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Binance is easily one of the most well-known names in the crypto market. However, most people do not know that Binance, apart from regular trading activities, also has another wing that allows you to actively participate in using smart contract-based apps.
These two wings are called Binance Chain and Binance Smart Chains, respectively. The BSC can easily host BEP20 tokens, like $BAKE or $CAKE, unlike Ethereum’s ERC20.
The popularity of the Binance Smart Chain Network has only grown, thanks to the wide range of amazing benefits that you can enjoy.
On the other hand, MetaMask is quite a popular software wallet that is available to all users around the world.
It can very well be integrated with almost every DeFi application and can be set up easily as well.
From the above, we can now understand that adding the BSC to MetaMask will increase the potential of both. You will be able to make seamless transactions in BNB.
In this article, we will talk about how you can add Binance Smart Chain to MetaMask.
Understanding More About Binance Smart Chain Network And MetaMask
When you first look at MetaMask, you will notice that it offers support for the Ethereum blockchain only.
This means that you will first have to manually add the BSC main net to MetaMast. Thankfully, the process of doing so should not take more than a few minutes.
However, it is important to know some basics about both Binance Smart Chain and MetaMask before we can proceed.
There are many reasons why you can connect MetaMask to Binance Smart Chain, some of which include:
- By linking the two, you will be able to make use of and/or explore all the DApps available on BSC
- You will be able to transfer BNB, ETH, and other currencies to your MetaMask wallet more smoothly and easily
- MetaMask is considered the safest crypto wallet today – you can enhance asset controls as well as well-protected user data
MetaMask – What Is It?
As mentioned previously, MetaMask is a cryptocurrency wallet that provides support for various sidechains and also allows you to communicate with various decentralized applications via any internet-connected device.
MetaMask is available as a dedicated mobile application as well as a browser extension.
All your funds will be available inside the MetaMask mobile application or the browser extension, instead of having another crypto wallet on a third-party platform or website.
Due to it being a truly decentralized system, MetaMask offers more personal touch to your transactions.
Working Of MetaMask
The MetaVerse makes use of the web3.js library in the background for working; this is a library that has been officially developed by Ethereum.
With the help of web3.js, you will be able to develop web pages that can be used alongside the Ethereum blockchain.
This allows you to make use of all the features and capabilities of Ethereum by developing the required extensions and web pages.
MetaMask wallet was originally designed as an Ethereum wallet as well as a tool that can be used to interact with DApps.
The wallet establishes communication between DApp you are using and the extension itself to accomplish both goals.
When the presence of the MetaMask is detected, the wallet activates automatically and can be used accordingly.
If you get the DApp activated, you will be able to use all the events and activities that are supported, ranging from access to any service or resources to the sale or purchase of tokens.
Of course, you will have to bear the cost of each of these transactions that you need to pay via ETH or any other applicable token.
What Are The Uses Of MetaMask?
With the help of MetaMask, you will be able to access, swap, and store DApps.
All these functions are typically required by any crypto enthusiast so that they can interact with Ethereum.
Let us look into some details regarding the uses of MetaMask:
1. Storage For Cryptocurrency
You will be able to store the standard Ethereum tokens like the ERC-721 and the ERC-20 with the help of the MetaMask crypto wallet.
You can just as easily create and switch between various wallet addresses on the wallet app.
The encryption technology used by MetaMask is quite powerful, to say the least, and can easily keep all your private keys and passwords safe within the app or the extension itself.
This provides the user with more control over the private and public keys.
When you join MetaMask as a new user, you will be provided with a list of seed phrases or words that you can use to restore your account if you ever forget your password.
2. Swapping Tokens
With the help of MetaMask’s trade function, you can perform P2P (peer-to-peer) token transactions and swap right from your wallet.
This means that you will no longer require a decentralized exchange liquidity model, exchange, or an order book.
All the swaps and transactions will gather the data from automated market makers, DEX aggregators, and other DEXs.
This means that you will be able to trade various types of crypto coins directly to other users without requiring an intermediate platform or custodian, thereby minimizing the overall costs, limiting slippage, and decreasing friction.
3. Capability To Use DApps
As mentioned previously, MetaMask also allows its users access to different ETH-based DApps as well as other services like NFTs, ETH-powered games, crypto financing products, etc.
Additionally, you will also be able to make use of the in-built crypto MetaMask wallet so that you will be able to stake, transmit, and/or spend your crypto coins within the ETH ecosystem.
Is MetaMask Safe?
Yes, your MetaMask Wallet is completely safe. This wallet makes use of various security measures to ensure the safety of its customers.
For instance, the wallet will never store critical information on its servers. While the info is saved on the internet, it is never accessible by MetaMask.
However, the only downside here is that a capable hacker can easily locate the encrypted file.
Additionally, every MetaMask wallet will always contain two keys – a private key and a public one.
With the help of the public key, you will be able to make transactions and transfer crypto coins.
On the other hand, the private key will help you access all the money that is stored in your wallet; this is the reason why the private key is kept hidden from everyone else.
