Btc Withdraw Network and Segwit Question

[jerry0]

I am going to withdraw btc from binance to my nano ledger.  I haven't used it in a while and going to receive btc in it.


On binance, when I choose btc to withdraw, why does it give me multiple networks?



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



Its obviously the third option right which is btc but how does anyone even withdraw btc to those other networks?







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.

[moderator's note: consecutive posts merged]

[o_e_l_e_o]

Its obviously the third option right which is btc but how does anyone even withdraw btc to those other networks?

You don't and can't withdraw BTC on to any other network. There is only one bitcoin and one bitcoin network. These other networks which Binance offers are centralized scams which Binance retain complete and full control over. They are offering you the ability to withdraw a centralized token on one of their centralized networks which they "promise" will be worth the same as real bitcoin, and they "promise" they will let you redeem it for real bitcoin in the future.

Also not there is absolutely no reason for Binance to charge such high withdrawal fees for Bitcoin, especially when the mempool is so empty. They do this to coerce people in to using one of their fake scam chains instead. Don't fall for it.

But I could actually pick either if I like?  Or it would go through to the segwit and not the native segwit?

You can pick either. Segwit will give you a nested segwit address beginning with "3". Native segwit will give you a native segwit address beginning with "bc1". Both types of address are completely fine and safe to use. Native segwit will have slightly lower fees than nested segwit, but it all your coins are currently in the nested segwit accounts, then you might just want to keep everything together and use that. Either option is fine.

[Charles-Tim]

Know that the fee is in bitcoin not in US dollar or fiat, as the price of bitcoin is fluctuating, the fee in USD or fiat is also fluctuating.

Its obviously the third option right which is btc but how does anyone even withdraw btc to those other networks?

Only bitcoin is the right network for BTC, others like BEP2, BEP20, ERC20 are altcoins but pegged with bitcoin.

But I could actually pick either if I like?  Or it would go through to the segwit and not the native segwit? 

Yes, but native segwit is better to take advantage of more low fee but nested segwit is not bad at all as o_e_l_e_o commented.

Also not there is absolutely no reason for Binance to charge such high withdrawal fees for Bitcoin, especially when the mempool is so empty. They do this to coerce people in to using one of their fake scam chains instead. Don't fall for it.

Some exchanges even charge more than binance while most exchanges withdrawal fee are within 0.0004 and 0.0005, but the fee is truly too much compare to the actual bitcoin transaction fee, while also the fee on many of the exchanges like Binance is not dynamic but static.


That is why some people will leave their bitcoin on centralized exchanges, especially people that have low amount of bitcoin, while leaving coins on exchanges is not right because centralized exchange users do not have full control over their own funds, also is another issue of data breach and exchange hack.

Some people will think buying bitcoin on noncustododial exchange comes with higher fee, but when they know the fee to send bitcoin on centralized exchanges, they will think otherwise, especially people that prefer to hold on noncustododial wallet which is the right thing to do as the person will have full control of his bitcoin.

[o_e_l_e_o]

Some exchanges even charge more than binance while most exchanges withdrawal fee are within 0.0004 and 0.0005, but the fee is truly too much compare to the actual bitcoin transaction fee, while also the fee on many of the exchanges like Binance is not dynamic but static.

I've talked about this in the past - it is pure profiteering and very deceitful on behalf of Binance, but as I said above, it is designed that way purposefully to trick newbies who don't know better in to using their centralized scam coins. They just see three withdrawal prices, don't understand the difference, and so pick the cheapest, not realizing they are getting a fake bitcoin token instead of actual bitcoin.

Even with Binance's ridiculous 100 sat/vbyte payment for withdrawal transactions despite 1 sat/vbyte being sufficient for the last 3 months, since they batch their withdrawal transactions then each output is only paying around 4,500 sats in fees. Add in the fact that the deposit has to first be consolidated (which they are quite happy to do a far more reasonable 3-5 sats/vbyte), then >90% of your withdrawal fee goes straight in to their pocket as profit.

Why people continue to put up with this highway robbery I'll never understand.

[hugeblack]

Even with Binance's ridiculous 100 sat/vbyte payment for withdrawal transactions despite 1 sat/vbyte being sufficient for the last 3 months, since they batch their withdrawal transactions then each output is only paying around 4,500 sats in fees.

Another problem is unverified accounts, these accounts have withdrawal limits of about 0.05 BTC per day and if a person has a good amount they end up paying a lot of money to withdraw BTC and therefore they are trying to find cheaper ways to withdraw BTC.

