Binance Chain (BSC) is one of the most popular blockchains, and Binance Chain Wallet is the official Binance Coin (BNB) wallet used on this blockchain to connect with other blockchains and interact with DApps, non-fungible token (NFT) marketplaces, and so on.
If you’re looking to use Binance Chain, follow this step-by-step guide on how to set it up Binance Chain Wallet, and you can start using both right away.
What Is Binance Smart Chain?
Before discussing how to set up a Binance Chain wallet, we must first know what BSC is. BSC is the second blockchain on the Binance network. It came after the first, Binance Chain, but has gained more popularity for a good reason.
The blockchain was created to run alongside Binance Chain, which is now known as Binance Beacon Chain. Still, it has added functionalities such as smart contract support and compatibility with the Ethereum Virtual Machine (EVM). The fact that it is programmable sets it apart.
Binance has three token standards, namely BEP2, BEP8, and BEP20. While BEP2 and BEP8 tokens run on Binance Chain, BEP20 tokens run on Binance Smart Chain.
However, since the two blockchains are also very similar, you can easily swap BEP2 and BEP8 tokens for the new BEP20 tokens.
Because BSC is EVM compatible, it supports DApps and other tools on Ethereum that Binance Chain does not. For example, this is why it is possible to use BSC on Metamask, a browser extension wallet created primarily for interacting with the Ethereum blockchain.
With a three-second block time and a proof-of-stake consensus mechanism, BSC has proven to be faster and cheaper than Ethereum, so it has grown to become a big Ethereum rival.
What Is Binance Chain Wallet?
Binance Chain wallet is an extension-based wallet used as the official Binance Coin (BNB) wallet for interacting with BSC, Binance Chain, and Ethereum blockchain.
Like any other wallet, you can securely store supported cryptocurrencies and connect to thousands of projects on several blockchains.
It also enables you to swap BNB for other tokens and vice versa, mint NFTs, and carry out yield farming, all within the wallet. Binance Chain wallet works with top browsers, including Brave, Chrome, Edge, and Firefox.
How to Set Up Binance Chain Wallet
Now that you know what Binance Smart Chain and Binance Chain Wallet are, let’s go ahead and learn how to set up the wallet.
- Visit the BNB Chain website and scroll down to Download a wallet.
- Click on Download Wallet, and on the next page, scroll down to the list of supported wallets. Binance Chain is the first on the second column; click on it.
- Next, select your browser, i.e., the one you’re using to download the wallet. For now, it has to be Chrome, Firefox, Brave, or Edge.
- On the next page, click Add to Brave (or whatever your browser is). Then, read and accept the disclaimer that pops up by clicking Add extension.
- Now you have Binance Chain added to your extensions, and you can view it by clicking on the extension icon on the top-right of your web page. Next, select it from the extension dropdown menu.
- There are two options, either to use an existing wallet or create one. Select Create wallet.
- On the next page, choose if you wish to generate a seed phrase, connect a hardware wallet, or proceed using your Gmail account. Using a Gmail account is more convenient, so select that option.
- You will be required to sign in to the extension wallet by providing the email address and password you initially used to register on Binance.
- Create a password that will be used alongside your verified Google login to authenticate every time you sign in to the wallet. Click on Verify With Password, create an acceptable password and confirm by entering it in the second bar. Next, check the little Terms of Service box and click on Continue.
- The next page is where you get your seed recovery phrase. This is a 12-word phrase you can use to recover your wallet should anything happen to your computer. You should copy and store your seed phrase securely because it cannot be regenerated. Click Continue when done.
- On the next page, you will be asked to enter some words randomly from your generated seed phrase to confirm that you did copy the seed phrase. Click continue when done.
- Congratulations! Your Binance Chain wallet is set up, and you’ll be welcome to the wallet balance in BNB. You can then send funds to the wallet to get started.
How To Fund Your Binance Chain Wallet
You now have your Binance Chain wallet set up. The next thing is how to use it to send or receive cryptocurrencies. To illustrate, we will demonstrate how to fund your new wallet with BNB from the Binance exchange wallet.
- Log in to your Binance account. Assuming the BNB is in your spot wallet, proceed there and scroll through the asset list to BNB, or search for it in the search bar at the top of the list. To the right, click Withdraw.
- Now go back to your Binance Chain extension wallet and select Receive. The next page will reveal a QR code you can use to send the funds (if you’re using the Binance mobile app) and the wallet address. Click the copy icon next to the address.
- Paste the address in the Address bar on the withdrawal page on Binance. The system will automatically match it with BSC, the wallet’s default network. Next, enter the amount of BNB you want to withdraw, and if your wallet has sufficient funds, the final Withdraw button will glow, ready to press.
- You’ll be asked to confirm that you’re the one sending the funds by providing a code sent to your registered email, phone number, or both. Once completed and confirmed, send the transaction, and your BNB will be in the Binance Chain wallet within minutes.
You’re Set To Explore Web3
Congratulations, your Binance Chain Wallet is all set and ready to go. As a Web3 wallet, Binance Chain Wallet opens the door to unlimited possibilities within the web3 ecosystem, including NFTs, staking, gaming, and much more.
Even if you’re new to the space, it won’t be long before you start to appreciate and interact with these features of the wallet!