Binance Smart Chain list
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MOON BUST 27 votes Binance Smart Chain is Binance Exchanges smart-contract-enabled blockchain where anyone can make a cryptocurrency using the platform. Launched in 2020, Binance Smart Chain (BSC) is a relatively new platform with a lot of room for growth. Contents
What is Binance Smart Chain?With blockchain technology innovating at a rapid rate, so has Binance Chain. Binance Chain is Binance Exchanges native blockchain that secures Binance Coin (BNB). The Binance Smart Chain was released in 2020 and runs parallel to the Binance Chain; the main difference is that Binance Smart Chain supports smart contracts. While Binance Smart Chain is similar to Ethereum, they arent the same. Ethereum uses proof-of-work consensus, and Binance Smart Chain uses delegated proof of stake. Because of this, Binance Smart Chain can process many more transactions per second at far lower costs. This isnt without its tradeoffs, however. Binance Smart Chain is extremely centralized, as only 21 validator nodes control the blockchains network. Risks of Investing in Binance Smart Chain TokensBinance Smart Chain is home to some of the most risky cryptocurrencies on the market. While there is huge upside potential for many of these altcoins, the vast majority of coins wont last through a bear market. Binance Smart Chain also faces the risk of centralization. Because just 21 validators control the transactions on Binance Smart Chain, it can be controlled by a small group of people, mostly those who are affiliated with Binance Exchange. If regulators press Binance to delist certain tokens, it may have the ability to do so. This is in stark contrast to Ethereum, where regulators would have to coerce thousands of miners around the world to comply with regulation something thats essentially impossible. Put simply, a lot of tokens on Binance Smart Chain are pyramid schemes. They rely on users to hold their tokens while others buy into the coin, all while offering no real utility or real-world use case. As a general rule of thumb, stay away from any project that describes itself as a frictionless yield-farming token. These tokens tax users with every transaction, just to pay large token holders dividends for doing nothing. Types of Tokens on Binance Smart ChainThere are 2 main types of tokens on Binance Smart Chain BEP-20 tokens and BEP-721 tokens. The tokens on this list are BEP-20 tokens, as the majority of coins on Binance Smart Chain are BEP-20. BEP-721 tokens are non-fungible tokens on Binances network, whereas BEP-20 tokens are fungible. Fungible tokens all hold equal value, like how each bitcoin is worth the same amount or how each U.S. dollar has the same value. Best Tokens on Binance Smart Chain
Ready to get in on the action? You can start investing in Binance tokens today with a BinanceUS account. For full access, check out the non-US site below. Best For N/A Overall Rating Get started securely through Binances website More Details Commissions Account Min 1 Minute ReviewBest For
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Where to buy Binance Smart Chain TokensIn order to invest in Binance Smart Chain tokens, youll need a Binance account. The only other way to get Binance Coin is on KuCoin, but other tokens on Binance Smart Chain arent available on the platform. To invest in altcoins on Binance Smart Chain, youll have to use PancakeSwaps decentralized exchange. Many tutorials on how to use PancakeSwap are available, including one on Binance.com. Youll need a MetaMask wallet connected to Binance Smart Chain to interact with the PancakeSwap DEX. see products How to Store BSC TokensThe 2 main storage solutions for Binance Smart Chain tokens are hardware wallets and software wallets. While a software wallet is necessary to use PancakeSwap, a hardware wallet is optional and adds a layer of security. Hardware wallets are physical devices that store your funds offline, protecting them from hackers. The Ellipal Titan is a multicurrency hardware wallet that can support more than 7,000 different cryptocurrencies. Because the Ellipal Titan holds such a variety of cryptos, itll be the only hardware wallet youll ever need. The hardware wallet offers a sleek, touch-screen interface that lets you easily view your portfolio directly on the hardware wallet. Plus, Ellipal has a software wallet you can download on the app store for free. The software wallet works alongside the hardware wallet, and it lets you trade cryptocurrencies directly from the mobile app. The Ellipal Titan is currently $30 off on the companys website, making it a bargain considering all the premium features. Cryptocurrency Price MovementsCryptocurrencies are much more volatile than stocks, and the market never closes. Its not uncommon to see double-digit percent moves in a single day, so be prepared for volatility. The best way to be prepared for the ever-changing, never-closing cryptocurrency markets is with a portfolio tracker. Plenty of options are available when it comes to portfolio trackers, but Crypto Pro is a great option you can download for free on iOS and Android app stores. Bitcoin BTC $49,757.00 -2.50% Trade Ethereum ETH $3,950.89 -3.18% Trade Binance Coin BNB $551.58 0.55% Trade Tether USDT $1.00 0.21% Trade Solana SOL $190.01 -5.12% Trade Cardano ADA $1.48 1.31% Trade XRP $0.89 -3.19% Trade USD Coin USDC $1.00 0.05% Trade Terra LUNA $93.29 -8.28% Trade Polkadot DOT $29.39 -6.39% Trade Binance Smart Chain Versus Ethereum ERC-20 TokensBecause Binance Smart Chain is so new, its ecosystem is far less developed than Ethereums. If youre looking to invest in already established products with large user bases, you should check out the best tokens on Ethereums blockchain. However, Binance Smart Chain presents an opportunity for risk-hungry individuals looking to invest in new and innovative products. MethodologyBenzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page. Exclusive: Cryptocurrency Weekly Newsletter What youll get: a deep dive into relevant crypto projects, exclusive insights into alt coins from the pros & more! |