All withdrawn amounts are not considered direct profits to their pockets, but rather a policy of the platform to keep most of the existing bitcoin and therefore either users withdraw them as central altcoins (controlled by Binance in one way or another) or increase trading volumes in some Altcoins.

[tranthidung]

Your account is like a troll one. Create multiple topics with same questions and something you can easily to get answers with a few clicks from your side, with your own account. 

• Binance Trading Fee Question
• Binance Withdraw BTC Network?
• Trading Certain Coins While Being Country Restricted?
• How to trade certain coins if you are country restricted?
• Usdt and Usdc on Nano Ledger S
• Cheapest Way To Withdraw From Binance Account?
• Cheapest Way To Withdraw From Binance?
• Binance NonVerified Account Questions.
• Binance NonVerified Account?

[Charles-Tim]

Why people continue to put up with this highway robbery I'll never understand.

What I think of is that early adopters were more security and privacy concerned than people that are buyimg, holding and selling bitcoin recently, recent bitcoin users are not privacy and security concerned. I got a friend, he did not even know the difference between exchanges and wallet not to talk of knowing the differences between custodial and noncustododial wallets. I got another friend which is of the same novice like my other friend. Many people do not even understand they are using custodial exchanges, I have people like that around me and not changing but using centralized exchanges even to hold. Because they have used centralized exchange for two years or more makes them to trust the centralized services not knowing the basic that they are not the owner of the the bitcoin on blockchain and that they have no full control in which the exchange or a centralized services can override what they think they are in full control of.

This also include withdrawal fee on centralized exchanges, the first three withdrawals I made which I remembered to be in November 2019 were all 0.0012 BTC on a centralized exchange until I moved to altcoin unknowingly to me the what mempool is and how I can still make use of bitcoin with low fee, I had to change to altcoins at the time before I have few knowledge on what I having been reading from what experienced poster like you have been posting since I joined this forum. Most newbies are like what I once was, but just very few which I believe will be less than 10% of people that are now using bitcoin to know all this, most have the wrong knowledge about many things about bitcoin including how its fee is calculated, it is not even up to what they think it is, which means ignorance would likely be the reason for this.

Now, newbies that think they are experienced are telling their friends to use custodial means while the friends will tell more friends, also that people like the referral rewards make this process easier for custodial exchanges while people joining have little knowledge because most other forum do not even educate newbies rightly while many of new people do not even bother to join any forum.

Another problem is unverified accounts, these accounts have withdrawal limits of about 0.05 BTC per day and if a person has a good amount they end up paying a lot of money to withdraw BTC and therefore they are trying to find cheaper ways to withdraw BTC.

This can happen on many exchanges that want to encourage their customers to verify their account, it is not limited to only withdrawal limit, also the trading fee of unverified users can be slightly higher than verified users. But on Binance, new users that just registered now have to be verified, at least intermediate verification that will require ID verification, old users accounts are getting restricted to only remain the option to withdraw while this will be until 19th of this month, October in which all accounts would have been restricted to only withdrawal until verified.

[n0nce]

Damn these withdrawal fees are insane. Some exchanges charge BTC0.00015 and in my opinion it is already a lot.
This is what causes web articles that state it would cost 25 bucks to transfer BTC and that our fees were way too high, meanwhile us Bitcoiners are sitting here sending 1sat transactions to the mempool all day, chilling at roughly 0.08€ per tx.

There are cheaper ways to buy Bitcoin though especially for small amounts. One is https://pocketbitcoin.com/. Very simple: 1% trading fee and then sent directly to your wallet at the cost of purely the mining fee.

Or buy P2P through https://bisq.network/, even better.

[jerry0]

Yes I find the btc withdraw fee quite a lot which is why i kind of dont want to withdraw that way.  Again the reason isn't the usd price the withdraw price is worth to withdraw... its the btc amount.  So if btc goes ten times it... well you would have paid 250 dollars as oppose to 25 dollars for it.


The thing is i had converted my altcoin, and a tiny amount of bnb to btc already. 


I am planning to withdraw it now... but are some of you suggesting to not do it this way?  Thus just convert the btc to usdt/usdc in binance smart chain network or BUSD and then withdraw so i dont have to pay the fees?  I know the simpler thing to do is just pay the fees so withdraw will be simpler. 

[Charles-Tim]

I am planning to withdraw it now... but are some of you suggesting to not do it this way?  Thus just convert the btc to usdt/usdc in binance smart chain network or BUSD and then withdraw so i dont have to pay the fees?  I know the simpler thing to do is just pay the fees so withdraw will be simpler. 

