BNB has tokens for each Altcoin | Bitcointalksearch.org

Dump3er

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Quote from: bahagia93 on July 08, 2021, 04:55:03 AM

Quote from: wahyu wida on July 08, 2021, 01:19:13 AM

to store tokens on bsc, I think it's safe to do, considering this system is from binance, where binance has a good reputation as our experience. Moreover, many new projects are currently based on BSC, with low fee facilities, I think BSC is worthy of being used as a personal wallet.

Yes, using the BSC wallet to store personal assets is not wrong because the BSC wallet also has a lot of support through Binance so that it is safe to use and is very feasible for anyone who wants to use it.

I is not about using the BSC wallet only, but about the good intentions that somebody can have sung the network. BSC is really efficient, there is no doubt abut that!

bahagia93

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Quote from: wahyu wida on July 08, 2021, 01:19:13 AM

to store tokens on bsc, I think it's safe to do, considering this system is from binance, where binance has a good reputation as our experience. Moreover, many new projects are currently based on BSC, with low fee facilities, I think BSC is worthy of being used as a personal wallet.

Yes, using the BSC wallet to store personal assets is not wrong because the BSC wallet also has a lot of support through Binance so that it is safe to use and is very feasible for anyone who wants to use it.

Dump3er

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Quote from: Sithara007 on July 07, 2021, 10:40:37 PM

Quote from: speedforce on July 07, 2021, 01:09:34 PM

Most of the pegged token usually audit their code before deployed it, unless nobody want to use it because no security guaranteed. The only thing that need to be hesitated is, is it really backed 1-1 by the real coin?

There is no way to find it out, unless they conduct an independent third party audit of the reserves. But from what I have seen in the case of USDT and other stablecoins, it is always difficult to trust these exchanges. They will just take a large part of the reserve funds and use it for other purposes, and you may never know about it. Even if they provide the wallet address and other details, you don't know whether they will move them in the future. The risk is lower with reputed exchanges such as Binance, but still some amount of probability is there that the tokens may not be fully backed up.

The audited code isn't worth much. I don't quite remember the name of the thread I came across on this forum, but someone is listing the hacks of DeFi projects. It goes into hundreds of millions I think? Not exactly sure. Those codes have been audited by "professional" auditing companies as far as I know. I have no idea how much these certificates are really worth. Whenever a new project shows up these days, it has some sort of certificate that says the code has been audited.

wahyu wida

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to store tokens on bsc, I think it's safe to do, considering this system is from binance, where binance has a good reputation as our experience. Moreover, many new projects are currently based on BSC, with low fee facilities, I think BSC is worthy of being used as a personal wallet.

Sithara007

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Quote from: speedforce on July 07, 2021, 01:09:34 PM

Most of the pegged token usually audit their code before deployed it, unless nobody want to use it because no security guaranteed. The only thing that need to be hesitated is, is it really backed 1-1 by the real coin?

There is no way to find it out, unless they conduct an independent third party audit of the reserves. But from what I have seen in the case of USDT and other stablecoins, it is always difficult to trust these exchanges. They will just take a large part of the reserve funds and use it for other purposes, and you may never know about it. Even if they provide the wallet address and other details, you don't know whether they will move them in the future. The risk is lower with reputed exchanges such as Binance, but still some amount of probability is there that the tokens may not be fully backed up.

Reid

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Quote from: Dread Pirate Roberts on July 07, 2021, 06:29:13 PM

Quote from: Reid on June 29, 2021, 12:36:15 AM

It's called wrapped tokens.

But, if you want to keep the real altcoin or real Bitcoin you will need to exchange it for something without the "W".
I think they use this method to prevent failure of providing with that certain coin/token especially if there is a low total supply.

Lower fees and transaction time is fast because you are just using the Binance chain in this example.

Thanks for the clear explanation. Previously I thought (wrapped) coin is a kind of hard fork coin. so wrapped is a kind of temporary alternative for some coins ? I think this is actually good because it makes it easier to turn BSC and ETH transactions to other coins with a minimum fee on BSC.

Yes, that's the right word "temporary". I was looking for that word when I was writing my reply but forgot about it. Cheesy

You don't want to be keeping this kind of coin for the long term. Its usage is just for the exchange to keep the profit flowing at a faster pace.
I think it's wise for Binance to make such a feature but it confuses a lot of traders at first. A thorough explanation should be written or a warning whenever a person purchases it.

Dread Pirate Roberts

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Quote from: Reid on June 29, 2021, 12:36:15 AM

It's called wrapped tokens.

