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Ask CryptoVantage: Can You Transfer Crypto Between Blockchains?
There are a lot of cryptocurrencies on the market today, each of them tends to have its own blockchain network it operates on, but are these blockchain interoperable? Can you send your Bitcoin (BTC) from the Bitcoin blockchain to another? What about Ethereum (ETH)?
The good news is that you can, and it is not all that difficult either, as most blockchains have created bridges that allow you to transfer your assets from one blockchain to another. Some assets even simply exist on multiple chains such as Tether (USDT). In this edition of Ask CryptoVantage we will look at how it is possible to transfer crypto between blockchains.
Bridges
Probably the simplest way to transfer crypto between blockchains is via bridges, such as Binance Bridge or Polygon Bridge. Bridges work fairly simply, you select the asset you want to migrate (assuming it is compatible with the blockchain you are moving to), select what network you are sending from, and the wallet address where you want your migrated assets deposited. Let’s use Binance Bridge as an example:
First you have to visit the Binance Bridge website. Connect your wallet, whether it is Meta Mask, Binance Smart Chain Wallet or another compatible one. Once your wallet is connected then that is the destination for the assets you are trying to bridge. Next you need to choose the asset you want to bridge, where it is coming from, and how much.
We will use Cardano (ADA) as an example here. You have to choose that you are sending from the ADA Network to the Binance Smart Chain (BSC) Network and then enter the amount you are sending. Once confirming the amount and that is being sent from your own wallet (it does not work via exchanges except if withdrawn directly to the BSC through Binance Exchange), you will be provided a deposit address. All you have to do next is send the amount selected to the address provided, then once that address confirms receipt of the funds the equivalent amount will be sent to your BSC compatible wallet for you to use on the BSC blockchain. For Cardano, this entire process takes about 5 minutes from start to finish.
In this scenario you are not receiving the same tokens you sent, but rather the tokens are locked into a contract and ledger that ensures a one to one ratio of the original asset, and you receive a wrapped equivalent. This is true when sending Bitcoin, Ethereum, Polkadot or any other asset to the BSC, and also true when sending something like Bitcoin to Ethereum’s network.
The Future
One of the main goals of a lot of blockchain projects nowadays is to create an ecosystem where you will not need to go to multiple bridges to send assets from one chain to another, but rather a seamless process where blockchains are compatible and interoperable to the point where you will not even notice that you are transferring cryptos between blockchains.
For now, it is not only possible to transfer cryptos between blockchains, but it is already a fairly easy process.
