Save high transactions costs with the BSC Metamask Setup

binance logo
Binance (Source: www.binance.io)

What is a BSC MetaMask setup?

Without a cryptocurrency wallet you can’t send or receive them, neither any tokens. If you connect it to the Binance Smart Chain and do the BSC MetaMask setup, you also interact with the Ethereum ecosystem where you can trade ERC 20 Token. As a wallet, you can use the Trust or Metamask wallet. we have chosen MetaMask for example, which is more than just a wallet. Over one million users are using the Wallet which is also a browser extension for example if you use Google Chrome. The wallet stores your funds, is secured with a private key and is your interface to the blockchain. If you have any further questions regarding the selection of a suitable wallet, or would like to learn more about the Ethereum Main Net, feel free to visit us in our Investment4Insider Telegram group.  The BSC MetaMask setup is your gateway to decentralized finance ecosystems and tokens on the Ethereum Main Net. It supports all Ethereum-based tokens (ERC20)  and it is arguably one of the most popular cryptocurrency wallets. It is easy to use and offers the lowest swap fees. It connects to the Ethereum Main Net. You can get even more out of your wallet if you do the BSC Metamask Setup.

Nevertheless, you can invest in all projects and cryptos at significant lower costs. In this article we will show you the advantages and why you should use the BSC MetaMask setup and the binance smart chain. You will learn how to set it up correctly in just two easy steps. 

BSC MetaMask Setup – save high transaction gas fees

A horror for traders and active Ethereum users or investors of new DeFi projects are the increased Ethereum Main Net transaction fees which have literally exploded. However, there are ways around the high costs. One of them is to use the Binance Smart Chain, instead of the Ethereum Main Net. With the Binance Smart Chain, the Ethereum Main Net can be accessed with lower fees.

BSC metamask setup
Source: www.metamask.io

What is the BSC – Binance Smart Chain? 

bcc metamask setup
Binance Smart Chain is not the Binance Chain! (Source: www.binance.org)

The Binance Smart Chain is not a replacement for the Binance Chain, but a logical extension and provides easy access to smart contracts. It is fully compatible with the Ethereum Virtual Machine and the Binance Chain. Both blockchains run parallel to each other. 

BSC MetaMask Setup in 2 steps!

Step 1: Install the wallet right 

The first step is to create your Metamask wallet, Before you can get started with the BSC MetaMask setup. Download MetaMaskwallet only from the official app stores. Whether you choose the browser plug-in or the app doesn’t matter. Once you’ve grabbed the wallet extension for your browser you should see a small fox logo in the top right corner. Click there and you will be guided through the process. If you are already owning an Ethereum wallet, you can import it with your private key. If it’s your first wallet, create one now. The most important thing is you should write down your backup secret key at least twice. Keep them in separate places. It can always happen that a key gets lost. If you want to be safe, you can use two encrypted disks. If you lose your backup key you will lose the access to your “wallet” forever. The last thing to make sure you wrote down your private key, is to put the words of your backup key in the right order. Great, now you are the proud owner of a wallet. In order to take full advantage of it, you need to complete the BSC MetaMask setup. 

Step 2: Connect the wallet to the Binance Smart Chain 

You should now see the dashboard. If you closed the window, you can always open it by clicking the fox icon in your browser. In the upper right corner you should see a circle with an abstract icon. This is the avatar of your account. You can manage multiple accounts at the same time. 

Open the menu by clicking on the avatar. Now choose the last item “Settings”. At the end in various settings you will find another menu with the name “Networks”. In this menu you can connect your BSC MetaMask setup with the Binance Smartchain. 

In the next step you have to enter the connection details but be aware that it is important that you fill in everything carefully. A mistake could cause you an irrevocably loss of Ethereum or some of your tokens from your BSC MetaMask setup.

  • Network Name: Binance Smart Chain 
  • New RPC URL: https://bsc-dataseed.binance.org 
  • Chain ID: 56 – Currency Symbol: BNB 

you should notice two changes in your BSC MetaMask setup if you did everything in the right way. At the top on the left side of the icon it is now associated with the Binance Smart Chain and not with the Ethereum Main Net. If you are unsure about the process, you are always welcome to ask us all your questions in our Investment4Insider Telegram group!

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BNB is now the only currency still displayed here. You can add all other coins and tokens later. BNB is still displayed with the symbol of Ethereum. Don’t worry you still did everything right with your BSC MetaMask setup. The developers will fix that soon so that also the icon of BNB is visible.

Why we chose the BSC Metamask Setup?

The BSC MetaMask setup benefits from Binance integration. Furthermore it relies on a proof-of-stake algorithm. This significantly reduces transaction costs as there is no need to invest in intensive computing power, the so-called “gas price”. Users thus benefit directly from the cheaper transaction fees of many tokens. This is a main issue of the Ethereum Network which has very high gas fees. The BSC Metamask setup expands access to additional tokens and cryptocurrencies. The Binance Bridge allows to easily exchange tokens. 

Usage of the Binance Bridge to transfer cryptos and tokens 

To connect to the Binance Bridge you can find a link to the bridge in the menu on binance.org. The Binance Bridge is a good alternative to UniSwap, PancakeSwap or Sushiswap. To connect your wallet, click on Connect Wallet. You will now be redirected to the selection menu of the wallet you wish to connect. Now you can use the Binance Bridge. 

First rule: test everything with small amounts!

The BSC MetaMask setup provides many users with the opportunity to transfer small amounts of ETH at low cost. If you are doing small transactions, the BSC MetaMask setup is suitable for you. If you already have an ETH wallet, you can move your Ether to the BSC MetaMask setup. You can move your assets to the Binance Smart Chain after you did the BSC MetaMask setup and connected the Binance Bridge. Alternatively, you can cash out your cryptos from Binance via your BSC MetaMask setup. Of course, this only makes sense if you are an user of the Binance exchange, or at least consider it as a main trading platform. 

Make sure that your BSC MetaMask Setup is displayed on the “To” page. You can proof it if you see the fox icon with the green signature “Connected”. Now you should test with a small amount of money if the BSC MetaMask setup was made in the right way. Choose the token you want to send to the BSC MetaMask setup. To complete the transaction, you have to choose a method to use. In this case we choose the last item “I will send tokens from my own wallet”. In the last step you see all transaction details again for verification. use the displayed address or scan the QR code if you use the BSC MetaMask setup in the app. Like this, you move your tokens to your BSC MetaMask setup. After some seconds to minutes and your assets will show up in your BSC MetaMask setup.

How high are the Gas fees now?

Transaction fees are not completely eliminated now, but they are significantly lower. The network fee, the „gas fee” is not paid with Ether now, instead with BNB. That’s why you should always keep a small amount left of BNB in your BSC MetaMask setup. If you don’t have BNB, you can either buy some on Binance. If you need help with these processes or have any questions, feel free to contact us in our Investment4insider Telegram group! 

If you are now interested to use the Binance Smart Chain and the functions for a passive income you can have a look at this video about how to earn rewards with staking on the BSC:

 

Even if the whole process seems confusing at the beginning, there are many advantages which will leave you with more of your portfolio in your wallet in the end. As you’ve seen now it’s quite easy to set up these procedures thus save a lot of fees. If you want to stay up to date in which projects we invest and what’s new in the crypto and blockchain field, sign up for our newsletter or join our Investment4Insider Telegram group! Here you will not only provide regular interesting news, you will also never miss an opportunity and exciting developments in the crypto world. As a member you will receive exclusive invitations to our live events. We will introduce you to the most exciting Blockchain and DeFi projects and answer your questions. Of course it is absolutely free for you.

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