what do you think about this Bitcoin?

[Tumanggor]

I have long been on hiatus from crypto due to busy work at my job
a few days ago I opened my Binance account to transfer my bitcoins there to my personal wallet, I was surprised because currently Bitcoin already has many networks



is this legal?

[mk4]

The others aren't even "real" bitcoin. Those are just sort of wrapped synthetic versions of bitcoin on other networks, so DeFi people can somewhat use bitcoin for collateral on "DeFi" platforms.

is this legal?

How is it not? You think Satoshi will sue them?

[Fundamentals Of]

I thought you had a difference concern. I was surprised by your question in the end. There is not much legality to talk about because Bitcoin is not registered nor owned by anybody. Any developer may create a different network through which they would transact certain coins representing Bitcoin. This would help clients transact with Bitcoin representations in times when the fees on the Bitcoin network itself is really high.

[AB de Royse777]

is this legal?

How is it not? You think Satoshi will sue them?

Maybe Craig F*** Wright, Craig F*** Wrong, Craig Steven Wrong, Craig Steven Wright :-P
Possibly he still has not noticed it yet, or he would have a file in the court already LOL

[bittraffic]

Same with WETH. Synthetix I think will takeover. I watched stock market news where they talk about the tokenizing the stock market. It may happen.

[amishmanish]

The only thing you should know is to choose BTC chain when you withdraw your BTC from Binance wallet to your personal wallet.

The other options that Binance shows are not actual "chain" transfers. The BTC they have from you is actual on-chain BTC. When you withdraw them to one of their "chains", like the BSC or BEP2, they will credit a "pegged" version on their private chain. This means they essentially control your On-chain Bitcoin and give away their "promise" of redeeming that value of Bitcoin on their private chain or back.

Binance's popularity and its penetration of the non-regulated sector has ensured that this has become their biggest strength as they are able to giveaway more and more of these pegged versions to people looking to diversify their small BTC holdings into those yield farms with irresistible short term returns.

[MrcMrc]

What legality are you talking about, if what you display on your balance is wrong, trace your transaction? Lately, the smart chain network was added to the blockchain to enable and houses all the beb20 and the rest of NFT tokens, which is the hype of the moment.

[Jawhead999]

The main problem of those tokenized/wrapped Bitcoin is you could be scammed from the custodian that hold your real Bitcoin. They can send you fake tokenized/wrapped Bitcoin (fake smart contract) as you traded on P2P exchanges (e.g. Uniswap)

Don't be tricked of the cheap fees, obivously it's a marketing strategy to get your real Bitcoin if you use other network and then they can use it for yield farming, staking etc to earn more money.

[20kevin20]

The only legitimate one is the BTC network. I only recommend the others for very short term storage, the same way I recommend stablecoins. If you need to keep your bucks there for hours to days at most, they're fine. But otherwise, they're not safe enough to be used for long-term storage.

They're legal, but not legitimate. If you want to hold the real Bitcoin and have no fears of losing your coins in the abyss, then I suggest you use the original chain on the original network.

[so98nn]

DeFi people has got no chill; huh! This chain is not just available for the BTC but also for the other currencies too. In the Indian Binance app (I mean not binance.us) we do have option for every other altcoin where it asks to cross check the Blockchain which are going to use. For example, as OP stated, BEP, BEP20 address.

But this is really confusing one, and we need to be too cautious while sending the funds. Getting funds sent to the wrong chain will make you loose all of them with non recovery.

Im sure being decentralised no one can do anything about it's legality. 

[GreatArkansas]

a few days ago I opened my Binance account to transfer my bitcoins there to my personal wallet, I was surprised because currently Bitcoin already has many networks
(....)

There are still a lot of other networks that pegged Bitcoin, not just what you can see in Binance Exchange.

I am also wondering that these other alternative chains for Bitcoin may help the Bitcoin network to become more scalable like other people will use another network besides the Bitcoin network itself.

[yhiaali3]

This is legal, of course, Binance and also some other exchanges provide these alternative networks to transfer bitcoins through other networks, this really helps me in the speed of transferring Bitcoin to other platforms, the current Bitcoin network suffers a lot of troubles such as high fees and delays due to congestion so having these additional options is very useful Actually.
The alternative networks provided by Binance are characterized by speed and low fees, and this option makes Bitcoin and Altcoin transferring easily to wallets or other platforms. But you must be careful to choose the appropriate address for the network because a mistake in the address may lead to the loss of your coins.

