App and Exchange are actually 2 different platforms!
- What platforms support both BNB and BSC withdrawals?
- Bnb vs bnb smart chain
- Is BNB the same as BUSD?
- Use cases
- Bnb vs bnb smart chain trust wallet
- Available trading pairs
- Availability on other platforms
- Bnb and bnb smart chain
- Bnb or bnb smart chain for pancakeswap
- Stability of price
- Smart chain bnb to safe moon
- Is bnb and bnb smart chain same
- Available networks
- Bnb beacon chain vs bnb smart chain
- Difference bnb and bnb smart chain
- Difference between bnb and bnb smart chain
- Earning interest
- BHD mining on HDD and SSD
- Similar Posts:
What platforms support both BNB and BSC withdrawals?
If you are looking to transfer BNB between platforms, here are some of them that support both the Binance Chain (BEP2) and Binance Smart Chain (BEP20):
All of these platforms support both networks. As such, it is important that you select the correct network when sending BNB between Crypto.com and any of these platforms!
BNB (BEP2) AddressStarts with ‘bnb’BSC (BEP20) AddressStarts with ‘0x’
If you send BNB using the BEP2 network to a BEP20 address or vice versa, your BNB may be lost forever!
Crypto.com allows you to deposit or withdraw BNB using 2 networks: BNB and BSC.
Bnb vs bnb smart chain
June 8th, 2022
Binance currently has 2 cryptocurrencies: Binance Coin (BNB) and Binance USD (BUSD).
How are these 2 cryptocurrencies different, and why does Binance need them both?
Here’s what you need to know:
Is BNB the same as BUSD?
Although both BNB and BUSD were created by Binance, they serve different purposes. BNB is the utility token of the Binance Exchange and the Binance Smart Chain, and you are able to use it to process transactions and obtain trading fee discounts on Binance. Meanwhile, BUSD is a stablecoin, with its value being pegged to 1 USD which can be used in the cryptocurrency world.
Here is an in-depth comparison between these 2 cryptocurrencies:
Binance was created to be the utility token of the Binance.
Bnb vs bnb smart chain trust wallet
However, if you believe in the Binance ecosystem, you would have the faith that BNB will increase in price if you hold it in the long term!
Available trading pairs
On the Binance Exchange, you should be able to trade any cryptocurrency with either BNB and BUSD.
Since they are both created by Binance, you will be able to use either one to buy most cryptocurrencies on the platform. However, the price of BNB is more volatile, which may affect the amount of cryptocurrency that you buy, while BUSD is more stable.
Availability on other platforms
Apart from the Binance Exchange, both cryptocurrencies are available on other platforms too:
Compared to BNB, BUSD is less common and is not supported in some exchanges.
Bnb and bnb smart chain
In general, Crypto.com charges a much higher fee for BNB (BEP2) withdrawals compared to BSC (BEP20) withdrawals of BNB.
Here are the current fees for BNB withdrawals as charged by Crypto.com:
NetworkBNB Withdrawal FeeBEP20.02 BNBBSC0.005 BNB
The fee for withdrawing BNB via the Binance Chain (BEP2) is 4 times as expensive compared to using the Binance Smart Chain (BEP20)!
To view these fees, you will need to select the gear icon on the Crypto.com App homepage,
and scroll all the way down to view ‘Fees & Limits‘.
After selecting ‘Withdraw Crypto‘ as the fees you wish to view, you can scroll down to BNB which brings you this fee table.
You may want to note that only the Crypto.com App allows BNB withdrawals, but not the Crypto.com Exchange.
Bnb or bnb smart chain for pancakeswap
Paxos holds reserves of BUSD, which are all the US dollars that back up the BUSD.
BUSD was only started in 2019, which is 2 years later compared to BNB.
Stability of price
BNB will have more fluctuations in price compared to BUSD. This is because BUSD is a stablecoin, and 1 BUSD should be equal to 1 USD.
Binance has also been conducting a burning of BNB tokens, where Binance buys back a portion of BNB and will destroy it. In theory, this will reduce the supply of BNB which may result in changes in price.
As such, BNB will be the more volatile token to hold.