With what has been explained above, you should know what to do yourself.

But just few suggestions about withdrawing USDT, USDC or BUSD. If you have high amount to withdraw, you need to first consider the trading fee. On binance, the trading fee for spot trading is 0.075% of the amount you want to trade. If you have $100000 worth of BTC to withdraw, you will first need to convert with 0.0075% as fee, converting $100000 of BTC will result to a fee of $75 of trading fee excluding the altcoin withdrawal fee, while withdrawing $50000 worth of BTC will result to $37.5 as fee excluding the altcoin withdrawal fee, withdrawing bitcoin directly is still just 0.0005 BTC which is around $22 recently. You will spend more if converting to altcoins but depending on the amount, it is otherwise for low amount. This has been the reason people having 1 BTC or up will still be encouraged to withdraw directly into their on-chain bitcoin addresses.

That aside, to guarantee more security and decentralized means of holding, it will be better to withdraw directly into bitcoin address, it is really worth it rather than coins that its developers are able to freeze anytime they want which means users still is not in full control, I mean stable coins like USDT. Also that fiat is basically depreciative, subjected to governmental control, the control is always inflationary by devaluing the fiat price. The worst to do is to hold fiat. People called coins like USDT stable coins, but they are not, they are fiat-pegged coins as they are pegged with fiat while fiat is not stable but depreciative. Most of them are pegged with US dollar. If you want to hold, hold bitcoin that its value is most likely to still appreciate, do not let the withdrawal fee to discourage you.

[jerry0]

I have roughly around 2k usd worth of btc right now on binance.


So with that... what do you suggest?  Withdraw via btc? 


The other issue i had was this.  I cannot use binance or binance.us as where im located, im restricted.


So my concern was selling the usdt/usdc/BUSD in the future.  Thoughts on that?  Again if i withdraw usdt/usdc, obviously i would use the binance smart chain because of the low fee.  But coinbase/gemini which are the two only exchanges i can use... doesn't support usdt/usdc via binance chain and only ETH chain.  And obviously i won't withdraw usdt/usdc via ETH since that would cost more than me withdrawing btc.


I did read i could use those peer to peer and exchanges like sushiswap to swap coins like usdt/usdc/BUSD in the future though?  But how high are the fees though?  Example in your example you mention when you trade it in future... you would have to consider the fees.  But if i trade 2k usd worth of usdt/usdc binance smart chain or 2k BUSD... how much in fees am i looking to pay when i convert it to btc? So isn't there a chance that might cost me more in the future?

[dkbit98]

Your account is like a troll one. Create multiple topics with same questions and something you can easily to get answers with a few clicks from your side, with your own account. 

I have to criticize everyone who still continues to feed this jerry0 troll answering his fake questions all the time.
He is probably using some chinese translation tool to copy-paste record amount of posts in short time span, so maybe someone could investigate if all those questions have been asked before in different language somewhere.

[Pmalek]

Damn these withdrawal fees are insane. Some exchanges charge BTC0.00015 and in my opinion it is already a lot.

If you think 0.0005 BTC or $24 is bad, let me introduce you to the douchebags from HitBTC. Their policy seems to be: Why pocket 0.0005, when you can pocket 0.0009 BTC. Currently, that is over $40. Although they have a bad reputation, I am sure many people are still using them.

@jerry0
I told you this in another post where you asked the same question of what to do. Stop thinking about the fees for now. Do you want to hold bitcoin? If you do, withdraw bitcoin. Do you want a stablecoin, withdraw the stablecoin. When will you understand that other people can't and shouldn't make those decisions for you? 

I have to criticize everyone who still continues to feed this jerry0 troll answering his fake questions all the time.
He is probably using some chinese translation tool to copy-paste record amount of posts in short time span...

Although it's possible, for what purpose? He is not in a signature or bounty campaign. He just seems like a frightened person afraid of the dark, but also afraid of the light and asking which of those two are better with 50 follow-up questions questioning each answer and solution given to him.

[o_e_l_e_o]

Now, newbies that think they are experienced are telling their friends to use custodial means while the friends will tell more friends, also that people like the referral rewards make this process easier for custodial exchanges while people joining have little knowledge because most other forum do not even educate newbies rightly while many of new people do not even bother to join any forum.

That's all fair enough, but I would have thought the first time a newbie withdraws after buying maybe a few hundred dollars worth of bitcoin then being stung $30 for their withdrawal might think "Hold on a second" and realize that such a fee is utterly ridiculous and they are just lining Binance's pockets.

