Learning to Use Binance Smart Chain

Learning to Use Binance Smart Chain

Binance Smart Chain (BSC) is sometimes treated as an additive to Binance Chain, yet it is a fallacy. This blockchain works independently and can be used as a substitute for some DeFi platforms. BSC forms a full-fledged environment for crypto trading, offering a smart contract feature for DApps.

We’ll take you through the entire process of using this blockchain, so let’s not waste our time and get down to business.

The Strong Points of BSC

Before we get down to explaining how to use Binance Smart Chain, it would be fair to give reasons why it is worth your attention. 

BSC applications are run by smart contracts, which allow the high capacity of transactions along with increased scalability of the blockchain, making it perfect for crypto trading. 

Due to the Decentralized Exchange (DEX) AnySwap, the blockchain is cross-chain compatible with other cryptocurrencies. BSC is a hard-fork of Ethereum, which makes it easy to transition projects between the platforms. 

Finally, the transaction payments in the BSC blockchain are lower compared to Ethereum, so it may become a great alternative and a way to save money.

Detailed Guide on How to Use the Platform

How to use Binance Smart Chain? To enjoy the opportunities given by decentralized apps and other features available in the blockchain, you have to take several steps. 

Creating a Personal Account

The only way to get access to this blockchain is to have your own Binance account. Making such a step will allow you to buy BNB and enjoy the benefits of decentralized apps available via the Binance ecosystem. How to use Binance Smart Chain in the US? Consumers in the US should try Binance.US.

The registration process requires you to provide certain documents and go through the Know Your Customer verification. Tying your newly created profile to your bank account might be required as well. This will let you transfer fiat money into the blockchain.

Get Yourself a BSC Wallet

Interaction with DApps so as the transfer of funds from the exchange to BSC is impossible without a crypto wallet. Due to BSC cross-chain compatibility, you have a variety of options. Some of them are available for a limited number of DApps. We’ll give the details on several most popular crypto wallets that might work best for you. 

  • MetaMask, though better known as ETH wallet, can also work with BSC. MetaMask should be downloaded and installed on your desktop or mobile device. Next, click on Create a Wallet and enter a backup seed phrase. Now you have a wallet. The only thing you need to use Binance Smart Chain MetaMask is to change the configuration of settings. How configure it for BSC? Go to Settings→ Networks→ Add Network. Then add BSC manually and click Save. Please note that if you download MetaMask to a portable device, the BSC network option will be available on the list of networks. 
  • Trust Wallet is one of the best and most user-friendly options for BSC blockchain. You can buy, store, trade coins, as well as collect NFT-tokens. Just download it to your mobile device.
  • Binance Smart Chain Wallet supports BSC and BC but can be used with a limited number of DApps only. How to use Binance Smart Chain Wallet? Download it for Firefox or Chrome browser, install it, and click on Add to Firefox/Chrome. That’s all you need to start using it.

Buy BNB Tokens

Once you’ve created your Binance profile and installed the crypto wallet, you have everything you need to buy your first BNB tokens and transfer them to your Binance Smart Chain. How to use the available instruments to get your first BNB crypto?

If you already have crypto-assets in another blockchain (like TRON or Ethereum), you can exchange them for the wrapped tokens on BSC using Binance Bridge. The conversion is free. But you will have to pay for the transactions inside the blockchain networks between which you convert.

The other way to buy BNB is via Binance Exchange. You can either buy the tokens at the current market price or make an order with the settings for the limit and stop price. The order has to be verified via your email address, so make sure you check your inbox and spam folder for the notification.

Another option is to withdraw the assets from your Binance account to your wallet. This is the easiest way to top up your crypto wallet in a couple of clicks. Make sure you opt for BEP-20 tokens, which work with BSC. You’ll need them to pay fees in the DApps. The BEP-2 standard will do for trading on Binance DEX.

Getting coins is also possible via cryptocurrency faucets. How to use Binance Smart Chain Faucet for those using MetaMask?

  • Create a new address on BSC;
  • Go to the BSC Faucet and input your address to a special line;
  • Select the number of BNB you’d like to get;
  • Post a tweet (obligatory to receive the funds).

The money will be transferred to your address within seconds.

Use Your Coins in BSC DApps

When the funds are already in your wallet, it’s time to make them work. How to use the Binance Smart Chain tokens? DApps available on BSC give a wide spectrum of options and opportunities to trade, exchange, and earn assets. While new applications are launched regularly, we can’t claim those we’ll name below are the best, but they are definitely the most popular.

  • PanCake Swap is considered the best on BSC. It works as an automated market maker (AMM) allowing you to get passive income by giving liquidity to liquidity pools. The program can also convert tokens to BEP-20. Aside from this, PanCake Swap allows participating in the lotteries, winning NFTs, and so much more.
  • Burger Swap – another AMM, which can be used for swapping tokens BEP-20, as well as providing liquidity.
  • Venus is a protocol for borrowing and lending tokens. It works as a decentralized money market, where you can fulfill borrow-lend smart contracts with algorithmically set interests. Yield farming is one of the ways to earn money using Venus DApp.

Tracking BSC Transactions

Tracking your transactions is crucial to know how many transactions have been fulfilled, fees charged for the operations, transaction statistics, and errors. You can do it on the BscScan website.

Summing up

BSC offers multiple opportunities for trading and enhancing your crypto assets. If you already have some experience in crypto, you are not likely to have any difficulties learning how to use Binance Smart Chain. Have fun!