Another point is that they can offer fees that are equal to zero or zero, as the number of nodes that are managed BSC is completely controlled by Binance, so whenever the network is profitable, it will be profitable for them regardless of the costs of transfers.
For example, in Bitcoin, transfer fees + block reward are what makes miners continue mining. When these profits decrease, it will be difficult for them to continue, but in BSC, the presence of millions of dollars in the network is what brings them profits, and the philosophy is the speed of transactions and zero fees.
Therefore, they will continue to provide these services at a fee close to zero.
Topic: Can someone please help understand how the Binance Smart Chain works for fees? (Read 128 times)
October 20, 2021, 08:19:29 AM
October 20, 2021, 05:00:04 AM
Pooya87 points about security and decentralization are the most important on a fundamental level,,, which sadly is never what altcoins tell newbies. Altcoins and defi especially are the worse offenders as they tell people only about the yields and ease of use and potential etc,,, but never about the flaws.
BSC is full of scams and ponzis now,,, people who want to take your money. Even connecting to a dapp with your wallet can be dangerous.
And secondly,,, also pointed out, is how useful is your crypto really? Can you sell your BNB/BEP coins anywhere other than a few exchanges? Can you do it P2P easy for fiat?
Bitcoin you can, and usually only BTC.
BSC is full of scams and ponzis now,,, people who want to take your money. Even connecting to a dapp with your wallet can be dangerous.
And secondly,,, also pointed out, is how useful is your crypto really? Can you sell your BNB/BEP coins anywhere other than a few exchanges? Can you do it P2P easy for fiat?
Bitcoin you can, and usually only BTC.
October 18, 2021, 01:24:26 AM
Can it be used to send (withdraw) BTC to another wallet? If so, why wouldn't anyone just use that instead of btc network since it's so much cheaper? What am I missing?
You are missing the centralization and the risks that come with that.When you own bitcoin and send bitcoin (that is anything on bitcoin blockchain) you remain in full control of your coins. At the end of the day 1BTC=1BTC no matter what.
But when you use a centralized shitcoin such as the wrapped coins on Binance chain, you are using a centralized token that may or may not even exist tomorrow or even be worth what it is supposed to be worth. For example 1 BTC token on Binance chain may be worth 0.00000001BTC tomorrow or worse Binance exchange could shut down and the network could go away erasing all the tokens in there.
The other problem is that people who accept bitcoin payments (like a shop for example) don't recognize shitcoins, you can't go to a shop and pay with BinanceBtc.
October 17, 2021, 06:33:03 PM
So is the picture in the OP gas fees? Or is it binance fees?
The withdrawal fee is adjusted to the onchain transaction gas fee at that time, so in the picture is the gas fee.
Ugh! This just gets more confusing. In layman's terms?
Layman's term: You can assume both are true.
It is binance fees for processing withdrawals.
or
It is gas fess because it is required in every transaction (commonly known).
More detailed answer:
Here you just instruct binance to send your BTC to the withdrawal address (yours), and the one who sends the BTC is binance. Because every transaction requires a gas fees, so binance charges you that fee which is taken from the amount you want to withdraw.
Conclusion of your withdrawal process:
You instruct binance > Binance estimates transaction fees (gas) > Binance sends to your withdrawal address and deducts gas fees.
As @vv181 mentioned above, it is 100% gas fees. There are no other fees for binance.
October 17, 2021, 12:22:37 PM
I think OP is being more confused. Let's say it simple way, you have to make transactions between the same chain. Make transactions if cross-chain will lead you to lose your BTC. So the most important thing is where you are going to send your BTC. Keep in mind, Bitcoin has only one chain, which is the Bitcoin blockchain. Other chains have just been using internally to save sending costs (Network fee) between, eventually, BTC should transfer to the main chain. Most likely exchanges have been using a kind of bridge to manage other chain transactions. Fees are showing for exchanges, it doesn't matter they will spend it for the gas fee. It's a centralized exchange and they could send BTC in multiple addresses in the same transactions (main chain). So really it doesn't require too much transaction fee actually on the main chain.
October 17, 2021, 12:09:14 PM
So is the picture in the OP gas fees? Or is it binance fees?
The withdrawal fee is adjusted to the onchain transaction gas fee at that time, so in the picture is the gas fee.
Ugh! This just gets more confusing. In layman's terms?
October 17, 2021, 11:48:31 AM
Ugh! This just gets more confusing. In layman's terms?
The fee listed was in BTC, even though a BEP2/BEP20 transfer technically can't be paid using BTC.
Basically, for example: you need to pay something strictly in USD(BNB, in this case). But since your local currency is AUD(BTC, in this case), a certain service(Binance, in this case) charges you AUD(BNB, in this case) instead, and converts it to USD(BSC, in this case) in the back end.
October 17, 2021, 09:58:10 AM
So is the picture in the OP gas fees? Or is it binance fees?
The withdrawal fee is adjusted to the onchain transaction gas fee at that time, so in the picture is the gas fee.
Ugh! This just gets more confusing. In layman's terms?
