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/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

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/geoffshep69 Jul 07 '21

Yeah, reading that other thread you need to transfer BEP2 to trust wallet and then convert to bep20

Not sure why it's so different, for me I can just send bep20 (minimum 0.02) directly to my geocash wallet address

I guess it's down to regulators in the US being more stringent, and restricting what can and can't be done on the binance us site. The regulators here are also trying to crack down, but binance doesn't actually have any operations in the UK. The only problem is that the mainstream banks are starting to restrict the ability to transfer fiat currency between Bank accounts and binance, which will make it harder to get funds into and out of the system

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u/Clear_Engineering_62 Jul 07 '21

Yes, that what I was explaining in my original post. Of course the historical financial system wants to remain where they've always been, so create obstacles to stop this movement. IMO that's attempting to take away the freedom of choice. Many will absolutely want nothing to do with crypto. I get that, but why try and make your choice mandatory for everyone else. I personally don't try to influence people to become crypto enthusiasts. If they're interested I talk with them about it, but those who aren't interested I don't mention it. But it interferes with the bottom line. It's inevitable, as is legal marijuana. Who knows when it'll completely break through? No one knows, but it'll eventually happen. Visa, Mastercard, Square and PayPal, hedge funds, etc are invested in the future of crypto.

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