could generate as many aas possible addresses on it.
You can use of this network to transfer Bitcoin or any other cryptocurrency.But you have to ensure that sender also using the same network to make a transection. Otherwise you will lose your entire funds because of using different network.
I tried it. It works. Thanks. For my sponsors and buyers, is it enough to know only my address for Bitcoin coin and not know the network?
You only need to know your address on the Bitcoin network if you're only going to use the Bitcoin network; and you should know the network obviously, but the network is always indicated on exchanges anyway so you really don't need to do any memorization.
I tried it. It works. Thanks. For my sponsors and buyers, is it enough to know only my address for Bitcoin coin and not know the network?
Dear mk4,
I would like only Bitcoin and I would like use 2 different address in my Binance account.
Is it possible?
I would like in 1 Binance account:
1392**************************1JSh for my sponsors.
bc1q**********************************vn5t for my buyers.
I would like only Bitcoin and I would like use 2 different address in my Binance account.
- 1392**************************1JSh (BTC network)
- bc1q**********************************vn5t (SEGWITBTC network)
Is it possible?
I would like in 1 Binance account:
1392**************************1JSh for my sponsors.
bc1q**********************************vn5t for my buyers.
That 2 wallet address is connected so it means you can received BTC(Bitcoin network) either of the 2 address. Just take note the other BTC blockchain address such as BSC, ERC20 and so on, They are different from Bitcoin network so your Bitcoin will get loss if you send it to that address. Use electrum wallet if you want to use different wallet address but received the balance in one place only.
-snip-
Is it possible?
Is it possible?
Yes, you can use both and those are supported to receive from any bitcoin network (legacy, segwit, native segwit). In order not to confuse the senders, you don't need to tell them that your address is generated from Binance wallet so they will send you real bitcoins, not wrapped tokens or something.
Dear mk4,
I would like only Bitcoin and I would like use 2 different address in my Binance account.
Is it possible?
I would like in 1 Binance account:
1392**************************1JSh for my sponsors.
bc1q**********************************vn5t for my buyers.
I would like only Bitcoin and I would like use 2 different address in my Binance account.
- 1392**************************1JSh (BTC network)
- bc1q**********************************vn5t (SEGWITBTC network)
Is it possible?
I would like in 1 Binance account:
1392**************************1JSh for my sponsors.
bc1q**********************************vn5t for my buyers.
Thanks for the comments!
I generated new address. There are two:
Do I understand they can send me money to both addresses?
Do I have to tell the payer about the network or enough only my address?
I generated new address. There are two:
- 1. address: 1392**************************1JSh (Coin: BTC) [Network: BTC - Bitcoin]
- 2. address (new): bc1q**********************************vn5t (Coin: BTC) [Network: SEGWITBTC - BTC {SegWit}]
Do I understand they can send me money to both addresses?
Do I have to tell the payer about the network or enough only my address?
Different networks usually have different wallet address standards so you wouldn't be able to send Ethereum network bitcoin(wBTC) to bitcoin on the Bitcoin network(BTC).
If you tried to send BNB Network wBTC to Ethereum network wBTC though, you might lose access to your money. So be totally sure you know what you're doing.
Thanks for the comments!
I generated new address. There are two:
Do I understand they can send me money to both addresses?
Do I have to tell the payer about the network or enough only one of my two addresses?
I generated new address. There are two:
- 1. address: 1392**************************1JSh (Coin: BTC) [Network: BTC - Bitcoin]
- 2. address (new): bc1q**********************************vn5t (Coin: BTC) [Network: SEGWITBTC - BTC {SegWit}]
Do I understand they can send me money to both addresses?
Do I have to tell the payer about the network or enough only one of my two addresses?
usually binance will auto detect what address do u have, but it would be different on erc20 and bep20 because they using same address, but yes same address have same private key.
first you need a wallet you can start using metamask and know the different after it
first you need a wallet you can start using metamask and know the different after it
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