Binance smart chain ( BSC) vs Ethereum blockchain

[sincerem]

BETWEEN BSC NETWORK AND ETH BLOCKCHAIN WHICH ONE IS YOUR BEST PICK??

Ethereum might be the second best crypto coin in the world based on marketcap, just behind Bitcoin. And its blockchain network is one of the best, it has many tokens, and coins that is in agreement with its network. But the high gas fee it charges have scared people away from using it as often, especially the small investors. Now they are beginning turning their attention to the BSC blockchain. Cos it helps reduce the high gas fee of those major coins that commands higher transaction fee when sending to external wallets or exchanger.

But ever since binance.com created their smart chain network (BSC) which has helped reduce the high level of gas fee around the coins when you're using its Bep-20 address, sending from recognised external wallets like Metamask, trust-wallet, MyEther etc, which is in agreement with binance.com. Have made lots of people picking interest dealing with the blockchain network constantly. And that has made it popular.

BSC helps reduce the gas fee to stable amount, for BTC or ETH, or any other coin that charges high gas fee during transactions to another external wallets or exchanger. All you have to do, select the Bep-20 address, if you're sending from the aforementioned micro-payment wallets to binance. Then choice the coin you wish to send, and activate send and that's all.


Between the BSC blockchain and ETH blockchain which one do prefer?

What are your reasons for choosing it??

 

[Mika]

Ethereum is a technology that can be used to create smart contracts or tokens. Ethereum is also a crypto currency, second after bitcoin according to price value and market cap. Binance is a crypto exchange platform, I know Binance has its own token called BNB Coins, however, can you please explain to me about Binance smart chain, is it same as BNB Coin?

 

[sincerem]

Ethereum is a technology that can be used to create smart contracts or tokens. Ethereum is also a crypto currency, second after bitcoin according to price value and market cap. Binance is a crypto exchange platform, I know Binance has its own token called BNB Coins, however, can you please explain to me about Binance smart chain, is it same as BNB Coin?

Binance smart chain network is just like Ethereum blockchain, which consist of many ERC tokens. Ethereum has thousands of coins that is under contract with its blockchain network. Now BNB coin isn't under Ethereum blockchain, it is now built around BSC blockchain, which has Bep-20 address code. Their are other binance coins built around the blockchain. Binance has many coins of their own from their blockchain. Coins like Binance USD, Bep-20 token, BNB etc. They are just many, if you go to coinmarketcap.com you'll see the tokens under the BSC blockchain.

 

[fireflytoken]

Right now i think BSC leads cause they are really fast and transactions are cheap so its really easy for people to create new projects there

 

[Finger Geek]

As you have clearly mentioned from your post. Binance smart chain network is far better than etherium blockchain. When performing a transaction on etherium network, the gas or the fee is very high. Imagine spending a token worth less than $2 for $45 worth of ETH as transaction fee.
But binance smart chain network is very cheap

 

[sincerem]

As you have clearly mentioned from your post. Binance smart chain network is far better than etherium blockchain. When performing a transaction on etherium network, the gas or the fee is very high. Imagine spending a token worth less than $2 for $45 worth of ETH as transaction fee.
But binance smart chain network is very cheap

Yes, no doubt, binance smart chain network charges lower gas fee compared to the amount charged when using ETH to send to another wallet. Ethereum blockchain charges high for processing ones transactions than the rate at which binance smart chain network charges. And people have taken advantage of using the BSC blockchain often now than ETH blockchain.

 

[Sotherefore]

The binance smart chain is one of the best that is why the price of smart chain is going up everyday and a lot of potential investors are investing in bitcoins and smart chain, I don't have any business to do with ethereum network because of their high withdrawal fee which is always annoying, you may not be able to place withdrawal because the widrawal fee will be much more than what you may even want to withdraw.

 

[sincerem]

The binance smart chain is one of the best that is why the price of smart chain is going up everyday and a lot of potential investors are investing in bitcoins and smart chain, I don't have any business to do with ethereum network because of their high withdrawal fee which is always annoying, you may not be able to place withdrawal because the widrawal fee will be much more than what you may even want to withdraw.

Yes, ETH has high withdrawal fees, that's why lits of investors, especially the small investors are avoiding it to go to binance smart chain network. Cos that one isn't much in gas fee like ETH. If you use their Bep-20 address and go to the wallet or exchanger that accepts it, it is very much at reduced gas fee to transact around ETH or BTC which is high in gas fee.

 

[Mika]

Binance smart chain network is just like Ethereum blockchain, which consist of many ERC tokens. Ethereum has thousands of coins that is under contract with its blockchain network. Now BNB coin isn't under Ethereum blockchain, it is now built around BSC blockchain, which has Bep-20 address code. Their are other binance coins built around the blockchain. Binance has many coins of their own from their blockchain. Coins like Binance USD, Bep-20 token, BNB etc. They are just many, if you go to coinmarketcap.com you'll see the tokens under the BSC blockchain.

Thank you very much for enlightening me on this topic. I know Binance is an exchange platform that was established in 2017 (I am not sure though), and soon it became number one exchange platform. I also know that Binance has a wallet called trust wallet. However, I do not know much about finance as a block chain technology. Please explain to me about BNB coins

 

[Sotherefore]

Yes, ETH has high withdrawal fees, that's why lits of investors, especially the small investors are avoiding it to go to binance smart chain network. Cos that one isn't much in gas fee like ETH. If you use their Bep-20 address and go to the wallet or exchanger that accepts it, it is very much at reduced gas fee to transact around ETH or BTC which is high in gas fee.

Well I do not know that they have bep 20 address, because the reason I am not interested to know anything about them is because they are just so annoying to me because of the high widrawal fee and I always try to avoid anything that has to do with erc 20 network, ok I'll check there bep20 address to see their widrawal fee.

 

[sincerem]

Thank you very much for enlightening me on this topic. I know Binance is an exchange platform that was established in 2017 (I am not sure though), and soon it became number one exchange platform. I also know that Binance has a wallet called trust wallet. However, I do not know much about finance as a block chain technology. Please explain to me about BNB coins

You're right, binance exchanger was founded on July 2017, by its owner changpeng Zhao. Binance owns both trust-wallet and coinmarketcap.com, and numerous crypto site which i can't remember now. Binance has many coins listed live in the coin market apart from BNB coin. They have BNB USD, they have Bep-20 coin, and lots more, you can do research and find more of binance coins. And what makes them more interesting, is that binance has their own blockchain (BSC). No longer in partnership with Ethereum blockchain. Now they mine their coins on their own, and also process coin transactions through their blockchain.