How safe is BSC (bep20) chain? | Bitcointalksearch.org

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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?

This question looks funny to me and that does not meant that things could easily crash in the. Crypto market.
I believe many projects in the crypto market have Bridges and that is what make investing in cryptocurrency much easier.
ID you have a project built on a particular Blockchain, there is always need to bridge it with other Blockchains too so that it can attract more users and investors of other chains. BSC chain is a good Chain you can built you token on with other bridges too.

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Quote from: Sophokles on March 14, 2024, 02:32:34 PM

BSC chain is co related with binance coin BNB but it also has its own ecosystem and it has one of the largest TVL from the market. So if anything happens in binance it will affect the price of BNB which will also make an impact in BSC chain ecosystem. But that doesn't mean the whole chain will be down. Also the wrap version of BTC and ETH in bsc chain is audited for its supply. So i think there won't be any problem but the safest way is to hold any crypto in their native chain.

agreed more likely binance performance only affecting BNB and nothing more BSC itself has sets of validator running the blockchain the project inside the blockchain probably are independent from the valuation of BNB itself quite many times some project just decided to deploy their project into multiple blockchain inlcluding BSC just in case, just like those stablecoin that available everywhere.
talking about safety, this blockchain won't just go down and vanish into thin air but of course its gonna be less secure than using bitcoin and eth or any eth L2 since L2 of eth usually being secured by submitting tx to the eth homstead.
if you only use the blockchain to interact with dapps or at least try to send over some stablecoin bypassing the eth fee that is just keep increasing and increasing I think youre gonna be fine.

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Remote Procedure Call among which bnb is phenomenal, I know and use this chain for a long time and reliably, making transactions faster and new projects still often use bnb as a ride, although there is no fud news but it would be good for you to also keep other chains for complementary investments and maybe long term, some projects will experience unexpected things even a while ago the founder was hit by a bad wind (cz).

Binance is a marketplace in general, although it is not detected anything until this moment you do not have full control of yourself, meaning that any activity participates in the validation of cex to fulfill its TOS in verifying each transaction.

As far as I know btc has its own chain, and vice versa, there are indeed several coins that use the bnb chain, I also often use it to facilitate transactions if a web supports chain bnb because it is faster.

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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?

I think BSC is safe enough for now. BSC is liked by many people because of its very small transaction fees. However, many people doubt whether to store coins there for a long time. BSC was created by Binance, and they are still running because Binance is still working. It is not recommended to store assets on an exchange because something bad could happen and there is a risk of losing your assets.

BTC and BSC have different blockchains, so it is impossible for you to store your BTC there. If you mean wrapped tokens, that is not recommended. Tokens may fall and you will lose your money. It's better to use real coins and don't store your coins in an exchange wallet.

Storing USDT is still better than wrapped tokens, but also not for long time. USDT is a centralized token and can be frozen at any time.

I don't know exactly what will happen to BSC if Binance fails. It is also very likely that there will be problems with BSC considering that the coin runs on it. As I said before, maybe you are safe using BSC now, but not good for a long time.

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Quote from: cryptoaddictchie on March 14, 2024, 01:25:46 PM

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?

Still works like a normal L1 for me. Some prefer to store usdt on bsc too due to low gas fee when doing transactions. Its quite absurd to store big stables on network like eth when you will be killed on gas fee. Im pretty sure bsc network is safe like others or yet spread your coins to a lot of L1 and l2 to be more relax and avoid panicking. Not advisable to store on eth cause if youll put example like $100 usd worth imagine the gas fee will be incurred in that.

Even more advisable to not store your holdings on exchanges, its not safe anything could happen and you should understand that usdt is peeged stable coin and re ent issues with usdt saying its not the best stable coin as there could freeze your it in your wallet.

Practice self custody and keep your holdings by yourself not in the hands of any trusted company.

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BSC chain is co related with binance coin BNB but it also has its own ecosystem and it has one of the largest TVL from the market. So if anything happens in binance it will affect the price of BNB which will also make an impact in BSC chain ecosystem. But that doesn't mean the whole chain will be down. Also the wrap version of BTC and ETH in bsc chain is audited for its supply. So i think there won't be any problem but the safest way is to hold any crypto in their native chain.

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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?

Bitcoin only runs on its native blockchain and any token that you see as Bitcoin in other network whether it's ethereum, BNB are just wrapped tokens that promises to have pegged to actual Bitcoin but we never know whether they are actually pegged or just printing out of nowhere.

To answer your question, the blockchain is just a platform that let projects to run on their network so the reliability of a token doesn't rely on the chains, it depends on the projects itself.

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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 okay as long as you don't use crypto assets on the exchange; it's better with Metamask or other wallet apps like Trustwallet, Mycelium, and Exodus; for bitcoin, it's Bluewallet;
and Electrum has it on mobile and desktop.

Because if you store crypto in BSC (Bep20) under centralized control, the risk is quite high because you are not really in control of your coins; instead, the platform itself is in control of them. At least if Binance is blocked, your crypto assets under BSC20 will be in metamask, and you will hold their private key in metamask.

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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?

Still works like a normal L1 for me. Some prefer to store usdt on bsc too due to low gas fee when doing transactions. Its quite absurd to store big stables on network like eth when you will be killed on gas fee. Im pretty sure bsc network is safe like others or yet spread your coins to a lot of L1 and l2 to be more relax and avoid panicking. Not advisable to store on eth cause if youll put example like $100 usd worth imagine the gas fee will be incurred in that.

