In this article:
Learn how you can interact with the BNB Smart Chain network with Best Wallet, including how to buy BNB (BNB), how to trade BEP-20 tokens, and how to interact with dApps on the BNB Smart Chain.
Intro to BNB Smart Chain
BNB Smart Chain (BSC) is a decentralized, open-source blockchain platform that enables users and traders to interact with smart contracts and decentralized applications (dApps). Launched in 2020, BSC operates alongside the BNB Beacon Chain, enhancing the BNB ecosystem with advanced smart contract functionality.
BSC is recognized for its high performance, scalability, and low transaction fees, making it a popular choice for developers and users alike. Its native cryptocurrency, Binance Coin (BNB), powers the network. To perform transactions, swap tokens, or interact with smart contracts on BSC, you’ll need BNB in your wallet to cover gas fees—the transaction costs on the network.
The BSC ecosystem hosts a wide array of tokens, often adhering to the BEP-20 standard. Notable examples include PancakeSwap (CAKE), Venus (XVS), and BakeryToken (BAKE). These tokens facilitate various functions within their respective dApps, from decentralized exchanges to lending platforms.
Interacting with BNB Smart Chain
To get started with BNB Smart Chain, you’ll need a digital wallet that supports the network, such as Best Wallet. This will allow you to manage BEP-20 tokens and engage with the broader BSC ecosystem.
Next, you will need to own BNB (BNB) in your wallet in order to be able to do anything on the BNB Smart Chain. Because every transaction requires paying a gas fee in BNB, owning it is a necessity.
You can buy BNB directly in Best Wallet thanks to our partnership with a range of trusted third-party providers. You can set up your purchase in-app, and get your new BNB tokens directly to your wallet. Read our guide on buying cryptocurrencies like BNB in-app.
You can also receive BNB from another wallet or deposit it from a centralized exchange. Read our guide on how to receive tokens directly to your wallet.
Once your wallet is funded with BNB, you’ll be equipped to buy, send, and swap tokens on BNB Smart Chain, interact with smart contracts, and explore the diverse offerings of dApps built on the network.
How does BNB Smart Chain work?
BNB Smart Chain is composed of a global network of computers, known as nodes, that collaboratively record transactions and store data, ensuring the network’s integrity and security.
A standout feature of BNB Smart Chain is its support for smart contracts — self-executing agreements with terms directly embedded in code. These contracts eliminate intermediaries, enabling secure and automated transactions.
Smart contracts on BNB Smart Chain power a variety of applications, including:
Decentralized Finance (DeFi): Platforms like PancakeSwap facilitate services such as token swapping, staking, and yield farming without the need for traditional intermediaries.
Digital Collectibles: BSC supports non-fungible tokens (NFTs) and other unique digital assets that can be owned and traded, fostering a vibrant market for digital art and collectibles.
Whether you’re delving into DeFi, trading tokens, or exploring NFTs, BSC’s robust blockchain and smart contract capabilities make it a significant player in the cryptocurrency landscape.
Need help with using BNB Smart Chain?
Like any crypto network, interacting with or trading on the BNB Smart Chain network can be confusing.
If you encounter issues or have questions about using BSC with Best Wallet, please don’t hesitate to reach out. Contact us at [email protected] or open a ticket on our Support site.
Important Reminder: Best Wallet will never request your wallet’s private key or secret recovery phrase. Keep this information strictly private and do not share it with anyone.