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With the vision of creating a private Blockchain to issue digital assets and trade them in a decentralized way, Binance Chain is the first breakthrough developed by Binance. The first application of Binance Chain is the decentralized exchange Binance DEX. To interact with such a potential platform, you first need to own a Binance Chain wallet to start “skin-in-the-game”.
So what is a Binance Chain (BEP2) wallet? How is Binance Chain Wallet (BEP2) different from Binance Smart Chain Wallet (BEP20)? Where to create a Binance Chain (BEP2) wallet? In today’s article, I will show you how to create a Binance Chain (BEP2) wallet in detail.
What is Binance Chain Wallet (BEP2)?
The Binance Chain Wallet is a wallet used to store Binance coin (BNB) – the base coin on Binance Chain and the BEP2 standard tokens. After Binance Chain goes live, all ERC20-compliant BNB tokens will be able to be swapped to the new BEP2-compliant chain. In particular, this wallet is owned by you, no one has the right to influence or use the wallet other than you.
The Binance Chain wallet has 2 extremely important information you must note:
- Wallet address: Is a sequence of numbers and characters used to deposit assets into the Binance Chain wallet. Others can transfer coins to you through the wallet address you provide. A Binance Chain (BEP2) wallet address will have the format starting with “bnb...” as follows: bnb1nwgxsq6tsjx6egl27yd3kdrlgueccs2pr6x4m2.
- Passphrase and Private Key: Is a security key that can be understood as a type of password in which the Passphrase includes any 12 English keywords and the Private Key will include a series of letters and numbers. If you want to perform the wallet recovery operation, you must go through the Private Key or Passphrase login step to complete the transaction.
Format of a Private Key:
942d8f9744a1ca28928ad737e8e033f14b856b1163b80c8252ad9efc8a19e945. Format of a Passphrase: boost more luxury curve broccoli bounce shine rule chef harvest device avocado.
After creating the wallet, you will receive a wallet address, passphrase and private key similar to your example above.
For easy visualization, you can imagine that the Binance Chain wallet is a bank account, the wallet address is the account number and the Passphrase/ Private Key is the password.
The difference here is that with a bank account other people will know your personal information. As for the Binance Chain wallet, you become anonymous, no one knows who you are, but only transact through an address encoded into a sequence of numbers and characters.
Read more: Learn about Binance Chain
Where to create a Binance Chain (BEP2) wallet?
You can create a Binance Chain wallet through CHK Wallet.
CHK Wallet is a decentralized wallet (Non-Custodial Wallet) that not only supports Binance Chain blockchain but also many other blockchains such as Ethereum, Solana, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & X-Chain) , Polygon, Cosmos, THORChain, Persistence, BandChain, Bitcoin, TomoChain, Celo, Kava, Tron, Terra, Fantom, Binance Smart Chain, …
Because it is a decentralized wallet platform, users are in complete control of assets, no one has access to your wallet including developers. You can rest assured when storing BNB BEP2 tokens here.
Read more: CHK Wallet User Guide for Beginners
Distinguish BEP-2 wallet and BEP-20 . wallet
- BEP2 is a standard of tokens running on Binance Chain. The BEP2 wallet address on Binance Chain has the form: bnb1nwgxsq6tsjx6egl27yd3kdrlgueccs2pr6x4m2
- BEP20 is a standard of tokens running on Binance Smart Chain BSC. BEP20 is an extension of BEP2 and is compatible with the Ethereum network. The address of the BEP20 wallet and the ERC20 wallet will be the same and have the form 0x859AA4525c19829034CbbFD916F46c068F116310.
Different standard wallets will have different address formats. Please pay attention to the first characters (I have bolded) to distinguish. With BEP2 wallet address, you need to use more MEMO to identify the account. The BEP20 wallet does not need MEMO.
For more information, Binance Smart Chain (BSC) and Binance Chain (BC) are two independent parallel blockchain platforms. Binance Chain has been Binance’s own blockchain since the beginning of 2018. And in late 2020, Binance Smart Chain continues to be born as an upgraded version of Binance Chain. Token transfers on both blockchains are confirmed in BNB coins.
