How to Transfer Bitcoin from Bitkub to OneKey Hardware Wallet

Enhance Security with a Hardware Wallet

You've chosen the best path for self-custody! Transferring digital assets from an Exchange (InnovestX) to a Hardware Wallet means moving from "online" storage to "offline" storage (Cold Storage), which is the highest security standard in the crypto world.

This guide will walk you through each step in detail to ensure your coin transfer is accurate and secure.

Part 1: Preparing Your Hardware Wallet (OneKey)

Before transferring Bitcoin from an exchange to a Hardware Wallet, specifically using the Binance app, we need to use OneKey to generate a "Receive Address" first. (If you have other hardware wallet models, feel free to use them, but in this guide, I will use OneKey as an example for receiving coins.)

1. Prepare OneKey and Create Address

Open the OneKey App. Connect your OneKey device, which has a seed phrase generated, to a computer or another device such as a smartphone or tablet. Then, open the OneKey App on the desired device.

2. Click "Receive"

• Select the coin account you wish to receive (Bitcoin).
• Click the "Receive" button to generate a receive address.
• Select the coin you wish to receive, choose "BTC".

3. Confirm on Device (Very Important!)

The OneKey App will display an address. You must verify that the address on your computer screen matches the address on your OneKey device screen 100%.

This is to prevent malware that might change the address on your computer screen without your knowledge.

4. Copy Address

Copy the address you've confirmed from the OneKey App. This completes the preparation of your "Receive Address" for Bitcoin.

Part 2: Starting the Transfer from Bitkub (General Steps)

Choosing the Bitcoin Network

1. Choose Bitcoin Network (BTC)

If you wish to hold Bitcoin, you must use the Bitcoin Network (BTC) only. This is because Bitcoin on other networks is not true Bitcoin but Wrapped Bitcoin (WBTC). Therefore, if you want to hold actual Bitcoin, you must select the Bitcoin Network.

2. Choose Other Networks

Bitcoin on other networks is not Bitcoin, but Wrapped Bitcoin (WBTC). The question is, what is WBTC Token?

The principle of WBTC is to use real Bitcoin as collateral and then create WBTC in an equivalent amount (though it might not be exactly equal). This is similar to creating stablecoins like USDT or USDC, where fiat currency is used as collateral to create coins in an equal amount.

So, is WBTC Token actual Bitcoin?

The answer is no, it is not true Bitcoin. To put it simply, WBTC Token is like a gold certificate. When we buy gold, do we want actual gold or a gold certificate? In the past, gold certificates were useful because they facilitated easy transfer of ownership.

Therefore, we need to consider our purpose for buying Bitcoin. If we intend to use it as collateral for other assets or for short-term speculation, then WBTC Token is suitable. But if we want to hold actual Bitcoin, we should buy Bitcoin on the Bitcoin Network.

Common formats:

• BEP20 (BSC): BTCB
• ERC20 (Ethereum): WBTC
• Solana: BTC (Wrapped)

3. Choose Lightning Network (LN)

What is the Lightning Network?

The Lightning Network (LN) is a Layer 2 network built on top of the Bitcoin Blockchain (Layer 1). It operates off-chain, meaning it performs transactions without directly interacting with the main blockchain.

The Lightning Network was designed to address the scalability issues of Bitcoin's blockchain, which struggles with processing a massive number of transactions. It helps speed up BTC transfers and reduce fees, and it is gaining popularity with increasing exchange support.

Since the Lightning Network conducts transactions off-chain, it uses "Payment Channels". Once a channel is established, two parties can exchange coins by creating a channel and signing transactions that update the channel's balance. This requires both parties to sign and approve all transactions within the channel.

Read more here

Initiate Transfer from Bitkub

Access "Withdrawal" Page on Bitkub

• Log in to the Bitkub app.
• Go to the "Wallet" menu at the bottom right to view your digital assets.
• Select "Withdraw" to withdraw the desired coin.
• Choose the coin you wish to transfer, e.g., BTC, ETH, USDT. In this guide, we are transferring Bitcoin, so select Bitcoin.

Entering BTC Transfer Information on Bitkub

• Address: Paste the BTC address you copied and confirmed from Trezor (check the first 5 and last 5 characters to ensure they match).
• Select Network: Choose Bitcoin Network or BTC.
• Amount: Enter the amount of BTC you wish to withdraw.
• Check fees and the amount of coins you will receive, then click "Review Request".
• Re-check the "Destination Address" (very important!). If correct, you can click "Confirm".
• Choose your preferred identity verification method registered with Bitkub.

Identity Verification before BTC Transfer on Bitkub

• If using another verification type, select it as configured.
• Click "Send Code" to request an OTP via your registered phone number.
• Click "Send Code" to request an OTP via your registered email.
• Open the Google Authenticator app, enter the code from the Google Authenticator app into the Bitkub app, and click "Confirm".

Process after Bitcoin withdrawal on Bitkub

• Once confirmed, the system will display "Processing," indicating that the transaction is underway.
• Wait a moment for the system to transfer the coins (approximately 10-30 minutes), then check the transaction status.
• Go to the "Wallet" menu, click the icon in the top right as shown to view "Transaction History."
• Select the desired transaction to check its details.
• If the status shows "Successful," it means the coins have been approved for withdrawal from the Exchange but may not yet have been transferred to your address, which might take another 10-15 minutes.
• The transaction status on Bitkub will be "Processing" and will be complete when it shows "Successful" after Bitkub approves the transaction.
• Check the transaction status at the "Destination Address" on your Trezor (Hardware Wallet) app to see if you have received the coins.

Part 3: Checking Transactions on the OneKey App

OneKey App Status: Once the transaction is confirmed, you will see the transferred coin amount appear in the OneKey App (this may take approximately 10-30 minutes, depending on the exchange and current network congestion).