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BSC & MetaMask to save on fees

  • 13-05-2021 7:54pm
    #1
    Registered Users Posts: 447 ✭✭ iAcesHigh


    As many are mentioning lately, fees to get your coins to hardware wallet seem quite crazy (5+%). By mistake not that long ago I sent some ETH using BSC network (BEP20) to my Ledger (or so I though) but then I had to use MetaMask "to find it". Now I can see it on Mainnet when I connnected my MetaMask account with my Ledger. What I'm trying to understand now is:
    1. As I could only see my ETH when I connected my Ledger to MetaMask account, does that mean it's protected by my Ledger? I presume it's not physically on Ledger, but as long as it's accessible only when Ledger is connected, I suppose that's quite safe still?
    2. If the above is correct would it then simply make more sense to use BSC network to save on fees for storing likes of ETH and BTC with a combination of MetaMask/Ledger on BSC chain instead of sending each separately to Ledger and paying 10x times more in fees?

    I know above might be completely wrong and I might be talking absolute nonsence, but I'm just trying to figure out how these things work...


Comments

  • Registered Users Posts: 447 ✭✭ iAcesHigh


    Really nobody knows or can't be bothered helping a noob? :)


  • Registered Users Posts: 5,667 ✭✭✭ el diablo


    iAcesHigh wrote: »
    As many are mentioning lately, fees to get your coins to hardware wallet seem quite crazy (5+%). By mistake not that long ago I sent some ETH using BSC network (BEP20) to my Ledger (or so I though) but then I had to use MetaMask "to find it". Now I can see it on Mainnet when I connnected my MetaMask account with my Ledger. What I'm trying to understand now is:
    1. As I could only see my ETH when I connected my Ledger to MetaMask account, does that mean it's protected by my Ledger? I presume it's not physically on Ledger, but as long as it's accessible only when Ledger is connected, I suppose that's quite safe still?
    2. If the above is correct would it then simply make more sense to use BSC network to save on fees for storing likes of ETH and BTC with a combination of MetaMask/Ledger on BSC chain instead of sending each separately to Ledger and paying 10x times more in fees?

    I know above might be completely wrong and I might be talking absolute nonsence, but I'm just trying to figure out how these things work...
    The Binance Bridge is useful for cross-chain assets: https://www.binance.org/en/bridge

    So you converted ETH on ERC-20 to ETH on BEP-20 (a wrapped ETH)? You need to connect your Ledger to Binance Chain app on your device (install the app) and you should be able to see it.
    I wouldn't store substantial holdings of BTC, ETH on any non-native chains. It's basically an IOU from Binance and the keys are not in your possession.

    We're all in this psy-op together.🤨



  • Registered Users Posts: 447 ✭✭ iAcesHigh


    el diablo wrote: »
    So you converted ETH on ERC-20 to ETH on BEP-20 (a wrapped ETH)? You need to connect your Ledger to Binance Chain app on your device (install the app) and you should be able to see it.
    I wouldn't store substantial holdings of BTC, ETH on any non-native chains. It's basically an IOU from Binance and the keys are not in your possession.

    Yeah, I ‘found it’ by connecting my Ledger to MetaMask mainnet and will be sending it back… Seems there is no way to avoid the fees if you want to ‘own’ the keys on your physical wallet then :( really appreciate the help!


  • Registered Users Posts: 5,667 ✭✭✭ el diablo


    iAcesHigh wrote: »
    Yeah, I ‘found it’ by connecting my Ledger to MetaMask mainnet and will be sending it back… Seems there is no way to avoid the fees if you want to ‘own’ the keys on your physical wallet then :( really appreciate the help!

    Fees fluctuate quite a bit so it's worth checking out www.ethgasstation.info for updates. I also have a bunch of ERC-20 stuff I need to move but waiting for lower fees also.

    We're all in this psy-op together.🤨



  • Registered Users Posts: 447 ✭✭ iAcesHigh


    el diablo wrote: »
    Fees fluctuate quite a bit so it's worth checking out www.ethgasstation.info for updates. I also have a bunch of ERC-20 stuff I need to move but waiting for lower fees also.

    For some reason I thought those fees are fixed and dependent on exchange one uses, but now I looked into it and it makes much more sense… same with BTC and other… much appreciated


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  • Registered Users Posts: 3 NewPerson


    Hi AcesHigh, I'm in a bit of a predicament which I've come across on boards that you were once in and hope you can help. I bought some ETH on Binance and transferred it to Metmask using BSC network. However I'm unable to see it in my MM account. I've tried changing the network to on MM to be compatible with BSC but it doesn't seem to work. Any help greatly appreciated.


  • Registered Users Posts: 447 ✭✭ iAcesHigh


    NewPerson wrote: »
    Hi AcesHigh, I'm in a bit of a predicament which I've come across on boards that you were once in and hope you can help. I bought some ETH on Binance and transferred it to Metmask using BSC network. However I'm unable to see it in my MM account. I've tried changing the network to on MM to be compatible with BSC but it doesn't seem to work. Any help greatly appreciated.

    I couldn't see my ETH as well because in essence I sent it to my Ledger address using BSC chain, meaning once I connected Ledger to MetaMask then it surfaced and was shown in Mainnet. There is a feature called "Connect Hardware Wallet" or something like that, it was fairly straightforward afterwards...


  • Registered Users Posts: 3 NewPerson


    iAcesHigh wrote: »
    I couldn't see my ETH as well because in essence I sent it to my Ledger address using BSC chain, meaning once I connected Ledger to MetaMask then it surfaced and was shown in Mainnet. There is a feature called "Connect Hardware Wallet" or something like that, it was fairly straightforward afterwards...

    Is the hardware wallet something you need to pay for? I'm having real difficulty, just trying to reclaim my money but way out of my depth.


  • Registered Users Posts: 5,667 ✭✭✭ el diablo


    NewPerson wrote: »
    Is the hardware wallet something you need to pay for? I'm having real difficulty, just trying to reclaim my money but way out of my depth.

    No, you won't need a hardware wallet for this. Check for your transaction on the BSC: https://www.bscscan.com/

    Or maybe this'll help:

    We're all in this psy-op together.🤨



  • Registered Users Posts: 447 ✭✭ iAcesHigh


    yeah, I though you sent it already to Wallet, but it seems you have slightly different issue. Nevertheless, el_diablo video sums it up quite good.


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  • Registered Users Posts: 3 NewPerson


    iAcesHigh wrote: »
    yeah, I though you sent it already to Wallet, but it seems you have slightly different issue. Nevertheless, el_diablo video sums it up quite good.

    No that's right I already sent it to the Metamask wallet using BSC network but cannot see it on Metamask. When I try to Add the BSC Mainnet network in the MM Wallet I still can't see it. Frustrating as I'm following everyone's advise but I'm missing something small???


  • Registered Users Posts: 447 ✭✭ iAcesHigh


    NewPerson wrote: »
    No that's right I already sent it to the Metamask wallet using BSC network but cannot see it on Metamask. When I try to Add the BSC Mainnet network in the MM Wallet I still can't see it. Frustrating as I'm following everyone's advise but I'm missing something small???

    You bought it on Binance and can find it on https://www.bscscan.com/ ?


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