October 17, 2021, 09:43:23 AM
.Can it be used to send (withdraw) BTC to another wallet? If so, why wouldn't anyone just use that instead of btc network since it's so much cheaper? What am I missing?
Bitcoin transaction network transaction was Proof of Work (PoW) algorithm based on the SHA-256 hashing function while BSC network was a delegated Proof of Stake (PoS), instead of using miners they used validators for every transaction. That's why it has the fastest and cheapest transaction than using the Bitcoin network.
To understand more, here is a video on the article come from Binance that explains you most.
https://academy.binance.com/en/articles/delegated-proof-of-stake-explained
Use a wallet that has supported multiple networks like Trust wallet and comment above was right, you must research first if the wallet that you have used is supported with BEP2 and BEP20 or both networks.
October 17, 2021, 06:48:47 AM
If you are a Binance user and your account is fully verified then there is no need to transfer your BTC to their smart chain as it is fully centralized yet they are less forgiving of your wallet being frozen compared to your account. However, they can freeze your money inside your wallet.
all other BTC chain networks offer low fees, but you risk losing your money at some point, so:
all other BTC chain networks offer low fees, but you risk losing your money at some point, so:
- If you want to withdraw a small amount, use BSC: Advantages: Low feeS. Disadvantages: It is completely centralized and you cannot use it with many applications.
- If you want to withdraw an average amount and are afraid of fees, use one of the wrapped coins: it is a good for this.
- If you want to withdraw a large amount: use the Bitcoin network because it is the only guarantee that the funds are under your control.
October 17, 2021, 06:15:00 AM
So is the picture in the OP gas fees? Or is it binance fees?
The withdrawal fee is adjusted to the onchain transaction gas fee at that time, so in the picture is the gas fee.
October 17, 2021, 05:04:43 AM
OK. Trying to understand here. For example, is it possible to use BEP2 to send 0.01 btc to my Coinbase wallet?
No. Coinbase doesn't support BSC. You can't send BEP-2/BEP-20 tokens to a Bitcoin address; it's pretty much like sending ETH to your BTC address— it's either that the wallet won't allow the sending, or you end up losing your money.
Bitcoin on the Binance Smart Chain are just "wrapped" bitcoin. Pretty much bitcoin IOUs.
So is the picture in the OP gas fees? Or is it binance fees?
October 16, 2021, 10:40:32 PM
OK. Trying to understand here. For example, is it possible to use BEP2 to send 0.01 btc to my Coinbase wallet?
No. Coinbase doesn't support BSC. You can't send BEP-2/BEP-20 tokens to a Bitcoin address; it's pretty much like sending ETH to your BTC address— it's either that the wallet won't allow the sending, or you end up losing your money.
Bitcoin on the Binance Smart Chain are just "wrapped" bitcoin. Pretty much bitcoin IOUs.
October 16, 2021, 06:57:28 PM
This is only a good option if you are a trader where you can just transfer your Bitcoin to another exchange with Binance smart chain or Bep2/20 to get less fee.
But withdrawing them to Bitcoin wallet. No, you can receive anything with Bitcoin wallets except for hardware wallets that have the option to receive coins with Binance smart chain.
Electrum, Bitcoin Core, or any noncustodial wallet you won't receive anything if you sent Bitcoin through Bep2. You must send it to a wallet compatible with Bep2 or Bep20.
But withdrawing them to Bitcoin wallet. No, you can receive anything with Bitcoin wallets except for hardware wallets that have the option to receive coins with Binance smart chain.
Electrum, Bitcoin Core, or any noncustodial wallet you won't receive anything if you sent Bitcoin through Bep2. You must send it to a wallet compatible with Bep2 or Bep20.
OK. Trying to understand here. For example, is it possible to use BEP2 to send 0.01 btc to my Coinbase wallet?
October 16, 2021, 06:54:28 PM
This is only a good option if you are a trader where you can just transfer your Bitcoin to another exchange with Binance smart chain or Bep2/20 to get less fee.
But withdrawing them to Bitcoin wallet. No, you can receive anything with Bitcoin wallets except for hardware wallets that have the option to receive coins with Binance smart chain.
Electrum, Bitcoin Core, or any noncustodial wallet you won't receive anything if you sent Bitcoin through Bep2. You must send it to a wallet compatible with Bep2 or Bep20.
But withdrawing them to Bitcoin wallet. No, you can receive anything with Bitcoin wallets except for hardware wallets that have the option to receive coins with Binance smart chain.
Electrum, Bitcoin Core, or any noncustodial wallet you won't receive anything if you sent Bitcoin through Bep2. You must send it to a wallet compatible with Bep2 or Bep20.
October 16, 2021, 06:45:57 PM
https://i.imgur.com/xEZsIVu.png.
Can it be used to send (withdraw) BTC to another wallet? If so, why wouldn't anyone just use that instead of btc network since it's so much cheaper? What am I missing?
Can it be used to send (withdraw) BTC to another wallet? If so, why wouldn't anyone just use that instead of btc network since it's so much cheaper? What am I missing?
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