I am planning to withdraw it now... but are some of you suggesting to not do it this way?  Thus just convert the btc to usdt/usdc in binance smart chain network or BUSD and then withdraw so i dont have to pay the fees?

Literally no one in this thread has suggested that. If you want to save on fees by doing this then you will end up holding a centralized scam stablecoin based on a centralized scam chain owned by a centralized company who can refuse to redeem your token, go bankrupt, scam you, be hacked, etc., etc., etc. I'd pay 10x that withdrawal fee to get my bitcoin out if the only other option was to withdraw one of these scam tokens instead (but I'd never be in the situation of having my bitcoin stuck on a scummy centralized exchange in the first place).

[jerry0]

Okay so i just withdrew my balance on binance via btc and using the btc network. 


Yea i heard hitbtc has very high withdraw fees... but i never used that exchange ever.  That is ridiculous with those fees.


Well my thought was this.  When i converted the altcoin to btc.  And the tiny amount of bnb to btc.   I thought about converting my btc... roughly 2k worth of btc... i thought instead of paying the btc fee... convert it to usdt/usdc and withdraw via binance smart chain.  Then send it to my nano ledger s and pay less than a dollar.


But when i want to send that usdt/usdc via binance chain to say one of those sushiswap or peer to peer places, well thats going to cost me another dollar.  But what about when converting that to btc then?  Because well you have obviously have to pay a fee to trade usdt/usdc binance smart chain to btc... so in those places... wouldnt the fee to trade be much higher?  So let say i now have 2k - 2 dollar sending fee since well it would cost one dollar each time to receive from binance... and me sending the usdt/usdc to an exchange.  So its 2 dollar total fee now.  But when i convert that 1998 worth of usdt/usdc that is binance smart chain to btc... well isn't this going to cost me probably at least 1 percent? 


So by then... me converting it from usdt/usdc binance smart chain to binance is going to cost me another 20 dollars.  So now total fees i paid is now 22 dollars.  Then you have to add whatever fee that sushiswap or peer to peer place charges to send the btc back to my nano ledger and the price is going to be around 25 dollars or even more?


Is my math right on this?  Such as me trying to pay a lesser fee to withdraw on binance such as withdrawing usdt/usdc on binance smart chain or doing BUSD... would cost me similar or even more maybe because when i swap that usdt/usdc/BUSD on those exchanges, i will pay a much higher fee to trade?

[n0nce]

~

I am not 100% sure what you are trying to say or to do. I think you want to save fees. This means this topic's title is completely wrong.

Matter of fact, though: there is no way around those withdrawal fees. They are NOT due to BTC, they are put in place by the exchange YOU chose (without checking those fees first) and in a way it's understandable; they have to make some money as well. Maybe next time you use an exchange, inform yourself about the fees first.

You cannot withdraw real Bitcoin in any other way than using the Bitcoin network. Anything else is not Bitcoin; it's a altshitcoin pegged to the BTC, however it's still a shitcoin and you have no guarantee that you will be able to get the same amount of BTC back for it in the future.
The only idea might be to e.g. trade the BTC for LTC, then sell the LTC for BTC on another exchange which has lower BTC withdrawal fees for example.
But trading fees are a thing and no exchange is really that much cheaper to withdraw from.

If those 0.0005 are too much for you, ditch the exchange. From a quick search (if you like custodial KYC exchanges), it seems https://www.kraken.com/ has BTC0.00015. But I prefer to recommend https://bisq.network/. Probably all your questions about it are answered here. It's peer-to-peer, low fees, all over Tor, no servers. Doesn't get much better (maybe mining would be better).

Finally: if you're worried to spend $20 of your BTC holdings on withdrawal fees, that might be 200 in the future, just deposit another 20 bucks onto the exchange before withdrawing, if that makes you sleep better Just make sure to always withdraw exchange funds, because anything on the exchange, you do not actually own and can be taken away from you at any time. The risk of losing everything is much worse than paying 20 bucks if you ask me.
But we can't live like that. With that logic, every time you want to get a $5 sandwich you'll put it back, thinking 'no, these 5 bucks could be 50 if I invest them in BTC now', invest them and go to sleep hungry

[tranthidung]

I have to criticize everyone who still continues to feed this jerry0 troll answering his fake questions all the time.

In many topics, questions were answered but jerry0 keeps creating similar topics to ask about the same questions.

He is probably using some chinese translation tool to copy-paste record amount of posts in short time span, so maybe someone could investigate if all those questions have been asked before in different language somewhere.

I am not sure about using translation tool to troll on the forum but creating multiple topics in multiple boards for same question is unnecessary and break forum rules.