Topic: ECR20 BSC BNB difference (Read 294 times)

Adding some more details
Ethereum network/blockchain -> use: virtual machine -> main token standard ERC20 -> main/native token ETH (Ether)
Binance Chain (BC) network/blockchain -> use: payment transactions -> main token standard BEP2 -> main/native token BNB (Binance Token)
Binance Smart Chain (BSC) network/blockchain -> use: virtual machine -> main token standard BEP20 -> main/native token BNB (Binance Token)

As others have mentioned, Binance Smart Chain (BSC) is basically a copy of Ethereum. Therefore many projects have switched/ported over to BSC to avoid the high transaction fees in Ethereum (ERC20 tokens -> BEP20 tokens). However, for users, it isn't as easy to get some BNB (Binance Token) vs. ETH. Even when you can buy/trade some BNB, sometimes you can only withdraw it to a Binance Chain, not Binance Smart Chain, address. This is important because even though it is (basically) the same token BNB, it is not straightforward to transfer it from one blockchain (BC) to another (BSC). You will need a Binance.com account to do this easily. Otherwise, you need to use Binance Bridge or a wallet that can swap a token across blockchains (not just within a blockchain with the same token standard). You will likely need some BNB on BSC to power transactions (use BNB to pay gas).  

the adoption of new projects is still controlled by the BSC very well. The popularity of the new project is still very good for BSC than ERC20. because you probably know, that it is very easy to add those new tokens to the DEX exchange.
the new project becomes feasible or not I think more will be wasted. it's like new projects with the popularity of ERC20 in the past.

Similar standards but different chains. Some prefer BSC because gas fees are lower and there are several DeFi projects there. The best projects are listed for trading on multiple chains, like FARM and 0xMR.

That's right, and even earlier I also saw and tried it that the fees on the ERC20 network have clearly decreased greatly, and can even make transactions for only $0.8 for one transaction, so this is really something really extraordinary common on the Ethereum network.

ERC20 is the protocol of some sort, specifically for Ethereum based tokens, that is, all tokens found on the Ethereum blockchain are classified as ERC20 tokens. On the other hand, BSC is that of Binance which also means that, all tokens based on BSC network are called BEP20 tokens.
Now the interesting part is, most blockchain networks today, are all copying many features from the Ethereum blockchain, hence the reason why your Ethereum wallet address, can also be used to receive BEP20 tokens, with all that is needed being to change the network from Ethereum to BSC.
This is exactly the reason why you were asked to change network in order to view your tokens which can easily be done by adding the BSC network on Metamask and view your tokens.
Also, nowadays many mobile applications like Tokenpocket now makes it easier, that is, by creating a wallet on Tokenpocket, saving the backup words, you can effortlessly switch from Ethereum network to BSC network. So when you receive a token, irrespective of the network it is based on, you can easily see it in your wallet, unless you will need the contract address to add the tokens in most cases.

Just forget about the BNB coin, just remember the BNB price is the same as the BSC tokens price. BSC tokens can be used or switched to BNB coins at the same price all the time. If you ever use "myetherwallet", this situation could be easier. You can even use the same Ethereum wallet address as the BSC address. But for any transaction there must be BSC as Ethereum tokens.

I didn't assume this was what OP was looking for. I mean sure that is the "difference" but I assumed it would have been something much different in play here, like it would be something very different and like "why would anyone choose one of these and not the other" type of situation.

If you are using erc20 in your day to day and like projects there etc etc, then why not bsc? why pick erc? Is there any specific reason? And if you use BSC then why are you using it? What is the reason? Is there a specific reason why not erc? Basically something like that.

I use BSC for example because back in the day around December ETH was suuppppper expensive, like 40 dollars for swapping type of expensive, if you need to approve than one move could cost you like 100 bucks, no way in hell I would use that so I moved to BSC and it is insanely cheap, so I picked that, that's my reason.

to move your wallet to BSC is also very easy, you just enter your private key through the trust wallet and it works,
your ETH wallet switches to BSC, yes these two networks are really amazing, especially with the birth of BSC it is also very helpful for new users in the crypto world ,
if BSC has more ecosystems and maybe Ethereum has to be careful haha, because maybe Binance will take Ethereum in term of position coinmarketcap

BSC is an exact replica of the Ethereum network, the only difference is that it is more centralized and has very little transaction fee. The problem with Ethereum is only the transaction fee, which at the moment are way less to what it was a few weeks back.

As Ethereum has Erc20 tokens in the same manner BSC has BEP20 tokens. BNB is a BEP2 token, you can swap BEP20 to BEP2 on BSC DEX or on Trustwallet. 

I think that should explain what the OP was looking for.
but I'll just add also TRC. because sometimes we can see NFT which is also developed from the Tron network.
I believe in the future there will be more and more blockchain chain networks. we must continue to learn and understand how technology is developing very fast.

I'll explain in easy way.
ERC20 -> ETH Network
BEP2 -> Binance Chain -> Binance Network
BEP20 -> Binance Smart Chain (BSC) -> Binance Network

And BNB is coin for binance, just like ETH.

So if you want to sent token between addresses, make sure you send it to the same network otherwise your token will be gone.

