Cryptocurrency Q&A
Should I use BEP2 or BEP20 to transfer BNB?
Should I use BEP2 or BEP20 to transfer BNB?
SamuraiCourageous
Tue Jun 25 2024
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5 answers
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As a cryptocurrency investor, I'm often faced with the decision of choosing between different token standards for transferring my assets. In the case of Binance Coin (BNB), I'm wondering which token standard would be more suitable for my needs: BEP2 or BEP20? BEP2, being a Binance Chain-based token standard, offers faster transactions and lower fees, but BEP20, as an ERC-20 compatible token on Binance Smart Chain, provides access to a wider range of decentralized applications. Could you elaborate on the key differences between the two and provide some guidance on which one I should opt for based on common scenarios for transferring BNB?
5 answers
EthereumLegendGuard
Thu Jun 27 2024
Despite the confined usage, BEP2-formatted BNB serves a crucial purpose in facilitating transactions on the Binance platform.
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Bianca
Thu Jun 27 2024
BEP2, as a distinctive token standard, maintains its incompatibility with blockchains apart from Binance.
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Martino
Thu Jun 27 2024
This limitation is significant as BEP2-formatted BNB can solely function as a transaction fee on Binance's cryptocurrency exchanges.
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DongdaemunTrend
Wed Jun 26 2024
Alternatively, BEP-20 BNB offers more flexibility as it can be converted and utilized on other decentralized applications (dApps) within the BNB Smart Chain.
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lucas_clark_artist
Wed Jun 26 2024
The conversion from BEP2 to BEP-20 allows users to leverage their BNB holdings in a broader range of services and applications.
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