What You Need To Know About Binance Smart Chain Network (BSC)

In this article, we will talk about

  • How does Binance smart chain network (BSC) work?
  • What are the benefits, roles it plays in the blockchain network?
  • How to send, receive coins using Bep-20 address?
  • Do you think BSC network can replace BTC, ETH blockchain as the best smart contract Dapp??

How does Binance smart chain network works (BSC)?

Binance launched their smart chain network (BSC) in April 2019 by Binance core team, through the guidance of its CEO ‘changpeng Zhao. The smart chain network (BSC) has a purpose why it came into limelight in the blockchain ecosystem. The blockchain network is created to help fasten crypto transactions, process 100s of transactions within a second in a decentralized way, without third party authorization. BSC network is considered the biggest Dapp in the blockchain industry, very friendly with decentralization, reliable and secure.

What are the benefits of BSC? The role it plays in the blockchain!

Since its inception in the crypto ecosystem in early 2019, it has helped reduce the high cost of gas fee for processing of transactions coins like BTC, ETH, ADA, USDT (Tether) etc. By using its Bep-20 token address code when sending from Binance to wallets that is familiarize or compatible with the Bep-20 address code. E.g are trust-wallet, pancakeswap, bundle africa, etc. Binance smart chain have played a major role in the blockchain network by helping to cover where ETH and BTC blockchain failed to do, by reducing the high cost of gas fee of the major coins in the blockchain. The high gas fee causes for concern, becoming a worry and major blow for the small investors. Because the gas fee of ETH and BTC went out of control, and they couldn’t afford to pay with the low amount they’re transacting on. A friend of mine told me, he send out ETH worth $20 from an external wallet to binance exchange, only to see his treasury asset slashed to half. Meaning, he paid half of the total funds sent to binance exchange totalling $10, just for gas fee. That’s where binance smart chain network (BSC) looked into, and it helped to curb the transaction fees of those major coins to enable small investors to send out coins with lesser gas fee charges. That has made them gain widespread admiration and acceptance as the biggest Dapp via binance DEX ( Decentralized exchange). The question circulating in the digital coin ecosystem, if the BSC blockchain will continue on its current part? If it surely do, it will attract more and more investors using the blockchain constantly, which will leave ETH and BTC blockchains lurking just behind it.

How To Send, Receive Coins Using BSC (BEP-20) Address

Using BSC network to send and receive tokens or Cryptos from external wallets is just as easy as reading ABCD, you do it like the normal way you send coins using the old method if you’re a crypto lover who wants to get inline with crypto investment full-time. All you need to do, go to binance.com create an account, if you don’t have one, complete your KYC verification process. Then go to your wallet, click on the listed coins, open the coin you want to transact with. You’ll then select send or receive option. Under the two options look to your right hand side, you’ll see the option to use the Bep-20 address if you’re receiving or sending out the coin using binance exchange. Remember you must do that, via a compatible exchanger/wallet site that accepts Bep-20 tokens or coins, which i aforementioned earlier in this topic.

Do You Think Binance Smart Chain Network (BSC) Will Usurp BTC and ETH Blockchain as the Best Smart Contract Dapp (Decentralized Application)?

At the moment BSC network is surprising the onus, meeting up expectations at its early time in the crypto ecosystem. It has helped stabilize the high transaction fees of the major and known Cryptocurrencies. It has helped reduce the high rate of congestion in the blockchain due to workload processing a large number of coins. Because it processes 100s of transactions within a second through its Dapp functionality and the help of smart contracts. Which helps send out coins automatically, faster without an intermediary personnel with-holding the transactions in the blockchain. This has made it a popular choice for crypto traders to transact with. There is an early ongoing debate circulating around the crypto world that places BSC blockchain above BTC and ETH blockchains as the best based on its magnificent features.

Do you agree that BSC out-smart BTC and ETH as the best Dapp smart contract blockchain??

Your comments below will enable us decide which one is better.

3 thoughts on “What You Need To Know About Binance Smart Chain Network (BSC)”

  1. As far as I know Binance started as crypto wallet and exchange platform. Later it developed its platform BSC and launched its native tokens Binance USD (a stable coin) and BNB Coin. Sadly, these days, Binance is in a lot of troubles.

  2. Smart Contract is a contract between a buyer and seller on a blockchain in a form of computer code. Smart contracts are performed on many platforms such as Ethereum, Cardano, Stellar, Neo, etc. Binance Smart Chain enables Smart Contract. Binance Smart Chain is a blockhaain network to run Smart Contract based applications.

    1. You’re right ana. Binance smart chain network is developed by its owner changpeng Zhao and its team to enable smart contract based application transactions. With the help of smart contract, it puts the transaction on a decentralized firm, fasting it, and it to reach the destination which you’re sending it to. I’m a happy user of the binance exchange site, I’ll simply say the BSC network is simply magnificent.

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