- Part 1: Preparing Your Hardware Wallet (OneKey)
- 1. Prepare OneKey and Create an Address
- 2. Click "Receive"
- 3. Confirm on the device (very important)
- 4. Copy the Address
- Part 2: Initiating a Transfer from Bitkub (General Steps)
- Choosing the Bitcoin Network
- 1. Select Bitcoin Network (BTC)
- 2. Select Other Networks
- 3. Select Lightning Network (LN)
- Initiating a Transfer from Bitkub
- Go to the "Withdrawal" page on Bitkub
- Entering BTC Transfer Information on Bitkub
- Identity Verification Before BTC Transfer on Bitkub
- Part 3: Checking Transactions on the OneKey App
Enhance Security with a Hardware Wallet
You've chosen the best path for self-custody! Moving your digital assets from an Exchange (InnovestX) to a Hardware Wallet means transitioning from "online" storage to "offline" (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 the exchange to the hardware wallet via the Binance app, we need to use OneKey to create a "receiving address" first. (If you have another hardware wallet model, you can use it as you prefer, but in this guide, I will use OneKey as an example for receiving coins.)
1. Prepare OneKey and Create an Address
Open the OneKey App, connect the OneKey device with the created Seed Phrase to a computer or other device, such as a smartphone or tablet. Then, open the OneKey App on the desired device.
2. Click "Receive"
- Select the coin account you want to receive (Bitcoin).
- Click the "Receive" button to generate a receiving address.
- Select the coin to receive, choose "BTC".
3. Confirm on the device (very important)
The OneKey App will display the address. You must 100% confirm that the address on the computer screen matches the address on your OneKey device screen.
This is to prevent malware that might change the address on your computer screen without your knowledge.
4. Copy the Address
Copy the confirmed address from the OneKey App and keep it ready. This completes the preparation of the "receiving address" for Bitcoin.
Part 2: Initiating a Transfer from BinanceTH (General Steps)
Choosing the Bitcoin Network
1. Select Bitcoin Network (BTC)
If you want to store Bitcoin, you must use the Bitcoin Network (BTC) only. Bitcoin on other networks is not true Bitcoin but Wrapped Bitcoin (WBTC). Therefore, if you want to store actual Bitcoin, you must select the Bitcoin Network.
2. Select Other Networks
Bitcoin on other networks is not Bitcoin, but Wrapped Bitcoin (WBTC). The question is, what is Wrapped Bitcoin (WBTC) Token?
The principle of WBTC is to collateralize real Bitcoin and then create WBTC in an equivalent amount (though not exactly equal). This is similar to creating stablecoins like USDT, USDC, which are backed by fiat currency to create coins in an equivalent amount.
So, is WBTC Token Bitcoin?
The answer is no, it's not real 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 granted ownership and facilitated easy transfers.
Therefore, we need to consider our purpose for buying Bitcoin. If we want to collateralize it for other assets or speculate for short-term gains, then buy WBTC Token. But if we want to hold actual Bitcoin, then buy Bitcoin on the Bitcoin Network.
Common formats:
- BEP20 (BSC): BTCB
- ERC20 (Ethereum): WBTC
- Solana: BTC (Wrapped)
3. Select Lightning Network (LN)
What is Lightning Network?
Lightning Network (LN) is a Layer 2 network on the Bitcoin Blockchain (Layer 1), which operates on a different layer (Off-chain) and not on Layer 1.
The Lightning Network was designed to solve the scalability problem of the Bitcoin Blockchain, which involves processing a massive amount of transactions. It speeds up BTC transfers and reduces fees, and is gaining popularity with increasing exchange support.
The Lightning Network conducts off-chain transactions through "Payment Channels." Once a channel is established, both parties can exchange coins by creating a channel and signing transactions that adjust the channel's balance. This requires both parties to sign all transactions within the channel.
Read more here
Initiating a Transfer from Binance
Entering BTC Transfer Information on Binance TH
- Open the Binance TH app.
- Go to the "Wallet" menu at the bottom right to view digital assets.
- Select "Withdraw" to send Bitcoin.
- Select the coin to transfer, choose "BTC".
Entering BTC Transfer Information on Binance TH
- Address: Paste the BTC address copied and confirmed from Trezor (check the first 5 and last 5 characters to ensure they match).
- Network: Select Bitcoin Network or BTC.
- Amount: Enter the amount of BTC you wish to transfer or withdraw.
- Review the fees and the amount of coins you will receive, then click "Withdraw".
Checking BTC Transfer Information on Binance
- Double-check the "Destination Address" (this is very important!). If it is correct, you can click "Confirm".
- Click "Another Verification Method" to verify your identity with the pre-set system. For the easiest and quickest option, choose "Touch ID/Face ID".
- Alternatively, if you prefer to use another verification method, select it according to your settings.
- Click "Send Code" to receive an OTP via your registered phone number.
- Click "Send Code" to receive an OTP via your registered email.
- Open the Google Authenticator app, enter the code from the Google Authenticator app into the Binance app, and click "Submit".
Post-Bitcoin Transfer Process on Binance
- Once confirmed, the system will show "Withdrawal Processing," meaning the transaction is being processed.
- Wait for the system to transfer the coins (approximately 10-30 minutes), then check the transaction status in the "View History" menu.
- If the status shows "Completed," it means the coins have been approved for withdrawal from the Exchange, but they may not have been transferred to your address yet, and it might take another 10-15 minutes.
- Check the transaction status at the "Destination Address" on your Trezor (Hardware Wallet) app to see if you have received the coins.
- On Binance TH, the transaction will be in "Processing" status and will be completed when it shows "Completed" once the transaction is approved by Binance TH.
Part 3: Checking Transactions on the OneKey App
Status in OneKey App: Once the transaction is confirmed, you will see the transferred coin balance appear in the OneKey App (this may take approximately 10-30 minutes, depending on the exchange and the time).
แชร์:
Guide to Transferring Bitcoin from Binance to a OneKey Hardware Wallet
Guide to Transferring Bitcoin from InnovestX to Trezor Hardware Wallet