Binance Smart Chain Experience

Binance Smart Chain Experience

By fun2learn | fun2learn | 21 Jan 2021


I have recently opened a Binance Account.

I had wanted to open an account at Binance but the hassle of going through KYC had hindered my thought many times.

After opening an account at Binance Account, the KYC actually did not take very long.

My identification was cleared within a short hour. There are indeed many benefits having an account at Binance Account that other exchanges are not offering at the moment.

Within Binance Account, there are many earning opportunities. I was able to convert small assets to BNB that can be done every 6 hours unlike other exchanges that we may be stuck with small amount of tokens that cannot be sold in their exchange market as we do not reach its minimum amount.

One of those interesting services is Binance Vault where we can stake our BNB and get profit sharing from different channels that Binance is earning from like Defi Staking and other projects. We can also get small amount of tokens from its launchpool rewards like ASR, ATM, BTCST, OG and REEF.

After opening an account, I set up my Metamask to enable Binance Smart Chain(BSC) transactions.

The great thing about BSC is the transaction fee is really dirt cheap and it is much faster than ETH.

Staking and unstaking at Defi on BSC would only take less than 10 cents for each transaction when we compared to ETH that we can easily spent a hundred dollar.

BSC transaction is more than 1000 times cheaper than ETH gas fee.

There are plenty of youtube to guide us to get BSC onto our Metamask.

The address of ETH and BSC is actually the same but I had difficulty making my first transaction.

When I used the QR code of Metamask to get the address, it actually auto inserted the word 'Ethereum' at the front of my address and causing BSC not accepting my address.

I tried a really small amount without the word ‘Ethereum’ but start with ‘Ox’ and the rest of the address. It went through within less than a minute successfully.

It is really incredible that the transactions on BSC is not only cheap but fast.

I personally feel that there are profitable staking opportunities on BSC like pancakeswap.

I had recently found out about a new service by helmet insure that provide a service like Nexus Mutual.

It provides P2P price-shield insurance on BSC. It has a governance token called Helmet that can be purchased on Pancakeswap or MXC.

Helmet insure shared that those who hold Helmet Tokens would get privileges like using Helmet Tokens as a payment currency, participate in community governance and vote campaign and the most attractive may be the receiving of commission dividends.

You can read more about Helmet using the link below.

https://helmet-insure.gitbook.io/helmet/token/helmet-token

I have yet to read anything about how the commission dividends work but it has gained quite a lot of attention on BSC.

The price of Helmet tokens started out about less than 7 cents on 16 Jan 2021 but it went over 10 cents within a few days.

I had taken a screenshot below from coinmarketcap of its historical data.

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It even went an all-time high of $0.2216 just a few hours before I made this post.

aab51f05931668f42ee7c27aad4814a70e7bbaf015add098cb04e170078fa01d.png

I guess many investors are able to see potential as well as getting attracted by its staking pool for its governance tokens.

I started out staking helmet tokens with about 850 APY yesterday but the APY dropped until around 680 APY today. I guess the APY would continue to drop each day as more people start to stake in its staking pool.

It seems like it has gained lots of people in staking with its attractive APY as well as its service that is unlike the usual Defi around.

I like the cheap transactions on BSC so signing up for Binance was probably a great decision and it really did not take very long to do so.

I have many accounts at different exchanges and Binance has given me the best experience so far.

Click here to find out more about Binance if you are interested.

Thanks for reading about my personal positive experience on Binance Smart Chain.

 

Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth. By reading this post, you acknowledge and accept that.


fun2learn
fun2learn

Online Content Creator of different platforms


fun2learn
fun2learn

An educator who often writes educational articles as well as crypto-related articles.

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