Well I wanted to continue my series on how to get cake but then today happened. But I have read so many stupid tweets about how BSC is a crime against humanity and centralization is selling our souls to CZ. Everyone needs to relax. The free market will solve this you idiots, you can all cry on golden pillows as ETH continues to lose share to BNB for the next two years. Until then I'll keep using the blockchain that lets me do things today, and isn't just for people who don't mind blowing 50 bucks for base functionality. Let me put it this way: If I was a developer building a DeFi app today for Eth, I would be having a very serious conversation with my team in the Monday standup about us switching directions.
At the end of the day, I think web3 and DeFi are about finding a solution for democratizing access to capital and interactivity in the web. Anyone who thinks otherwise- prove me wrong. Is it an issue if a small party stands to profit the most from that? 100% long-term it is an issue. But for now why are we acting like the system hasn't always fucking worked that way?
Is decentralization with the cost of elitism actually better than centralization? Honestly, what is the difference between the two? Besides technical Idealogues, it shouldn't matter to regular people who want to use cool new things and maybe make a buck. I say: let's keep iterating and keep building cool shit until someone solves the issue.
And to my ETH bros and TA experts- why haven't we cracked 2k yet? (perhaps we will by the time this goes live) Maybe I'm wrong but I don't want to hold the ETH bag today. In a year or two, yes ETH have my babies. Until then, let's play the field.
Bridges and Binance and BSC too
Ok, so yesterday we got our Metamasks set up and aligned with BSC, check out that article here. A couple things to note here now. If you are someone coming from Coinbase or Kraken and especially if you are an American citizen, you are going to have to do a few extra steps here.
If you are someone who can buy BNB on binance.com. Then you should buy them there*. It will save you some hoops. (Honestly, you should have done it yesterday). If you are someone who only has access to binance.us, or doesn't even want a binance account then lets figure out how you can get into the ecosystem easily.
So basically you need a bridge. There are a number of options out there, I am just going to go ahead and recommend the Binance Bridge. There are other options. SafePalWallet will also do this (I found Binance Bridge to have lower fees in my cursory testing). The concept is simple: we need to transfer coins or probably ERC-20 tokens from some external blockchain to the BSC chain (and the equivalent pegged BEP-20 contract).
I should mention actually besides transaction fees from sending the coin to the bridge I have paid 0.00 for using the bridge. I have probably used it 10+ times and I have never had a fee. It does say 100% discount every time though, so maybe they'll get me eventually, I don't know.
The bridge is mostly chain agnostic. Some coins don't appear obviously but you can transfer many things to BSC. The real issue here is the whole point of switching to BSC is to avoid ETH fees, but you will likely have to pay them for your first transfer.
The reason is: gas fees on BSC are paid in BNB. You need BNB to make transactions! The bridge allows you to transfer part of your transaction to BNB. USDT (TRX network), BTC, and a handful of others will allow this as well. I suggest you look around for what makes the most sense. I do recommend you use this option initially though.
Once you have some BNB you can easily send most coins to the bridge and then just swap it on pancake swap easy peasy bnbeezy. I personally just buy/convert to EOS and then just convert it to CAKE or something else once I get into pancake swap. Thanks for the low fees EOS! Maybe you'll win the ETH killer game after all.
It's relatively simple from there. Add the value you plan to send, click okay, it will give you an address to send it to.
Note: When you try to confirm the bridge transaction it will warn you not to send your coins from a centralized exchange. In my testing, I haven't had any issues with this. YMMV, but I don't think this is really an issue (perhaps for some exchanges or coins though [I don't know for sure]).
But wait a second! Why don't you just send EOS or whatever to Binance and buy BNB?
Ah, great question. Well... I can. But actually, it's sort of a pain in your ass IF you are American and have to use binance.us. These darned regulations.
BNB is purchasable (or tradeable) on Binance.us but the BSC chain is not. you are stuck with the measly BEP-2 BNB chain. Which means you still have to use a bridge. And for me in the end.. this is just one more step that's sort of not worth it tbh.
Note: In this case (Binance.us user), an alternative to using a bridge is to use the Binance Chain Wallet I mentioned previously. You can send your BEP-2 BNB to that wallet and then from there simply send it to the metamask wallet address. You will see a message the same as below.
Ok! So that's basically it for this one. We've covered bridges in general and the binance bridge. I hope you can now easily get your coins or tokens on BSC and have them in your Metamask wallet, ready to swap or stake or just look at longingly.
I think the most common issues you might run into are: your tokens aren't showing up in your wallet, and you cant make any transactions after you add a token to your wallet. The solutions are simple: Please remember to add the token to your wallet (as I mentioned last time), and please remember you need BNB to pay gas fees. Any other issues, or any concerns, let me know. Sorry to split it here but I think it's better to keep this one separate from my deep dive into pancake swap.
*Keep in mind I am not giving you financial advice, I am not a financial advisor and everything here is simply my opinion. DYOR! (Do your own Research)