How to Transfer Bitcoin from BinanceTH to a Trezor Hardware Wallet

Enhance Security with a Hardware Wallet

You've chosen the best path for self-custody! Moving digital assets from an Exchange (Binance TH) to a Hardware Wallet (Trezor) is a shift from "online" coin 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 (Trezor)

Before entering the Binance TH app, we need to use Trezor to generate a "Receive Address" first (if you have other hardware wallet models, you can use them as you wish, but in this article, I will use Trezor as an example for receiving coins).

1.1 Prepare Trezor and Create an Address

2.1 Select an account and click "Receive": Select the coin account you want to receive (Bitcoin) and click the "Receive" button to generate a receiving address. Then click "Show full address" to display the receiving address.

2.2 Confirm on the device (Very important!): Trezor Suite will display the Address. You must 100% confirm that the address on the computer screen matches the address on your Trezor device screen.

Reason: To prevent malware that might change the Address on the computer screen without your knowledge.

2.3 Copy Address: Copy the confirmed Address from Trezor Suite and prepare it.

This completes the preparation of the "Receive Address" for Bitcoin.

[Additional explanation for beginners]: Normally, each time you click "Receive" on Trezor, the system will always show you a new receiving address. This is the best practice to maintain privacy in crypto transactions. So don't worry if the Address each time is different from the Address you used before, because Trezor intentionally creates a new Address every time so that no one can know how many coins you have in this Wallet in total.

Choosing a Bitcoin Network

1. Choose Bitcoin Network (BTC)

If you want to store Bitcoin, you must use only the Bitcoin Network (BTC). This is because Bitcoin on networks other than the Bitcoin Network is not actual Bitcoin, but Wrapped Bitcoin (WBTC). Therefore, if you want to store real Bitcoin, you must choose the Bitcoin Network.

2. Choose 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 back it with real Bitcoin and create WBTC in an equivalent amount (though it might not be exactly equal). This is similar to creating stablecoins like USDT, USDC, which are backed by fiat money to create an equivalent amount of coins.

So, is WBTC Token Bitcoin?

The answer is, it's not real Bitcoin. To illustrate simply, a WBTC Token is like a gold certificate. When we buy gold, do we want real gold or a gold certificate? In the past, gold certificates were useful because they granted ownership and facilitated easy transfer.

Therefore, we need to reconsider 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. However, if we genuinely want to hold Bitcoin, we should buy Bitcoin on the Bitcoin Network.

Common Forms

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), operating on a separate layer (Off-chain).

The Lightning Network was designed to address the scalability problem of the Bitcoin blockchain, which causes delays in processing massive transactions. It helps make BTC transfers faster and cheaper, and its popularity is growing with increasing exchange support.

Since the Lightning Network conducts off-chain transactions, it uses what are called Payment Channels. When a channel is created, two parties can exchange coins. By creating a Channel and signing transactions that adjust the Lightning channel's balance, both parties are required to sign all transactions within the channel.

Read more here

Start Transferring from Binance TH

Filling in BTC Transfer Information on Binance TH

Filling in BTC Transfer Information on Binance TH

Checking BTC Transfer Information on Binance TH

Process After Transferring Bitcoin on Binance TH

Part 3: Verify success in Trezor Suite (Hardware Wallet)

Initially, the Trezor Suite will show the transaction amount received (in the example, +13,000 sat). However, please note that this transaction shows "Receiving BTC" and "Unconfirmed," which means the transaction is in process and not yet completed. You need to wait for a while until the transaction shows "Received BTC" as shown in the example below.

Once your transaction shows "Received BTC" and "Confirmed," it means you have succeeded! Your digital assets are now securely stored in your Hardware Wallet, and only you have control over them.