What is binance smart chain?
- Thread starter IM Dude
- Start date
FatBee
Elite Member
- Apr 4, 2015
- 3,146
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Everyone on Binance is using BSC for transactions as the fee is 0.80$ let alone is fast af
R4v3nbl4ck
Senior Member
- Sep 29, 2020
- 1,071
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It's an Ethereum fork, but faster and cheaper.
Chris Newman
BANNED
- Oct 13, 2018
- 6,868
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Ethereum and Binance Smart Chain (BSC) are blockchain networks. Gas fees on Binance Smart Chain (BSC) are a fraction of those on Ethereum and BSC's transaction speeds are much faster, having a speed improvement over Ethereum of roughly 4.3 times. Crypto coins are represented in the BSC networks as tokens in BEP20 standard. BSC tokens use the BEP20 standard, just like Ethereum's is the ERC20 standard. Lots of crypto coins are now also available in the BEP20 (BSC) standard as well.
Lots of people nowadays prefer to use tokens in BEP20 (BSC) network, due to low gas fees. And moreover many crypto wallets such as Trust Wallet now do support BEP20 (BSC) tokens, which is the main reason why people can now easily transfer BEP20 (BSC) tokens (coins). And exhanges such as Pancakesawp support Binance Smart Chain (BSC).
Lots of people nowadays prefer to use tokens in BEP20 (BSC) network, due to low gas fees. And moreover many crypto wallets such as Trust Wallet now do support BEP20 (BSC) tokens, which is the main reason why people can now easily transfer BEP20 (BSC) tokens (coins). And exhanges such as Pancakesawp support Binance Smart Chain (BSC).
jaycewarrior
Senior Member
- Jun 28, 2017
- 917
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You can't send BTC with BSC since the two coins are based on different blockchain.
But, if you meant to say is if sending coins from binance platform cheaper. Yes, it its!
But, if you meant to say is if sending coins from binance platform cheaper. Yes, it its!
- Nov 11, 2018
- 12,068
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So you can't send btc but can send any other coin?
I remember hitosi nakamura hardcoded btc code which clogs the block chain network and so high cost of btc transaction.
- Sep 10, 2010
- 11,807
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- Nov 11, 2018
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So there will be one address for receiving for receiving BTC and one for receiving rest of the coins?
Or can I receive everything on one address?
- Sep 10, 2010
- 11,807
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AFAIK you can receive everything on one address. You will just need to add Smart Chain to your wallet (e.g. metamask). Then you can add the SC address for BTCB (if using metamask, not sure about other wallets as I don't use them) by clicking on Import Tokens. All your BTCB assets will show after that. I don't think you can send from BSC to Bitcoin's native network easily though (but you could do that through binance app for sure). All you can do is Wrap (when buying) and unwrap (when selling). So you get BNB back when you sell, and your BNB gets converted into BTCB when buying.
p.s. take my advice with a grain of salt, because I have never bought BTCB on BSC myself. All of my info is based on what I have seen with other tokens on BSC.
jaycewarrior
Senior Member
- Jun 28, 2017
- 917
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You just confused OP
BTC BEP2 is a token on the BSC pegged to the BTC price. OP was talking abt BTC as native coin if it's possible to be sent through BSC for cheaper transaction fees.
To make it easier for your to understand:
BSC (Binance smart chain) is a blockchain platform > Support only tokens based on it's chain (Check the list here)
Binance is a cryptocurrency trading platform > You can send/receive/trade any listed tokens/coins on the platform (BTC, ETH, SOL...etc)
- Sep 10, 2010
- 11,807
- 26,660
alurosu
Elite Member
- Jun 16, 2020
- 2,188
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One thing to add: the BTC token can only be exchanged for real BTC on these platforms: https://coinmarketcap.com/currencies/bitcoin-bep2/markets/
You are limited, if you don't want to use Binance
You are limited, if you don't want to use Binance
PinguSpy
Elite Member
- Dec 7, 2007
- 3,085
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Eth = apple ios.. inside ios there are thousands of different apps, each can interact / exchange the token in ios network (erc-20 network). Cause they are running in the same platform.
Bsc = google android.. similar functionality with ios.. but much cheaper transaction fees. It also running on its own android network (bep-20)
Bitcoin = Microsoft windows / bitcoin own network
You coin in m.windows cannot be transfer to either bsc or eth nework. Applies the same thing for coin inside eth =/= coin inside bsc.
Bsc = google android.. similar functionality with ios.. but much cheaper transaction fees. It also running on its own android network (bep-20)
Bitcoin = Microsoft windows / bitcoin own network
You coin in m.windows cannot be transfer to either bsc or eth nework. Applies the same thing for coin inside eth =/= coin inside bsc.
- Nov 11, 2018
- 12,068
- 10,839
Nice one.
So I guess I need 2 address 1 for btc and for rest of the coins?
seomaster5
Elite Member
- Oct 31, 2021
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It has low fees and thus binance users prefer it to sell it to other people .
CoinMarketCrush
Newbie
- Oct 28, 2021
- 16
- 6
If you have a Binance account, using Binance Smart Chain is super easy and fast and low cost.
Brickbat1
Elite Member
- Mar 22, 2010
- 2,366
- 1,391
You can send and receive funds on BSC for cents and then within the Binance app, convert the funds to BTC or any coin you want for pennies. Still beats send fees on Bitcoin or Ethereum. As far as i a m concerned, only ignorant folks still use high fee coins for funds transfer or payments. Buying high fee coins for investment purposes is another matter entirely.
- Nov 16, 2011
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Does the person receiving the funds also needs binance account ?