MetaMask and Binance Chain Wallet (Decentralized Wallets to Check)
I love that we’re having these posts like a series. Previously, we’ve talked about custodial and non-custodial wallets which I hope you’ve read because this topic we have right now is about Non-custodial wallets. I’m using 2 right now and those were the ones in the title.
There’s a reason why I had to use both. First, it’s because I’m testing them out and the other reason will be discussed later on. I’ll try to keep it short, I swear I’ll try hahaha!
What is MetaMask and Binance Chain Wallet?
These are decentralized wallets that don’t require a long sign-up process. It will just ask you to set up a password and ask you to back up your seed phrase. YOU SHOULD ALWAYS BACK UP YOUR SEED PHRASE IN A VERY SAFE PLACE, like 100 copies of it in a paper hidden in every corner of your room. LOL. You have to keep it safe and at the same time, you can’t afford to lose them. Unless you won’t use the wallet.
I can’t emphasize it more but make sure you won’t lose it and nobody else can find it aside from you.
Normally, you should not store it online but there are ways to keep secured notes like using cloud storage vaults, or using platforms like Dashlane(I’ve reviewed this in the past and I’ve been using it for more than a year already). But if you do it online make sure all your accounts like your email address have strong passwords(I suggest using a very unique password for emails. Emails are the keys to your other accounts.) and have 2FA enabled.
Oh yeah, we’re talking about what is these wallets and not how to secure them.
I think I will remind you about securing accounts all the time and making sure you won’t lose them because it was a hard lesson I just learned. Not being able to access my Dogecoin during its hype season was full of regrets.
Anyway, these wallets we’re checking out are accessible on browsers that support extensions usually that is Chrome. I use Brave and CryptoTab tho, which are chrome-based browsers, I earn small cryptos from those browsers that’s why I prefer them.
You just have to download the plug-in to get started with it. It’s really amazing how easy it is compared to custodial wallets.
Here are the official sites, to avoid being redirected to copycat phishing sites:
Network support of Decentralized Wallets
Metamask, will by default use Ethereum Mainnet while Binance Chain has 3 default networks: Binance Chain, Binance Smart Chain, and Ethereum Mainnet.
But even though they have default networks it doesn’t mean that you’ll be limited to these networks only. MetaMask wallet can add Custom RPC to support the network of the wallet you wanted to use. Unfortunately, Binance doesn’t have that option.
For noobs like us (just kidding), it sounds very technical but according to MetaMask help center, you can check https://chainlist.org/ and easily connect the network you need easily.
Add Binance Smart Chain network on MetaMask and why it’s a better thing to do.
Even though I also use Binance Chain Wallet that supports Binance Smart Chain, I still have to do Custom RPC on my Metamask because the DEX (Decentralized Exchange) that I tried recently on my vlog only supports MetaMask but you know what I just checked it again now, it’s supporting the Binance Chain Wallet. I believe many Dapps are also starting to expand their compatibility with different networks.
Anyway, MetaMask is better than Binance Chain Wallet because you can control the gas fee during the transaction while on Binance Smart Chain, you can only set it up on settings, at least based on my experience.
Aside from that there are bugs on the Binance Chain wallet like the display of balance or transactions are disappearing but it’s only the display. I just used it to have the Wallet Direct to easily access and transfer my funds from Binance Exchange. Which sometimes buggy too, just like yesterday when I was filming my CryptoVlog #3 the wallet direct button is disappearing. But it came back after a while.
And lastly, MetaMask has an option to view in an expanded view while BC Wallet does not have that.
This is the only custom RPC you need for Binance Smart Chain if you want to add it on MetaMask.
Just go to Settings > Networks > Add Network
Network Name:
Binance Smart Chain Mainnet
New RPC URL
https://bsc-dataseed1.binance.org
Chain ID
56
Currency Symbol (optional)
BNB
Block Explorer URL (optional)
Advantages of Binance Chain Wallet over MetaMask
If you’re using Binance Exchange, you’ll be able to connect your Binance Chain Wallet with it to easily view your balance and transfer. It’s also quicker to transfer using that feature but gas fees or network fees still apply when doing so.
In case you’re going to use MetaMask and TrustWallet for that purpose you would still need to get the address to make the transfer while with the Wallet Direct feature there’s no need.
Also, the default network support already has the BSC and BC for this wallet but that’s given since it’s a Binance Wallet.
When it comes to knowing your Gas fees, using Binance Wallet gives you the ability to see the conversion or the BNB rate (when using BSC) unlike with MetaMask it won’t tell you that. It had confused me at the beginning, I thought the gas fees were too high when seeing the amount on MetaMask.
As you can see on that screenshot the totals are different (Binance Wallet on the Left and MetaMask on the right). It’s a BSC transaction, so it is supposed to charge BNB gas fees. If any of those transactions complete the fees will be the same. It just so happens that the MetaMask doesn’t have the conversion rate of BNB.
Other than that I think there’s nothing else to add.
Advantages of MetaMask over Binance Chain Wallet
Most Dapps supports MetaMask over BC Wallet and that is a big plus.
You can also sync MetaMask wallet on your phone using the MetaMask app. Syncing your extension to a mobile app is very easy since you just need to scan a QR code which you can get on Settings > Advanced > Sync with Mobile. By doing that it will copy all connected wallets on your MetaMask.
Unlike with Binance Chain Wallet, they don’t have a specific app for that. You can use wallets like Trust Wallet or Coinbase Wallet on your phone if you want to but you have to manually enter your seed phrase to do so.
Lastly, expanding the view. I mentioned that earlier but I want to reiterate. It may not a big deal for others but to me, it’s very useful.
I am blogging most of my progress in my exploration of the crypto world and at the same time, I only have little assets. So monitoring my gas fees, my transactions, and all are necessary for me and it’s hard to do that on the small pop-up only of Binance Wallet.
Oh, I almost forgot. MetaMask shows options for gas fees on the transaction pop-up while on Binance Wallet you can’t change it on the transaction itself. Though you can preset both on the settings if you want.
Comparing MetaMask and Binance Chain Wallet
As you can see, both have their unique strengths but overall they function the same and that is providing a wallet that only you can access. These wallets are your keys to entering DeFi or decentralized finance while having full control of your funds. Unlike custodial wallets that are not capable of doing so.
Understanding the usage of wallets and how to utilize them is important to avoid losses. We’ll have more in our future posts, so please subscribe :D.
Originally published at https://mielygraphy.com on May 10, 2021.
