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Title: Choosing network type for sending bitcoin to my electrum wallet Post by: hadijalalish on February 26, 2022, 04:08:35 PM Hi,
I wanted to send 0.001 btc to my electrum wallet, and the app though which I send btc, aks me to choose one of three network type 1.BTC 2.Lightning 3.BEP20(BSC) But I dont know which type of those netwrok I should choose?? Title: Re: Choosing network type for sending bitcoin to my electrum wallet Post by: Charles-Tim on February 26, 2022, 04:47:23 PM Choose BTC which is the onchain transaction, your bitcoin address will start from 1, 3 or bc1 which is the address you want to send the coin to.
If you want to use lightning network on Electrum, I am very certain you will not ask this question because you will be very conversant with what you are doing, definitely you want to make an onchain transaction, not lightning. BEP20 (BSC) which is Binance Smart Chain, it is not bitcoin, it is an altcoin pegged with bitcoin which some exchanges or maybe some wallets are using to confuse bitcoin users. Title: Re: Choosing network type for sending bitcoin to my electrum wallet Post by: dkbit98 on February 26, 2022, 06:54:32 PM But I dont know which type of those netwrok I should choose?? You didn't mention what wallet or exchange you used?There is only one Bitcoin network, and all other fake tokens should not be considered as bitcoin, they are all centralized especially one you mentioned bsc on binance chain. For lightning network you better have your own node and open channel for accepting such transactions, that is great if you want to save on fees. Title: Re: Choosing network type for sending bitcoin to my electrum wallet Post by: PawGo on February 26, 2022, 07:02:27 PM You want to withdraw from Binance, no?
There was already a similar discussion some time ago, when user complained about fact that he sent his coins using wrong network and coins were lost. I do not remember what was the conclusion, but some people mentioned that selection of network was not obvious and it was easy to make a mistake. But I think now they added some kind of detection and they propose network base on address proviced. Anyway, if you want to withdraw to your electrum connected to the normal network, BTC is the answer. Title: Re: Choosing network type for sending bitcoin to my electrum wallet Post by: hosseinimr93 on February 26, 2022, 07:30:19 PM You want to withdraw from Binance, no? It doesn't seem to be binance. Binance doesn't support lightning network.The options on binance are BTC, BSC, BNB and ETH. But I think now they added some kind of detection and they propose network base on address proviced. Yes, once you enter an address, the network is automatically detected. But there's still a problem. BSC and ETH have a same address format and it's still possible to select a wrong network. If the withdrawal is made to a custodial service, there's the chance of losing the fund. Title: Re: Choosing network type for sending bitcoin to my electrum wallet Post by: BitMaxz on February 26, 2022, 11:24:19 PM Take note Electrum has never supported other chains yet but you can use a lightning network if you already have an open channel on Electrum but if not yet, I suggest only select the BTC network.
The only problem is that if you are withdrawing BTC from Exchange like Binance the transaction fee is pretty expensive compared to other networks lightning and BEP20(BSC) transaction fee is cheaper. If you want to get a cheap transaction fee and you already have a balance in Electrum try to open a channel complete guide can be found from this link below - https://bitcointalk.org/index.php?topic=5259973.0 |