In order to work with the Binance Smart Chain network, you will need to use the MetaMask wallet. You can install MetaMask on your Chrome browser via https://metamask.io/download.html or install the Metamask app on your phone.
Once installed, please follow the guide below to connect your MetaMask wallet to the BSC network
Click on the network dropdown. Next, select “Custom RPC” (as shown on the screenshot).
A form will appear, where you need to enter certain parameters to connect to the Binance Smart Chain network.
In this form, enter the following:
- Network name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer: https://bscscan.com
Once the BSC network is added to your MetaMask, switch from Mainnet Ethereum Network to Binance Smart Chain.
Unlike the Ethereum network, where-in the transaction fees are paid in ETH, Binance Smart Chain charges fees in the BNB token. Once you’ve switched from the Ethereum network to BSC, BNB will be displayed as the main token, instead of ETH.
- Metamask works with the BSC network in the same way as it does with the Ethereum network. The fees on the BSC network are paid with BNB (i.e., ETH is replaced with BNB, whereas ETH, with rare exceptions, is not used by the network)
- In some cases, MetaMask may display the BNB tokens in your wallet as ETH (but always keep in mind that they are not)
- Your wallet address on both the Ethereum and BSC networks is the same. If you’ve previously used the Ethereum network and you have assets stored there, these assets will not be displayed after you switch to BSC (because your assets are stored on the other blockchain). The assets will show up again after you switch back to Ethereum.
- Ethereum network’s token standard is ERC20
- BSC network’s token standard is BEP20
- The Binance exchange supports both ERC20 and BEP20 tokens withdrawals. Before withdrawing BNB, don’t forget to select the right network (BEP20)
Do NOT transfer tokens from one blockchain to another directly. For instance, if you send MYC tokens from the Ethereum network to a wallet address on the BSC network, the tokens will be lost forever. The same applies to when you send bMYC from the BSC blockchain to a wallet address on the Ethereum blockchain.
You can send tokens within the same blockchain without any problem.