Ledger Nano X Wallet Types ?

[igotek]

Ledger Nano X device shows four type bitcoin wallet address.
Which one should I use for transfering BTC from binance ?
is there any difference between them ?
is there a risk of lose the BTC while transferng ?

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https://i.ibb.co/gFB9gk2/xxx.jpg

And I think ETH is on ERC20 network.
We should select ERC20 network if we send ETH from binance to Ledger.
am I correct ?

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[Zaguru12]

You can actually use any of them but reduce transaction it is better to use the SegWit address (bc1q). The difference between is mainly because of transaction cost. But when you use any of them it wouldn’t cause any problems.

Legacy address begins with 1 as prefix
Nested Segwit begins with 3
Native SegWit begins with bc1q
Taproot address begin with bc1p

[Charles-Tim]

You can use segwit (the addresses that start with bc1q). It will save you a lot fee while making transaction.

You can also choose the one that start with taproot (the addresses that start with bc1p). It can also save you a lot on fee.

But that segwit (bc1q addresses) save more on fee if you are sending to many addresses, while taproot save more on fee when you are having more inputs in a transaction, like during consolidation.

With the same inputs and outputs, segwit (bc1q) save little more on fee than taproot (bc1p).

We should select ERC20 network if we send ETH from binance to Ledger.
am I correct ?

Yes. Others are not ether, they are pegged to ether price.

[Upgrade00]

Which one should I use for transferinf BTC from binance ?

All of the addresses can receive from Binance.

is there any difference between them ?

Yes, they all start with different alphabets or letters and have different number of characters.
They also hav different tx fees you will pay when initiating a transaction.

is there a risk of lose the BTC while transferng ?

No

We should select ERC20 network if we send ETH from binance to Ledger.
am I correct ?

Yes.

[DVlog]

Ledger Nano X device shows four type bitcoin wallet address.
Which one should I use for transferinf BTC from binance ?
is there any difference between them ?
is there a risk of lose the BTC while transferng ?


And I think ETH is on ERC20 network.
We should select ERC20 network if we send ETH from binance to Ledger.
am I correct ?

Binance only allow withdraw to bitcoins legacy and taproot network so you can not withdraw BTC in your segwit or native segwit network from binance right now. But they allow bitcoin deposit from segwit address. When you paste your bitcoin wallet address in binance's Address/Invoice option it will automatically pick the right network for your address if they support that network. So don't worry try to use all those addresses in the withdraw section to find out which wallet type you are using.  

Usually most of the tokens in the ETH mainnet are ERC20 versions of them. There are other ERC standards for tokens available in the ETH network.

ERC-721 Tokens.
ERC-777 Tokens.
ERC-1155 Tokens.
ERC-4626 Tokens

[igotek]

Thanks for the answers....

[bitmover]

Binance only allow withdraw to bitcoins legacy and taproot network so you can not withdraw BTC in your segwit or native segwit network from binance right now. But they allow bitcoin deposit from segwit address.

I have withdrawal to segwit addresses in the past, you just need to click "Segwit network". I opened my binance account and it looks possible now (but i dont have a bitcoin balance to try, but it looks to be working)

There is a tutorial about it in binance website
https://www.binance.com/en/support/faq/what-is-segregated-witness-segwit-0a6fcbc99a87424481c08bd894601759

What Is Segregated Witness (SegWit)
2020-12-24 02:09
Binance supports using Segregated Witness (SegWit) to withdraw Bitcoin to SegWit (bech32) addresses.

[DVlog]

Binance only allow withdraw to bitcoins legacy and taproot network so you can not withdraw BTC in your segwit or native segwit network from binance right now. But they allow bitcoin deposit from segwit address.

I have withdrawal to segwit addresses in the past, you just need to click "Segwit network". I opened my binance account and it looks possible now (but i dont have a bitcoin balance to try, but it looks to be working)

There is a tutorial about it in binance website
https://www.binance.com/en/support/faq/what-is-segregated-witness-segwit-0a6fcbc99a87424481c08bd894601759

What Is Segregated Witness (SegWit)
2020-12-24 02:09
Binance supports using Segregated Witness (SegWit) to withdraw Bitcoin to SegWit (bech32) addresses.

Are you sure withdrawing to the SegWit address is available right now? This is the bitcoin withdraw option from my binance account. Which one from here is for Bitcoin SegWit withdrawal? I am only seeing bitcoins Legacy network, BSC(BEP20), Lightning Network, BNB Chain(BEP2) and Ethereum(ERC20) versions of bitcoin.



