Ledger Nano X Accounts ?

[igotek]

I have received my first Ledger Nano X.
I setup it. I installed BTC app. I will add account now. There are a few types:

Native Segwit
Segwit
Legacy
Taproot

Which one should I use ?
Which address should I send BTC from Binance Exchange by selecting which network ?
What is the difference ?

[TryNinja]

Taproot is the “newest” version, but some exchanges/services may not support it, AFAIK. While nowadays everyone seems to support Native Segwit, the second “best”.

If you can don’t mind using a second wallet when not supported, go with Taproot and Native Segwit as backup. Otherwise go with Native Segwit.

All options go through the Bitcoin native network, so if the exchange sees the address as valid, you won’t have issues. Just choose “Bitcoin”.

[BitcoinGirl.Club]

Which one should I use ?
Which address should I send BTC from Binance Exchange by selecting which network ?

The Taproot is not used yet vastly so you will not find many services have it. But you are free to use other three.
Legacy will cost you high fees to pay where Native Segwit, Segwit will reduce your fees up to 60% if I am not wrong. So use one of it. I guess the Native Segwit has the lowest fees to pay for a transaction.

When you are using an address to deposit, make sure it's either starting with 1xxxx, bc1xxxx or 3xxxx. All are bitcoin address format except Taproot.

[dimonstration]

Which one should I use ?
Which address should I send BTC from Binance Exchange by selecting which network ?
What is the difference ?

Native segwit is the one being widely use by most exchange and crypto user. Only transaction fee varies per network and Native Segwit address is currently the best because it was widely supported.

I have this kind of confusion when I first create on my ledger. I mistakenly use the segwit with native segwit. I really don’t know what’s the difference but I preferred the bc1 wallet address for a segwit wallet address because that’s same format with exchange to avoid conflict.

[igotek]

Thanks for ur fast replies. I checked the binance now.

BTC(Segwit) starts with bc1....
Bitcoin starts with 1.....
There is no NATIVE SEGWIT option.

Ledger

SEGWIT starts with 3....
NATIVE SEGWIT starts with bc1..

***

In this case: Ledger NATIVE SEGWIT is in the same network Binance Segwit ?
I really dont want to send the coins in a wrong network.


And another question: ETH in Ledger only supports ERC20 network ?

The other question: I installed ETHO via Ledger Live. But I cannot add account. There is no button for it.

I also couldnt find ETHW to install in Ledger.

Mod note: Consecutive posts merged

[TryNinja]

In this case: Ledger NATIVE SEGWIT is in the same network Binance Segwit ?
I really dont want to send the coins in a wrong network.

There is no wrong network. If you have a legacy address or a native segwit address, both options can send to each other. In simple terms, the only difference is the address format.

You can send from bc1… to 1… or to 3…, just like you can send from 1… to bc1… or 3…


ETH is ERC20 only. If you send a token from the BSC network or MATIC network, you won’t see the coins as they are in a different blockchain.

[Yamane_Keto]

Which one should I use ?
Which address should I send BTC from Binance Exchange by selecting which network ?
What is the difference ?

If you plan to regularly send bitcoins from your wallet to another wallet or to Binance, it is better to use Native Segwit addresses (bc1) because it will reduce fees, else or to invest in the long term, choosing any addrress will not make a difference.

I also couldnt find ETHW to install in Ledger.

Its better to manage your ETH accounts using MetaMask MetaMask wallet URL (Click me) or New wallet New wallet URL (Click me)

Avoid ETH-POW ETH-POW they use ETH name and only listed on few exchnages
Avoid phishing links.

- Yamane

[o_e_l_e_o]

In this case: Ledger NATIVE SEGWIT is in the same network Binance Segwit ?

Yes. Choose native segwit in Ledger, and choose BTC(SegWit) when withdrawing from Binance. These are the same thing.

There is no wrong network.

