Ethereum is obviously the first blockchain network that introduced the functionalities of programmable smart contracts. However, it is not the only platform for developing and deploying decentralized applications in present times. The Binance Smart Chain is one of the best examples of emerging platforms for developing dApps quickly. Many developers want to know how to use Binance smart chain, especially for the advantage of considerably low fees in comparison to Ethereum gas fees.
Interestingly, the Binance Smart Chain Wallet or the BSC wallet is a basic requirement for programming tasks on Binance Smart Chain. Therefore, you must know about setting up the BSC wallet alongside the basics of Binance Smart Chain for using one of the popular platforms for dApp development. The following discussion offers you a detailed guide on setting up a BSC wallet with introductory insights on the wallet.
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Definition of a BSC Wallet
Before you find out how to set up a Binance Smart Chain Wallet, you must know about its basics. Interestingly, you can find the definition of a BSC wallet by taking the individual components in the name. First of all, you need to take note of BSC or Binance Smart Chain, which is actually the Binance blockchain focused on developing dApps and deploying smart contracts.
The other component, i.e., ‘wallet,’ basically refers to a crypto wallet, which helps in storing and managing private keys to your crypto assets. In this case, the BSC wallet is a hot crypto wallet, which helps in interacting with the web3 ecosystem. On top of it, any crypto address which supports the storage of BNB can qualify as a BSC wallet.
You must also note that Binance has a hot wallet of its own, which users can access through a mobile application. In addition, the Binance smart chain wallet extension on your browser is also another top choice for using the BSC wallet. A browser extension is a great option for Binance crypto exchange users. On the other hand, developers prefer Metamask in situations for selecting crypto wallets.
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Why Choose Binance Smart Chain?
Anyone trying to figure out how to use Binance Smart Chain would obviously think of the reasons for the same. As a matter of fact, many would-be quick to assume that Binance Smart Chain is another initiative of Binance. On the contrary, Binance proves to be something more than a centralized crypto exchange.
The massive and diverse ecosystem of crypto offerings such as Binance Cloud, Binance Labs, Binance Launchpad, and an NFT marketplace showcases the depth of Binance in the crypto world. The Binance Smart Chain has evolved as an improvement over the conventional Binance Chain to facilitate support for dApp development. Interestingly, BSC and Binance Chain run parallel to each other with complete interoperability albeit with independence. Therefore, the BSC would operate seamlessly even if the Binance Chain goes down in an unlikely event.
Developers are seeking answers to “How do I use the Binance Smart Chain?” because BSC is almost similar to Ethereum. The BSC codebase is the same as that of Ethereum, albeit with few adjustments and updated parameters. However, the principles of BSC are the same as Ethereum, thereby making the former EVM compatible.
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How Can You Use the Binance Smart Chain Wallet?
Blockchain developers need easy access to the web3 tech stack to overcome the challenges of creating decentralized applications. The BSC wallet looks quite promising when it comes to the notion of nurturing the future web3 ecosystem. However, you can set up a Binance Smart Chain wallet only through Metamask, which helps in the flexible development and launch of dApps and tokens. Let us find out more about the steps for setting up your BSC wallet with Metamask in the following guide.
Download and Install Metamask
The first step in answers for “how to add Binance Smart Chain to Metamask” would start with downloading and installing Metamask. You can use the following simple steps for getting Metamask on your device.
Access the official Metamask website through the browser of your choice.
Locate the “Download” option on the home page of Metamask’s official website. Click on the “Download” option or on the “Download Now” button you can find easily on the home page.
You can choose between the options of “Chrome,” “Android,” and “iOS” on the “Download” page. The “Chrome” option is a suitable choice for developers. Click on the chosen option and then select the “Install Metamask for” button.
Let us assume that you have selected “Chrome” for installing Metamask. The install button redirects you to the web store on Google Chrome, where you can find the extension. You can select the “Add to Chrome” button to receive a pop-up message. The pop-up only asks for your confirmation, and you can proceed by choosing the “Add extension” option.
Once you have completed all the steps carefully, you will receive the welcome message by Metamask.
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Creating Your New Metamask Wallet
If you want to know how to use Binance Smart Chain wallet, then you need your own Metamask wallet. The process of creating your Metamask wallet starts immediately after the installation process. All you need to do is click on the “Get Started” button on the Metamask welcome page. Here are the steps you must follow to create your new Metamask wallet.
Choose the “Create a Wallet” option on the right-hand side of the welcome page to Metamask.
Create a new password and confirm it.
The third step in creating the Metamask wallet is quite crucial for using the BSC wallet. Apart from the instructional video on the wallet creation process, you will get your secret recovery phrase in this step. You can click on the obscured section with the “CLICK HERE TO REVEAL SECRET WORDS.”
Write down the secret recovery phrase and ensure that it is in a safe place.
Confirm the secret recovery phrase, and you can have your own Metamask wallet.
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Setting Up a BSC Wallet
Now, you have all the things required to set up a Binance Smart Chain Wallet to dive into the DeFi world. You can add the BSC wallet to Metamask manually or automatically. Here is an outline of the steps involved in each method for adding a BSC wallet to Metamask.
Manually Adding a BSC Wallet to Metamask
You can find the best answer for “how to add Binance Smart Chain to Metamask” with the manual approach, as it ensures better security.
Open the Metamask browser extension and select the “account” icon. Click on the “Settings” options in the drop-down menu.
Choose the “Networks” options on the settings page.
Select the “Add Network” option for entering the details of the Binance Smart Chain.
The final step in setting up a Binance Smart Chain wallet extension focuses on adding important details of the BSC mainnet and testnet. You have to enter information about the network name, block explorer, new RPC URL, symbol, and chain ID. Once you have added and confirmed the right details in the relevant fields, you can click on “Save.”
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Automatically Adding BSC Wallet to Metamask
Some developers can seek alternative answers for “How do I use the Binance Smart Chain?” with an automatic method for adding a BSC wallet to Metamask. However, you have to depend on another service provider for the facility of adding a BSC wallet to Metamask with a single click of a button. Let us assume Moralis as the choice of platform for dApp development to facilitate the automatic addition of the BSC wallet to Metamask.
Choose the ‘Speedy Nodes” tab in the Moralis admin dashboard.
You can select the “Endpoints” option highlighted in the “BSC Network” tab.
You will find a pop-up window with the “Add the Metamask” options for the BSC mainnet and testnet. Choose the button for the network you wish to add to Metamask.
Complete the process by clicking on the “Switch network” option. It serves as your confirmation for network switching in Metamask.
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The simple steps for downloading and installing Metamask alongside connecting a BSC wallet with it are favorable for web3 developers. The answers to “how to use Binance Smart Chain wallet” seem easier with a step-wise breakdown of setting up the BSC wallet. Most important of all, the discussion established the reasons for anyone to consider using the BSC wallet. The importance of the BSC wallet as a viable alternative to Ethereum for developing and deploying dApps encourages developers to take on new web3 projects. Most important of all, access to the diverse crypto products of Binance is also a formidable reason for choosing the BSC wallet.
Binance Smart Chain is a revolutionary take on the Binance Chain and expands the identity of Binance beyond that of a centralized exchange. With a few easy steps for setting up a BSC wallet, you can start using it for development purposes. Explore more to learn about the Binance Smart Chain and web3 projects.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!