Binance Withdraw BTC Network?

[jerry0]

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.

[ryzaadit]

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.

[jerry0]

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?

[cabron]

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.

[khiholangkang]

If i have nano ledger, then choose the third option right?

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

[jerry0]

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.

[asus09]

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.

[poodle63]

I notice when i go to the withdraw network... how come there are multiple btc network? 

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.

I thought it was only one? 

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

Can someone explain how can someone withdraw btc with the other three options?  I have a nano ledger s.

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.

[Mkmanik]

So I will most likely convert my altcoin to btc and then withdraw btc and pay the 0.005 btc fee.

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.

[GreatArkansas]

So I will most likely convert my altcoin to btc and then withdraw btc and pay the 0.005 btc fee.

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:

Small BTC withdrawal fees: BTC withdrawals > 0.01 BTC are free. BTC withdrawals < 0.01 BTC are charged withdrawal fees after your first free one per day.

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.

[zasad@]

bsc binance smart chain    =  around 0.22 cents withdraw fee


btc  - around 24 dollar withdraw fee


eth - around 27 dollar withdraw fee

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

[masterrex]

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.

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.

[Maus0728]

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?

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.

Binance announced adding SegWit support, aiming to improve Bitcoin transaction efficiency. And it will allow its users to withdraw or send their Bitcoin holdings to SegWit (bech32) addresses.

[bitcon]

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.

[asus09]

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.

Because it is security that makes people not dare to take action to do so, even though bitcoin is also available on Smart Chain, the bridge that connects one Blockchain to another actually makes it more difficult for people, especially for those who have just joined (beginners), not everyone can understand these difficulties, especially for beginners who do not understand how the Blockchain works.

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.

[blockman]

So I will most likely convert my altcoin to btc and then withdraw btc and pay the 0.005 btc fee.

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

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.

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.

[Adbitco]

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.

[susuberuang]

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.

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.

[RokokGudangGaram]

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

[Moeda]

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.

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.