Binance Chain Wallet has a convenient cross-chain function made easy for users who have a Binance.us account.
A World of Limitations?
The world is a complicated network of laws and jurisdictions. Cryptocurrencies must adapt their protocols for users in all countries. Because of this, users in different countries sometimes need an alternative access point altogether. The ease and accessibility of crypto afford users the ability to constantly move their funds around.
As the largest blockchain, crypto users have many great reasons to want to switch to use Binance and Binance Smart Chain. The blockchain ecosystem is home to cheaper fees, higher yields, and plenty of fun. Here we will outline the process of how to start investing and using the Binance Smart Chain (BSC) as an American. Where there is a will, there is a way, and Binance users in the USA can easily access the network using a few extra steps.
Users from the United State may have run into the message on Binance.com which does not allow them to engage on the site. Users who do not want to use a VPN in order to hide their IP address to access the chain, will need to use Binance.us. Due to jurisdiction limitations, Binance had to create a second site.
Get Started at Binance.us
At Binance.us, users will need to connect their traditional bank account in order to deposit money. Users can exchange fiat currency for different crypto coins. BSC requires the BNB token in a BEP-20 standard to process transactions. In other words, users need to own BNB to make any transaction across the entire blockchain. It’s the fuel of the chain.
The issue is that Binance.us does not support BEP-20 token standard, only BEP-2 which is utilized on Binance Chain. Due to this users will need to utilize both Binance Chain wallet and MetaMask throughout this process. Both come as Brave or Chrome browser extensions which are able to connect easily to crypto sites.
Setting up a MetaMask Wallet
Before we get any further lets make sure we set up MetaMask (MM) so we can complete a cross-chain transfer down the line. MetaMask does not automatically list Binance Smart Chainand users must add the networks using the Custom RPC. Follow this guide to setup MM on BSC.
Transfer Funds to Crypto Wallet
Once users have made an account at Binance.us, they now need to transfer that money to a wallet with access to Binance Chain. Wallets such as Binance Chain Wallet and TrustWallet allow for BEP-2 withdrawals from Binance. This guide uses Binance Chain Wallet.
Be Extra Careful During Withdrawals
Users must then withdraw the funds from their Binance.us account into the corresponding wallet. For this tutorial we will utilize the Binance wallet to simply the bridging process. On the withdrawal page, users must paste the recipient address of their Binance Wallet. Make sure to double-check the recipient’s address. It can be smart to make an initial transaction of a small amount so as to make sure everything was done correctly. Users control their own fate and it would be unfortunate to lose a large amount due to a simple initial mistake.
After proceeding through the necessary confirmations from Binance.us, it should only be a few minutes before the funds appear in the user’s wallet. Binance.us keeps a record of all Deposit and Withdraw History so users can verify the details of a transaction. Transactions can also be confirmed on BscScan to confirm every transaction across Binance using the smart contract details.
Once the user successfully sees their assets in their Binance Wallet, it is time to make a cross-chain exchange. The Binance Chain Wallet has a convenient and easy function to complete a cross-chain transfer.
Complete Cross-Chain Transfer
To make a cross-chain transfer, the user needs to retrieve the Binane Smart Chain network address for their asset. This address will be the recipient address. The next step is essential to be careful with too. Users need to send their assets from their Binance Network address over to the Binance Smart Chain network address – the metamask account we set up.
If done correctly, the Binance Chain Wallet will pop up a note saying that a cross-chain transfer is listed. This is positive and proves the users has done the correct setup. Users can add a memo to the transaction if they please.
From there, users should see the funds removed from their Binance Network wallet and they should appear in the Binance Smart Chain wallet. With funds now in their BSC wallet, users can head over to sites like PancakeSwap or WaultFinance or AutoFarm to invest, or even the Binance Marketplace to buy NFTs!
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.