How long does it take to send btc from blockchain to binance
At a Glance: Inside your encrypted wallet, navigate to the “fiat and spot” page in Binance. Navigate to the currency you want to deposit and click “deposit” then enter the address of the new wallet you want to transfer to.
Different crypto exchanges each have their pros and cons. If you are a crypto trader, you likely have assets across multiple exchanges.
Depending on your trading strategy, you may want to use a well-established exchange like Coinbase. Coinbase is one of the best crypto exchanges both in terms of trading volume and the number of users worldwide.
However, Coinbase only supports a limited number of coins. If you want access to a greater variety of trading pairs, you might want to transfer your crypto assets from Coinbase to another exchange.
Luckily, transferring a cryptocurrency from one exchange to another is not complicated. All you have to do is to copy your wallet address for the cryptocurrency that you want to receive. Then, paste the wallet address in the exchange you want to send it to. The transaction will usually take up to 30 minutes to complete. However, it may be delayed if there is network congestion.
If you want to find out how to transfer from Coinbase to Binance, read further.
Transferring from Coinbase to Binance: Overview
Coinbase is one of the best crypto exchanges both in terms of trading volume and the number of users worldwide. However, Coinbase only supports a limited number of coins. If you want access to a greater variety of trading pairs, you might want to transfer your crypto assets from Coinbase to another exchange.
If you have a Coinbase and a Binance account, you might want to transfer cryptocurrencies between each other.
But how to transfer from Coinbase to Binance?
Transfering in 4 Steps
To transfer crypto from Coinbase to Binance, follow the following steps:
- Copy your cryptocurrency’s public wallet address on Binance.
- Send the crypto by clicking on “Send/Receive” on Coinbase and paste the Binance wallet address in the “To” field.
- For example, if you want to send Ethereum from Coinbase to Binance, you need to copy your Ethereum wallet address on Binance. Then, paste your Ethereum wallet address on the “Send/Recieve” pop-up on Coinbase on the “To” field.
- Click on “Continue” followed by “Send now”.
Coinbase will give you a display of the estimated time of the transaction. At times, the transaction may be delayed because of network congestion.
A Note About Storing Your Crypto
Something that all of the experts know is that you need to be very careful about where you store your crypto funds. Crypto exchanges and their built-in wallets are frequently attacked by hackers. If you do choose to store cryptocurrency online, do it temporarily. Invest in a hardware or software wallet for greater security.
How to Transfer Crypto from Coinbase to Binance
First, you need to have both a Coinbase and Binance account. If you want to transfer from Coinbase to Binance, you need to have crypto assets in your Coinbase account.
When transferring from Coinbase to Binance, start at the “Receive” end of your Binance account. You need to copy the Binance wallet address for the cryptocurrency you want to receive. Then, head to the “Send” part of your Coinbase account. Paste the wallet address in the correct place.
Find Your Encrypted Wallet Address
First, go to your Binance account to find your encrypted wallet address.
- Navigate to the “Fiat and Spot” page on Binance.
- Navigate to the cryptocurrency that you want to deposit.
- For example, if you want to deposit Ethereum, search for Ethereum and click on “Deposit”.
- After you’ve clicked on “Deposit” on the cryptocurrency that you want to deposit, you’ll land on the cryptocurrency’s wallet.
- On the right of the page, you’ll see your cryptocurrency’s wallet address on the “Address” field.
- Highlight the address and copy it.
Send to Binance
Once you have your Binance wallet deposit address, head over to Coinbase.
- Since you’re looking to send crypto to Binance, click on “Send/Receive”.
- After you’ve clicked on “Send/Receive”, a “Send/Receive” pop-up will open.
- On the pop-up, make sure you’re on the “Send” tab.
- Enter the amount of crypto you want to send to Binance.
- Paste the cryptocurrency’s address that you’ve copied from the third step on the “To” field.
- Click on the “Pay with” field and select the cryptocurrency that you want to send.
- Once you’re done, click on “Continue” to continue with the transaction.
After you’ve clicked on “Continue”, you’ll land on the transaction overview.
- Here you can see the amount of your chosen cryptocurrency that you are sending to Binance.
- You will also be able to view the Coin base fee, Network fee, Total, and the estimated time of the transaction.
- If everything is correct, click on “Send now” to send the cryptocurrency to Binance.
- The transaction will usually take up to 30 minutes to complete.
- However, it may be delayed if there is network congestion.
How to Transfer Crypto from Binance to Coinbase
If you want to transfer crypto from Binance to Coinbase, the process is very similar. All you have to do is to copy your wallet address for the cryptocurrency you want to receive. Then, paste the wallet address in the exchange you want to send it to.
- You need to start at your Coinbase account, and find the cryptocurrency you want to transfer, and click on “Receive”.
