BTC on other chains is not BTC

[Hispo]

While I wouldn't hold wrapped BTC (wBTC) though, they can be pretty handy if you're a trader. For moving funds from exchange to exchange, and for doing DEX swaps.

I have never hold any satoshi of WBTC so I would like to ask: Are the withdrawal fees for WBTC more competitive than BTC in general?

On the second point, I agree WBTC has its utility but it is not made for hodling, the essence of DEFI is to be trustless and decentralized, so I find it quite ironic to use a centralized token of Bitcoin in order to interact with the Ethereum network.

One's supposed to trust to go trustless ? Not for me, personally.

If I ever get paid with some WBTC for any reason, I'd swap it whenever I have the chance, to hold the real thing. Just my opinion.

[coolcoinz]

It doesn't work like this. Not your keys, still your assets.

How are you going to claim them if you don't own the keys and the exchange disappears, like quadriga, btc-e and many others?
As long as you don't own the keys you are only a passenger in this car driven by someone else. You can tell them directions but they can always ignore it and run you into a wall.

I couldn't care less about WBTC. Never used any of these coins in my life and that includes all stable coins. Bitcoin was doing well without ponzi schemes like Luna and is going to do well without them.

[BitMaxz]

It seems they repeat what they did before just to make a profit on withdrawal fees.

The fees right now are not so high and I think this is their way to help the network reduce congested transactions.

But forcing people to use other chains is not fair they give BTC as token, not the real BTC.

[ChiBitCTy]

Could not agree more, no matter what the “great” Dr Craig Wright says. This is a really ugly move by Binance, feels more like something Coinbase (Conbase) would do. Though I guess at least Binance is up front about it, Coinbase would just intentionally shut down their site and blame it on user traffic like they have countless other times before.

[nullama]

BTC on other chains is at best an IOU from an altcoin.

There's only one real Bitcoin, anything else is just an altcoin, or an IOU of Bitcoin, which is basically worth nothing until you actually get control of the private keys.

There's so many people wanting to make a quick buck out of people not knowing what Bitcoin is. They're going to have a bad time when they realize they didn't buy real Bitcoin.

[mk4]

I have never hold any satoshi of WBTC so I would like to ask: Are the withdrawal fees for WBTC more competitive than BTC in general?

If we're talking about the Ethereum network, then no. On the other hand, with BNB/Solana and basically anything that's not Ethereum, then yes it's cheaper.

If I ever get paid with some WBTC for any reason, I'd swap it whenever I have the chance, to hold the real thing. Just my opinion.

You and literally everyone here.

[mindrust]

Binance is about to pull a Gox imo. Suspending the withdrawals is not cool. If binance can’t fix this situation then it will be very bad for the crypto

Btc on other chains of course isn’t btc but do you think CZ gives a damn? This dude tried to rewind the blockchain before when binance got hacked. He has no respect for this thing.

[mk4]

Binance is about to pull a Gox imo. Suspending the withdrawals is not cool. If binance can’t fix this situation then it will be very bad for the crypto

Btc on other chains of course isn’t btc but do you think CZ gives a damn? This dude tried to rewind the blockchain before when binance got hacked. He has no respect for this thing.

Nah, they've already re-allowed Bitcoin (real BTC) network withdrawals like 10 hours ago.

https://twitter.com/binance/status/1536398699714199556

[LegendaryK]

my opinion is that bitcoin on any other chains is not bitcoin.
 Do not encourage binance or assist binance in their attempt to take control with their shit useless alt network. BTC is BTC, not BSC.

You do realize by that mindset, you are also saying the btc on LN or Liquid networks are not bitcoin.
I don't disagree with you,
but that is against the cult of BTC brainwashing, that btc on the offchain LN or Liquid networks are BTC.

 

[saxydev]

It doesn't work like this. Not your keys, still your assets.

How are you going to claim them if you don't own the keys and the exchange disappears, like quadriga, btc-e and many others?
As long as you don't own the keys you are only a passenger in this car driven by someone else. You can tell them directions but they can always ignore it and run you into a wall.

I couldn't care less about WBTC. Never used any of these coins in my life and that includes all stable coins. Bitcoin was doing well without ponzi schemes like Luna and is going to do well without them.

That's why you need to keep certain ammounts which are backed by the national banks and exchanges who are regulated to the best of the national laws of specific countries who learned how to work with crypto.

And here we have the courts and laws to protect you and your assets.

[wiss19]

Not sure if stuffs like this are also available on other exchanges? But, I find it cool because binance have different options when it comes to deposits and withdrawals however I did not attempt to try them because im afraid that what if my coins will be lost? LoL. I only use the chains that I am familiar with like trx, bsc/bnb, and eth.

OP, you are right that it wasn't really an original btc but it might be a wrapped btc? It's only funny that they include eth on the list because eth is also slow right? And transactions can also get stuck, most importantly is its fees are also high. Bnb chain can be the option for someone that wants to try this idea.

[Queentoshi]

Binance has resumed bitcoin withdrawal. I checked this on binance exchange immediately I saw it on news

https://cointelegraph.com/news/binance-resumes-withdrawals-as-many-retail-crypto-investors-monitor-exchanges

This is better, if they had persisted and not quickly resumed bitcoin withdrawals, such a move would have made them no longer be the number one option for newbies in crypto looking to find a wallet to use. Also being able to halt bitcoin withdrawals goes against the decentralised mindset many have about bitcoin, a move like that also have the potential of discouraging potential investors in bitcoin.