[sunsilk]

Bitcoin is currently trying to decide whether it will go up or down. Unless positive news is given, I think the direction will be downward. Let's see what is going to happen.

What you say is out of topic.

@op
Don't withdraw your bitcoin in the form of other chains. I agree with what they say that you should only choose to withdraw to the original network of bitcoin and you can easily find which is which. The other chains have been wrapped but they're not really bitcoin although they're the same in price.

But it's no good, you should withdraw and hold the original one out of it if you want to take it out already.

[dkbit98]

I have long been on hiatus from crypto due to busy work at my job
a few days ago I opened my Binance account to transfer my bitcoins there to my personal wallet, I was surprised because currently Bitcoin already has many networks

There is only one real Bitcoin blockchain and all other are centralized and cheap (mostly chinese) copies that can confiscate, freeze and lock your coins.
It's funny to see that fees are double more for withdrawing wbtc on ethereum chain, and I remember Vitalik speaking few years ago that internet of money transactions should not be 5 cents.

is this legal?

It is legal but I would never keep my coins on their CZ centralized chain.
You can use them short term for sending coins and saving on fees, but you should know that risk is much higher.

[dezoel]

I have long been on hiatus from crypto due to busy work at my job
a few days ago I opened my Binance account to transfer my bitcoins there to my personal wallet, I was surprised because currently Bitcoin already has many networks



is this legal?

Hmmm, but what I am seeing there is not Bitcoin except one. There's one there that's clearly written Bitcoin, and that's the real Bitcoin, other ones I am seeing there are not Bitcoin. Other ones are BNB, BSC, and Ethereum and they are different coins. If what you're sending is Bitcoin, then you're going to choose that there, it's clearly written.

And what do you mean by them being legal? Bitcoin is not owned by anyone, it is decentralized. Same thing with Ethereum, it is not owned, although they have founders (Satoshi Nakamoto and Vitalik, etc) but that doesn't mean the founders are the owners. The way these things work is totally different. And then as for being legal and illegal, it's all about the country you live in and whether the government allows it or not. But whether legal or illegal, you can still have access to it.

[SoeNan89]

Most likely On Each developer can create a different network where they will trade certain coins that represent Bitcoin.  So to become a bitcoin investor at high prices is very difficult.  Moreover, buying bitcoin at the highest price, then to get a profit in doubt.  And trips like This will help clients transact with Bitcoin representations at a time when costs on the Bitcoin network itself are very high.

[ropyu1978]

You asked what you think about bitcoin, maybe my answer is, bitcoin has a very good impact for me, because as long as I know bitcoin my finances have started to improve, although at first I had a lot of difficulties, but I kept trying and always patient, and finally I can accept the results of the fruit of my patience so far..

[batang_bitcoin]

Most likely On Each developer can create a different network where they will trade certain coins that represent Bitcoin. 

And when you're going to buy bitcoin, choose always bitcoin not those bep20, bsc or wrapped bitcoin or any other type of bitcoin that's been made into another blockchain network.
It's easy to distinguish buying the outright and the actual bitcoin if you don't have plans of using it on those defi platforms.

[tippytoes]

-
Hmmm, but what I am seeing there is not Bitcoin except one. There's one there that's clearly written Bitcoin, and that's the real Bitcoin, other ones I am seeing there are not Bitcoin. Other ones are BNB, BSC, and Ethereum and they are different coins. If what you're sending is Bitcoin, then you're going to choose that there, it's clearly written.

And what do you mean by them being legal? Bitcoin is not owned by anyone, it is decentralized. Same thing with Ethereum, it is not owned, although they have founders (Satoshi Nakamoto and Vitalik, etc) but that doesn't mean the founders are the owners. The way these things work is totally different. And then as for being legal and illegal, it's all about the country you live in and whether the government allows it or not. But whether legal or illegal, you can still have access to it.

Since he mentioned that it has been quite a while that he's been into crypto, high likely that he doesn't know that there are different networks that are now accommodating BTC. These networks let you choose where you want your btc sent, if you want to avoid high fees. But you need to make sure that you know the difference of dealing with these different networks. If it is not clear with you, better stick to the original BTC network, in this case - BTC. It is legal of course having different networks, it is up to you how you will use them to your advantage.

[JakobFugger]

All other networks serve the sole purpose of using Bitcoin for speculation. There is only one blockchain for Bitcoin and that's why it has a value. In theory you could even use an email to transfer "Bitcoin" between two parties if you don't control your wallet.

If you don't control your seed, if you don't control the wallet, you're just a puppet in the hands of the real owners of "your" cryptocoin.