Why is PEP20 preferred wallet address?

Husires

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Quote from: Godlovesyou on May 16, 2023, 09:21:18 AM

I wanted to do a transaction on binance, i buy carlty coins with usdt, I try several times the transactions keep showing unsuccessful, only to figure out that the address must be pep20 binance smartchain. Why is this PEP20 preferred wallet address to others?

There are no major and fundamental differences between the centralized Binance exchange and the binance smartchain, as they are both centralized and some people can stop the network or reverse transactions as there are 21 validators with Proof of Staked Authority (PoSA).

Withdrawing from the wallet or keeping it on the platform is one, and perhaps withdrawing from the wallet is worse because you will bear responsibility for your money while they can freeze or reverse it without your permission.
After withdrawing for Bep-20 addresses, which is the cheapest in transactions, you can then transfer it to any other blockchain by bridges.

X-ray

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Quote from: Godlovesyou on May 16, 2023, 09:21:18 AM

I wanted to do a transaction on binance, i buy carlty coins with usdt, I try several times the transactions keep showing unsuccessful, only to figure out that the address must be pep20 binance smartchain. Why is this PEP20 preferred wallet address to others?

It's caused by such address has been owned by the binance ecosystem itself. The main concern must be on the transaction fees. I often used binance BEP20 BUSD or USDT too. People are always concerning about how big the transaction fees when they were using another blockchain like ethereum.
Even these days the second layer blockchain was also charging you a lot of fees. That's why anyone preferred to use BEP20 rather than another blockchain.

Im also using tron USDT to do the transactions too. This is also very good blockchain. Sometimes your transaction just need a few seconds to be delivered.

It's all about how to get a blockchain that will make you to pay the small fees. You can imagine that if the fees was very expensive and people will be only wasting their money just to pay the fees.
BEP20 has low fees combined with fast transaction. that makes your transaction become much easier.

Iyeman

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I thought this PEP20 was some kind of pepe making their own blockchain and token protocol turns out it's just mistyping, bep20 binance smart chain means you should use BSC address which usually significantly cheaper than using ordinary ethereum blockchain but i wonder why your transaction is failing, bsc address have similarity with ethereum.

o48o

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Quote from: Godlovesyou on May 16, 2023, 09:21:18 AM

I wanted to do a transaction on binance, i buy carlty coins with usdt, I try several times the transactions keep showing unsuccessful, only to figure out that the address must be pep20 binance smartchain. Why is this PEP20 preferred wallet address to others?

Bep-20 addresses or binance smart chain in general is cheaper to use than ERC-20. This is why some people prefer it. However i would avoid most projects that are BCH based, it's mostly for scamming already people that are poor already. And not everyone prefers it. L2 in ETH has become cheaper as well. I would stick in projects in that chain.

ryzaadit

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Quote from: Godlovesyou on May 16, 2023, 09:21:18 AM

Why is this PEP20 preferred wallet address to others?

1. You need to BEP20 Address
2. See the list network available for the withdraw, If they only provided BEP20. Then you can only withdraw BEP20.

Keep in mind, some coin have different available network on each exchange. Could be in Binance only have BEP20 but on other exchange have multiple network, however you need to following on the exchange you're using.

Most the time, a token/coin who have multiple network have a bridge (You can move a token from one network to other network) by bridge them.

Charles-Tim

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Point of corrections. It is BEP20 (BSC). Binance Smart Chain. Binance created Binance Smart Chain and the exchange like to promote anything they create. I do not know if this is true because there should be many coins that can be used to make transaction.

Godlovesyou

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I wanted to do a transaction on binance, i buy carlty coins with usdt, I try several times the transactions keep showing unsuccessful, only to figure out that the address must be pep20 binance smartchain. Why is this PEP20 preferred wallet address to others?

Topic: Why is PEP20 preferred wallet address? (Read 65 times)