How To Withdraw Notcoin From Bybit
To withdraw Notcoin (NOT) from ByBit, follow those steps:
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Navigate to the "Assets" section and select "Spot"
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Click "Withdraw" next to Notcoin
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Enter the withdrawal address and choose the blockchain network
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Input the amount to withdraw
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Verify with email and Google Authenticator codes
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Submit the withdrawal request
Notcoin is a cryptocurrency that launched on January 1, 2024, within the Telegram platform, allowing users to earn tokens through a "tap-to-earn" mechanic. Developed by Open Builders, Notcoin quickly became popular and was listed on major exchanges like Binance, Bybit, and OKX by May 16, 2024, expanding its reach and trading activity.
Withdrawing Notcoin from Bybit involves following a few key steps to ensure funds are transferred correctly. This guide explains the process step-by-step, along with how some traders increased their Notcoin through Bybit's recent launch pool.
Step-by-step guide to withdrawing Notcoin from Bybit
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Accessing your Bybit account
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Log in to your Bybit account. Ensure that the account is secure, with two-factor authentication (2FA) enabled to protect against unauthorized access.
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Navigating to the withdrawal section
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Go to the “Assets” section located in the top right-hand corner of the Bybit homepage.
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Click on “Spot” from the drop-down list, then select “Withdraw” next to Notcoin (NOT).
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Selecting the withdrawal details
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Choose the Notcoin account from which to withdraw. If the assets are in another account, transfer them to the Spot or Funding Account using the two-arrow icon.Notcoin operates on The Open Network (TON) blockchain, so you must choose the correct chain type to ensure the transaction goes through properly.
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Enter the withdrawal wallet address. Either paste it directly or select from your saved addresses in the Withdrawal Wallet Address Book.
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Select the blockchain network through which to process the withdrawal. The corresponding fee and minimum withdrawal amount will be displayed.
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Finalizing the withdrawal
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Input the amount of Notcoin to withdraw. You can withdraw the full amount by clicking on “All.”
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Submit the request. You'll need to verify the withdrawal with a code sent to your email and a Google Authenticator code if 2FA is enabled.
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Confirm the transaction. Your withdrawal request will then be processed. Withdrawal times may vary based on network congestion, typically ranging from 15 minutes to an hour.
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Bybit Notcoin launch pool: how traders earned additional Notcoin
The Bybit Notcoin Launchpool event, held from May 16 to May 23, 2024, allowed participants to stake Notcoin (NOT), USDT, or Toncoin (TON) and earn rewards in the form of additional Notcoin. This staking event offered a unique opportunity for users to passively grow their holdings without making any purchases. The total reward pool for the event was 1,283,990,271 NOT, split between three pools for each of the staking tokens: NOT, TON, and USDT. Stakers earned daily yields based on the amount they contributed relative to the total pool, and rewards were automatically deposited into their Bybit Funding Account.
Notably, the VIP participants enjoyed an extra 20% APR on their staked tokens, making this an attractive option for larger stakeholders. Staked assets could be unstaked anytime, though rewards were only calculated for full days of participation. Bybit's Launchpool system made it flexible for users, allowing them to earn rewards while maintaining liquidity and flexibility to withdraw their assets when needed. This event also helped increase liquidity for Notcoin, particularly in its early stages of listing on major exchanges like Bybit and Binance, driving market activity and token engagement.
How to ensuring a smooth Notcoin withdrawal
For beginners withdrawing Notcoin from Bybit, a good tip that’s often missed is withdrawing during times when there’s less network traffic. The TON blockchain, which powers Notcoin, can slow down when too many transactions are happening at once, leading to delays and higher fees. If you withdraw early in the morning UTC, you can avoid these issues and complete your transaction more quickly. Check the blockchain explorer to see when the network is quieter, and make your move then.
Also, it’s smart to use a wallet that’s built specifically for TON-based tokens. Some people use general wallets that don’t handle Notcoin well, which can lead to problems. By picking a wallet designed for the TON blockchain, you’ll have better control over your funds and be ready for things like staking or special rewards. It’s a simple change that can make a big difference in the long run.
Summary
Withdrawing Notcoin from Bybit is a simple process if you follow the proper steps carefully. By ensuring that all the withdrawal details, such as the wallet address and selected blockchain network, are accurate, traders can safely manage their Notcoin transactions. It's important to double-check these details to prevent any loss of funds. Additionally, understanding the fee structures for different blockchain networks can help minimize costs and make withdrawals more efficient. Though the Bybit Notcoin launch pool event has ended, it provided early participants with a great opportunity to increase their holdings of Notcoin and contributed to the token's liquidity and trading activity on the platform.
FAQs
What should be done if the wrong wallet address is used for withdrawal?
Blockchain transactions are irreversible, so it's crucial to verify the wallet address before confirming a withdrawal. If a mistake is made, the Notcoin may be lost permanently.
How long does it take to withdraw Notcoin from Bybit?
Typically, withdrawals are processed within 15 minutes to an hour. However, this may take longer during periods of high network congestion.
Was there a fee for participating in the Bybit Notcoin launch pool?
The launch pool itself did not have participation fees, but standard withdrawal fees applied when moving Notcoin from the pool to a wallet or exchange.
Can Notcoin be withdrawn at any time from Bybit?
Yes, Notcoin can be withdrawn at any time from Bybit, provided that the account has been verified and there are no pending security checks.
Team that worked on the article
Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation. His experience is showcased by a prolific body of over 100 articles on Forex, crypto, equity, and personal finance, alongside personalized advisory roles in tax consultation.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).