- Copy the wallet address generated by Coinbase.
- Head over to Binance and navigate to “Funds” > “Withdraw Bitcoins”.
- Follow the prompt and copy the Coinbase wallet address in the “To” field.
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1. Log into your Binance account and click [Wallet] – [Overview].
2. Click [Deposit] and you will see a pop-up window.
3.Click [Crypto Deposit].
4. Select the cryptocurrency you want to deposit, for example USDT.
5. Next, choose the deposit network. Please
make sure that the selected network is the same as the network of the platform you are withdrawing funds from
. If you select the wrong network, you will lose your funds.
6. In this example, we will withdraw USDT from another platform and deposit it into Binance. Since we are withdrawing from an ERC20 address (Ethereum blockchain), we will select the ERC20 deposit network.
7. Click to copy your Binance Wallet’s deposit address and paste it to the address field on the platform you intend to withdraw crypto from.
Alternatively, you can click the QR code icon to get a QR code of the address and import it to the platform you’re withdrawing.
Click [Change], then select either “Spot Wallet” or “Funding Wallet” to make a deposit to.
8. After confirming the deposit request, it takes time for the transaction to be confirmed. The
varies depending on the blockchain and its current network traffic.
Once the transfer is processed, the funds will be credited to your Binance account shortly after.
What Happens When You Send Bitcoin
You typically send bitcoin using some sort of bitcoin wallet software. The software broadcasts a message to the bitcoin network saying something like “I, Alice, am sending 0.1 bitcoin to Bob, and whoever mines this transaction will earn a 0.0001 bitcoin transaction fee”. Bitcoin miners will receive the transaction and add it to their list of unconfirmed transactions, known as the mempool.
Miners take transactions from the mempool and bundle them into “blocks” that can hold around 3000 transactions each. Because of this limit, miners choose transactions that will reward them with the highest transaction fees. On average, one block is mined every 10 minutes, so if you pay a high enough transaction fee, your transaction should get confirmed (mined) within roughly ten minutes. Note that this is just an average time and blocks can sometimes take under a minute or over an hour to mine. That’s why the question of “How long does it take to transfer Bitcoin” can be so confusing to new crypto users.
To understand why mining is necessary, check out our article Why Does Bitcoin Need to be “Mined?”.
Bitcoin Transaction Confirmations
While it’s almost impossible to change bitcoin’s transaction history, there is an exception. When two miners mine different blocks at the same time, computers on the bitcoin network end up with two different transaction histories. This is known as a chain split or a fork. Eventually, a new block will be added to one of the two chains before the other. When this happens, everyone agrees that the longer chain (the one with more blocks) is the valid one.
When a bitcoin transaction gets mined into a block, it changes from being unconfirmed to being “confirmed with one confirmation”. Each additional block that gets added to the blockchain after that gives your transaction another confirmation. Because miners keep adding blocks to the chain containing your transaction, you can be quite sure there won’t be a chain split that removes the block with your transaction.
If you are only sending or receiving a small amount of bitcoin, then you might be willing to accept the risk of trusting a single confirmation. For larger transactions, the general rule of thumb is to wait for six confirmations, or approximately one hour, before accepting that the transaction is final. For extremely large transactions, it makes sense to wait a day or two before accepting them as final.
Some merchants will accept a large number of transactions transactions with zero confirmations, so that you can receive what you pay for right away without requiring you to wait for more confirmations. Deciding how many confirmations you want to wait for depends on your risk tolerance and the value of the bitcoin you are sending or receiving.
How to Send Bitcoin Faster
There are a couple ways that you can speed up the time it takes to send bitcoin. The most common method is to pay a higher transaction fee so that miners will prioritize your transaction. It can be helpful to choose a bitcoin wallet that lets you set the transaction fee, so you can spend more on a fast transaction, or less if you are not in a hurry. By default, most wallets make you pay a high transaction fee to make the transaction confirm faster.
Another way to make faster bitcoin payments is by using the lightning network, which is a separate payment network built on top of bitcoin, in the same way that web pages are built on top of the internet. The lightning network uses the bitcoin currency but has its own set of rules that are different than the ones used by the bitcoin network. This allows payments to be made almost instantly and with nearly zero fees.
Sending bitcoin can be nearly instant for low-value transactions, but can take up to an hour, or even days, depending on the value of the bitcoin you are sending. The general rule of thumb is to wait for six confirmations, which should take around an hour, before accepting that a bitcoin transaction is final.
If you want your bitcoin transaction to send as fast as possible, make sure you include a high enough transaction fee so a large enough number of miners will prioritize your transaction over other, lower fee transactions. Bitcoin transactions cannot be instant, but if you are looking for that type of payment experience then you can choose to buy from merchants who accept zero confirmation transactions, or you could try using the lightning network.