When talking about Binance, unfortunately there is. When you try and withdraw bitcoin from Binance, you are told to select a network, and are given 5 options. Only two of those options are actually on the bitcoin network - the "bitcoin" and the "segwit" options. You are also given the option to "withdraw" your bitcoin on Ethereum or two different BNB chains. Obviously in these cases you aren't withdrawing bitcoin at all, but withdrawing some pegged or wrapped centralized shitcoin token owned and controlled 100% by Binance. And obviously Binance makes the fee for withdrawing bitcoin ridiculously high, while the fee for withdrawing on one of their centralized scamchains is 100 times smaller (although why not zero since it is completely centralized?), in order to trick newbies in to leaving their bitcoin on Binance and getting some worthless token instead.

You can see this here if you scroll down to BTC: https://www.binance.com/en/fee/cryptoFee

[TryNinja]

There is no wrong network.

When talking about Binance, unfortunately there is.

To be fair, the address format for BTC-native options (legacy, segwit, taproot) is the complete opposite of the other non-native backed coins (ETH, BSC, BNB…), and thus there is no way one can mistakenly withdraw BTC through the BSC network to a Bitcoin address.

For example:

Btc: bc1qabcd…
Btc-bsc: 0x708b…

One doesn’t support the other.

It would only be a practical issue if Binance had BCH or BSV listed there, thus allowing OP to send BSV to his BTC address.

[BlackHatCoiner]

If you plan to regularly send bitcoins from your wallet to another wallet or to Binance, it is better to use Native Segwit addresses (bc1) because it will reduce fees

To extend this further, if transaction fee is a concern then your best course would be to avoid Binance altogether as they impose arbitrary amount in fees. I remember users complaining about 50,000 (!!!) sats fee in 2021, which was later dropped in 20,000 sats, 90% of which went straight to the CEO's pocket. Only 1-4% was necessary for the transaction to be confirmed on the Bitcoin network, but they overcharge in both mining and service fees.

[cryptosize]

If you plan to regularly send bitcoins from your wallet to another wallet or to Binance, it is better to use Native Segwit addresses (bc1) because it will reduce fees

To extend this further, if transaction fee is a concern then your best course would be to avoid Binance altogether as they impose arbitrary amount in fees. I remember users complaining about 50,000 (!!!) sats fee in 2021, which was later dropped in 20,000 sats, 90% of which went straight to the CEO's pocket. Only 1-4% was necessary for the transaction to be confirmed on the Bitcoin network, but they overcharge in both mining and service fees.

It's still 50k sats for SegWit, 20k sats for legacy addresses:

https://www.binance.com/en/fee/cryptoFee

[T3PR00T]

And another question: ETH in Ledger only supports ERC20 network ?

It supports trc20 too. You will need to install Tron network to access trc20 tokens.
Ledger supports almost all major coins and tokens. You need to know which chain you need for it.

[o_e_l_e_o]

To be fair, the address format for BTC-native options (legacy, segwit, taproot) is the complete opposite of the other non-native backed coins (ETH, BSC, BNB…), and thus there is no way one can mistakenly withdraw BTC through the BSC network to a Bitcoin address.

You can't withdraw bitcoin through the wrong network to a bitcoin address, sure, but you can easily withdraw not-bitcoin through the wrong network to a not-bitcoin address. And unfortunately many newbies do this because they just see the lower fee, and don't understand that what they are withdrawing is not bitcoin at all, because Binance deliberately obfuscates this information.

It's still 50k sats for SegWit, 20k sats for legacy addresses

Lmao. Make it make sense. So although a segwit output is on average 3 vbytes smaller than a legacy one, apparently they need to charge an extra 30,000 sats because reasons. They are quite literally just stealing from their users. Why on Earth does anyone use this piece of shit exchange?

[dkbit98]

Which one should I use ?

Native Segwit (and Taproot) are starting with bc1, and they are newest formats and most people is using that to save on fees, but you can use anything you like, they all work.
I would use Bech32 aka Native Segwit format.

Which address should I send BTC from Binance Exchange by selecting which network ?

I wouldn't send any coins to centralized exchanges like Binance for holding only for exchanging, but I think they support all mainnet formats.
Watch out not to confuse that with other shitcoin blockchains that have fake bitcoin tokens (tron, binance chain, ethereum, etc)

What is the difference ?

All tokens on other blockchains are not not really Bitcoin, they are centralized and can go to zero anytime.