But, if you want to keep the real altcoin or real Bitcoin you will need to exchange it for something without the "W".
I think they use this method to prevent failure of providing with that certain coin/token especially if there is a low total supply.

Lower fees and transaction time is fast because you are just using the Binance chain in this example.

Thanks for the clear explanation. Previously I thought (wrapped) coin is a kind of hard fork coin. so wrapped is a kind of temporary alternative for some coins ? I think this is actually good because it makes it easier to turn BSC and ETH transactions to other coins with a minimum fee on BSC.

speedforce

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Quote from: masulum on June 28, 2021, 07:24:36 PM

Quote from: speedforce on June 28, 2021, 06:01:00 PM

The pegged-tokens altcoin is a way to bring the altcoin to another network. So, its make people possible to trade them on the DeFi. Its not a nasty move since its backed with the real altcoin, you can actually swap it to the real coin by depositting it on Binance.

Yes it is, The use of pegged BTC and altcoins, on the ETH and BSC or in other networks aims to make it easy for everyone to own top tier assets on different networks. What's interesting is, we can buy BSC tokens and send them to support pegged-token, we can exchange them for real without any hassle. However, there is one thing to keep in mind, the exploitation problem that exists with BSC/ETH/MATIC smart contracts, when we choose the wrong developer, and their SC has a bug, this will be easier for hacker to pick up our assets or even dump, compared to having BTC and altcoins on their network.

Most of the pegged token usually audit their code before deployed it, unless nobody want to use it because no security guaranteed. The only thing that need to be hesitated is, is it really backed 1-1 by the real coin?

junkerr

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Quote from: elisabetheva on July 05, 2021, 05:59:48 AM

obviously all need good support if you want what will be done can be successful in the future. because everything is needed adequate support in order to do well, because everyone wants convenience which is the main reason for other things.

all of that is true, when no traders use it then I guess such assets on binance will also disappear.
they still exist because some need them and do use them for their needs. all is not a problem even though there are people who think it is all politics from binance to keep getting adoption of BNB token trading.

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Quote from: inanilujimi on July 04, 2021, 10:16:30 PM

as long as the original coin supports tokens in the bsc for me it doesn't cause a problem, even in my opinion this can make it easier for us to make transactions on the dex in the bsc according to the choice we want.

as long as it's for convenience and doesn't make it more difficult and expensive, it never hurts to try using it. hopefully it is an alternative that can be used at some point and we can't predict it.

Quote from: ?? on ??

Yes, as long as there is good support, everything will run smoothly, but if the opposite happens, then everyone can see the destruction of a token because the coin will stay, while the token can be destroyed at any time.

obviously all need good support if you want what will be done can be successful in the future. because everything is needed adequate support in order to do well, because everyone wants convenience which is the main reason for other things.

mu_enrico

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I created similar thread on ID local board, and half of the polled participants prefer multi chain token (BEP2) for cheap transaction fees. Sure it carries significant risks, therefore I don't recommend people hodl this BEP2 token. If it's only for instant payment (paying goods and services), it may be okay since we will save significant tx fees for expensive tx coins (like BTC or ETH). But for already cheap tx coins, for example, LTC, XRP, BCH, I don't see the benefit of using BEP2 tokens.

Also, be aware that Binance can collapse anytime since it's only an exchange.

Ndlongap Ndlongop

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Quote from: seoincorporation on June 28, 2021, 12:46:17 PM

Some weeks ago i used metamask and pancake swap to sell some tokens, and they give the option to sell them for common altcoins like ETH, LTC, DOGE... But when you use this service to buy the altcoins what you are buying are the tokens of these coins and not the real coins, as an example I will leave the link to the LTC smart contract:

https://bscscan.com/token/0x4338665cbb7b2485a8855a139b75d5e34ab0db94

If you want to buy the real coins you need to swap for BNB then deposit that on binance.com and then trade for the real coins.

But here the issue is, they have created a token for each altcoin, and from my perspective, that's a nasty move because for sure there is a lot of people holding these tokens and thinking they are holding real altcoins.

I want to know what does the community thinks about this move from Binance.

Of course this is a bad thing, because it would be a trash token. the easier it is to make tokens especially those BNB based, making every day there are thousands of new projects listed on coinmarketcap, as long as they have a little money they will pump and sell immediately.

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Quote from: senyorito123 on July 04, 2021, 10:40:12 PM

I've observed more new token project that has come out nowadays that used binance chain network compatible wallet. Basically this brough up a good moves for bnb coin and the upcoming altcoins which is in line to their project. This will be the most awaited part, we will stay tuned for this project ongoing developments. I am positively motivated for this, since gas fee for bsc isn't that expensive compared with erc20, yet many investors appreciated that certain advantages.