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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?

For what purpose do you generally want to store funds in cryptocurrency, specifically in USDT? If it is a universal means of payment or a means of purchasing other cryptocurrencies or NFTs, then the BSC network is no worse than others. And when compared with ETH, it’s even better in the context of the size of the fee's; we do not take into account the Dencum update for L2. Swap's and bridge's mechanisms allow you to transfer your USDT between many networks very quickly and at low cost. I myself use BSC (USDT/USDC) and Polygon more often, and Solana a little less often.

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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?

1. How safe is BSC (BEP20)?
It's not safer than Ethereum, although currently Ethereum has changed their consensus to PoS, but they're still safe, unlike BSC which only has 40 validators, I'm not saying this blockchain is centralized or decentralized, but rather semi-decentralized. Better stay away if you want to store a lot of money on this blockchain.

2. Is it okay to store a large amount of BTC and USDT on that chain?
To store Bitcoin (BTC), I would not recommend storing it on a CEX or on any altcoins blockchain with a wrapped version. Store it yourself with a non-custodial wallet, not your keys, not your coins. And for USDT, instead of having to choose BSC, you're better off having it on the Ethereum or Tron network.

3. If Binance shutdown will the chain still operate normally?
Maybe, if there are still validators left, remember what I said before that they only have 40 validators and that is a small number. But imagine, if Binance shuts down, it will create panic everywhere and maybe validators sell their $BNB and abandon their duties as validators.

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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?

Compared to other blockchains. BSC network has deemed to be one of the network that has the highest number of scam attacks. I believe it is because it is easy to create a token in the network and manipulate the blockchain. I have about 150 scam tokens that were sent to me. Infact there was a time when almost everyday am being sent one or more tokens in my Bep20 address.

Dont get me wrong, am not saying other networks are exempted as well. Its just that due to my experiences i have to share it for you. But, remember BSC network is one of the cheapest, fastest and easiest to carry out transaction. The fees are low so you could hold your BNB and USDT or any cryptocurrency in the network. Knowing that whenever you choose to withdraw them anyday you will not be spending up tp 50 cents to do that.

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Actually you can't store the coins you mentioned in the listed chain above but most importantly the point here to give your attention is that no matter how smart and secure the blockchain is you should never keep your biggest assets in it they can crash at any time and there will be no one you can blame then.

These chains are mostly centralised and the owners have complete control over the assets that are kept in the chains. Now they don't really bother about them much but nevertheless it's not a safe option to put your so much trust into some project always distribute your holdings into different chains to have a safe point.

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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?

before asking bsc or bep20 network is safe or not, you need to understand binance is a centralized exchange it's not suitable to holding a large or small amount btc or usdt or others any coin because where you have no key then you have no control of your coins. so don't store any coins in the exchanges. you can not store btc in bsc because btc have own network. you should buy hardware wallet then keep here your any amount of btc.

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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?

Tether has a bad reputation of freezing USDT, if they get notified by the authorities. That is one big risk with USDT and if you are okay with it then you can use any blockchain to store your USDT. Please keep them in a open source, non custodial wallet and not on any exchange. Unstoppable wallet is a good wallet for storing both Bitcon and USDT. It's a mobile wallet and you can take a look by visiting https://unstoppable.money/

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

How safe is BSC (bep20) chain?

It's not really safe as it has been secured by a few validators but the credibility of these validators can be trusted. been using it for years and i never encounter serious problem with BSC chain.

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

Is it okay to store a large amount of BTC and USDT on that chain?

It's okay but if i were you and i would prefer to store it on the truly decentralized blockchains which have been secured by hundreds or thousands of validators to ensure the blockchain can always run when some validators decide to stop to run.

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

If Binance shutdown will the chain still operate normally?

As long as validators are not getting shut down and it can still operate normallly. It's not related to the binance. BSC was independent blockchain.

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Quote from: Apocollapse on March 12, 2024, 10:10:51 PM

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).

So saving assets in USDT can also result in loss, in crypto, can that lose value like LUNA had yesterday?
This is an enlightenment for saving stablekoin assets, thank you, friend,

BayekSmith

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Quote from: Apocollapse on March 12, 2024, 10:10:51 PM

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).

Thanks for recommending DAI. Similar question: which chain should I choose to store DAI?

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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?

In Bitcoin, you should own real coins, and real coins are only those coins that are in the Bitcoin blockchain. Bitcoin in KuCoin and other centralized exchanges aren't real coins. Bitcoin in other blockchains aren't real coins as well.

As regards USDT, it is issued on several chains. There's USDT issued on Ethereum, Tron, EOS, and so on. But the question isn't really relevant when it comes to USDT. The reason why you should own real Bitcoin is that it is the only way for you to truly own and control it. Nobody can take it from you.

This doesn't apply to USDT, however. Whether you have USDT issued on Ethereum or Algorand, whether you're keeping USDT in centralized exchange or hardware wallet doesn't really matter much because you can never have full ownership and control over it. USDT is centralized. USDT can freeze your tokens anytime.

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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?

If you want to hold it long term(I don't know why, but each person has their own reasons), then you might as well do it on blockchains that have a decent reputation and that have been live for a while now: Ethereum and/or Solana.

If you want to hold BTC, then hold BTC. If it's on a different blockchain other than Bitcoin, then it's WBTC(wrapped BTC).

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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).

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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.

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

Apocollapse

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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.

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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.

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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

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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.

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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?

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