I see no difference between both. If NFT was saying that if you must change the network and then you are using the wrong network just like when you are connecting with the eth network but your NFT was using BSC network. that means if you must switch your network to the BSC network to be able to use your NFT

BEP20 and ERC20 have no difference in wallet address functionality which starts at 0x and is used by many different projects. The only difference is that the fee may be BEP20 is more affordable than the previous ERC20 but now the ERC fee is a bit friendly, now for BNB itself I think different from ERC 20 if wallet erc starts with 0x bnb starts with bnb

Just think of "changing network" as changing blockchain. I used to get confused too when people talked about Bitcoin network. By the way, when people say Bitcoin, Ethereum, Binance etc, they're actually talking about the network.

So when people say BTC, ETH and BNB, then they refer to the asset on the network that people use to trade etc. Hope that helps.

there is no significant difference from BSC and ETH itself, because BSC also adopted a script from ETH,
look at the explorer from BSC is also exactly the same as Ethereum,
and what is very interesting is that these two wallets can also be the same,
 or there is no need to create a new wallet again, right? both are good, it's just that BSC is cheaper than Ethereum

The main difference between the two networks is that ECR20 is decentralized, while BSC is a centralized network that is managed by Binance. Currently, many prefer the BSC network because of the low fees. But those who understand the value of decentralization still prefer ECR20.

1 account different chains. That's what Metamask did and it became confusing for new users.
The only good part that remained is you can keep the same address while using the BSC network.
Recently, a lot of altcoins that made a contract with ERC20 switched to BEP20 and it could create problem with some users if a swap was not made.

Just always remember to pick what chain you will be using and check it twice.
You will need Ethereum to complete a transaction using ERC20 - Example: Farsite NFT game will use that in the future.
BNB coin for BEP20 or BSC - Example: MyDefiPet - recently launched.

Actually BEP20 and ERC20 has no big difference of functionality of wallet address which start of 0x and are being used by many different project. It depends to the project of NFT which network they prefer in transacting of token to be exchanged.

There is a huge difference, BSC is a centralized network and Binance control the chain which is not same with ethereum that is why ETH considered to be a solution for the existing high fee issue.

But both are completely different chain and open to create smart contracts and the fees should be paid in the respective coins.

What NFT is that? what's the current network of the NFT that you've bought and what it says and what should be the network that you must be using?
You've got now an idea how easy it is to distinguish the difference between BSC and ERC20. You just have to tell more details so that we can give instructions on what you must do.

BSC already created to be a solution for the scalability problem that faced by ethereum and that means if binance is fully compliant with ethereum network. I see no differences except the TPS. In my opinion if BSC was adopting the second layer solution for ethereum and that will be letting the users to wrap or use BSC as an alternative chain for ethereum. There are some wrapped asset but I can't deny that if BSC just like a double edge sword for ethereum.
There's no lots of differences.

Don't confuse this terminologies
ERC20 is Ethereum network and ETH is Ethereum token while BEP20 and BSC is Binance Smart Chain network, there's no such BSC coin but BNB.

You're contradicting yourself, it's not wrong address but wrong network
If the exchanges support both of the network, your coins will not lose since it will appear either BSC or ERC20 network.

What kind of NFT platform? NFT available in many smart contracts blockchain so it's hard to know which one but the step actually simple just change your network in metamask to the right one then if you really connected to the same network as the NFT platform you mentioned the dapps or any service will work normally. Otherwise you need to start asking the NFT platform which blockchain they choose to deploy their ERC721

Dont be confuse, its just a network change. If you are using metamask, youll see that network can easily be change and add so easily. From eth, bsc even with matic and fantom, and avalanche you can switch swiftly either way. The difference is simply the network you are using but all same works as a blockchain that convey nft tokens.

They are basically the same, the only difference is some terminologies like ERC20 for ETH and BEP20 for BSC, But you can use your smartcontract in ETH and deploy it too in BSC without any issues or changes in the smart contract code.

ERC20 are over crowded, too slow, congested, has a high fees in transaction until Eth fix this issue they will never get their to climb the price up to 10K usd, while the BSC network already address the ETH problem, they solve it, that's why BSC network or BNB has a speed on their transaction, low fees, lots of good project specially NFT are found in BSC network.

If you want a more basic explanation, BSC is a clone of the Ethereum network with a higher gas limit. The increase allows fees to be lower for transferring tokens on BSC compared to Ethereum. You can use the same address/wallet to access both networks.

There's no a significant difference between ERC20 and BEP20 as BSC assets. The specification from BSC is the same as ethereum but the only thing that makes it different must be BSC much more scalable than ethereum network. When NFT told you to change your network means you must change your RPC network to be able to connect to the both ethereum and BSC network.
You can find so many guides on the internet about how to do that.

ERC20 is a standard protocol for creating token in Ethereum blockchain, you can call a token an ERC20 token if it follows the standard, BSC or Binance Smart Chain is a chain owned by binance (different to Binance Chain) that uses EVM for dapps, etc and to become a alternative chain for ETH due to high fees. BNB is binance's coin in a nutshell running in Binance Chain (different than BSC) but have its wrapped version in various chains as well in form of token (ERC20 or BEP20). CMIIW.

when an NFT platform tells you to change network that possibly means their platform running on different blockchain than what you currently connected to, so to change network is to either choose other network in metamask option or to add a custom network using an RPC URL provided.

actually can someone explain me the difference of each chain? i'm very confused, each NFT say me to change network and i just do it but i don't know what's it