What i am seeing is they are only allowing deposits from bitcoin's SegWit address and I have been using it on my phone for a few weeks. Maybe they just suspended withdrawing to SegWit or am I making a mistake here?

[Charles-Tim]

Are you sure withdrawing to the SegWit address is available right now? This is the bitcoin withdraw option from my binance account. Which one from here is for Bitcoin SegWit withdrawal? I am only seeing bitcoins Legacy network, BSC(BEP20), Lightning Network, BNB Chain(BEP2) and Ethereum(ERC20) versions of bitcoin.

Bitmover is correct. You can also send to native segwit and nested segwit on Binance. You can click on the first one (bitcoin in your image above) to do that. Binance do not specify but generalize them as 'bitcoin' which is the first one.

[DVlog]

Are you sure withdrawing to the SegWit address is available right now? This is the bitcoin withdraw option from my binance account. Which one from here is for Bitcoin SegWit withdrawal? I am only seeing bitcoins Legacy network, BSC(BEP20), Lightning Network, BNB Chain(BEP2) and Ethereum(ERC20) versions of bitcoin.

Bitmover is correct. You can also send to native segwit and nested segwit on Binance. You can click on the first one (bitcoin in your image above) to do that. Binance do not specify but generalize them as 'bitcoin' which is the first one.

I thought that was only for the bitcoins legacy network. I wasn't aware that it was for segwit work because its not written in there as other types of network. I will try that next time. Good findings by the way. I should have looked at their blog site to learn about it. That network will send bitcoin to the legacy network if i put any legacy addresses in there. I think I have withdrawn bitcoin to a legacy address before from binance but i have never tried to withdraw to Segwit before.

[Charles-Tim]

I think i have to withdraw bitcoin to a legacy address before from binance but i have never tried to withdraw to Segwit before.

I tried it ones this year and it still worked.

It was separate before and funny enough that segwit fee was more than legacy address fee at the time in the past. I mean on Binance.

[hosseinimr93]

I thought that was only for the bitcoins legacy network.

Take note that there are no such things as bitcoin legacy network or bitcoin segwit network. We have only one bitcoin network and all bitcoin transaction are made there.
Legacy and segwit are the terms used for referring to different types of addresses and different script types.

[BitMaxz]

I thought that was only for the bitcoins legacy network. I wasn't aware that it was for segwit work because its not written in there as other types of network. I will try that next time. Good findings by the way. I should have looked at their blog site to learn about it. That network will send bitcoin to the legacy network if i put any legacy addresses in there. I think I have withdrawn bitcoin to a legacy address before from binance but i have never tried to withdraw to Segwit before.

I think you're confused between deposit and withdrawal.
If you are going to deposit on the Binance app you should be able to see different networks just like this



As you can see it includes the Bitcoin (segwit) network but if you are going to withdraw BTC from Binance the segwit option is no longer there same as the image you provided above, if you choose the Bitcoin network it should support legacy and segwit type addresses(native and nested) I never tested this on the taproot so I don't know if the withdrawal to taproot will work but according to them all types of Bitcoin addresses on mainnet withdrawal should be working.

[DVlog]

I thought that was only for the bitcoins legacy network. I wasn't aware that it was for segwit work because its not written in there as other types of network. I will try that next time. Good findings by the way. I should have looked at their blog site to learn about it. That network will send bitcoin to the legacy network if i put any legacy addresses in there. I think I have withdrawn bitcoin to a legacy address before from binance but i have never tried to withdraw to Segwit before.

I think you're confused between deposit and withdrawal.
If you are going to deposit on the Binance app you should be able to see different networks just like this

As you can see it includes the Bitcoin (segwit) network but if you are going to withdraw BTC from Binance the segwit option is no longer there same as the image you provided above, if you choose the Bitcoin network it should support legacy and segwit type addresses(native and nested) I never tested this on the taproot so I don't know if the withdrawal to taproot will work but according to them all types of Bitcoin addresses on mainnet withdrawal should be working.

I wasn't aware of the fact that they are using a general BTC name for all types of addresses. When i tried to deposit i saw that segwit and Legacy deposit addresses were being separated and i know why but i thought it would be something similar in the withdraw option too. The type of address will be visible differently, which isn't why I misunderstood it. I need to make a withdrawal with the segwit address to test this and remove my confusion. BTW it was great to be clear about this small topic that i was unaware of all these times.

[hosseinimr93]

I never tested this on the taproot so I don't know if the withdrawal to taproot will work but according to them all types of Bitcoin addresses on mainnet withdrawal should be working.

They do support withdrawal to taproot addresses.

