Last Updated on June 2, 2021 by Shounak
Money is surely one of the most important aspects of our lives. Any age group, profession, geographical location, this liquid asset rules all dimensions.
As difficult as it is to earn money, we must never compromise the safety of our hard-earned intangible assets.
Millions of breaches, data leakage frauds are flooding our newspaper headlines. Hackers are sweating it out to find loopholes in today’s digital market systems.
However, cryptography has made a revolutionary difference in the way we transact today by leveraging age-old concepts such as encryption, decryption, and ciphering.
This helps to ensure that our online treasure chests, too, are iron solid to break into. Lockers, or as we Desis call it Tijoris, have been replaced by digital wallets – a place where we can store our money digitally, with the help of a key or a signature.
Understanding the Concepts
Binance, our millennial crypto platform, offers Binance Wallet or Binance Chain Extension wallet, an extended arm of Binance Smart Chain.
But what is Binance Smart Chain?
Okay, let’s break this up. To understand Binance Smart Chain, we need to revise our theory on smart contracts.
Smart contracts are snippets of codes stored on a blockchain, which are obliged to meet certain conditions. The aim of writing a smart contract is to omit the job of an intermediary and come to an agreement between 2 parties with sheer automation.
Binance Smart Chain
Binance Smart Chain (BSC) is a playground where one can build decentralized applications (Dapps) or DeFi (Decentralized Finance) products by leveraging the features offered by Binance with minimum transaction costs.
Thus, in simple words, I can build my credit card payment application, an example of DeFi, by simply writing a smart contract.
It runs in tandem with the main Binance Chain (BC) to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC.
It aims to enable users to manage their digital-assets-cross-chain products with low latency and large capacity.
Importance of Binance Smart Chain
The recent Ethereum Berlin Fork has caused some congestion and fees issues that have angered most miners looking for alternatives to base their projects on.
This is where BSC comes in as a hero. It has made immense traction in 2021 so far and remains a stalwart in its league. Reasons why BSC is a hero –
- Independent Blockchain
- Supports Staking and Community based Governance
- Ethereum compatible
- Native Interoperability
- Supports alt-tokens
Binance Chain Wallet
Now back to our original concept – Binance Chain Wallet. As the name suggests, it is an exchange-based way of storing and receiving cryptocurrencies.
The majority of people face an issue while transferring money from one country to another. Exchange rates and middlemen can halve your amount in no time.
Wallets have essentially been designed to tackle these myriad issues, to send and receive funds between the two blockchains running concurrently – BC (Binance Chain) and BSC (Binance Smart Chain).
With Binance being a very prominent name in the crypto scene, it’s also natural that it has a metaphorical magnifying glass on itself. There’s a certain standard to live up to, after all! Let’s have a look at the pros and cons of Binance Wallet –
- Very Secure
- Supports a variety of cryptocurrencies
- Supports SegWit and Bech32 address
- Built-in exchange functionality
- A trusted firm
- A bit daunting for beginners
- Average customer care
- Average UI
Our goals are simple: safety and security! The same applies to our assets as well.
If you do not want to use the Binance Chain wallet and feel comfortable in using Metamask but do not know how to configure it for BSC then you should watch this video.
Using the Binance Chain Wallet
Binance has provided a browser extension to make life easy for us. It’s easy to use and has a slick UI.
Following is a step-wise approach to set up Binance Chain Wallet.
- Go to the official website of Binance and register yourself.
- If you haven’t use Binance Exchange then register with our link and get a 20 percent discount on the fee.
- Create an account by giving in your email address and set up a password.
- Verify your account using the email sent.
- On the Homepage, you can see a Wallet tab in the upper-right-hand corner. Click on it and dive into the world of owning crypto-currencies.
We are very likely to come across another type of wallet called Trust Wallet. Though they belong to the same parent, these two progenies – Trust and Binance Chain Wallet, differ in their functionalities.
Trust Wallet gives you a simple mobile application, giving you an upper edge on your tokens and assets and granting you full control of your private keys.
With Trust, you can store the vast majority of tokens on the market with more projects and blockchains adopted all the time.
So, let’s see how we can get access to this Binance Trust Wallet. Following is a step-wise approach to set up Trust Wallet.
- Install the trust wallet by typing the same in Google.
- Complete the basic setup by filling in the details. Remember to save your backup phrases.
- Navigate to Smart Chain Wallet and click on receive to retrieve your address.
- Deposit BEP20 assets into your wallet.
- Et Voila! You have just created your digital wallet.
I would wind up by saying that if you are looking to park your cryptocurrency funds or tokens in a secured and safe spot, Binance has lived up to those standards.
Again, as a prudent investor, I urge each of you to do your thorough research and choose a platform that best suits you.
I hope this article helps you and if you have any queries related to it, leave your comment below. If you have not joined our community then you can now. We are very active there and have been sharing important information there.
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