Bitcoin Forum

Binance has an exciting feature where users of binance alone can send and receive crypto for free via a unique Payment Identification Number (Pay ID). It is fast, free as they have said and very efficient, I have tried out this feature.

How to get your Pay ID.
(1) Click "more" option on the home page of your binance.

(2) Scroll down to "Pay" under the "Finance" option.

A page with your unique PAY ID number, and a "send" and "Receive" option will be displayed.

You can send crypto to another binance user with the "send" option, you will be required to input the receiver's unique Pay ID. There's an option for ease where you can easily scan a unique QRcode from the receiver. After inputting the PAY ID of the receiver, it is a simple process from there on.

On the "Receive" option, if you want to receive crypto from another binance user via this method, when you click receive, a unique qrcode which can be scanned will come up alongside your PAY ID, you can easily copy and send to the sender.

I hope this method will be useful to someone here, I've tried adding screenshots to make this simple guide more explanatory, but i noticed it is not displaying, how do I go about it?

You can't with your current newbie rank. It's a forum restriction. You will have to become a Jr. Member at least before your posted images will become publicly visible. There is a way around that and that is to purchase a copper membership. Read about it here (https://bitcointalk.org/index.php?action=credit;promote).

Sometimes if the images are essential to the thread and a higher ranked member feels they should be visible, they will quote your post to display them.

I have heard about this feature on Binance but haven't made use of it. I'll try it out.


You need to be a Junior Member to post images. To become a Junior Member you need to have at least 28 activity or buy a Copper Membership to bypass it. Read more about it here-  FAQ: Everything you need to know about forum 'activity, account ranks and merit (https://bitcointalk.org/index.php?topic=2766177.0).

When you reach the activity level and the restriction is lifted, kindly read these other threads. They'll guide you on how to post images.
 
https://bitcointalk.org/index.php?topic=4542012.
https://bitcointalk.org/index.php?topic=2184030.msg33440709#msg33440709
https://bitcointalk.org/index.php?topic=4508777.0
https://bitcointalk.org/index.php?topic=4938495.0

If you register with Binance, you will have to provide you email. You can send to another Binance user through email. It is also free.

If you are a p2p trader, you will provide you phone number, using Binance also involve full verification, so nothing private. The receiver can provide his phone number for free payment. It is free for sending cryptocurrencies too through nphone number.

Binance Pay is free and better because your email or phone number is not required, only binance Pay ID is required and can help not to disclose your email or phone number to the sender.

It's only available for binance account, why should we move our coins in exchange? It doesn't make sense to be honest. With this feature, many people will mislead since they thought Binance is the most secure wallet to hold since it's have SAFU and no transactions fee.

How will i risk going centralized just because of free transaction between the same exchange oh no i don't think it is worth the stress and time. I rather pay for transaction fee with my keys so intact than give complete access to a third party exchange. If it's not decentralized when it involves my Bitcoin then it is never worth it.

Your guideline is sometimes helpful but not an exact solution, binance is trusted but not sure binance stays with long crypto transactions already huge binance ID is banned or blocked, that is true on your advice but binance sometime is risky when accounting problems. I prefer hardware wallets and some software base wallets (but the phrase and key are very risky).

Note: I hope everyone can not the lowest fees but everyone can securely fist then the lowest fees.

Well, its actually not a transaction since nothing is happening on chain probably we can just call it as transfer and there is no wonder that we can do for free but anyway thanks for the steps because I didn't know the feature exist in Binance but used the feature in coinbase not anymore.

If I’m not wrong, TX transfers between two Binance accounts were already free using the regular withdraw methods, providing the recipient was also a Binance account (read through https://www.binance.com/en/support/faq/360037037312).

This appears to be an additional alternative method, that is a subset of Binance Pay (https://www.binance.com/en/support/faq/c92c2a2daf5a457cb1adc08c4ad8315c), which gives the end user a bit more play with the QR codes and so on.

It's actually the same on any local exchange wallet, actually, that is not on-chain and it's not recorded and reflected in the public ledger.
This means the transaction that was made can be validated in a public ledger while off-chain was not.  That's why the transaction fee has a low cost or is totally zero.

Good to know that Binance adopted this feature, it will really help those small traders that wanted to save fees.

You need to rank up your forum account to post images, but you can still post direct links to images for other people to see, or you can pay small fee and buy copper membership.
This method of exchanging coins between accounts works for most centralized exchanges, but problem is that you are not real owner of those coins, so there is always a risk that you may lose them all.

Why doesn't this make sense? If you want to send money to your friends or relatives who are also Binance users, wouldn't it make more sense to do it internally through the platform rather than through blockchain and pay transaction fees?


I have no idea what you mean by this. This feature has nothing to do with the security of your funds.

you weren't wrong.
I sent it regularly to another Binance account, only scanning QR codes and the Binance address is automatically recognized so the transfer is recognized as internal. Of course, finished without any transaction fee. Ethereum was the subject of the transaction.

Each user has his or her own assessment of the centralized service. Especially for users who have retail businesses, sometimes binance is the reason they open a business and start accepting crypto payments. When someone is too comfortable with "efficiency," you can hardly change their minds unless they run into trouble with it sometime.