Instructions to download and create a Binance Chain wallet (BNB BEP2)
Currently, CHK Wallet supports creating a Binance Chain wallet on the mobile application.
You download the CHK Wallet app to your device.
Then follow the steps below:
Step 1: Select the display language.
Step 2: Choose Add Wallet (Add Wallet) and click on the Binance Chain icon to create a Binance Chain wallet or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase/ private key (recommended) → Create (Create wallet).
Step 3: Give your wallet a name (name something that you can remember or convenient for later use) and back up your Passphrase/Private Key in a safe place. (Note: This is extremely important information that directly affects your assets).
- Tick the box Backup your recovery key khoá and click on the copy icon to confirm that you have saved your Passphrase/Private Key in a safe place and absolutely do not disclose it to anyone. Your account is at risk of being stolen when someone knows these character sequences. If you do not want to lose the key to open the door, you must be very careful in this step.
- Tick the remaining two boxes to confirm you understand the risks if you lose your Passphrase/Private Key.
- Choose Next (Continued).
If you lose this important information, it means you cannot connect to your wallet. No one has the right to restore it except you.
- You copy and paste Passphrase/Private Key into the box Confirm (Confirm).
- Choose Done (Done).
Once done, you can also access Manage → Manage All Wallets to check the newly created Binance Chain wallet.
Instructions to receive BNB (BEP2) into CHK Wallet
This operation is similar on both the mobile and wallet versions, so you should refer to the ways below and follow.
Step 1: Click on the BNB (BC) wallet.
Step 2: Choose Receive.
Step 3: Copy the wallet address or use the QR code address.
Step 1: Choose Receive on the homepage.
Step 2: Type BNB in the search bar.
Step 3: Click the icon to copy the wallet address or get the QR address.
You can send BNB to the address copied in step 3.
Instructions to transfer Binance Chain from CHK Wallet
Step 1: Click on the Binance Chain wallet.
Step 2: Choose Send (Send).
Step 3: Enter the amount of BNB you want to send & the wallet address to send to. → Slide bar Send to confirm sending.
- Step 1: Click select Send (Send) on the main interface.
- Step 2: Select the wallet with the coin/token you want to send (1), select the corresponding token/coin (2).
- Step 3: Enter the number, wallet address and message for the recipient (if any).
- Step 4: Slide the bar Send (Send) to complete.
Note: Gas fees on Binance Chain are calculated in BNB and have a relatively low value of 0.00005 per transaction.
Some notes when using Binance Chain wallet ví
Is storing BNB on Binance Chain wallet safe?
CHK Wallet is a non-custodial wallet, ie full control of assets belongs to you, no one has access to your wallet except you reveal Passphrase and Private Key to others.
Is there a fee to deposit BNB and transfer BNB?
Depositing BNB or transferring BNB from the Binance Chain wallet will cost the blockchain platform to confirm the transaction.
Is it possible to create multiple Binance Chain wallets?
Sure! You can create as many Binance Chain wallets as you like, each wallet will have a different address and Private Key / Passphrase, so remember to save it.
Note that you should name it so that you can easily manage it if you create multiple Binance Chain wallets.
Can Binance Chain Wallets Store Other Coins?
Are not! The Binance Chain wallet only allows storage of BNB and BEP2 tokens.
Which coin wallet address will store that coin, do not transfer any other coins to the Binance Chain wallet to avoid unfortunate capital loss.
If you are in need of information on how to create a wallet and save BEP2 standard tokens, I hope this article can help you in the process of storing and protecting your assets.
Besides the Binance Chain wallet if you want to store all other coins in wallets like Bitcoin, Binance Smart Chain, Polygon, Polkadot, THORChain, … you can create a wallet right on CHK Wallet, the operation is similar. Similar to creating a Binance Chain wallet and only takes about 1 minute to complete. More specifically, CHK Wallet now supports creating Multi-chain wallets, now you can transfer and store multiple coins/tokens on blockchains in the same wallet while just using a single passphrase to control. .
See you in the next posts!
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