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Ethereum sucks. Literally. Scaling is impossible unless you have deep pockets, and I paid $70 in gas yesterday for a $400 transaction. Yes, I paid more than 10% of my TX in gas.
BSC on the other hand is centralised crapware ownef by a Chinese overlord that wants to control every part of crypto by himself.
It's pretty obvious that I have no affinity towards any of these chains. I'm more of a Solana guy, but let's not go into that today.😁
So since I don't inherently like any of these chains, this comparison can be as clean as possible. Let's get started.
Ethereum Merits.
- It's completely decentralised. For real. The people control Ethereum, and all the major apps built on Ethereum follow the same mantra: Uniswap, Compound, Aave,etc. All fully decentralised with no one controlling and no one as CEO.
- It's pretty fast: Once you pay the extremely high fees required for use, Ethereum is then a rather quick platform to use. Transactions are much, much faster than BTC's, and more efficient too.
- ENS: ENSs are a big deal pretty much, allowing you to link your annoyingly complex and long Ethereum address to a simple, shorter , common word that is easy to remember and easier to type in. I may be wrong, but I don't think this is available on BSC.
- Massive support and adoption: Ethereum is the flagship of DeFi. Every single dApp that launches always first has an Ethereum chain version, before versions are made on other chains.
Ethereum's drawbacks
- A certain plural form of a three letter word: Do I even need to explain this? FEES! Fees are stupid high, and don't make sense anymore. There was a time I paid 12 cents in fees and got mad that the fees dropped to 4 cents when I was done. I had no idea I'd pay over $80 in fees ever!
- Scalability is therefore hampered: If apps can't pay high gas, development is hampered as they can't push updates to their networks.
Merits of BSC
- Faster transactions: I don't know if BSC uses databases to update balances in real time, but BSC transactions are the quickest around, period. The second I click on send, the money arrives in my destination immediately. No waiting or lags.
- Less fees: The maximum fee I've ever paid for anything on BSC is $1. That is extremely low considering it was the TOTAL fee I paid for adding liquidity, which involved swapping to another token, approving 5 contract calls and executing 5 contract calls. Talk about low!
BSC's drawbacks
- Centralised: The chain is fully centralised from top to bottom, and doesn't offer any form of decentralisation. This means that theoretically, BSC can be shut down by the government tomorrow.
- No support: I personally can't find any charting tools for BSC. Their best portfolio manager (yieldwatch) is 100% a meme and I will never take if seriously if it looks like that. There's no support for BSC, and it shows.
Those are my points guys. Now you make the inference. Which chain is better and why? Let me know down below.
Thanks for reading!