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How would one transfer tokens such as Bitcoin through a finance smart chain (so from Binance) to a hardware wallet like Trezor, in order to avoid higher fees? Also, which the third party could be used?

Also, why do I need a certain amount of BNB in order to send tokens from a third-party wallet like MyEtherWallet, and does one need to buy them?

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You are paying the fees for the network to mine your transaction. So in case, Binance to your BTC wallet. Centralized exchanges generally charge more for withdrawls. Unfortunately, you dont have much of a choice here. If you plan to use BNB chain, you are basically getting wrapped BTC and not the actual stuff. They tend to be cheaper. But transferring to a cold wallet, use the actual BTC network.

For your 2nd qn - The BNB or ETH are required to pay miners/validators to process ur transaction. This is generally paid in the native chain token (BNB - for BSC and ETH - Etherium). I assume you want to transfer a BEP20 or ERC20 token.

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  • What is the difference between a wrapped BTC that I get by using a BNB chain? And would I be able to avoid high fees by using a cold wallet instead? Jul 24, 2022 at 11:30
  • Wrapped BTC is created by the native chain using smart contracts. You can avoid the high fees of transferring it to cold wallet but then, it has no value if ur main chain dies. BTC in BTC network is always the best one to be kept locked away.
    – AoS
    Jul 24, 2022 at 21:26

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