How safe is BSC (bep20) chain? - page 2.

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Quote from: BayekSmith on March 12, 2024, 10:04:10 PM

Thanks for all the answers!
Then which chain should I use to store USDT?

I won't store USDT because it's not the safest stable coin, read [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

I'd choose to store DAI i.e. decentralized stable coin in hardware wallet.

You can also choose to store foreign currency in banks because it's insured (there's a limit depends on each country).

YUriy1991

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Even though all stages have been carried out by the network owner, whether internal audits and other tests, regardless of the type of network, including BSC, in my opinion nothing is absolute and 100% safe against the risk of vulnerabilities and attacks. If you want to store your funds on this network, that's fine, but you have to understand how to make it more safe.

It is acknowledged that this network is cheap and fast to use and has a fairly large BSC ecosystem. Regarding future issues, if the chain is closed, I think it will be hot news in the crypto world and will attract the attention of many people because the use case for this chain is quite high, but I am also sure that a large network has great support behind it, so the possibility is small according to my income.

BayekSmith

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Thanks for all the answers!
Then which chain should I use to store USDT?

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BSC is an another chain, not sidechain nor layer 2 which links to main chain, so any coins built in BSC network and pegged with the real coins price in the main network are simply IOUs i.e. fake coins.

BSC is created by Binance's developers, so if Binance shutdown, BSC will greatly affected because the reason why BSC and BNB are still exist because of Binance.

The conclusion it isn't safe.

SamReomo

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Quote from: BayekSmith on March 12, 2024, 09:06:48 PM

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

It isn't safe at all to store even very small amount of BTC on BSC because frankly speaking you can't store BTC on that. BTC is stored only on Bitcoin's own blockchain not any other blockchain. The one which you're talking about isn't BTC at all, it's just another altcoin pegged to BTC's price. You should purchase Bitcoin only if it's on Bitcoin's network and blockchain, not those altcoins.

SilverCryptoBullet

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Quote from: BayekSmith on March 12, 2024, 09:06:48 PM

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

BSC is Binance Smart Chain and it is an altcoin blockchain, a copy of Ethereum EVM blockchain. It is not a Bitcoin blockchain and you can not have Bitcoin on BSC.

You can have Wrapped Bitcoin tokens on BSC but these tokens are not Bitcoin. You can see their token prices are similar to Bitcoin price but these tokens can lose their pegs to Bitcoin and prices will sink to zero.

If you want Bitcoin, buy Bitcoin, don't buy any Wrapped tokens.
https://www.coingecko.com/en/categories/wrapped-tokens

Binance Smart Chain can be halted by their team and it is unsafe to use, less safer than Bitcoin blockchain that can not be halted by any team.

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Quote from: BayekSmith on March 12, 2024, 09:06:48 PM

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

Never store your funds on exchanges no matter how reliable they might seem to be.not your keys not your coins. Exchanges are owned by centralized bodies and have full control of your funds so you don't know what might happen next.
Get your self a hardware wallets( Trezor) or rather, you can create an airgapped device and install electrum in it. Airgapped wallets are completely offline with no access to the Internet. I will advice you convert your usdt to Bitcoins and store them using this airgapped wallet.
Read this : https://electrum.readthedocs.io/en/latest/coldstorage.html

Nwada001

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Which bitcoin do you want to save on the Binance chain (BSC)? Last I checked, Bitcoin is only available on the Bitcon network, and what you see on BSC (and some other name they might label it), which they refer to as bitcoin, is not bitcoin but a Bep20 token called Wbtc, which they said is pegged to Bitcoin.

It's better to have real bitcoin saved under your bitcoin network than to have pegged coins, as any pegged coin can be depegged anytime.

I don't know if anything will happen to your holdings on BSC if Binance crashes today, but you don't need to wait until anything happens before you take preventive measures. Just take a good look at the FTX incident and every token or coin under that lab.

BayekSmith

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How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

Topic: How safe is BSC (bep20) chain? - page 2. (Read 198 times)