How To Get Started With Binance Smart Chain (BSC) 2022

For you to understand How to Get Started with Binance Smart Chain, you need to be very grounded with crypto education and you must begin from its basis.

Contents

What exactly is Binance Smart Chain?

Binance Smart Chain is an EVM-compatible blockchain that runs on a Proof of Authority (PoA) consensus algorithm. It uses the same validators as Binance Chain. BSC runs parallel to Binance Chain and inherits its high throughput, native coin (BNB), and other features.

BSC allows users to build decentralized applications (dApps) on top of its blockchain, making it like Ethereum but faster and cheaper.

One key difference between Ethereum and BSC is that Ethereum uses a Proof of Work (PoW) consensus mechanism so that anybody can mine blocks using their computer hardware. That’s why you sometimes hear about people “mining” Bitcoin or “mining” Ethereum. On the contrary, PoA means that only chosen validators can validate transactions on the network. This makes BSC more centralized than Ethereum because certain parties are in charge of validating transactions for everybody else in the network, but also makes it significantly faster than Ethereum because not everyone has to compete over who gets to validate blocks next!

Why is BSC gaining popularity?

The Ethereum gas fees are really expensive, and Binance Smart Chain is a more affordable alternative for users. On the Ethereum blockchain, it costs about $7 for a single token transaction, which is pretty expensive for many users. You can reduce your fees by 95% with BSC.
It is faster than Ethereum!
It has lower transaction fees of about $0.01 per transaction compared to the current average of $0.50 on Ethereum, which you can also pay in BNB instead of ETH in most cases (and since it’s only about $0.01 you might want to do that).
If you want to move from one blockchain to another, there’s no need to worry because BSC includes a bridge between the two blockchains and you don’t have to wait very long for your transactions either: they’re confirmed in just 15 seconds! This makes this service much more user-friendly than others like Bitcoin or Etherium where they take up time while waiting around 20 minutes until their transactions get approved.”

How to Get Started with Binance Smart Chain?

The first step to getting started with Binance Smart Chain is to acquire some BNB. If you don’t already have some, you can buy them from Binance.com or another fiat-onramp exchange like Coinbase.

With your BNB balance ready to go, you will need a Metamask wallet. This can be downloaded for Chrome, Firefox, Opera, and BRAVE browsers from the official website at metamask.io.

Once Metamask is installed and set up, you will need to enable the option for adding custom Ethereum networks in your settings area:

Add a custom network by clicking on ‘Custom RPC’ and entering the following information:

Network Name: Binance Smart Chain (or whatever you prefer)

New RPC URL: https://bsc-dataseed.binance.org/ (or bsc-dataseed1.defibit.io)

Chain ID: 56

Currency Symbol: BNB (or any other asset you prefer)

Block Explorer URL: https://bscscan.com

How do Binance Smart Chain transactions work?

Binance Smart Chain operates similarly to Ethereum, with one major difference: it has only a single chain. As opposed to Ethereum, where there are multiple execution environments for smart contracts such as EVM (Ethereum Virtual Machine) and WASM (WebAssembly), Binance Smart Chain only has EVM.

EVM is a secure environment that allows developers to create complex programs on the blockchain. EVM makes BSC a Turing-complete blockchain, which means you can write any logic or program that runs in your application onto the network as long as you have enough gas (or fuel) for it. In other words, BSC is capable of executing any program or algorithm written by a developer.

How does using Binance Smart Chain compare to using Ethereum?

Unlike Ethereum, which uses proof-of-work consensus algorithms, Binance Smart Chain uses proof-of-stake. This means that as a user, you’ll be able to avoid the high transaction fees associated with Ethereum but also have greater access to faster transactions. In addition, since Ethereum is more established and has a larger developer community and user base; it’s much more secure.

To start using Binance Smart Chain, you need a small number of different tokens and a bit of time.

To start using Binance Smart Chain, you need a small number of different tokens and a bit of time. You can also use our BSC Starter [Template] to get your Ethereum-based DeFi application running on Binance Smart Chain in less than 10 minutes.

Before getting started with Binance Smart Chain, it’s important to know the basics of how BSC works. This guide will cover all the topics you need to get started:

Basic overview of the blockchain
How to set up your wallet and transfer funds
The different types of transactions that can be performed

If you don’t have any experience with blockchains, this guide is perfect for you — we’ve built an easy-to-use tutorial to help new users learn about these concepts through hands-on experience!