Crypto 101 📚 Exchange Accounts and Self-Custody Wallets
Transfers between users on the same platform are generally recorded only on the platform’s ledger, not on-chain, so they’re usually fast and don’t incur network fees.
When you withdraw crypto from an exchange to an on-chain address, the platform broadcasts an on-chain transaction and deducts the applicable network fee.
You learn the hard way: read the instructions first.
The $BNB in your Binance account is held in custody by the platform. Only after you withdraw it to a self-custody wallet do you control the private keys. Currently 726.68.
Transfers between users on the same platform are generally recorded only on the platform’s ledger, not on-chain, so they’re usually fast and don’t incur network fees.
When you withdraw crypto from an exchange to an on-chain address, the platform broadcasts an on-chain transaction and deducts the applicable network fee.
You learn the hard way: read the instructions first.
The $BNB in your Binance account is held in custody by the platform. Only after you withdraw it to a self-custody wallet do you control the private keys. Currently 726.68.