Also, the private key will be kept online in the data cache of the browser, which means that you will be able to access your MetaMask wallet at any time.
The encryption technology is very advanced and can only be decrypted by the correct password.
However, the downside of passwords is that they are considerably less safe than using a 64-character private key.
Binance Smart Chain – What Is It?
Developed by Binance, Binance Smart Chain (BSC) is a blockchain that operates parallel to the Binance Chain.
It also features the Smart Contract functionality. Most prefer connecting MetaMask to BSC because it is efficient, cheap, and fast.
For instance, the transaction fees are significantly cheaper when you compare them to the Ethereum alternative.
This also means that every DApp that operates on Ethereum can also run on the BSC.
Since the blocks of the Binance chains are bigger, the block time does not take more than five seconds.
Do You Require Binance Chain Wallet For Adding BSC To MetaMask?
The answer is no. You do not require the Binance Chain Wallet to add Binance Smart Chain to MetaMask.
By definition, the Binance Chain Wallet is simply a wallet that is supported by the BSC network.
Let us take an example – consider you want to store BNB on your Binance Smart Chain.
For this, you can either use the MetaMask or Binance Chain Wallet or utilize the Binance platform directly.
Experts suggest that you should not store large crypto amounts directly on your Binance account.
Now, we are ready to learn how to add Binance Smart Chain to MetaMask.
MetaMask Wallet – Installation And Set Up
Before we move ahead with this process, you need to know whether your MetaMask wallet is pointing towards the Binance Smart Chain nodes.
Whatever may be the case, you will first have to install and set up your MetaMask Wallet.
Step 1: MetaMask Downloading And Installation
Of course, the first step here is to download MetaMask and install it on your Chrome browser. You can download the extension here.
Once the file has been downloaded, you need to scroll over to the top-right corner of your browser and tap on the dropdown menu.
Step 2: Setup Process
MetaMask will always be connected to your respective device (computer or mobile device).
Hence, it is advised that you set up a secret recovery phrase that you can access if you lose access to your account.
This recovery phrase, often known as the seed phrase, will help you get access to your account if you ever forget your credentials.
Of course, it is very important that you never, under any circumstances, forget about the seed phrase.
If you are unable to remember the phrase, accessing your wallet will become difficult. Additionally, you may end up losing some funds too.
Adding Binance Smart Chain To Your MetaMask Wallet
Once your MetaMask wallet is ready, we can proceed into learning how you can add Binance Smart Chain to MetaMask.
Step 1: Head To The Network Settings
The first step here is to start MetaMask and tap on the Settings option.
If you are making use of the web browser extension, you simply need to tap on the upper-right corner of the circle.
As for mobile devices, you simply need to scroll over to the top-left corner of the screen and click on the 3-line icon; here, you will see the Settings option.
In the Settings option, you need to tap on the Networks menu – here, we will start the process of adding a new blockchain.
Step 2: Enter The Details Of The Binance Smart Chain Main Net
In this article, we will show you how you can add two networks – the main net and the test net.
Once you have opened the ‘Add Network’ option, you will have to enter the details we have mentioned below:
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Block Explorer URL: https://bscscan.com
Next, you simply have to tap on the Add Network option to add the following info for the Test Net
Network Name: Binance Smart Chain – Test Net
New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545/
Chain ID: 97
Block Explorer URL: https://testnet.bscscan.com
As the name suggests, the Test Net module will allow you to test everything that you are about to do.
On the other hand, the Main Net will ensure whether you have successfully learned how to add Binance Smart Chain to MetaMask.
Step 3: Transferring Crypto From BSC To MetaMask Wallet
For this step, you can make use of any third-party wallets that support Binance Smart Chain.
Alternatively, you can also use your regular Binance wallet as well as your Binance Smart Wallet.
On your screen, you should see the ‘Add Token’ option. When you are transferring the crypto coins, you need to make sure that the tokens are Smart Contracts-driven.
Next, you need to copy the contract address of the token and paste it.
Now, all you need to do is patiently wait for the transaction to get completed on the new block.
With this, you now finally have an idea of how you can fund your wallet on any network.
With the help of the steps mentioned above, you should be able to figure out how to add Binance Smart Chain to MetaMask.
As stated before, the steps for doing so are quite easy and should not take more than five minutes of your time.
It is recommended that you get it done so that you have a more streamlined experience when dealing with cryptocurrencies.
Here are some FAQs related to add Binance Smart Chain to MetaMask:
Is It Possible To Use MetaMask On Your Phone?
Definitely, you do have the option to use MetaMask from your mobile phone device.
All you need to do here is to visit the official website of MetaMask and download the app for your Android and/or iOS device.
I Have Forgotten My Seed Phrase. Is There Any Way To Recover My MetaMask Wallet?
Sadly, there is no way to recover your MetaMask wallet if you have forgotten your seed phrase.
Hence, it is extremely important that you keep this phrase stored in a physical location as well as a storage device.