You may be asking yourself “Why should I transfer my bitcoins from Binance to my hardware wallet? The answer to this excellent question is simple: “Do it to finally get access to YOUR bitcoins”.
To better understand this, take a look at the cryptography in the context of cryptocurrencies: a public key is like a visible address that others can see and use to send you cryptocurrency. It’s derived from a mathematical operation applied to your private key. The private key, on the other hand, is kept secret and is used to sign transactions, proving ownership and enabling the spending of the associated cryptocurrency.
The expression “not your keys, not your coins” refers to needing to own the private keys associated with your funds. Who owns the private key can decide what to do with the funds (spend, exchange, burn…).
If you do own your keys, you have complete control over how to use your funds. Owning your keys also means being responsible for their security.
In our useful article “What’s a hardware wallet?”, we describe this product and how it can help you to truely own your private keys and your cryptos.
A hardware wallet, at its core, is a physical electronic device designed exclusively for securely storing the private keys of your cryptocurrencies. Unlike traditional digital methods of storage, like desktop wallets or online platforms which are vulnerable to hacks, malware, and phishing attacks, a hardware wallet provides an impenetrable layer of protection.
If you already have a hardware wallet, you can just skip this point. If you don’t, you can have a look 👀 at Satochip, a hardware wallet based on a smart card.
Satochip is the next-gen hardware wallet to securely store and manage your cryptocurrencies.
Powered by an NFC chip card, Satochip complies with the most advanced BIP protocols such as BIP32 and BIP39 to bring you an unparalleled user experience. Store your Bitcoin, Litecoin, Ethereum and ERC-20 tokens, as well as all tokens from EVM-compatible networks in the tamper-resistant chip.
The quick start guides allow you to setup a Bitcoin hardware wallet in just a few steps.
Step 1: access your Binance account
Log into your Binance account and navigate to the ‘Spot’ section under the ‘Trader’ tab. Here you have the option to trade USDT for Bitcoin or go to “Buy” to buy Bitcoin directly with fiat currency.
Step 2: prepare to transfer your Bitcoin
Once you’ve got some Bitcoin, it’s time to transfer it to your hardware wallet. Go to your wallet overview, select ‘Spot’, and then click on ‘Withdraw’.
Step 3: choose your crypto
From the withdrawal page, select ‘Bitcoin’ as the cryptocurrency you wish to transfer.
Step 4: enter the withdrawal address
Zoom into the withdrawal page where you need to enter the address to which you want to send your Bitcoin to. There we will reference the Satochip hardware wallet Bitcoin address.
Step 5: grab your Satochip hardware wallet Bitcoin address
Connect your Satochip to your computer via a smart card reader. Assuming you have already configured your card and installed the Electrum Satochip wallet, simply enter your PIN or set up your card, and click on the ‘Receive’ tab.
Here you can enter a description for your reference — think of it as a label for your transaction. You can leave the ‘Requested Amount’ field empty or specify an amount if you prefer.
For the ‘Expiration’ field, decide how long the address should remain valid. In this example, we’ve chosen ‘Never’, indicating that the Bitcoin can be sent to this address anytime in the future.
Step 6: copy your Bitcoin address
Click on the ‘Bitcoin URI’ button to turn it blue, which will display your Bitcoin address. Copy this address by double-clicking on it.
Step 7: execute the withdrawal on Binance
Back on Binance, paste your Bitcoin address into the withdrawal page. The network should automatically select the Bitcoin network, but ensure it’s correct if you’re withdrawing Bitcoin.
Enter the amount you wish to withdraw and confirm by clicking on ‘Withdraw’.
Step 8: checking the transaction in progress
Your transaction will now be processed. You’ll see a confirmation screen indicating that the transaction is underway, and shortly after, the Bitcoin will arrive in your hardware wallet, as indicated by the incoming transaction notification.
