Bitcoin Forum

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.

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?

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.

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

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.

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.

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.

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

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.

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:

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.

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

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.

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.

To transfer assets from one Blockchain to another you are to use bridges. For example, you want to exchange your BEP tokens (tokens that are used on Binance Smart Chain) to Bitcoin, so you have to use one of the cross-chain platforms- pNetwork, for example.

Actually, there is Bitcoin on Binance Smart Chain as well, but it is wrapped, so it is less secure than ordinary one.

Not yet use bridge with bitcoin but ever try on other network coin from polygon to be bsc chain network. I see it easy for other coin and the same maybe with bitcoin how to change bridge depend which one network want by every one. I think every bridge will take fees depend which exchange rule and last time I take about $4 when bridge polygon network become bsc chain network.

0.005 BTC isn't the fee but instead, it's 0.0005 BTC.

It's because binance supports different networks. This isn't only for bitcoin but also for ethereum they offer different chains of withdrawal and I think that's the beauty of them if you want to transfer it on any of those chosen networks of yours.

More blockchain are coming the more we see many networks. Those things you saw were different network and they have been added to binance so while trying to make withdrawal you will be asked to choose between the network you wanna send out your currency to.
I only sells my all altcoin to trc20, it is the smartest and simple to use while making withdrawal from Binance.

There are still many options in terms of withdrawing assets in the exchange to our respective wallets because it is not only BUSD, but there are also others, although not free, which however will not be as expensive as withdrawing ETH and BTC, because withdrawals via Matic and Tron are also very cheap.

I think you are in exchange site right? in exchange site you have the options to send it to different network BTC to BSC or ETH and it will become WBTC and the value is still the same but since you said that you will transfer it to your Ledger I think the option should be BTC network and I don't think the fee is 0.005 since that was very expensive fee I think it is just 0.0005

Nano Ledger does not support BSC, ETH or BNB versions of Bitcoin. But only support for Bitcoin with BECH32 or BASE58 wallets. I think you need to take a closer look at the wallet address. Bitcoin on the BSC, ETH, BNB or other network is just an implementation of Bitcoin. But if you want to move to a different exchange, you can use the BSC version of Bitcoin, because the transaction fees are lower, but you should check if the exchange also supports BSC network Bitcoin.

I use BSC whenever it's possible/allowed by site/wallet! For example, some casinos (I am more of a gambler) have those options, we can choose the chain, and if possible I will choose BSC because of the lowest possible fees! You can check Binance for example, when you are depositing you will be asked to choose a chain, the same is when you are withdrawing from Binance!

I know this for some months, and since I learned about this I am saving money on withdrawal fees! Simple as that! And to just add except for low fees, the speed of transactions is also great!

Binance introduced other chain for comfort and speed, this is why bitcoin are wrapped on other chains. It has also become a conventional thing in defi that bitcoin are wrapped into other chains so that they can be locked up, loan or borrow but for every wrapped bitcoin on any other network, they must be having a corresponding number bitcoin holding and whenever a bitcoin is redeemed by a user, the ones on the other chain get burn to maintain equal supply of tokens and real bitcoin.
Some users safe fees by choosing other chain and scalability.

You can by using BUSD on binance without any fees, But the problem of ETH and BTC gas fees withdrawing from binance and other exchanges is currently very high if you withdraw ETH or BTC from the exchange , you will lose 0.005 ETH and BTC withdrawal fee, this is quite expensive network fee in times of skyrocketing prices like BTC and ETH, the past few days I have withdrawn tokens on metamask but the gas fee is very high making it very difficult for me to this.

Actually, we can also use Bitcoin on Binance Smart Chains, Tron, Ethereum etc, but it will be wrapped. It means that real Bitcoins are locked on Bitcoin blockchain and then a certificate appear on other chain. You are to use bridges to convert coins from one chain to another. But don't confuse chains as if you send wrapped Bitcoin (for example ERC) to chain other than Ethereum, you will lose them.

This is because there is a backup asset of bitcoin and also ETH did also have a back up and that is called WETH or Wrapped Ethereum much like the same as Wrapped Bitcoin. If you want to withdraw BTC in main network then you have to choose Bitcoin instead of Erc20 (ethereum network), Bep20 (binance smartchain) and bep2 (binance). Just make sure you provided a wallet that has the same network like bep20 for binance smartchain wallet, erc20 for ethereum. You could also tell the difference between the bitcoin blockchain and those backup assets by looking the network.

Binance will process your withdrawal as soon as requested, but each blockchain will need a different amount of time to confirm your transaction. On average, Bitcoin (BTC) can take 10 to 30 minutes to successfully confirm a withdrawal. Withdrawals on Binance Smart Chain usually only take a few minutes, while Ethereum can take a little longer. The higher the traffic and the more congested the network, the longer you will have to wait.
Withdrawing crypto out of Binance is a simple and usually problem-free process. Whether you want to withdraw fiat or transfer crypto, all the information you need is displayed on the withdrawal page. If you are having issues, check your email to see if Binance is suspending withdrawals. You can also use the blockchain explorer to check for network congestion. Overall, patience is key here. Most problems are only temporary. But if you're still having trouble, the Binance Support Team will be happy to help.

The most optimal withdrawal of BTC from the Binance exchange in terms of payment will be the transfer to the BSC network. Their price in any case will be 1 to 1 with real bitcoin, and transactions are much faster and cheaper. This is the only way I use it. The BUSD output is worth nothing at all.

With smaller transaction fees than directly transacting via Bitcoin. an increasingly easier way to make transactions and not wait for many confirmations. Expensive fees and a little long to make transactions in the future.

As you want to withdraw to your ledger you are to choose BTC network. If you choose any other options such as ETH, TRC or BSC network you will get a wrapped Bitcoin on one of these blockchain. But you will need to use another wallet for withdrawing, for example Metamask for ethereum network or tron link for Tron chain, so in your case you need to choose BTC.

Whether you chose either segwit btc or native segwit btc, your coins will appear on either wallet you chose to use, I think they are different network with slightly different fees but will give same results, me I usually use native segwit btc to receive, be at ease to choose anyone provided it is supported by both side.

Etherium blockchain gas fee is constantly increasing day by day different platforms bring their own blockchain like Etherium Blockchain among the various platforms for transaction convenience yet Polygon and TRC20 are the most convenient.  Everyone will choose TRC20 as the first medium in all cases in Binance as compared to other Blockchains.

Maybe with some of the options you see on that button you can choose a very low fee to send the Btc you have so as to reduce your transaction fees to send. In my opinion, this is a very good development for transacting because there are many options available to reduce transaction costs using the Binance network.

Am i missing the context in this topic?

- While all users suggest to withdraw your coin in btc to your personal wallet, i don't see the reason, as the Ledger wallet supports already many blockchains and all the token developped in top of different chains like ERC20 and BEP20
- All those pairs shown in withdrawal interface for Binance are options to pay the fee and to choose the coin you want to withdraw, means i can withdraw my btc by paying fees in BNB or BNB.

Please don't hesitate to correct me if i am wrong