Binance smart chain BSC

[Michar1 1693]

How about folks, just to ask you what you think of the new Binance Smart Chain BSC network.

Personally I think that it comes at a good time since with the ethereum network, which we currently live in, being able to carry out transactions is not very friendly, since as you know the price of gas has increased, reaching up to $ 14 usd of fee per transaction .
While with the new Binance Smart Chain network, the fees are very low paying from 0.02 to 0.03 cents of a dollar, and it also offers practically the same tokens that we can find in the ethereum network, but with the difference that they will be found within from the BSC network and paying very low fees.

 

But what do you think, I would like to know if you think that this benefits the ETH network or affects it.

Edited November 14, 2020 by Michar1

[rekter 8129]

6 hours ago, Michar1 said:

How about folks, just to ask you what you think of the new Binance Smart Chain BSC network.

Personally I think that it comes at a good time since with the ethereum network, which we currently live in, being able to carry out transactions is not very friendly, since as you know the price of gas has increased, reaching up to $ 14 usd of fee per transaction .
While with the new Binance Smart Chain network, the fees are very low paying from 0.02 to 0.03 cents of a dollar, and it also offers practically the same tokens that we can find in the ethereum network, but with the difference that they will be found within from the BSC network and paying very low fees.

I don't really have anything bad to say about BNB but personally i think it's pointless to compare fees until BNB is under same amount of dapp activity as ETH.

 

It's easy to do fast and cheap transactions if your blockchain isn't overloaded. That will be harder when it has to scale.

 

[Joseph J 608]

Yes thanks for  sharing. i recently I have learned from Binance and its Binance Smart Chain BSC that their fees are  lower than the Ethereum network from $14 to 0.2 0.4 Cents and some users have chosen to use that Binance network due to the high ETH fees in The Ethereum Network I have made several smart contracts with BSC, specially for DeFi, they are beginning to create a decentralized finance communities DeFi i am new in that area

[Ridam 7455]

There is potential in BSC as Binanace is good with it's own innovation and they have strong roadmap. I am sure more projects will adopt binance chain and we will have different ecosystem for the Tokens not limited to tron, Eth only.

But keep in mind that volume BSC facing is very small in comparison to ETH so we need to see either BSC  can handle transaction like eth at cheaper rates or not. If it sustains that then, it will be great.

 

[jackycrypto485 1055]

The presence of Binance Smart Chain will definitely affect the Ethereum network if the problem of high fee gas for the Ethereum network is not resolved. The fees are already crazy in the Ethereum network, especially after the Uniswap exchange AirDrop as the fees reached record numbers with delay.
The fees for the Binance network are very low and I see there are many tokens that have migrated to the Binance network because of the lower fees and also because of the support for the Binance DEX.

[bitcoin-shark 1928]

given the current difficulties of the ethereum blockchain such as clogging, the slowness of transactions the really high fees, Binance Smart Chain BSC network happen at the right time and we can think about making it our main blockchain and it is still an excellent alternative since it offers fast transactions and low fees and also the part of the dapps is in full development and then trust wallet supports both blockchains

[Ridam 7455]

9 minutes ago, eliottalderosn said:

@Ridam

I think it really affects the ETH network. after gas fees increased so much it became a struggle to complete transactions. So more projects started to move to other solutions to overcome the situation. But the thing is that ETH has so many users that's why it still considered to be at the top. if Binance kept growing in terms of users then it might really affect the network specially with the delay of the ETH 2.0

BSC is in early phase. Due to the support from Binance it's really good product and also gaining attention from alot of projects. It will be a competitor for Ethereum Blockchain but still it needs to grow huge.

It's already announced Eth2.0 is going to launch in this December, as the upgrade is huge we need to wait longer for complete upgrade process and I see it's ok.

