Kucoin Community Chain KCC

[NIrish]

I'm about to move BTC off exchange at KuCoin to my Coinbase Wallet.  The charge however is a hefty $14 dollars on the BTC network.

There is another option listed, the Kucoin Community Chain which only charges $0.56

Has anyone used KCC to transfer Bitcoin?? 

I also don't believe Coinbase Wallet accepts it but it seems Trust Wallet does so could set up there.  Any trust wallet users who can confirm it accepts KCC transfers??

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[Charles-Tim]

Has anyone used KCC to transfer Bitcoin?? 

Not bitcoin, but an altcoin.

Any bitcoin address that do not start from 1, 3 or bc1 are not bitcoin, they are altcoins.

My advice:
If the amount you want to transfer is not much, you can convert it an altcoin that have low fee, send it to OKX. Move it from OKX to you bitcoin wallet.

OKX charges $2 for bitcoin transaction.

If the amount is much, you have to take note of the trading fees. Trading fee is in percentage. Which means that trading fee may take higher amount if you are dealing with huge amount of money.

Edit:
I have just checked this, the fee on OKX has also increased recently, about $9 now with bitcoin at $28000. Bitcoin fee on exchanges are usually expensive.

[OmegaStarScream]

To add to the above, this[1] should help you choose the coin to withdraw from Kucoin to OKX.

Also, If you're going to spend your BTC on gift cards, or to buy things online, then maybe you should withdraw them with the lightning network (for 0$ fees) since most BTC payment processors accept it.

[1] https://withdrawalfees.com/exchanges/kucoin

[NIrish]

Thanks but it doesn't sound like it will be worth it to setup with OKE and transfer for the limited cost saving at the moment.  I also haven't got into spending BTC, it's simply to hold and trade over the medium/long term.

Going back to the KCC network, are you saying it isn't possible to transfer Bitcoin??  KuCoin exchange is suggesting it as an option when I go to transfer Bitcoin out but I don't have a compatible wallet yet to enter an address (so I don't know what it will start with)


On KuCoin it lists a number of KCC compatible wallets when you select this method of transfer ... Trust Wallet is one of them.

[OmegaStarScream]

Going back to the KCC network, are you saying it isn't possible to transfer Bitcoin??  KuCoin exchange is suggesting it as an option when I go to transfer Bitcoin out but I don't have a compatible wallet yet to enter an address (so I don't know what it will start with)

On KuCoin it lists a number of KCC compatible wallets when you select this method of transfer ... Trust Wallet is one of them.

I checked Trustwallet and I can't see any WBTC on Kucoin's chain. But according to this[1] you should be able to send and receive KCC tokens so maybe the token and funds will show without having to manually add them. It's better to try and send a small amount to make sure that everything is working properly.

Now, I get that you want to use this to save some fees, but as mentioned above, you should understand that WBTC and BTC are not the same thing and there are certain risks that come with using BTC on other networks[2].

[1] https://community.trustwallet.com/t/kcc-kucoin-community-chain-integrated-to-trust-wallet/510424
[2] https://bitcointalk.org/index.php?topic=5420769.msg61281800#msg61281800

[BitMaxz]

Going back to the KCC network, are you saying it isn't possible to transfer Bitcoin?

It's possible only if the wallet or exchanges support it but Coinbase does not support that network so you won't be able to transfer BTC through the KCC network from the KuCoin exchange to Coinbase.

I suggest read Coinbase Supported assets and networks so that you know which network are supported or other assets.

[NIrish]

I'm aware Coinbase Wallet doesn't accept KCC which is why I was enquiring about Trust Wallet who KuCoin list as accepting it.

However it seems I have a lot to learn here, so if I don't use the official Bitcoin network, then I'm holding a copy effectively rather than the real thing, collaterised against something else entirely???  This is bewildering but need to understand what I'm doing before choosing a network.

How does this work for ETH where I have further options ERC20, KCC, Arbitrum, Optimism.

and as for Tether .... ETH, TRX, SOL, ALGO, KCC, EOS, Arbitrum, Optimism, XTZ   

[dkbit98]

Has anyone used KCC to transfer Bitcoin?? 

No.
My advice: Don't use this crap.

