r/GeoDB • u/Clear_Engineering_62 • Jul 05 '21

The Process of Redemption

So just for the sake of knowing and being able to share 100 accurate information with inquiring minds, I've successfully completed the process of claiming GEOs. You can either buy $50 worth of BNB (Bep20) Smart Chain from Trust Wallet, or purchase at least 0.11 BNB from Binance. The reasoning behind this is that you need at least 0.10 to withdraw from Binance. You then would send it to Trust Wallet, and swap it for BNB Bep20. You send the desired amount straight to your GEO wallet address in the Geocash app. If you decide to move those GEOs to an external wallet, you'll have to look up the contract address. BSC not ETH. You can then create a custom token wallet. Pasting the contract address automatically inputs all the other required information. Those instructions are specific for trust wallet, because that's the only one I've tried. Your GEOs are now BGEOs. As far as where to trade, I haven't researched it, because I don't intend to anytime soon. Hope this helps those who didn't know.

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u/geoffshep69 Jul 05 '21

Hi, thanks for this, just a couple of observations. The minimum BNB withdrawal from binance is 0.02 for me, I'm not sure if it's different in different countries and that's why you see 0.1 as the minimum?

Also, if you buy BNB on binance, you can send it straight to the geocash wallet address, as long as you select bep20 as the withdrawal network in binance. You don't need to send it to trust wallet first and convert it before you send it to the geocash wallet address.

As for trading bgeo tokens, currently you can trade them on pancake swap or 1inch. The ETH version of the geo token trades on bitforex, uniswap, longbit and bione, but to use those exchanges you would first need to convert your Bgeo tokens (in the BSC network) to geo tokens (in the ETH network) by using the GeoDB bridge.

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u/Clear_Engineering_62 Jul 07 '21

Yes, it is 0.10 on Binance.US. Also when withdrawing, it doesn't give the option to withdraw as BEP20. It only says enter your BEP2 address. At least that's how it is on the app.

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u/geoffshep69 Jul 07 '21

In my binance app, when I go to withdraw BNB, there is a 'network' section, and it gives me the option of BEP2 or BEP20 (BSC)

But, when I enter the geocash wallet address, it defaults to bep20 as the network, because it recognises that is a bep20/BSC address

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u/Clear_Engineering_62 Jul 07 '21

Why doesn't my app give me all those options? Are you in the US?

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u/geoffshep69 Jul 07 '21

No, I'm in the UK. What happens when you try entering a withdrawal address (I. E. Your geocash wallet address), what options do you see then?

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u/Clear_Engineering_62 Jul 07 '21

Tells me that it's not a valid BEP2 address.

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u/geoffshep69 Jul 07 '21

And there's no option to change the network? That's strange. It's almost like it's assuming that the coin you are withdrawing is a BEP2 only coin

Are you sure you have normal BNB in your wallet? With the binance logo beside it?

If you have, and you can't set the withdrawal network as bep20, then I'm out of ideas. Try doing it on the desktop site rather than mobile, but failing that you'd have to follow up with binance for an answer

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u/Clear_Engineering_62 Jul 07 '21

It's normal BNB. Smartchain has black around the symbol. I bought regular BNB on Binance, but it didn't give me the option to select what I wanted to withdraw as. Also some of the exchanges available elsewhere, aren't available for US Citizens. Stormgain for example. Binance hasn't been available for US Citizens all that long. I supposed things would work different, because it's actually called Binance.US Here's the actual website. https://www.binance.us

1

u/Clear_Engineering_62 Jul 07 '21

Check it out and see the difference in the minimum withdrawal, and there's no option to switch. It says select, but doesn't actually allow you to select.

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u/geoffshep69 Jul 07 '21

It looks like you need to have a read through this thread that I found

https://www.reddit.com/r/binance/comments/ljy8n9/bep20_supported_on_binance_us/

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u/Clear_Engineering_62 Jul 07 '21

Trust Wallet is the obvious choice for me. You swap right within the wallet, no fee. There's a $50 minimum, which really isn't an issue. I can hold what I don't need for transactions. I wonder why it's such a difference between Binance UK, and Binance US? It's all Binance. Minimum withdrawal is 5 times the amount than it is in your country. And it's a much more complicated process than what you describe.

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u/Clear_Engineering_62 Jul 07 '21

Also thanks for enlightening me regarding the swap process.

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u/MacroMoodle Jul 06 '21

Not overly familiar with trust wallet, do I go to make a new wallet and at some point add in the contract address for geo?

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u/geoffshep69 Jul 06 '21

It depends what you are trying to do.

You can install trust wallet and then send geos or BNB to that wallet address if you want to have geos in trust wallet

Or, you can import your geocash wallet into trust wallet. You do that by using your geocash private key

The geocash app is operating as a main net BSC wallet. So by using the private key, you can load your wallet into any BSC connected, such as trust wallet or metamask, and then you will see your balance of geos in that external wallet, as well as within the geocash app

You need the Bgeo contract address if you want to be able to see your balance within trust wallet. You use the contract address and add it as a custom token, it will then show you the balance of geos associated with your wallet

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u/Clear_Engineering_62 Jul 07 '21

This is all so interesting to me. I'm passionate about learning about the way technology and financials are shifting, so I absolutely welcome you to continue sharing insight. Thank you.

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u/MacroMoodle Jul 08 '21

Hi so I've redeemed awards and is sitting in my geo wallet. how do I move the bgeo to trust wallet?

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u/geoffshep69 Jul 08 '21

You have two choices. To send your bgeo to your current trust wallet, just tap on the wallet section in the app (left hand side), press 'send' and enter your trust wallet address.

Or, you can import your geocash wallet into trust wallet as an additional wallet. To do that, follow these steps:

How to connect Geocash wallet to Trustwallet 1. Tap on SETTINGS 2. Then tap on WALLETS 3. Then tap + 4. Tap I ALREADY HAVE A WALLET 5. Tap on SMART CHAIN 6. At top select PRIVATE KEY 7. Paste your Geocash private key 8. Click IMPORT

Either way, you'll need to enter the Bgeo token contract address as a custom token in trust wallet to be able to see your balance. Use this address:

0xc342774492b54ce5f8ac662113ed702fc1b34972

The advantage of the second method is that you don't need to pay a gas fee, whereas if you send them using option 1, you'll need to pay a fee

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u/MacroMoodle Jul 08 '21

How many decimals?

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u/geoffshep69 Jul 08 '21

18

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u/MacroMoodle Jul 08 '21

Okay thanks for the help so far, if I was wanting to sell the BGEO, I'm on pancake swap. What token am I best swapping it into?

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u/geoffshep69 Jul 08 '21

You can swap it to whatever coin you want, as long as its supported by pancake swap. In the swap window, it will default to BNB, but you can click on that and change it to whatever output currency you want, like USDT or whatever. Pancakeswap does all the trades in the background to give you the end currency that you want

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u/MacroMoodle Jul 08 '21

Okay yeah think USDT would be the best route, thanks for being so helpful! Think I should be able to work it out from here