Binance to separate from ERC20 Status:
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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
April 23rd Announcement: https://www.coindesk.com/binance-reveals-timeline-for-bnb-cryptocurrencys-move-off-ethereum
Community Announcement: https://support.binance.com/hc/en-us/articles/360027114471
Details on Upcoming Switch: https://community.binance.org/t/binance-chain-mainnet-swap/1094
For those of you who have been following the events of Binance and their new blockchain with the corresponding native coin BNB, the date has now been set to expect when the BNB coins will move out from under Ethereum and its ERC20 token status and into its new role as the native coin for Binance Chain. That date is April 23. Only hours ago the main net for Binance chain has been launched and the few selected validator nodes have mined the genesis block. Now, this coming Tuesday the 23rd will mark the time the general public can gain access to this main net and it’s also the time that you can switch your BNB coins from ERC20 tokens and register them as BEP2.
Don’t forget to do this if you value your BNB coins. Keep watching to learn why.Because Binance Chain is aligning itself to host other tokens much like Ethereum does via its ERC20 token protocol, Binance Chain will have its own BEP2 token protocol.
You’ll need to switch your BNB coins because soon the BNB ERC20 tokens will be useless. The new BNB BEP2 coins (also known as BNB, the native coin for Binance Chain) will be required if you want to interact with the Binance Chain. Much like how you are required to pay gas fees on the Ethereum blockchain with Ethereum coins, the same is now said of Binance Chain.
Although the date of April the 23rd has been announced, it is not set in stone and this date is subject to change pending any unplanned disruptions proceeding the main net launch.
So getting to the good part: How to register your BNB and change their status when the time does come.
If you store your BNB coins on Binance the exchange, the process is very simple. According to the announcement published by Binance, on April 23rd, or which ever date the main net is released to the public, you can log onto your account on Binance and under the funds tab, select the balances option. Here you’ll find a list of coins, find your balance of BNB coins and request to withdraw them. You will be prompted to provide an address. The address you want to provide will be the address of your new Binance Chain BNB coins. How you obtain this particular address is not quite clear, but it is explained that Binance.com will be a helpful resource in understanding how to complete this process.
So it’s really as simple as withdrawing your BNB ERC20 tokens out of their Ethereum address and sending them to their new home in a Binance Chain address. Keep in mind this needs to be done even if you store your coins on the exchange at the time of the new release. For those of you who know better than to store coins that you value on an exchange for a long period of time, it has also been announced that Ledger hardware wallets will support this new Binance Chain and will therefore be providing an option to store your newly registered Binance Chain BNB coins there.
Keep an eye out for additional information released by Binance to be sure that you understand exactly what the process requires and that you complete it correctly.
more confusing than before starting the video. Maybe just trade BNB for BTC instead on the normal Binance exchange.
hi miss Crypto Tips ..i waa thinking crypto currency help us from paypal..and etc bank..but it not..for example..since 2011 when i knows bitcoin i try buy it since it price 90$….or ..168$….and 250$..but i cant..all site echange make conditions on me because my country..
for bainance i regesterd in it when it start,,and gifts…after that by 10 months ..i try enter site Binance but it refuse me..and say me your country blocked…i was thinking ,how if i find way for buy btc and send it to my account in Binance ? all it lost…my english weak sorry if my talk no good..thank
Please confirm. If my BNB is on Binance already, do I actually need to do anything?
Any updates on the address? I want to register my bnb on binance
Things like this are the a great example of why mass adoption is years away. There is zero reason Binance can't do this for all users quietly without any user impact. Binance is so lame.
any news on binance masternodes?
Seems as though a lot of newbies will be giving Binance a lot to cash, not being able to figure this out so ding dang fast, why the speed here?
If Binance doesn't exchange for me then I'll probably just generate a key pair and send to a temporary "paper wallet".
This video confused me, but after looking into it, I came to this conclusion:
If your BNB is on Binance already, you don’t need to do anything – they will handle it for you.
For any other wallet, make sure the BNB mainnet swap is supported. To be sure just send your BNB to Binance as soon as possible.
Thanks Heidi. Have been very curious of this process for last couple of days. Can you give us a follow up in the next few days?
Will it cost anything to transfer BNB to the new Binance chain address??
Walk us through the process please :-).
DOes anyone know what wallet we can use to store the BEP2 BNB tokens after the swap?
Thanks for the update. As I already have many BNB coins. However I took them off Binance a while ago and they are on my Exodus wallet at moment. So i have to make some moves them. Thanks for the update. Helps me alot today. Thanks
Sincerely JR
Thanks for the info, I would have otherwise thought you could just leave them in your Binance acct and they would do it for you
Those instructions are confusing. Makes you think that you need to withdraw your tokens no matter what, even if you normally just leave them on Binance. Many people do that to get the 25% transaction fee discount when using BNB to pay for transaction fees. It is the primary use case of BNB.
After the 23rd, can I just trade BNB to BTC and then trade back to BNB?
Isn't there a more simple solution? And what happens to the folks who don't know about this announcement?..
Great video
I have a question off topic. Im looking to buy another ledger blue. For some reason its no longer available from ledger. Its also not on amazon. Just curious if they had problems with it because i already bought one last year and loved it.
Heidi, I had know idea about this. Thank you!
thanks for keeping us all up to date Heidi!! you are very much appreciated!
Why cannot binance make the token swap?
As always, great information. Thanks for the update, I'll keep my eyes open for the coming change.
Binance scam
which wallet do u suggest for bep2?
Sooooo hard to understand….i will sell BNB and buy ADA
Thanks for the update!
So much happening on Proof of Stake world, a revolution happening on governance, I would love some videos from you about it. Tezos Athens being tested now, after having majority election through user two phase voting process, will be the first blockchain to amend itself without fork. This represents an improvement over Bitcoin and Ethereum and made xtz rise from 0.39 to 1.40 last month. Binance will list xtz soon, and Coinbase launched staking service to institutional investors. This is gonna be huge!
Thank you for your wonderful videos! What an exciting innovative time!
Little confuse.. i am holding bnb on binance ex.(centralized) Still i need to do this? Or binance will do this by default