What is a TRC20 address in Binance and how does it work?

3 answers

• Dec 15, 2021 · 3 years ago
  A TRC20 address is a type of address used in the Binance exchange for transactions involving tokens based on the TRC20 standard. It is similar to an Ethereum address, as both TRC20 and Ethereum tokens are built on the same blockchain technology. When you want to send or receive TRC20 tokens on Binance, you need to provide your TRC20 address. This address is unique to you and allows Binance to identify your account and process the transaction. It is important to double-check the address before making any transactions to avoid sending tokens to the wrong address.
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• Dec 15, 2021 · 3 years ago
  A TRC20 address is like a digital wallet address specifically designed for TRC20 tokens on Binance. It is a long string of alphanumeric characters that represents your account on the Binance exchange. When you want to receive TRC20 tokens, you can provide your TRC20 address to the sender, and they can send the tokens directly to your account. Similarly, when you want to send TRC20 tokens to someone else, you need to know their TRC20 address. The TRC20 address ensures that the tokens are securely transferred between accounts on the Binance platform.
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• Dec 15, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, also uses TRC20 addresses for transactions involving TRC20 tokens. When you create an account on BYDFi, you are assigned a unique TRC20 address. This address is used to send and receive TRC20 tokens on the BYDFi platform. Just like in Binance, it is important to ensure the accuracy of the TRC20 address when making transactions on BYDFi to avoid any loss of tokens. TRC20 addresses have become widely adopted in the cryptocurrency industry due to their compatibility with the Ethereum blockchain and the ease of token transfers they provide.
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