However it seems I have a lot to learn here, so if I don't use the official Bitcoin network, then I'm holding a copy effectively rather than the real thing, collaterised against something else entirely???  This is bewildering but need to understand what I'm doing before choosing a network.

Just use Bitcoin mainnet and forget about all this fake tokens on different centralized chains.
There is no ''community'' in  KCC community chain, it's all operated by few people that are probably tightly connected with exchange owners.
You are going to pay low withdrawal fee today, but tomorrow you could be paying much higher price when they shut down their nodes/chain and tokens go to zero.  

and as for Tether .... ETH, TRX, SOL, ALGO, KCC, EOS, Arbitrum, Optimism, XTZ  

I don't trust Tether at all in any chain.
It' can be useful temporary in some cases, but we saw what happened with USDC, BUSD and other dead ''stable'' coins.
You should never hold any stable coin long term.

[rat03gopoh]

so if I don't use the official Bitcoin network, then I'm holding a copy effectively rather than the real thing,

Given your goal of long-term holding , I don't recommend that you continue with this. Remember that you withdraw bitcoins through the KCC network are not real bitcoins. One day you may have a problem with it.

• Such bitcoin tokens are not acceptable everywhere.
• The KCC network is suddenly damaged or corruopt.
• The bitcoin token issuing entity is experiencing liquidity problems.

[NIrish]

Thanks everyone, appreciate the input, definitely a big learning point.

I do take some profits as Bitcoin price moves and at my level the cost of the Bitcoin network is high but I'll be sure to stick to it regardless!

In the name of more learning can I redirect this in the direction of how it works with Eth and Alts?

As mentioned above there are many available networks at varying costs, is it the same story where only one is authentic for holding the actual coin or are the likes of Arbitrum/Optimism usable options?

As for the tether it's a long story from another thread, I have GBP on KuCoin from Bitcoin sales which I now realise I can't withdraw, trying to switch to tether at a decent rate and go from there ... prob transfer somewhere else to go back to GBP to withdraw unless the market drops in the meantime ... all more tricky than I'd hoped!

[joniboini]

As mentioned above there are many available networks at varying costs, is it the same story where only one is authentic for holding the actual coin or are the likes of Arbitrum/Optimism usable options?

It is the same thing, the real Bitcoin is on the Bitcoin mainnet, other networks just use a wrapped token with scammy BTC or shady BTC to back it up, just like fiat if you ask me. If you don't want to pay many fees, consider using P2P where you can change the transfer fee. If that's not an option wait until the mempool becomes free. Unless you use a terrible exchange that doesn't update the fee according to the network condition, that should be an okay option.

As for the tether it's a long story from another thread, I have GBP on KuCoin from Bitcoin sales which I now realise I can't withdraw, trying to switch to tether at a decent rate and go from there ... prob transfer somewhere else to go back to GBP to withdraw unless the market drops in the meantime ... all more tricky than I'd hoped!

Make sure you do some research first if you decide to use another exchange to process your GBP. I'd also check if there is any USDT to GBP P2P trade available on this forum or other P2P marketplace before you decide to do KYC on another platform. Or, you can also just buy more BTC with your available GBP if you can afford the risk (unless it is not possible for one reason or another).

[NIrish]

Goodness!!! With every reply I need to delve into google to understand new terms, I have no idea how P2P works in Crypto so I need to learn about that .... and as for Mempool, I'm none the wiser after a little reading so I need more time on that too!

I am now aware that for Bitcoin, everything other than the Bitcoin network is a poor imitation and I appreciate the help!

Can anyone help me with how this works with regards ETH and ALTs?  Do they all have to be transferred on their native ERC20 or alternate network such as AVAX to be legit?

[BitMaxz]

Can anyone help me with how this works with regards ETH and ALTs?  Do they all have to be transferred on their native ERC20 or alternate network such as AVAX to be legit?

If you talking about ETH then it's ERC-20 or Ethereum blockchain about the other alts they also have other networks but what is your main goal?

If you just want to transfer your BTC from Kucoin to Coinbase I suggest you convert BTC to USDT and use the ERC20 network to transfer them to Coinbase and then buy BTC with your USDT.

