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Crypto Currency trading is gradually claiming it's spots all over the globe with several exchanges acting as brokers. One of the most secured and popular exchanges is Binance. Binance was founded in 2017 by Changpeng Zhao, a Chinese developer who created high frequency trading systems for brokers.
Binance could act as a wallet for storing your Crypto currency assets, in this case Bitcoin Cash and can likewise act as an exchange for trading your Bitcoin Cash on the spot, futures, P2P trading features.
For trading or storing purposes, you can either buy bitcoin Cash on Binance, exchange other currencies for bitcoin Cash or deposit Bitcoin Cash if you already had it in another wallet somewhere else. Depositing Bitcoin Cash in Binance would be a little bit Technical especially for newbies. The essence of this article is to guide all on how to deposit bitcoin Cash on Binance.
On Binance, Deposits to your bitcoin cash wallet is usually done through a legacy address which is an old format address for bitcoin Cash and is no longer compatible in most wallets. Initially, Bitcoin and Bitcoin Cash operated as one until the hard fork that occured which gave birth to Bitcoin Cash. That occurrence led to the creation of the new CashAddr format to help distinguish between a Bitcoin address and a Bitcoin Cash address. The invention of the CashAddr resulted as a proposal from the Bitcoin Cash Community.
The Legacy Address is the initial address format for Bitcoin Cash that looks the same as the Bitcoin address, so to make a deposit of your BCH from another wallet to your Binance wallet, you'll need to convert the given Legacy Address to a CashAddr format. The updated format only changes how BCH addresses are displayed, not the underlying private and public keys.
The CashAddr was proposed after similar errors of transacting have been reported, this proposal led to the creation of the CashAddr to help users distinguish between Bitcoin Cash address and Bitcoin because they were both similar.
The Bitcoin Cash Legacy Address is quite similar to Bitcoin address, while the cash address format comes with a prefix "bitcoincash:qpsffdghxxxxxxxxxxxxxxxxxxxxxxxxxx" this makes it easier for users to distinguish between a bitcoin address and a bitcoin Cash address.
There are quite a good number of tools that can aid converting a Bitcoin Cash Legacy Address to a CashAddr format or a CashAddr to a Legacy Address. Before we proceed, ensure that you have copied your BCH legacy Address from your Binance app.
Input your address to convert either to the CashAddr format or Legacy Address
Please Note that the essence of converting a Legacy Address to a CashAddr format is to enable those whose wallet do not support transactions using a legacy address. If your wallet still Supports transacting with a legacy Address, then all you need is get your Binance BCH wallet address (usually a legacy address) and make your Transaction.
Once you are done converting the legacy address given by Binance to a CashAddr format, you can then make deposits using any wallet of your choice.