There were already reports of scam projects in BSC chain so there is a reason to be watchful for whatever tokens you encounter in the network. Since anyone can create a token there, then this is the same with ERC20 which you will also have to check the smartcontract before making transactions.

Gas fees are really a big hurdle for ERC20 tokens this is why some of us had not even sold their tokens just worth $200 but the fee is a pain which could cost up to $60.

Sithara007

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I am not very happy with the current token system in cryptocurrency sector. It needs a complete revamp. Right now, the users have no means to find out that the token is backed up with the actual asset or not. We need to devise some mechanism, where the asset is directly incorporated in to the token (i.e the coin can't be spent by anyone else). If the coin is spent elsewhere, then the token should automatically become worthless. Is it possible to devise such a mechanism? Technology has advanced so much, and therefore I am hopeful of such an innovation occurring in the future.

senyorito123

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I've observed more new token project that has come out nowadays that used binance chain network compatible wallet. Basically this brough up a good moves for bnb coin and the upcoming altcoins which is in line to their project. This will be the most awaited part, we will stay tuned for this project ongoing developments. I am positively motivated for this, since gas fee for bsc isn't that expensive compared with erc20, yet many investors appreciated that certain advantages.

maxreish

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Quote from: Princejebs on June 28, 2021, 01:36:11 PM

I think you are misunderstanding the situation of tokens that are backed by real coins. This token you see on other chain are most likely backed by Binance that's why if you observe closely, the general Binance. Con exchange has bsc deposits for BEP-20 tokens. So, there is no cause for alarm anytime you feel like withdrawing your funds or swaping it into other assets.

This actually make sense as I did this swapping and sending BEP 20 from Binance to other wallet ot vice versa. Then swapping it to other altcoins. Its a usual way of converting coins in binance if you wanted to buy some altcoins.

And as for the market capitalization, they are not actually copying other altcoin's market cap. You see, they have their own exchange and the Binance token has been bought and hold by investors. Aside from that, they are doing some progress every now and then. They deserve what it stand right now -- the price, the market cap, and the decisions of planning some buying bnb before buying a particular altcoin.

inanilujimi

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as long as the original coin supports tokens in the bsc for me it doesn't cause a problem, even in my opinion this can make it easier for us to make transactions on the dex in the bsc according to the choice we want.

AhmadM

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Quote from: Sayeds56 on July 04, 2021, 04:59:10 AM

It is true that many counties are blocking Binance exchange but we didn't notice any major negative impact of this news on BNB Price. Binance has done wonderful job during the past 4 years to create use case of its BNB coin. We like it or not but now it is alternative of Ethereum network becuase its fee is very low. Every other new project is being launched on Binance smart chain. Binance has become too big now so it won't die easily.

Well, Binance being prohibited to operate in some countries isn't a new story and we have heard it few times in the past. As you said this issue would not affect too much BNB values since there are lots of folks who still loyal to use both their services and its currency.

bryant.coleman

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The problem with tokenizing cryptocurrency is that there is always a chance that the issuer of the token can cheat the owners of the token and move the funds without their permission or knowledge. You can argue that Binance is a very trustworthy exchange and any chance of something like that happening is very low. But always remember the ultimate law in cryptocurrency market - not your keys, not your coins. The same is applicable for these tokens as well. If you want to use them, limit the usage just for trading and redeem them as soon as the purpose is done.

tsaroz

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Quote from: seoincorporation on June 28, 2021, 12:46:17 PM

Some weeks ago i used metamask and pancake swap to sell some tokens, and they give the option to sell them for common altcoins like ETH, LTC, DOGE... But when you use this service to buy the altcoins what you are buying are the tokens of these coins and not the real coins, as an example I will leave the link to the LTC smart contract:

https://bscscan.com/token/0x4338665cbb7b2485a8855a139b75d5e34ab0db94

If you want to buy the real coins you need to swap for BNB then deposit that on binance.com and then trade for the real coins.

But here the issue is, they have created a token for each altcoin, and from my perspective, that's a nasty move because for sure there is a lot of people holding these tokens and thinking they are holding real altcoins.

I want to know what does the community thinks about this move from Binance.

They are actually holding them as the same amount of coin are frozen on smart contract. Unless there's so disastrous events with the contract or the resources, user can always redeem them with a bridge. It's not just BSC but every other utility platforms like Ethereum network, Polygon, etc have their own set of tokens for most of the coins.

Topic: BNB has tokens for each Altcoin (Read 479 times)