EXCHANGE BITCOIN TO TRUST WALLET TOKEN (BEP2)
What do you need to know?
- The average time for exchanging BTC to TWT is 10-20 minutes
- You only need 1 confirmation of the Bitcoin blockchain for the exchange
- Bitcoin transaction confirmation rate depends on the level of blockchain network congestion, more in our article
- We use segwit Bitcoin addresses for faster and cheaper transactions, if your wallet does not support this type of address, contact technical support to change the address
- Memo is the payment ID. If you need it when sending a transaction, be sure to include it
Bitcoin is the first decentralized cryptocurrency
Bitcoin is the oldest and most popular cryptocurrency. Its dominance index over other cryptocurrencies ranges from 30% to 80%.
What if I can\’t send Bitcoin to your wallet?
Most likely the fact that your wallet does not support sending on SegWit Bitcoin address. We use SegWit, because thanks to this technology, transactions are included in blocks more faster and the miner\’s fee is much lower than in other versions, so the transaction is faster and cheaper. You can read about versions and differences of Bitcoin addresses in our article.
If your wallet does not support sending to SegWit addresses, we recommend that you think about changing your Bitcoin wallet, as it uses outdated technology.
Also, if you want to make an exchange you can always contact our support, we will change the wallet address inside your order to the standard one in real time.
How to estimate the confirmation time of the transaction?
There are several ways to estimate the time of confirmation of the transaction, but you need to understand that it is impossible to calculate it accurately since many factors affect the passage of your transaction, you can read more in our article.
- The easiest way to find out when the first confirmation of the network is to go in the service of collecting statistics from BitcoinFees Earn.com there you can see when your transaction gets into a block, depending on the fee which you sent it.
- You can also use the Explorer Blockchair.com where you can see the priority of the transaction. The first number is what place in the queue is a transaction, the second how many transactions are pending (e.g. priority 1676/9495). Each block includes approximately 2500 transactions, we see that our transaction is in 1676 place in the queue, and therefore must pass in the next block.
It is important to note that to increase the number of confirmations, a new block must appear, blocks in bitcoin can go from 1 to 75 minutes. The average time of Bitcoin block appearance is 10 minutes.
You can read more in our article about the confirmation time in the Bitcoin network.
A brief history of Trust Wallet Token
Trust Wallet Token (TWT) was created in March 2020 to develop the community and attract new users. Initially TWT was launched on the Ethereum blockchain (ERC-20), then moved to Binance Chain (BEP-2), and in October became available on Binance Smart Chain (BEP-20). Since its launch, Trust Wallet Token has been a success and is an important part of the Binance ecosystem.
What is a Memo and do I need to specify it?
There is an additional Memo field when submitting Trust Wallet Token. Memo is the ID of the payment. It is unique, and with its help the service identifies the sender and recipient. Many services have address protection, which does not allow transactions without Memo.
If it happened that you forgot to specify the Memo or specified it incorrectly:
- Check if the transaction went through. To do this, you can use the explorer.binance service.
- If the transaction is not confirmed, write to our technical support. We will help you resend it.
- If, nevertheless, the transaction went through, then, unfortunately, we will no longer be able to help. In this case, you should write to the technical support service of the service to which you sent it.
Binance chain Blockchain Speed
Binance chain is considered to be a fast blockchain. The transaction is confirmed in a few seconds.