the introduction
Binance Chain Wallet is Binance's official cryptocurrency wallet for accessing Binance Smart Chain, Binance Chain, and the Ethereum platform. You can use this wallet to safely store your digital currencies and connect to thousands of projects across different blockchains.
Whether you want to exchange BNB for other tokens, mint non-fungible tokens, or collect proceeds, you can do it easily using a browser extension wallet. The Binance Chain wallet currently supports Chrome, Firefox, and Brave browsers.
What makes the Binance Chain wallet unique?
At first glance, the Binance Chain wallet looks similar to other browser extension wallets, but there are some features that set the Binance Chain wallet apart from others. If you already have a Binance account, you can easily link it to your wallet using the Wallet Direct feature, which saves you the hassle of copying and pasting addresses when transferring digital assets between the two.
You can also use your Gmail account to sign up for the wallet through tKey. If you lose access to your wallet, you can restore it in two of the following three ways:
By logging into your Gmail account
By using your personal device
Using the account password you chose during account creation
Keeping your private keys secure is a big responsibility, so using tKey can help.
These two features make the Binance Chain wallet very easy for people who do not have much experience with cryptocurrency wallets and help them get started right away.
Setting up a Binance Chain wallet
1. Download the Binance Chain wallet on the Binance Chain homepage, and choose the browser you want to install the extension in.
2. After installing the extension, you will see the subscription page. In this example, we'll create a completely new wallet using a Gmail account.
Note: You can also use an existing cryptocurrency wallet if you have your original seed phrase or personal information to log in to tKey.
3. Click [Create Wallet] then choose [Continue using tKey via: G].
4. A pop-up window will appear asking you to sign in with Gmail. The Binance Chain wallet and tKey will use your Gmail account as a way to verify your identity in the future when needed.
5. The next step is to create a password that will act as a second layer of protection in case you lose your private key.
6. You will now see the seed phrase for your Binance Chain wallet, which you can use to recover the account. You also have the option to create your own seed phrase, and the phrase must contain 12, 15, 18, 21, or 24 words.
Never share your seed phrase with anyone, treat it as you would your bank account password or PIN. If you lose the seed phrase, you will be able to log into your Binance Chain wallet using your email address as well as your tKey password.
7. Click Continue once you are sure that you have kept your seed phrase in a safe place.
8. You have successfully set up your Binance Chain wallet. You can now use it to send and receive tokens on the Binance Smart Chain, Binance Chain, and Ethereum platform. You can also interact with decentralized applications and smart contracts on these blockchains.
Deposit BNB using Wallet Direct
If you want to use and interact with the Binance Smart Chain network, you must have BNB in your wallet, as you can pay transaction fees in BNB when making transfers and when transacting with smart contracts. There are two types of BNB tokens: BEP-20 and BEP-2. Since we want to transact with Binance Smart Chain in this case, we have to use BNB BEP-20 tokens.
If you already have some BNB in your Binance Spot wallet, you can link your account to your Binance Chain wallet using the [Wallet Direct] feature.
1. Click on the icon at the top right of the wallet home page, then click [Link to Binance.com Account].
2. Log in to your Binance account and click [Verify and Link Address].
3. You will now see a pop-up window asking you to [Link to Wallet], if you click on it it will open your Binance Chain wallet where you can click [Link].
4. Next, you will need to give your wallet permission to sign the Binance message. This step will verify that you are the owner of the wallet and allow it to perform the linking.
5. Once you have completed the previous steps, you will need to go through the authentication process implemented by Binance as a final security measure. If you have two-factor authentication associated with your account, you'll need to use it as well.
6. After successfully completing the verification process, your Binance account will be linked to your wallet. You'll see this in the account section of your wallet or on the Wallet Direct webpage.
7. To start transferring funds from your Binance account, click the [Receive] button and choose [Wallet Direct].
8. You will now see the balance of your assets available for transfer.
Deposit from another wallet
You can also deposit directly from another wallet. In this example, we will transfer BNB from a Binance account wallet to a Binance Chain wallet.
1. Go to the withdrawal page in your Binance account and select the BEP-20 (BSC) network.
2. In your Binance Chain wallet, click on [Binance Chain Native Token] and then on [Receive].
3. You will now see a QR code you can scan or an address you can copy for the withdrawal wallet. Note that all BEP-20 addresses start with 0x, while BEP-2 addresses start with bnb.
New tokens added to the Binance Chain wallet list
1. After setting up your Binance Chain wallet, the default will be that you will only see your BNB balance, but you can search and add more coins from the available list by clicking the [+] button.
2. Find the token you want to add and click to select the checkbox. In this example, we have added Ethereum linked to the Binance platform. Your wallet will still accept token deposits even if you have not selected this option in the menu, but selecting this option makes the balance visible.
Link your Binance Chain wallet to Binance Smart Chain
It's easy to transact with Binance Smart Chain Using your Binance Chain wallet, all it takes is the push of a few buttons, and you can start storing, swapping, and interacting with decentralized applications. Here we will see how to connect to the PancakeSwap platform. Almost all decentralized applications have the same user interface to connect to your wallet.
1. Click the [Connect] button in the upper right corner of the screen.
2. Select [Binance Chain Wallet]. Note that not all decentralized applications support the use of a Binance Chain wallet.
3. A pop-up window will appear asking if you want to connect to the dApp, click the [Link] button to confirm.
4. Your wallet address should now appear in the top right corner.
Concluding thoughts
The Binance Chain wallet is an excellent choice for a cryptocurrency wallet, especially for those who have a Binance account. It's easy to get stressed out when sending digital assets and dealing with addresses, so making the most of wallet connectivity is a good idea. The same goes for private keys and seed phrases, which are a huge hurdle for anyone new to the world of cryptocurrencies, so making wallets as easy as possible to use is a great way to encourage entry into the world of cryptocurrencies and decentralized finance.
