@MoreGainStrategies
edited
more from that month
Tutorial: How to Transfer Your Bitcoin Cash to Binance in Order to Get Free Crypto 🤑
Before we begin, let's answer one question: Who is this for? This tutorial is aimed at crypto beginners. Possibly people who have had their first experience with crypto by signing up to this website. I will explain everything in an easy and simplistic way. I will show screenshots of every single step that is required. So let's begin with the Introduction Maybe you have heard the news that *Bitcoin Cash (BCH)* will (possibly) have a *hard fork* and that if you hold your coins in a wallet which supports the new *Bitcoin Cash ABC* coin, you will get these new coins for free. Free crypto? Yes, that's right, but we have to transfer our *Bitcoin Cash* to a wallet that supports receiving the new free crypto which will be called *Bitcoin Cash ABC*. Of course, we will keep all of our *Bitcoin Cash*. So, we will keep what we already have and get some new ABC coins in addition. Sounds good, right? Where is the catch? Maybe the fork will happen, maybe it won't. Nobody knows yet. If the fork happens, we will receive the new coins if our *Bitcoin Cash* is kept at *Binance*. *Coinex* and *Atomic Wallet* also support the new coins, but in this example I will show you the process for *Binance*. If the fork won't happen, there will be no new coins and therefore, we didn't gain anything. But we also didn't lose anything. What is a hard fork? That's not so important for beginners to know, but it basically means that a new coin is created. *Bitcoin Cash* is basically split into two coins. One will keep the name *Bitcoin Cash*, the other will be called *Bitcoin Cash ABC*. That's a silly sounding name, I know... What this means for you is that if you own 1 *Bitcoin Cash* coin before the hard fork happens, you will own both 1 *Bitcoin Cash* coin and 1 *Bitcoin Cash ABC* coin after the fork happens. (If you have 0.5 Bitcoin Cash before, afterwards you will have both 0.5 *Bitcoin Cash* and 0.5 *Bitcoin Cash ABC* and so on.) Once you receive the new ABC coins, you can either keep them or sell them. The problem is that you can only receive the *Bitcoin Cash ABC* coin if you hold your *Bitcoin Cash* at an exchange which supports the new coin. *Binance* is one of the few that does that. And it is well-trusted. That's why I decided to transfer my *Bitcoin Cash* there. After I receive the new coins, I can keep the new coins on *Binance* and I will send my *Bitcoin Cash* somewhere else. I would claim that is everything a beginner needs to know about this hard fork. For a more in-depth explanation of a hard fork I will give you a link below the article. You can click it and read more details about it if you're interested. But it's not required to understand what a hard fork is in order to receive the free ABC coin. 😉 Why this tutorial? As the process of sending *Bitcoin Cash* from read.cash to *Binance* turned out to be more complicated than I expected, I wrote this tutorial for beginners, so that you won't accidentally make a mistake. A mistake could result in losing your *Bitcoin Cash* which we want to avoid, of course. After all, we are transferring the *Bitcoin Cash* to *Binance*, because we want more crypto, not less, right? Four more quick questions and then the tutorial begins. Why Binance? *Binance* is one of the few exchanges that support the new *Bitcoin Cash ABC*. And they do everything that is necessary to get the new coins for you. Therefore, if you want to receive the new *Bitcoin Cash ABC* coins for free, you just need to transfer your *Bitcoin Cash* to *Binance*. Note that you can also use *Binance* to convert your *Bitcoin Cash* and *Bitcoin Cash ABC* to fiat money (US Dollar, Euro, British Pound and others) and send it to your bank account if that's what you want to do after the fork. Do I have to pay fees for sending the Bitcoin Cash to Binance? Yes, there is a tiny fee. When I sent more than $20, I had to pay a fee of about $0.001. read.cash takes that fee into account automatically and will show your available balance reduced by that tiny fee. So don't worry about it. By the way, *Binance* does not charge any fees for receiving your *Bitcoin Cash*. When does the fork happen? The fork already happened on November, 15th 2020. But if you transfer your *Bitcoin Cash* to Binance after that date, you should still get the free coins. Do I need to do anything else in order to receive the new coins? No. *Binance* will do everything for you. This official announcement from *Binance* is the source of this information. https://www.binance.com/en/support/announcement/ade106fd65974a9982fc5a32e063d0b0 In fact, the information was correct. Binance has credited the new coin to my account already (November, 17th). The tutorial starts here *Note that the fork already happened. However, as far as I know, you will still receive the Bitcoin Cash ABC even if you send your Bitcoin Cash to Binance even after the fork happened. I have already received mine.* 1. Create a Binance account This is really quick and easy. No passport or identification required. Just click this link and sign up with your email address. *Binance* will send you an email containing a verification code. That is to make sure that you used the correct email address. It cannot get much simpler than this. https://www.binance.com/en/register?ref=U6HWRH37 If the above link does not work, just go to binance.com and create an account there. If you like to support me and they ask you for an referral ID during sign up, please copy this code: U6HWRH37. You will not have any disadvantages by doing that and I will get 20% of trading fees if you use my referral ID -- which will probably not be much if anything at all, but still better than nothing. 😅 2. Send the Bitcoin Cash to Binance This is a bit more complicated. Therefore, we will do it step by step with screenshots. i) On the main page, click on "Wallet" and then on "Overview".
ii) Click on "Deposit".
iii) Now choose "Deposit Crypto"
iv) Now we type "BCH" into the box that is labeled "Coin". Once you see "BCH Bitcoin Cash", click on that.
v) That is how the page should look like.
