Binance first purchase of bitcoin | Bitcointalksearch.org

Maus0728

legendary

Activity: 1904

Merit: 1563

Quote from: clifjw on January 07, 2021, 08:14:34 AM

Yep I've got a software wallet and a hardware wallet that I'll be transferring it too, when I do I'll be able to see that TX on the blockchain, I understand that, but I was expecting to see a blockchain transaction for the initial purchase from Binance. Is that a case of because its not specifically my wallet and its on the exchange, I won't be able to validate the purchase on the blockchain?

As far as I know, when you are buying BTC using FIAT, it is most likely that Binance used an "Internal Transfer or Off-Chain Transaction" which means that transaction ID that has given to you cannot be viewed on the blockchain explorer. This event is similar when two people makes a transaction using only their Binance account. Like for example, when User A sends some bitcoin to User B considering that they are both using Binance platform to send their coins back and forth. Note that internal transfer does not charge you with tx fees.

On the other hand, you can only view your txID to an explorer when you withdraw your bitcoins to your hardware wallet or software wallet, this is called "On-chain transaction" where you will paying tx fees and it is not instant (this is the normal transaction happening in bitcoin space).

[1] https://www.binance.com/in/support/articles/360037409611
[2] https://en.bitcoin.it/wiki/Off-Chain_Transactions

CryptoBuzzerd

jr. member

Activity: 188

Merit: 2

In Blockchain we trust!

You will see it in Blockchain only when you withdraw Bitcoin from Binance (and that is best thing you can do right now)

clifjw

jr. member

Activity: 44

Merit: 21

Yep I've got a software wallet and a hardware wallet that I'll be transferring it too, when I do I'll be able to see that TX on the blockchain, I understand that, but I was expecting to see a blockchain transaction for the initial purchase from Binance. Is that a case of because its not specifically my wallet and its on the exchange, I won't be able to validate the purchase on the blockchain?

hugeblack

legendary

Activity: 2702

Merit: 4002

When you buy from Binance, you update your Bitcoin balance on that platform, then you can withdraw from that balance to your Bitcoin address.
Do you have a bitcoin address that you got from a wallet? If you do not know what we mean by bitcoin address, then I suggest you download electrum.org wallet and read this topic ---> https://en.bitcoin.it/wiki/Storing_bitcoins.

Otherwise, contact the support team ---> https://www.binance.com/en/support-center

check also https://academy.binance.com/en/ask/questions/how-do-i-see-the-transaction-id-code-for-each-currency-pair-purchased

clifjw

jr. member

Activity: 44

Merit: 21

Hi,

I made my first purchase of bitcoin through Binance this morning (first purchase on any exchange in fact). I paid using card and it's gone through saying the purchase was completed and it gives me a transaction ID, but I can't find that ID on any blockchain explorers. It just says "Oops! We couldn’t find what you are looking for".

After buying through Binance app using fiat, and getting this completed notice and transaction ID, shouldn't I be able to verify it on the blockchain or am I missing something?

Thanks

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