BSC tokens: Common Questions
What is BSC?
BSC (Binance Smart Chain) is a blockchain made to run on smart contracts, similar to Ethereum. The main purpose of BSC is to optimize fast trading and support the launch of Binance DEX. The original Binance Chain, while being fit for trading, turned out to be incapable of supporting a fully-fledged decentralized exchange. The key missing component was smart contracts, that allow to automate transactions. 'Why not use the already existing Ethereum blockchain for that?' - you might ask. The answer is congestion—a measure of how busy the network is at a given moment. Network overload leads to slower transactions and higher fees. The original Binance Chain was built to avoid congestion and did not have smart contracts. The Ethereum blockchain has smart contracts yet suffers from congestion. The BSC is meant to have the strengths of both and weaknesses of neither! For a more detailed explanation of how the BSC works, check out this article.
What are BEP20 and BEP2 tokens?
BEP stands for Binance Smart Chain Evolution Proposal. BEP20 tokens are the tokens that run on BSC (referred to as BSC tokens in this article). BEP2 tokens are the ones running on the original Binance Chain.
If you have a token in your wallet and you are unsure if it's BEP2 or BEP20, you can figure it out by checking the token address. BEP2 tokens' addresses start with 'bnb' and will match your BNB address. BEP20 tokens' addresses start with '0x' and match your BSC BNB address.
Are BSC tokens different from other cryptocurrencies?
BSC tokens differ from other coins like BTC or ETH in the same manner as any tokens differ from main net coins. BSC tokens run on the BSC blockchain and they all have the same address. A single address may have dozens of different tokens on it. In comparison, BTC has its own blockchain and each address can only hold BTC. BEP20 tokens transactions can be traced using one block explorer and do not require a different block explorer for each token.
What are the fees for the BSC transactions?
All BSC transactions require a network fee to be paid in BSC BNB. Similarly to how ERC20 tokens require a fee to be paid in ETH. Thusly, if you wish to transfer your BSC tokens, make sure to deposit some BSC BNB to your wallet. Keep in mind, that the fee can only be paid in BSC BNB, it is not possible to cover the fee using the token you are trying to transfer.
What BSC tokens does Atomic Wallet support?
All of them! Some of them are featured in the wallet by default and some of them you will have to send to your address before you could see them in your wallet. Some of the tokens that are presented by default are: Pancake Swap, Binance USD, Tether USD, Wall Street Games, Baby Doge, Ethereum, FEG, Plant vs Undead, Shiba Inu, SafeMoon, USD Coin, NEAR Protocol, STEPN.
How do I add a BSC token to my wallet?
If the token you wish to have in your wallet is not presented by default, all you need to do is to send this token to your BNB BSC address. The wallet will display all the BSC tokens that you have on your BSC BNB address. If you have deposited tokens to that address and still can't see the token in your wallet, make sure it's not filtered out.
Why do BSC tokens have the same address as ETH?
The Binance Smart Chain is a modified ETH fork and as such, it is compatible with the Ethereum network. Both of these blockchain networks have similar infrastructure, which is why they have the same address in your wallet. It is done in order to make sure that your funds are not permanently lost when you send them via wrong network. For example, if you send a token to your ETH via the BSC network, the funds will still be on the blockchain and you'll be able to retrieve them.