Within the red box is your *Binance Bitcoin Cash address*. Click the icon to the right of the red box in order to copy this address. vi) Unfortunately, *Binance* uses an old format for its *Bitcoin Cash* address and read.cash uses a newer format. That's why we need to translate the old format into the new one. We do it by using the website https://cashaddr.org/. Click the link and paste your *Binance Bitcoin Cash address* into the first box that says "Legacy Address". (Make sure that what you paste is exactly the same that the Binance website says.) The cashaddr website creates the output in the box "CashAddr Address". Copy that address now. It starts with "bitcoincash:".
To double-check the results we received from the website, you can use https://cashaddr.bitcoincash.org/ Make sure that both websites give you the same result. vii) And now we are ready to request our payout from read.cash. Click onto your balance and select "Send my money".
viii) Paste the address from the cashaddr website into the box which is labeled with "To address". In the above box, we can specify how much *Bitcoin Cash* we want to transfer. As this is our first transfer, I chose a really small amount. Just to make sure that the process works. Once I knew that everything was correct, I send the rest of my *Bitcoin Cash* using the same method.
ix) And now we have to wait about 20 minutes before we see our payout in *Binance*. Don't worry if it takes a while before you see anything. If you followed all the steps correctly, everything will be fine. You will also get a notification on *Binance* about the received payment and after about 20 minutes, you will see the transaction in the "Transaction History".
Note that when you select "Wallet" and then "Overview", *Binance* will tell you your balance in *Bitcoin*, not in *Bitcoin Cash*. Did we accidentally convert our *Bitcoin Cash* into *Bitcoin*? No, don't worry. You can confirm that the *Bitcoin Cash* we sent remains *Bitcoin Cash* in *Binance* by selecting "Wallet", then "Overview" and then "Withdraw". Now we enter "BCH" into the search box and select *Bitcoin Cash*. There you see, that you actually received the exact amount which you sent. Therefore, we did not lose anything and nothing was converted. x) Now we just wait for the fork to happen. Once it is done, we should be proud owners of the new *Bitcoin Cash ABC* coin which we can either keep or convert. Feedback Thank you for reading. Was everything easy to understand? Were all steps described so that you could follow along? Do you have any further questions? Please let me know in the comments! Optional Reading: What is a hard fork? To learn all about it, check out this article by fellow author @CryptoWordsmith. https://read.cash/@CryptoWordsmith/cryptocurrency-faq-what-is-a-hard-fork-75ecdf7f
85 comments
I'm looking for an article on how to claim the fork coin in Coinex Exchange. Do you know a user that public that? I put my assets in coinex because it was late in announcing that binance will support the fork.
Unfortunately, I don't know any article about it. But in my research, I learned that both Binance and coinex are the two recommended exchanges. Actually, I was looking for a tutorial like this one that I could follow along. And I assumed there must be plenty of those articles by now. But there was none. 😳 That's why I wrote a tutorial myself. 😅
Well, thank you still. Hope the fork will be beneficial and someone would published a tutorial about it.
I use payeer wallet for transfer my bitcoin cash. But it's fees relatively high, which wallet do you prefer instead of payeer?
Very good question. 👍 I am also still looking for one. Maybe someone else can help us out here. 😊
Let's see
Sir if withdraw my small amount of bch here in read.cash direct to binace is it ok? Another question is if i withdraw my bch from binace is there a minimum amount to withdraw? Thanks.
Very good questions. 👍 In my example I sent $0.01 from read.cash to Binance and that was no problem at all. There is a minimum withdrawal from Binance. I will look up how much that is and will add this information soon.
The minimum withdrawal amount from Binance is BCH 0.002 or about $0.50.
Did you mean that the minimum amount that one can withdraw from binance is 0.5dollar?
Yes, the minimum amount is 0.002 Bitcoin Cash. Currently that is worth about 0.50 US Dollar.
Wow, that's nice but can the BCH be converted to your local currency and then sent to your bank account from your binance wallet?
Yes that is also possible. They don't seem to support every fiat currency. If you let me know which one is relevant to you, I will have a look if it is supported.