[Cookdata]

I don't know about others, but I don't think this Defi locking up actual Bitcoin to acquire Xbitcoin on another chain is a good idea. If the token of that chain is so valuable and has the tendency to become one of the most valuable coins like bitcoin, they wouldn't want to lock up people's bitcoin on any protocol merely to promote liquidity, that's what BSC, SOl, ETH, FTM, and other layer 1 and 2 projects are doing, and it's always likely that the real Bitcoin on-chain, which is locked up in the protocol, may be compromised, just the way we experienced Celcius halted withdrawals and asset swapping. If you treasure your bitcoin, always say no when offered an alternate chain, the Bitcoin chain has always been the safest and has never gone down for a second.

[nullama]

I don't know about others, but I don't think this Defi locking up actual Bitcoin to acquire Xbitcoin on another chain is a good idea. If the token of that chain is so valuable and has the tendency to become one of the most valuable coins like bitcoin, they wouldn't want to lock up people's bitcoin on any protocol merely to promote liquidity, that's what BSC, SOl, ETH, FTM, and other layer 1 and 2 projects are doing, and it's always likely that the real Bitcoin on-chain, which is locked up in the protocol, may be compromised, just the way we experienced Celcius halted withdrawals and asset swapping. If you treasure your bitcoin, always say no when offered an alternate chain, the Bitcoin chain has always been the safest and has never gone down for a second.

Absolutely.

There's no need to buy altcoins when the real thing is still available for purchase.

Just like gold lookalikes, altcoins pretend to be as good as Bitcoin, but they're not.

Don't buy fool's gold, get the real thing!

Fool's Gold can be one of three minerals. The most common mineral mistaken for gold is pyrite. Chalcopyrite may also appear gold-like, and weathered mica can mimic gold as well. Compared to actual gold, these minerals will flake, powder, or crumble when poked with a metal point, whereas gold will gouge or indent like soft lead. In addition, actual gold will leave a golden yellow streak when scraped on a piece of unglazed porcelain. Pyrite and chalcopyrite will leave a dark green to black streak and the common micas will leave a white streak

[yazher]

Wow! they went thru some other road here, I can't believe they fool people with this kind of logic. If it's not a bitcoin network, then all of this financial revolution will become nonsense since it will become transparent and it losses the idea of controlling your own money without the help of any 3rd parties, just you and your hard wallet. Now they making some trend which doesn't really make sense, if they wanted to promote their ideas, they cannot force their users to use that feature but what they are doing here is clearly manipulation and they are changing the traditional bitcoins transactions.

[pooya87]

Centralized shitcoins on other chains are only good if you want to transfer your funds between exchanges, like these days that Binance is performing in a very shady manner you could easily transfer your bitcoins from Binance to another exchange using those shitcoins if they support it so that you can continue trading elsewhere or make an actual bitcoin withdrawal on that other exchange.
Otherwise you should never store these shitcoins because they obviously serve no purpose other than what I mentioned and could disappear at any moment.

[Oshosondy]

I have never hold any satoshi of WBTC so I would like to ask: Are the withdrawal fees for WBTC more competitive than BTC in general?

If we're talking about the Ethereum network, then no. On the other hand, with BNB/Solana and basically anything that's not Ethereum, then yes it's cheaper.

You are right, but it is even an understatement like maybe bitcoin fee can be more expensive but in a way it is just only slightly expensive than on ERC20 withdrawal on binance, but funny enough, bitcoin withdrawal fee is 0.0002 BTC but it is 0.00044 BTC on ethereum (ERC20) chain, only BEP2 and BEP20 are cheaper but not bitcoin, they are altcoins also just as on ERC20 network.

[Husires]

It is not Bitcoin, but not all off-chain Bitcoins are under the control of Binance.

• When you leave your coins on the main chain, you enjoy the maximum security provided by the Proof of Work algorithm, so all you are afraid of losing are the seeds or that someone will be able to access them.
• When you move to more rapid levels, such as side chians, layer2 networks, you sacrifice high security to relative security with high speed.
• When you move to central networks, you will enjoy the speed and low fees, but you trust the other party.

I do not think that it is an attempt by Binance to get people to use them BSC because they allowed the withdrawal to Ethereum network (ERC20, but rather a weakness in the programming code because of their focus on useless things such as DeFi and NFT

you can always withdrawal your bitcoins from binance to any other exchange (use those central chains or altcoins) then withdrawal your bitcoins/BTC

[m2017]

That is true, I just checked that now, bitcoin withdrawal is suspended on binance



ETH, BEP2, BEP20 and others are altcoins. See Binance misleading people. I hope people will not follow what binance team are saying and it may be a way they may lose their bitcoin if they send BEP20 to an exchange that do not support BEP20, using ERC20.

Wait a minute. Do I understand correctly from this picture that the Binance doesn't allow its users to withdrawal bitcoin? I'm not talking about other chains. That is, in fact, Binance doesn't give people their property? Why hasn't a flurry of discontent risen on this occasion yet, or do people like this attitude towards themselves?

It looks like Binance is also not all right if their team takes such dubious steps. What other surprises will centralized services throw up?

I will not repeat that on bitcointalk has been repeated many times about the dangers of storing your funds in centralized exchanges.

[pooya87]

I do not think that it is an attempt by Binance to get people to use them BSC because they allowed the withdrawal to Ethereum network (ERC20, but rather a weakness in the programming code because of their focus on useless things such as DeFi and NFT

They are definitely pushing people into using their own shitcoin, that is how they pumped it in first place. When you look at the things they offer when you use their shitcoin (such as lower trading fees, referral rewards, lower withdrawal fee compared to other shitcoins like ethereum,...) you can see that even though they aren't forcing people into it but they have provided all reasons for users to have no interest in using anything else.