BINANCE SMART CHAIN (BSC) GUIDE


BSC or Binance Smart Chain is Binance's own Block Chain. It is very similar to the Ethereum Chain except fees are almost none existent. For example currently to make a swap is on average around 0.2$ and to approve is 0.06$.


To use BSC you will need a wallet that supports it, like trust or MetaMask and the currency used is $BNB.


$BNB once again is similar to $ETH in some ways, although on Binance Chain you get 2 types of token's , Bep 2 and Bep 20. Bep 20 is the one used to trade, Bep 20 is also called Smart Chain


How it will look on trust


How it will look on Binance



So you need $BNB to pay for the gas and trade although you can keep $BUSD to trade with or other stablecoins like $USDT or $USDC on the BSC Network.


Unlike the Ethereum network, gas is much cheaper on BSC, you can keep stable coins to trade without having to worry about extra fees to swap to $BNB



The process is exactly the same > Stable > BNB > Token


But with super low gas fees and the advantage of no fluctuations in value due to $BNB being volatile, using stable coins to trade is the most viable option on BSC.




PANCAKE SWAP


The most popular dex used to carry out swaps on BSC is Pancake swap, You can also do some great stable coin farming here (for no impermanent loss) at over 20% APY, with other BUSD and BNB pairs of coins even offering 400% APY.



To use BSC in MetaMask, follow the guide below:

https://coinguides.org/binance-smart-chain-metamask/


For trust wallet simply go to your Dapp browser and look for SmartChain Dapps



Select PancakeSwap, the Network should then auto switch to BSC, if it doesnt then simply press the small Ethereum icon



And switch Network to SmartChain




We would reccomend using TrustWallet, as it requires less setting up and its easier to access BSC!


We hope this guide helped you and as always if you have any questions, feel free to reach out to us over at https://twitter.com/TheGemHunters or join our community over at https://t.me/TheGemHuntersTG thanks!



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