Binance Withdraw BTC Network? - page 2.

Maus0728

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Quote from: jerry0 on October 03, 2021, 12:13:42 AM

I obviously am choosing the segwit balance right and getting that btc receiving address? Thus it wouldn't make sense for me to withdraw btc to the native segwit?

Binance supports SegWit withdrawals which means that you can send your bitcoin from your binance to any of the 2 segwit variants you see in your hardware wallet.

So yes, it depends on what type of segwit address you want to send your bitcoins to -- it doesn't matter because Binance will just charge you a flat fee of 0.005 BTC for Segwit Transactions.

Quote from: https://www.binance.com/en/support/faq/0a6fcbc99a87424481c08bd894601759

Binance announced adding SegWit support, aiming to improve Bitcoin transaction efficiency. And it will allow its users to withdraw or send their Bitcoin holdings to SegWit (bech32) addresses.

masterrex

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Quote from: jerry0 on October 02, 2021, 10:13:59 PM

So I will most likely convert my altcoin to btc and then withdraw btc and pay the 0.005 btc fee.

I notice when i go to the withdraw network... how come there are multiple btc network? I thought it was only one?

I see

BNB Binance

BSC

BTC

ETH

Can someone explain how can someone withdraw btc with the other three options? I have a nano ledger s.

Thats the new trend nowadays, the Bitcoin Network is only one, but due to the increasing innovation from the other platforms they use to create a Bitcoin Pegged token or Wrapped Bitcoin in other terms, it appeared as an ERC20 token, of Ethereum, BEP20 token on BSC, etc. so if you want to withdraw in the Bitcoin Network address( legacy, Segwit, etc.. it is obvious to choose the Bitcoin network but if you want to withdraw Bitcoin in BEP20 address just choose Binance Smart Chain. that's simple.

zasad@

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Quote from: jerry0 on October 02, 2021, 11:43:13 PM

bsc binance smart chain = around 0.22 cents withdraw fee

btc - around 24 dollar withdraw fee

eth - around 27 dollar withdraw fee

better send your bitcoins to the binance smart chain.
Although it is a centralized blockchain, it is easy to trade on it.

Send some BNB tokens to your Ethereum address, and then send bitcoins to it.
You will be able to trade on PancakeSwap, BurgerSwap, BakerySwap and similar exchanges.

Study this
https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc

GreatArkansas

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Quote from: Mkmanik on October 03, 2021, 05:31:35 AM

Quote from: jerry0 on October 02, 2021, 10:13:59 PM

So I will most likely convert my altcoin to btc and then withdraw btc and pay the 0.005 btc fee.

For this reason, I like to use FTX exchange. Whenever I need to withdraw BTC I use FTX exchange. The transaction fee was free for Bitcoin there. A few days ago when I tried to withdraw Bitcoin, They charge a few bucks. But the interesting part is, They cover half of my fees, Suppose the fee is $20 for withdrawing Bitcoin. They will provide $10 and you need to pay $10 for the transaction fees. It's a win-win situation, You can try it. Just send USDT (TRC20) to your FTX exchange(if no account, try to create one), Convert into Bitcoin and withdraw those funds. May you need to submit the KYC document for a bigger withdrawal.

Please note that not all withdrawals on FTX Exchange are free, see: https://help.ftx.com/hc/en-us/articles/360034865571-Blockchain-Deposits-and-Withdrawals

Additionally here, the more you staked their token (FTT), the more features you can access like fees for withdrawals, trading fees, or rebates.

About their Bitcoin withdrawal you can check this:

Quote from: https://help.ftx.com/hc/en-us/articles/360034865571-Blockchain-Deposits-and-Withdrawals

Small BTC withdrawal fees: BTC withdrawals > 0.01 BTC are free. BTC withdrawals < 0.01 BTC are charged withdrawal fees after your first free one per day.

So if the goal of the user is to transfer funds to another exchange, the best thing is to convert first your fund to USDT, then withdraw it using Tron Network (TRC20), so only 1 USD is the fee for withdrawal on Binance.

Mkmanik

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Quote from: jerry0 on October 02, 2021, 10:13:59 PM

So I will most likely convert my altcoin to btc and then withdraw btc and pay the 0.005 btc fee.

