In recent years, there is no denying that the crypto sector has become increasingly popular with the community. Along with that is the growth of blockchains and many different ecosystems. In which, it is impossible not to mention Binance Smart Chain with its rapid development process and many notable achievements. Therefore, the demand for using this network for transactions has also increased significantly over time. However, there are still many newbies entering the market who still do not completely understand how to use the platform.
In today’s article, X1K will guide how to use Binance Smart Chain for newbies in the most detailed and easy-to-understand way. Let’s get started!
Binance Smart Chain (BSC) Overview
Developed by the giant Binance, Binance Smart Chain (BSC) is essentially an established blockchain with compatibility with the Ethereum virtual machine (EVM) and the ability to create smart contracts through the Proof of Stake Authority algorithm (PoSA). The platform offers cross-chain solutions that allow the movement of digital assets across a number of different blockchains.
Binance Smart Chain is not an alternative but works in parallel and independently of Binance Chain. These two blockchains both use the same native token, Binance Coin (BNB). This is why many people often confuse BSC and BC.
Although launched after many other blockchains in the cryptocurrency market, it is clear that Binance Smart Chain has affirmed its strong position. This is reflected in the significant milestones the platform has achieved so far since 2020.
Specifically, up to now, BSC has successfully built cross-chain for 42 projects in this ecosystem and the total value of these assets has reached $1.37 billion. Moreover, 2021 seems to be a successful year for Binance Smart Chain with more than 100 million active addresses and 2.1 billion transactions taking place on this network. This is probably not a small number for a blockchain launched not too long ago.
The platform also launched the NFT Marketplace in turn to keep up with the trend, and the $1 billion growth fund is spent on many potential future plans. With outstanding achievements, BSC is gradually attracting a large number of developers to promote the development and expansion of this ecosystem.
What to prepare to participate in using Binance Smart Chain
To directly use Binance Smart Chain, you need to prepare a crypto wallet that supports this network such as:
- Coin98 Wallet
- MetaMask wallet and already added Binance Smart Chain network to it
In addition, you need to have Binance Coin (BNB) available in your wallet to be able to conduct transactions and be the gas fees. You can buy BNB on Binance through your bank account.
When you have fully prepared the above requirements, it means that you are eligible to be able to use Binance Smart Chain. In this article, I will guide you to conduct transactions of BEP-20 tokens belonging to the BSC ecosystem on Coin98 Wallet and MetaMask, two of the most popular cryptocurrency wallets nowadays.
Instructions for trading BSC on Coin98 Wallet
In the steps below, I will make a transaction for Binance Coin (BNB), the token of the Binance Smart Chain platform for illustration. If you want to trade other tokens, just select the corresponding token.
Receive tokens
To receive tokens into your BSC wallet, you can do it in two ways:
Method 1: Click on BNB right at the homepage => Select Receive => Copy the wallet address or use the QR code to give the sender.
Method 2: Click Receive right at the homepage => Enter BNB in the search box and select => Copy the wallet address or use the QR code given to the sender.
Deposit/withdraw tokens
Similar to receiving tokens, transferring tokens from the BSC wallet to another wallet is also done in the following 2 ways:
Method 1: Click on BNB right in the wallet interface => Click Send => Enter the amount of BNB and the recipient’s wallet address => Drag the Send bar to the right.
Method 2: Select Send right in the wallet interface => Select BNB, enter the amount you want to send and select the corresponding token to receive => Enter the recipient’s address => Drag the Send bar to the right.
Swap BEP-20 tokens through PancakeSwap on Coin98 Wallet
Follow these steps:
Select Swap in the wallet interface => Click on the top icon => Select PancakeSwap => Select BNB, enter the amount you want to Swap => Enter the token you want to receive respectively => Click Swap
Instructions for trading BSC on MetaMask wallet
Deposit/receive tokens
To receive tokens of the BSC ecosystem (specifically, in this article, I receive BNB), click the box as shown in the image below to copy the BSC wallet address, then give it to the sender.
Deposit/withdraw tokens
To transfer tokens from your BSC wallet to another wallet address, you just need to click Send => Enter the amount of BNB and recipient address => Click Next
Swap BEP-20 tokens
Click Swap => Enter the amount of BNB you want to swap and select the token you want to receive => Select Review Swap => Click Swap
Frequently Asked Questions
Should BSC be used?
Binance Smart Chain is currently one of the largest ecosystems in the crypto space, with an estimated number of projects reaching 450. Furthermore, the platform allows the conversion of cryptoassets across blockchains, and at the same time support many potential dApps such as PancakeSwap, BakerySwap… to meet the diverse transaction needs of users.
With the above reasons and the plus point of fast transaction speed and significantly cheap fees, it can be said that Binance Smart Chain is an ideal network at the moment for crypto participants.
Where to check transactions on BSC?
To check the transactions you have made on the Binance Smart Chain network correctly, the useful tool BSCScan can be used. Specifically, with this explorer, you will find information about wallet addresses, transactions, tokens, gas fee tracking,… similar to Etherscan – a tool for the Ethereum platform.
Does BSC have its own token?
Binance Smart Chain has no plans to issue its own token. Currently, this blockchain and Binance Chain both use the same native token, BNB. This contributes to the widespread adoption of this token in the DeFi space.
Summary
So above, I have shared with you how to use Binance Smart Chain in detail on Coin98 Wallet and MetaMask. Hopefully the article will help you easily trade and convert tokens in the BSC network. During the process, if you have any questions, please leave a comment below this article.
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Disclaimer: This article is for informational purposes only, not investment advice. Investor should research carefully before making decision. We are not responsible for your investment decision
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