You can click here to see one of the transactions made by binance for processing withdrawals recently.
If you check the receiving addresses of the transaction, you can find a taproot address among them.

[igotek]

I sent BTC from kucoin.com exchange to BTC Legacy wallet address on Ledger.
Successfully received. Now, the wallet address in Ledger has changed.
is it normal ?

what should happen i send more coins to the old wallet address ?

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I want to send USDT on my legder. Which network do you advise ? ERC20 or TRC20 ?

[igotek]

I sent 1 TRX to the TRX wallet address in Ledger. TRC20 network. I received it.
I sent 1 USDT to the TRX wallet address in Ledger. TRC20 network. I received it.
Should I use TRX or ETH network to keep USDT in Ledger ?
Which one is more reliable ?


https://support.ledger.com/hc/en-us/articles/8950985607325-How-to-manage-stablecoins-USDC-DAI-USDT-with-Ledger-Live?docs=true

Code:

How do I use Tether (USDT) with Ledger?

        Connect and unlock your Ledger device.
        Open Ledger Live and navigate to My Ledger.
        If asked, allow access to My Ledger by simultaneously pressing both buttons on your device.
        In My Ledger, search for Tron (TRX) and click Continue.
        Navigate to Accounts and click +Add account.
        Select Tron (TRX) and click Install.
        Navigate to the Receive tab, select your TRX account and click Continue. Ledger Live and your Ledger device will display your Tron address.
        Verify this address on your device and click Confirm. This address can be used to deposit your Tether.

 Please Note:

Before you can receive TRC20 tokens, you must send at least 0.1 TRX to your new Tron account. When you fund your new account, it will get activated on the chain and you will be able to receive TRC20 tokens. Learn more

[hosseinimr93]

Successfully received. Now, the wallet address in Ledger has changed.
is it normal ?

With a reusing an address, you may harm your privacy and that's why your wallet generated a new address for you. Many wallets do the same thing.

what should happen i send more coins to the old wallet address ?

You will receive the fund.
Take note that your wallet contains numerous addresses. They are all backed up by your seed phrase and they are all owned by you.

[joniboini]

I sent 1 TRX to the TRX wallet address in Ledger. TRC20 network. I received it.
I sent 1 USDT to the TRX wallet address in Ledger. TRC20 network. I received it.
Should I use TRX or ETH network to keep USDT in Ledger ?
Which one is more reliable ?

Do you need to use it ASAP or are you planning to store it for a long time? Ethereum is quite congested these days so your transfer might be a bit costly but should be safer compared to Tron Network. It doesn't mean much since using USDT to store your wealth is just risky imo. If you want to ask about this further, maybe you can open a new thread since it is more about Ethereum vs Tron or altcoins instead of Ledger in general. CMIIW.

[Husna QA]

Ledger Nano X device shows four type bitcoin wallet address.
Which one should I use for transfering BTC from binance ?
is there any difference between them ?
is there a risk of lose the BTC while transferng ?

IMAGE:

You can use all of these address types to receive Bitcoin from any exchange if it still uses the Bitcoin Blockchain network (so make sure you choose the Bitcoin network when sending BTC from Binance, not BEP20, LN, BEP2, or ERC20).

Here are some references if you want to know about each type of Bitcoin address:
https://blog.trezor.io/bitcoin-addresses-and-how-to-use-them-35e7312098ff
https://www.ledger.com/academy/difference-between-segwit-and-native-segwit

is there a risk of lose the BTC while transferng ?

When withdrawing crypto from an exchange to your Ledger wallet, it’s crucial that you select the right network. Choosing the wrong network may result in the loss of your crypto.

For more details, you can read this: https://support.ledger.com/ - Withdrawing crypto from exchange: How to select right network.

I sent BTC from kucoin.com exchange to BTC Legacy wallet address on Ledger.
Successfully received. Now, the wallet address in Ledger has changed.
is it normal ?
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Yes, that's normal. Every time you receive Bitcoin, Ledger automatically generates a fresh receive address for each transaction.

Your address for Bitcoin and Bitcoin-based crypto assets changes every time you receive a transaction. For other crypto assets (Ethereum, XRP, Stellar, etc.) the address stays the same.

Bitcoin transactions are public information. Addresses should not be re-used for better privacy. Ledger Live automatically generates new addresses using standards (BIP32/BIP39/BIP44) and keeps track of your previous ones. Previous addresses do remain valid, but they don't offer an optimal level of privacy.

Things like this also commonly happen to other hardware wallets, such as Trezor:

A fresh address is a newly generated address that has not received any previous transactions. It is recommended to use a fresh address for every transaction, as this benefits user privacy.