For this reason, I like to use FTX exchange. Whenever I need to withdraw BTC I use FTX exchange. The transaction fee was free for Bitcoin there. A few days ago when I tried to withdraw Bitcoin, They charge a few bucks. But the interesting part is, They cover half of my fees, Suppose the fee is $20 for withdrawing Bitcoin. They will provide $10 and you need to pay $10 for the transaction fees. It's a win-win situation, You can try it. Just send USDT (TRC20) to your FTX exchange(if no account, try to create one), Convert into Bitcoin and withdraw those funds. May you need to submit the KYC document for a bigger withdrawal.

poodle63

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Quote from: jerry0 on October 02, 2021, 10:13:59 PM

I notice when i go to the withdraw network... how come there are multiple btc network?

It's called wrapped tokens, these tokens issued by 3rd party but backed by real bitcoin that was stored on the escrow address or multisig address.

Quote from: jerry0 on October 02, 2021, 10:13:59 PM

I thought it was only one?

It's not. There are also some second layer network for bitcoin as well.

Quote from: jerry0 on October 02, 2021, 10:13:59 PM

Can someone explain how can someone withdraw btc with the other three options? I have a nano ledger s.

When you're choosing another blockchain other than bitcoin blockchain. that meant if you were withdrawing your money in tokenized bitcoin (wrapped bitcoin) this kind of token fully backed by bitcoin 1:1.
Nano ledger s was also supporting wrapped bitcoin as well.

asus09

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Depend on your receiving wallet which one support it? BNB Binance, BSC, BTC and ETH, actually you make different from the other because many people convert bitcoin to be altcoin and withdraw with lower fees like using BUSD on binance without any fees. But if you to withdraw using bitcoin keep choose BTC network and have good choose but have pay higher fees.

jerry0

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Okay got it ... withdraw to the btc network the third option because im using a nano ledger.

Now when I go to my nano ledger and using it with ledger live to get my btc receiving address for my nano ledger, i click on receive and i have several options to pick.

Such as

Native segwit btc

Segwit btc

I have 0 balance in the native segwit and my full btc balance in the segwit balance.

I obviously am choosing the segwit balance right and getting that btc receiving address? Thus it wouldn't make sense for me to withdraw btc to the native segwit?

But I could actually pick either if I like? Or it would go through to the segwit and not the native segwit?

I had clicked on segwit btc and then it showed me a btc receiving address. But I didn't want to copy/paste that btc address yet to binance to withdraw until I am sure this is correct.

khiholangkang

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Quote from: jerry0 on October 02, 2021, 11:43:13 PM

If i have nano ledger, then choose the third option right?

If you have a Nano Ledger wallet you can choose the Bitcoin network to get real bitcoins instead of wrap

cabron

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Chose the BTC network because it's the real BTC which you have planned to withdraw and pay 0.005BTC. The catch is that you get the real BTC but you will have to pay the high fee but get the fake BTC and you get low fees.

The BTC on other networks isn't real, you will not find its transaction on the BTC ledger because it's on BSC or ETH chain.

jerry0

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Quote from: ryzaadit on October 02, 2021, 11:37:33 PM

The other network is called "Wrapped Bitcoin" a backup asset on other chains with 1:1.

Some other solution because a fee transaction on BTC is kinda high so most provider and people is using this option to prevent high fee transfer. All you need after transfer the fund to your personal wallet to "Add token" information like Contract Address, Decimal & Ticker name to see your balance.

Which of those is the other network of wrapped bitcoin?

I only see

bnb binance chain = around 0.22 cents withdraw fee

bsc binance smart chain = around 0.22 cents withdraw fee

btc - around 24 dollar withdraw fee

eth - around 27 dollar withdraw fee

If i have nano ledger, then choose the third option right?

ryzaadit

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The other network is called "Wrapped Bitcoin" a backup asset on other chains with 1:1.

Some other solution because a fee transaction on BTC is kinda high so most provider and people is using this option to prevent high fee transfer. All you need after transfer the fund to your personal wallet to "Add token" information like Contract Address, Decimal & Ticker name to see your balance.

jerry0

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So I will most likely convert my altcoin to btc and then withdraw btc and pay the 0.005 btc fee.

I notice when i go to the withdraw network... how come there are multiple btc network? I thought it was only one?

I see

BNB Binance

BSC

BTC

ETH

Can someone explain how can someone withdraw btc with the other three options? I have a nano ledger s.

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