Cryptocurrencies have already become a way of conducting an online financial transactions. But the pros and cons of using it are still relatively unknown to the common public. Setting up a BNB Wallet is not that simple. There are a few crypto wallets you need to choose from, and then you must go through the registration and verification process.
You might have heard that there are hot and cold crypto wallets. Cold crypto wallets are offline wallets, and they can be a piece of paper where you have written a string of code for your crypto or a flesh drive specifically designed to keep those addresses safe. Hot wallets are all connected to the internet and are more vulnerable to attacks. But, incredible efforts are made to make hot wallets secure.
In this article, you will have the opportunity to learn how to set up BNB Wallet. You will also learn about Binance Coin or BNB, Binance Smart Chain, and the best wallet for BNB.
What Is BNB?
Binance Coin, or BNB, is a cryptocurrency that can be used for trading and paying fees on the Binance cryptocurrency exchange. It follows the ERC-20 standard of the Binance platform, which presents a standard used for creating and issuing smart contracts on the Ethereum blockchain (the blockchain where BNB was initially created).
BNB was introduced in July 2017 via an Initial Coin Offering (ICO) that offered 20 million BNB tokens to angel investors, 80 million to individuals who donated to the project and 100 million to several ICO participants. The money collected from the sale of the BNB tokens was used for marketing, branding, and exchange development. A portion of the funding was also used to upgrade the Binance cryptocurrency exchange.
What Is Binance Smart Chain or BNB Chain?
Binance Smart Chain (BSC) represents the second wave of blockchain technology. Although some of the most well-known cryptocurrencies include Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), and others, they only belong to the first generation of blockchains and exist for the sole purpose of producing digital money.
Binance Smart Chain, on the other hand, is a broad blockchain platform prepared to implement smart contracts. These are automated snippets of code that can codify any logic imaginable, including traditional financial activities like trading, borrowing, and lending. Technically speaking, the Ethereum Virtual Machine framework makes it feasible to create BSC smart contracts.
There are blockchain engines, much as there are engines in the video game industry that power games like Unreal Engine or Source. An EVM system must function as a decentralized computer because it carries out smart contracts spread over thousands of computers or network nodes.
What BNB Wallet to Choose?
There are several BNB wallets on the market, among which one stands out from the crowd. That is Trust Wallet. Trust Wallet is a wallet that Binance purchased in 2018. We chose it because it is the best wallet for BNB. It is easy to conclude why BNB is the native token of Binance, and it owns Trust Wallet.
Trust Wallet is a mobile cryptocurrency app and wallet that you can use without registration for free. It is a decentralized wallet where individuals alone are in control of their money. Trust wallet doesn’t keep track of users’ private information.
Only one account is enough to store, send, receive and trade supported cryptocurrencies. Access to decentralized exchanges (DEX) like PancakeSwap, ApeSwap, UniSwap, and others is effortless with Trust Wallet. Downloading the app from Google Play, iOS, or Android is all that is necessary.
Most importantly, it supports a wide range of cryptocurrencies, among which are Bitcoin, Ethereum, Binance Coin, Litecoin, Rupple, Solana, and many others. The app presently covers more than 160,000 crypto assets on supported blockchains. Additionally, you can stake cryptocurrencies that use proof-of-stake, such as Tron, Tezos, or Cosmos.
Trust Wallet Most Important Features
User Interface Is Straightforward and User-Friendly
Trust Wallet is simple to download, install, and use. It has more than 5 million users, primarily because of its continuing partnership with Binance. The connection with Binance and an excellent financial situation will continue to attract users and most certainly provide ground for development.
Trust Wallet Is Free
It is entirely free to download and use Trust Wallet. However, the only expenses are the gas fees for processing transactions. But only a tiny portion of the fee goes to Trust Wallet. Most of it goes to proof-of-stake networks or miners.
Besides the recovery phrase, Trust Wallet allows users to secure their accounts with extra layers of security. These include PIN code or fingerprint scan. Currently, Trust Wallet doesn’t have a Two-Factor Authentication (2FA). For those unfamiliar with 2FA, it is an additional layer of security where you have another step besides username and password. It is usually a code that you receive in SMS or mail.
It Supports Many Cryptocurrencies
Today, a crypto wallet is good if it’s secured and supports a lot of cryptocurrencies and other crypto assets. It’s good to know that Trust Wallet supports over 160.000 crypto assets.
By staking your coins at a fluctuating interest rate, the app makes your coins work for you. Additionally, the program offers you a Proof of Stake (PoS) certification that has been verified, enabling you to begin earning interest on your digital assets.
Buy Crypto With a Credit Card
There are a few crypto exchanges where it is complicated to buy crypto. This issue is resolved with Trust Wallet, which enables you to purchase cryptocurrencies with a credit card and begin trading right away.
Decentralized Apps (DApps)
To identify more companies and sellers that take cryptocurrencies in return for their products and services, Trust Wallet comes with a DApps Browser.
A Reliable Backup Mechanism
Last but not least, there’s a backup issue, which Trust Wallet addresses well with a 12-word recovery phrase. Users are given a phrase to write down and save securely when establishing their wallet address.
In case anything goes wrong, entering these words will allow you to log back into the account. It is crucial to remember that this should be written down and guarded safely with the attentive care.
How to Setup BNB Wallet?
Now that we have chosen the crypto wallet, we can begin the detailed step-by-step guide on how to set up a BNB wallet, in this case, Trust Wallet.
Step 1 – Download the app.
Download Trust Wallet if you don’t have it already, and ensure that the app is up to date.
Step 2 – Open an account.
When you open the app, the first screen you will see will offer you to create the wallet. If you already have it click on “I already have a wallet” and skip the next few steps. If you don’t have an account, click “Create a new wallet”.
Step 3 – Agree with Terms of Usage
To continue the process accept the Terms of Usage and click on a checkbox that you’ve understood everything. Then click “Continue”.
Step 4 – Remember the recovery phrase.
The most important part of the process is the recovery phrase. The recovery phrase is the only thing you can use to recover your wallet. It is a key to your account, the only key. It is a string of 12 words you must write down on paper and keep in a safe place. If you lose them, you will never be able to access your wallet.
Step 5 – Confirm the recovery phrase.
You need to confirm the recovery phrase by putting the phrases in the correct order. Click “Continue”.
Step 6 – Finish the process.
You opened the account. You should personalize it now.
Step 7 – Personalize the account.
Go to “Settings”, then click on “Wallets”. Choose the wallet you want to personalize. For you as a beginner, it will be a wallet called “Main Wallet”. What you will change here is only the name of the wallet.
Step 8 – Depositing BNB
Let’s now go back to the app and see how to receive BNB from Binance. Click on the “Receive” button on the app’s landing page. Copy the address that will be shown there. That is the address of your wallet.
Step 9 – Withdraw from Binance
Go to your Binance account. Click “Withdraw”. Choose the BNB coin, enter the address you copied in the previous step, choose the network BNB Smart Chain or BEP20, and you’re BNB will be in your Trust Wallet in a few minutes.
This is it; you have set up a BNB account and made your first transaction. To review the transaction ID, click on it, tap on “Share,” and copy the transaction ID.
Having a crypto wallet has become a necessity. With layers of security, crypto wallets protect your crypto assets. In this case, we talked about the crypto wallet as an app because it is better for daily trading, which is what most users do.
After reading this article, we have to repeat it. Keep your username and password safe and your recovery phrase even safer.