BSC Tutorial: Getting Started on The Binance Smart Chain

This tutorial outlines how to get funds onto a Binance Smart Chain (BSC) wallet to begin interacting with dApps. This is a great place to start for beginners who are yet to get a working wallet on the BSC.

By
BSCNews
on
March 19, 2021
Category:
Tutorials

Introduction

The Binance Smart Chain (BSC) has seen explosive growth in the world of crypto. This can be attributed to the chains ease of use coupled with its low gas fees and fast transaction process. Its features range from token swaps to automated market makers, decentralized money market NFTs, farms, pools, and so much more. Let's give you some insights into getting started on the BSC to begin navigating Dapps.


What is the Binance Smart Chain?

The BSC is a blockchain that runs parallel to the Binance Chain. BSC boasts smart contract functionality and compatibility using the Ethereum Virtual Machine (EVM). It is important to note that the BSC is an independent blockchain that can run even if the Binance chain goes offline. The BSC supports the BEP-20 token, while the Binance Chain supports the BEP-2 token.

A screenshot of a computerDescription automatically generated with low confidence

Binance Smart Chain (BSC) Wallets

There are many wallets that one can use to interact with the BSC and its Daps. Users can select wallets such as MetaMask, ONTO, TokenPocket, SafePal, TrustWallet, and etc.


TrustWallet

TrustWallet happens to be the most friendly and easy mobile wallet to use on the BSC. Users must simply download the app on their mobile phone and follow the simple instructions.


Metamask

MetaMask is relatively easy when connecting it to the BSC network. This wallet is also effortless to use and can work exceptionally well on the BSC network; a great desktop wallet. Connecting MetaMask to the BSC network is very easy. You can follow this tutorial to connect to the BSC using MetaMask.


Binance Chain Wallet

This is a different option that works for specific apps on BSC. It has a browser extension for chrome, brave, and firefox browser. Very easy to use with very fantastic and sleek UI.


Getting Crypto to the Binance Smart Chain (BEP-20 Tokens)

We have lots of wallets to choose from that connect to the BSC network. You can fund your wallet by withdrawing from Binance account or using the Binance bridge. This tutorial will cover withdrawing from a Binance account. For US users be sure to use a Binance.US account and the easiest process is to transfer to a TrustWallet account where you can swap for BEP-20 tokens to be used on the BSC. 


How to Withdraw From a Binance Account

To withdraw from a Binance account, you must first create an account:

Binance US

Binance

After registration and login, click on the wallet and select fiat and spot wallet. Then click on withdraw.

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Put in your wallet address from your custodial wallet, then select the Binance Smart Chain. Select the amount of tokens you would like to withdraw. After that, click on submit; once the transaction is successful the funds would be transferred to your wallet in few seconds.

withdraw binance3.png

New users will need to complete the following safety reminders to cover the risks of withdrawing. Existing users may need to go through an extra verification step to confirm the withdrawal, 2FA or email confirmation.

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Cross-Chain Swaps Using the Binance Bridge

This will work only if you have any existing tokens from either the ERC20 or TRC20 token standard. This bridge allows users to effortlessly change their tokens from ERC/TRC 20 tokens to BEP-20 tokens usable on the BSC.

Visit https://www.binance.org/en/bridge on your dApp browser. Then connect your wallet.

bridge binance.png

Select the token you wish to swap and the current network the token is on. To bridge tokens to the BEP-20 standard users simply select the BSC in the “To” dropdown menu.

bridge binance1.png

On the pop-up, select the source of funds that you are about to use and then confirm.

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Interacting With Binance Smart Chain dApps

Protocols utilize decentralized apps as an interface for smart contracts and the blockchain. dApps allow for seamless interaction with protocols and smart contracts through a custom tailored UI. In short, dApps facilitate the front end of  a decentralized peer-to-peer network of which no single entity has complete control. Now that you have some funds on your wallet lets check out the most common type of dApp, decentralized exchanges (Dexs) utilizing automated market making (AMM) technology. The largest and most known on the BSC is PancakeSwap.


PancakeSwap

. For those who are familiar with Ethereum, the protocol is like UniSwap and SushiSwap. There are lots of features on the PancakeSwap AMM, such as:

Pool: Widely known as syrup pool where you stake cake to earn new tokens.

Trade: Here you can swap for different BEP-20 token. Users can also provide liquidity here to begin the process of yield farming.

Farm: Here, you can stake your liquidity pool tokens received in the “Liquidity” tab to earn rewards.

Lottery: This lottery is similar to a regular lottery, tickets are purchased on PancakeSwap where 1cake=1 lottery ticket.

IFO: This is where you'll see new token perform their farm offering to provide funds for the launch of their projects using liquidity pool token from BNB and CAKE pair.

Collectables: A complete catalogue of the PancakeSwap NFTs that have been minted.

Nearly all BSC dApps can be found on our projects page.

For those who wish to dive further into the Binance Smart Chain here are some resources to get you on the right track:

BSC Tutorial: Providing Liquidity on PancakeSwap Using TrustWallet

BSC Tutorial: Providing BakerySwap Liquidity & Utilizing Beefy.Finance Yield Optimizers

How To Spot a Potential RUG — Clear Signs Something is Sketchy

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