[NIrish]

Ok, so the initial aim of the query was how the best and if possible most cost effective way to get Bitcoin off KuCoin exchange into a self custody wallet.

Are you suggesting if I move Tether into my Coinbase Wallet I can buy BTC there???
(The quoted charge to transfer USDT $20, even more than the $14 for Bitcoin)


Since then my queries had moved to how this applies for other coins as I also hold ETH and a basket of ALTs on KuCoin that ideally I'd like to move into a wallet too, although some are currently earning decent staking rewards which are hard to turn down!!!

ALTs seem particularly bewildering as every coin has it's own network or a choice, do wallets accept all of these various networks?

[NIrish]

Can I please re-visit part of this topic ....

So I now realise I should only transfer Bitcoin on the Bitcoin network to avoid wrapped versions of the coin!

However can I confirm how this works with Eth?  Can I use Layer2 networks like OP/ARB/MATIC to transfer Eth as they sit on the Ethereum network as these are substanially cheaper options.

Thanks all!

[OmegaStarScream]

Can I please re-visit part of this topic ....

So I now realise I should only transfer Bitcoin on the Bitcoin network to avoid wrapped versions of the coin!

However can I confirm how this works with Eth?  Can I use Layer2 networks like OP/ARB/MATIC to transfer Eth as they sit on the Ethereum network as these are substanially cheaper options.

Thanks all!

Yes, it should be fine with Arbitrum or Optimism. However, for MATIC, you're probably referring to the sidechain and not the actual L2 (Polygon zkEVM) which was released a couple of weeks ago, so I don't think it's currently supported by major exchanges yet.

[NIrish]

Ok thankyou, appreciate the clarification on Polygon!  Thanks

I still haven't moved anything off exchange, partially paralysed by too many stories of losing money by transferring incorrectly and not wanting to pay the sizeable Bitcoin network fee when I haven't got a large holding.

Although partially reassured by moving USDT from KuCoin to Kraken successfully and having been told the fee to transfer out of the wallet should be less than the fee to transfer from exchange.

[Darker45]

I still haven't moved anything off exchange, partially paralysed by too many stories of losing money by transferring incorrectly and not wanting to pay the sizeable Bitcoin network fee when I haven't got a large holding.

There are features some exchanges offer that are misleading. You may notice that certain exchanges offer you a menu of networks you can use in moving funds. These networks' respective fees are indicated. Exchanges make them appear as if you can easily switch between them. In avoiding high fees, the tendency is that some users choose the network with the cheapest fee, therefore ending with the wrong network. Funds are lost in the process. Indeed, in avoiding high fees, you may lost everything.

Although partially reassured by moving USDT from KuCoin to Kraken successfully and having been told the fee to transfer out of the wallet should be less than the fee to transfer from exchange.

These centralized exchanges are imposing high fees. This is just one of their numerous disadvantages. But if you want to move Bitcoin from one exchange to another, why not trade it first into an altcoin with a much cheaper transaction fee and do another trade as soon as it arrives in its destination?

Anyway, I haven't tried it but Trust Wallet has made announcements almost a year ago that it already integrated Kucoin Community Chain (KCC) to their wallet. Did you not proceed with this option?

[NIrish]

Hi everyone, I've got my Coinbase Wallet set up now.  To transfer BTC from KuCoin into it has a 0.0005BTC fee which definitely makes a dent in my holdings.

My question is, say I want to move half of it back to KuCoin to sell in the future, will the charge again be 0.0005BTC?  I can't seem to find this info for Coinbase Wallet.

[OmegaStarScream]

Hi everyone, I've got my Coinbase Wallet set up now.  To transfer BTC from KuCoin into it has a 0.0005BTC fee which definitely makes a dent in my holdings.

My question is, say I want to move half of it back to KuCoin to sell in the future, will the charge again be 0.0005BTC?  I can't seem to find this info for Coinbase Wallet.

Some wallets allow you to customize fees (sats per byte). I can't remember if Coinbase wallet allows you to do that but if they do, you can check mempool when choosing the fees: https://mempool.space/

Or you could just use the priority option (low, medium, high).

But either way, the fees will be much less and would depend on the transaction size as well as how congested the network is. Coinbase wallet won't take any extra fees (unlike centralized exchanges).