[nykas 2812]

Some time ago I used Binance smart chain and I can say that it's a really good integration of 2 blockchains which make using cryptocurrency more comfortable in many situations

[Liliz 529]

Binance Smartchain is a good one that could run even if Binance Chain went offline, they both bear a strong features from a design standpoint. It was established in order to make it easy for developers to port their projects over from etherum, rapid trading can be enjoyed on Binance chain, Flexibility can as well be afforded by Binance Smart Chain. The system would be able to compete with Ethereum's network effects upon the fact that there is already a view of a faster blockchain and direct support.

[Abdulrahman3 1252]

The low fees for transfers from one platform to another and buying and selling operations are what a trader is looking for best, and this is the characteristic of the Binance platform, so we see a large percentage of traders participate in the Binance platform and depend on it in many of their deals.

[Obliv0n 333]

He considered that the BSC network helps the ETH network, since it decreases the traffic through it, which results in the network being less saturated and the commissions go down, but to be honest, already with the fact that the commission is ridiculously low on the BSC network, it makes it a better option than any other.

[joemcgwa 3227]

On 11/4/2020 at 6:28 PM, Michar1 said:

How about folks, just to ask you what you think of the new Binance Smart Chain BSC network.

Personally I think that it comes at a good time since with the ethereum network, which we currently live in, being able to carry out transactions is not very friendly, since as you know the price of gas has increased, reaching up to $ 14 usd of fee per transaction .
While with the new Binance Smart Chain network, the fees are very low paying from 0.02 to 0.03 cents of a dollar, and it also offers practically the same tokens that we can find in the ethereum network, but with the difference that they will be found within from the BSC network and paying very low fees.

 

But what do you think, I would like to know if you think that this benefits the ETH network or affects it.

I think this service are benefited mostly for the binance if all users will be using BSC network, but also cannot leave ETH network die for benefit ETH network a little.

[Sykkuno 2887]

I found this new Binance chain recently and I admit it was very confusing, how is this using ethereum wallets and can it be used with the Ethereum wallets we have to make transfers of ERC20 tokens? Binance already has Binance chain, so is it required to move our tokens to other wallets? Can I for example move some ERC20 tokens to the Binance exchange using this without paying the high Ethereum fees?

[cryptovlek 2597]

I hope this experiment works and we see some blockchain networks having very low and reasonable fees as Ethereum that was required to have low fees for the development of dapps have seen fees been extremely high for a very long time.

[Fox II 184]

The Binance Smart Chain BSc network happens at the right time and we can think of making it our main blockchain and it is still a great option. The current difficulties of the Etherium blockchain include closing, slowing transactions, and high transaction fees. So I think Blochain is a good aspect.

[annayks 2314]

I noticed the Binance smart chain but I didn't give attention, I hope that we find it useful in case we can use this to have lower fees when using tokens and smart contracts, it could be a change that will help with reduced fees and speeds of transactions.

[Dang3r 103]

I believe that it positively affects not only ETH but the entire ecosystem, since it offers a fast and cheap alternative to transfer funds, in addition to being supported by BNB and backed by Binance, one of the reasons why It is widely used, and there is also the possibility that this year it will have a new version.

[Andrew Wyatt 2]

Crypto is supposed to be decentralized but with the presence of centralized exchanges, so this idea had been long killed by it.  I also believe that Binance smart chain never goes with the idea of decentralization since the first time I saw the network validation system. 

[Shebiii 203]

On 11/4/2020 at 8:28 PM, Michar1 said:

How about folks, just to ask you what you think of the new Binance Smart Chain BSC network.

Personally I think that it comes at a good time since with the ethereum network, which we currently live in, being able to carry out transactions is not very friendly, since as you know the price of gas has increased, reaching up to $ 14 usd of fee per transaction .
While with the new Binance Smart Chain network, the fees are very low paying from 0.02 to 0.03 cents of a dollar, and it also offers practically the same tokens that we can find in the ethereum network, but with the difference that they will be found within from the BSC network and paying very low fees.

 

But what do you think, I would like to know if you think that this benefits the ETH network or affects it.

Dear mate i joined this platform yesterday. I joined this platform as a part time job. But know i realize that i can learn about other sources also. In the same way your post is also helpful for me. I have learned about Binance chain. And i will try my best to become part of this chain.