When sending or receiving Bitcoin (BTC), you can choose between different blockchain networks, primarily the Bitcoin network and Binance Smart Chain (BSC). Ensure the recipient platform supports your selected network to avoid transaction issues.
Key Networks for BTC Transfers
- Bitcoin Network: The native blockchain for BTC transactions. Ideal for transfers between Bitcoin wallets or exchanges.
- Binance Smart Chain (BSC): A faster, lower-cost alternative for BTC-pegged tokens (e.g., BTCB). Requires BSC compatibility on both ends.
Choosing the Right Network
- For traditional BTC transfers: Use the Bitcoin network.
- For cross-chain swaps or DeFi: BSC may be preferable (confirm recipient support).
FAQs About BTC Transfers
1. What network does Buenbit use for crypto transactions?
Buenbit supports:
- DAI: Ethereum (ERC-20) or BSC (BEP20).
- BTC/ETH: Their native blockchains.
2. What is BEP20?
BEP20 is a token standard for Binance Smart Chain, enabling seamless creation and transfer of tokens like BTCB or stablecoins.
3. How do I send Bitcoin?
- Enter the recipient’s BTC address (or scan a QR code).
- Specify the amount and network (Bitcoin/BSC).
- Pay the transaction fee and confirm.
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4. Which network does Binance use for USDT?
Binance offers USDT on multiple networks:
- ERC-20 (Ethereum)
- BEP20 (BSC)
- TRC20 (TRON)
Best Practices for BTC Transfers
- Verify network compatibility before sending.
- Check fees: BSC often costs less than Bitcoin’s network.
- Use trusted platforms like Buenbit or Binance for secure transactions.
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Common Questions
How long do BTC transactions take?
- Bitcoin network: 10 minutes–2 hours (varies with fees).
- BSC: Under 5 minutes.
Can I convert BTC to MLC in Cuba?
Yes, via platforms like QvaPay or BitRemesas. Ensure you:
- Enable 2FA.
- Maintain a minimum balance (e.g., $20).
- Complete KYC if required.
Where can I buy/sell BTC in Cuba?
Use exchanges like:
- BitRemesas
- QvaPay
- FixedFloat (for swaps)