In this video, I explained how you can make deposits and withdrawals on Binance using blockchain networks like ERC20, BEP20, TRC20, OMNI, etc. The major reason why people transfer crypto-assets across other chains or blockchain networks is to make use of cheaper transaction fees on some other blockchain i.e The Binance Smart Chain(BSC).
This video became necessary due to the messages I got from my students who needed clarification on the matter. I also met a couple of friends who sent Ethereum to an Eth address but using the wrong network(BEP20) and as a result, they lost it.
To avoid a similar occurrence, the question you need to ask yourself is whether the wallet you’re withdrawing to supports the network that you’re using. For example, withdrawing ETH or other cryptocurrencies to other exchange wallets using the BEP20 network is a NO NO because other exchanges don’t support BEP20(Binance Smart Chain) at the moment. If you do send it, you lose your money.
Watch the full video for more details on how to go about sending and withdrawing across various Blockchain Networks.
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