This is a great news i have a pile of Bch store in my binance savings account, would it be accessible? https://read.cash/@Jesus
As far as I know, it doesn't matter in which Binance account you hold it. Binance will take care of all technicalities. But to make sure, have a look for yourself here: https://www.binance.com/en/support/announcement/ade106fd65974a9982fc5a32e063d0b0
Atomic Wallet also supports the fork. I will use Binance as well
Ah, good to know. 👍 So far I have heard that Binance, Coinex and Atomic Wallet support the fork.
PS: Thank you very much for the tip and the sponsorship. 😊
You joined a select group
And I'm very happy about that. 😊👍
Can I withdraw the BCH directly from binance to my bank account?
Yes, they support several fiat currencies, for instance US Dollar, Euro or British Pound. In which currency would you want to withdraw? I can check for you if they support it.
Ok noted. Thanks
You're welcome. And good question. I'm glad you asked it. I should have included that information in the article above.
Ok.
I used coinex for this free coin.. they also support the fork, I should have chosen Binance but it's already done 😅
As long as you get the free coins it's all good, right? 😊
Yeah I hope so that there is free coin 😅😆
Me too. Let's see what will happen. 😅
I've read a couple of articles written to shed more lights about the upcoming ABC fork and all have been very helpful. But taking a look at this, it targeted more the newbies who seems to be having hard time in understanding what all other articles about the fork are saying. So for putting in my the beginners, I commend you for that.👍
Thank you so much. 😊👍 It is definitely true that this tutorial is aimed at people who just started with crypto. I had people in mind who may have come in contact with crypto for the very first time when signing up with read.cash and who might not ever have made a transfer. And it is probably pretty scary sending the hard-earned Bitcoin Cash to an address which was translated with some website. That is why I went into such an abundance of detail and made screenshots of every single step. 😅
That's good I'm sure they'll be appreciating that already. More grease to your elbow
I hope you will do a follow-up article explaining how to claim the new coins!
My understanding is that Binance does everything to claim them if you transfer your Bitcoin Cash to them. This is the announcement: https://www.binance.com/en/support/announcement/ade106fd65974a9982fc5a32e063d0b0
Thanks, this is excellent. I hold my BCH with Celsius - I emailed them about the fork a few days ago and they replied: "If we do not make an announcement before the fork, we advise you to withdraw your BCH to the exchange that will participate and after you receive it, you can transfer back your BCH to your Celsius wallet and continue earning rewards on it." But I didn't know which exchange/s would support the new coin...
Ah yes, that's right. Celsius does not support the fork. @PVMihalache is also using Celsius and he transferred his BCH to Binance for the fork.
Yes... better transfer them for few days...
I don’t know even how to transfer BCH to binance.It will work for me to earn really good something.
excellent article! Any ideas how this might affect BTC prices?
Thank you very much. 😊 Experts warn of increased volatility, but my guess is that the Bitcoin Cash price will remain pretty much as is (maybe after same up and down) and that Bitcoin Cash ABC will drop a lot as probably many people will cash out rather soon after receiving the coins. Who knows how it will continue afterwards. As of this morning, it seems that the support for Bitcoin Cash ABC is really low. So maybe there won't be a fork after all? I'm curious what will happen. Of course, none of this is financial advice. I'm just guessing what might happen.
totally, jsut personal thoughts =) for sure, and im overly confident that btc will just conitnue its upward trrend after the fork, I honestly just don't know if I want to go through the efforts of all these forks, for the apyoff. I might look instead at the instability of BTC to grab it at a cheaper price
Ah yes, your question was about Bitcoin. I totally forgot to get to that in my answer. I don't believe Bitcoin will be influenced much by that fork. I assume it will stay on its upward trajectory. But who knows. 😅
Thanks for this! I've got a reminder set for tomorrow to make a move. I have no idea what the results will be, but it's a new crypto experience for me 😊
It's exactly the same for me. My first fork / air drop. Assuming it will happen. 😅 But it's definitely exciting. 😊 PS: Thank you very much for the tip. 👍
great article, and thanks for the promotion! Oh no....this comment is considered spam by some readers!!! please don't downvote it! 🤦♂️
Oh no. 🙈 I gave it an upvote. I hope that fixes it. Thank you for visiting and I hope that my article brought some new visitors to your article as well. 😊
🤣🤣🤣 thanks my friend... the only item i would comment on is that the pre-forked coins will receive the airdrop regardless of when they are placed into the wallet (so long as the wallet supports the hard fork). because of this, there doesn't need to be any rush to transfer them before the 15th. for now, i would simply focus on accumulation, and simply transfer them sometime next week to reduce your fees. the risk to that is that there's a chance the newly forked coin may lose value quickly (market does not value them due to low demand), and you would not have the ability to cash out of them if you delay.
Ah, thank you very much for pointing that out. 👍 I was wondering about how such a case is handled. Good to know that the air drop won't be lost for those who don't take advantage of it right from the start. 😊
no problem. the wallet simply looks at the blockchain ledger, and will easily recognize any coins that were minted pre-fork. the rest should be automatic.
Thanks for this update. Informative article. But does this mean your money will double bcos of the split?
More comments