Smart chain bnb to safe moon
Binance Smart Chain is an innovative solution to bring programmability and interoperability to Binance Chain. Binance Smart Chain relies on a system of 21 validators with Proof of Staked Authority (PoSA) consensus that can support short block time and lower fees. The most bonded validator candidates of staking will become validators and produce blocks.
The double-sign detection and other slashing logic guarantee security, stability, and chain finality.
The Binance Chain community launched BSC in time for the DeFi (decentralized finance) revolution, as the public shows increased interest in alternative financial solutions powered by blockchain. With BSC’s launch, DeFi projects and the bigger blockchain community can leverage the best that Binance Chain has to offer, fortified by smart contract support, cross-chain interoperability, and more advantages that BSC brings.
Is bnb and bnb smart chain same
This is because there are more popular stablecoins that these exchanges use, such as USDC and USDT.
Here are some of the networks that you can use to withdraw BNB or BUSD from Binance:
NetworkBNBBUSDBEP2✓✓BEP20✓✓ERC20✕✓The ERC20 version of BUSD is the native version of BUSD, while the BEP20 is a Binance-Peg version of BUSD. You can read more here to find out the differences between them.
If you’re looking to withdraw or deposit BUSD, you may notice that the BEP20 and ERC20 deposit addresses are similar to each other.
BUSD is more versatile, and you are also able to use it on multiple networks, including:
- Avalanche C-Chain
- Harmony ONE
As such, BUSD is supported on more networks compared to BNB.
Bnb beacon chain vs bnb smart chain
BEP20 tokenUSD Coin (USDC)The BEP20 version of the digital dollar stablecoinTether USD (USDT)The BEP20 version of the Tether USD stablecoinPancakeSwap (CAKE)CAKE powers the PancakeSwap ecosystemShiba Inu (SHIB)The decentralized meme token on BSCBaby Doge (BABYDOGE)The lovechild of the original meme token DogeCoinMoBox (MBOX)The utility token of the Mobox metaverseSTEPN (GMT)The governance token of the STEPN Web3 lifestyle appProject Galaxy (GAL)The token for Web3 projects creating digital credentials and NFTsGreen Satoshi Token (GST)The utility token for repairing, upgrading, and minting STEPN NFTsNEAR Protocol (NEAR)The BEP20 version of the native token of the NEAR ecosystemIoTeX (IOTX)The BEP20 version of the native token of the IoTeX networkIOTA (IOTA)The BEP20 version of the native token of the IOTA network
NEAR, IOTX, and IOTA are BEP20 tokens on the BSC network.
Difference bnb and bnb smart chain
The diversity of the system has meant that it’s seen a lot of growth in the areas of decentralized apps (DApps) and DeFi. DeFi is slowly progressing, as it competes with traditional banking methods while DApps have taken off, notably for video games and the gambling industry.
The BNB token’s were designed to function for specific uses, which range from staking to fundraising. Users are able to pay for fees on the exchange, as well as using them to make payments through Point-of-Sale systems such as TravelbyBit and PundiX.
The coin is well-established, which has meant that customers are also able to pay for goods and services through Crypto.com.
Difference between bnb and bnb smart chain
This means that you can use BUSD for certain projects that are hosted on other blockchain networks, and not just the Binance Smart Chain.
When you are sending both BNB or BUSD between platforms, it will be good to double check the network that you’re using. For example, Crypto.com allows both BEP2 and BEP20 withdrawals on their platform, so it’d be good to always double check!
Here are some platforms where you can earn interest for each cryptocurrency:
There are more platforms where you can earn interest on BNB compared to BUSD.
However, you may want to take note of which networks the platform supports before sending your cryptocurrencies over.
As a stablecoin, this means that the value of BUSD is backed by the value of USD. In theory, when you choose to redeem 1 BUSD, you should be able to receive 1 USD in return.
BUSD has been heavily regulated from the start, and they are compliant with the New York State Department of Financial Services (NYDFS).
The main use cases of BUSD is to be a trading pair for other cryptocurrencies, or to earn interest on it.
You can use it as a hedge against the volatility of other crypto assets that you own too.
BHD mining on HDD and SSD
The Binance Coin (BNB) was started with the launch of the Binance exchange in 2017.
Meanwhile, Binance collaborated with Paxos, a New York-regulated financial institution to create BUSD.