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Binance Smart Chain (short BSC) is a blockchain issued by Binance that is a 100% EVM (Ethereum virtual Machine) compatible blockchain. This means, it can run every smart contract that works on Ethereum. That makes it very easy for token issuers to also create a BSC version of their coins.

This however, is not the best part of BSC. The best part is that Binance Smart Chain is extremely fast and cheap to use. Transaction fees are paid in BNB and are mostly between 3 and 10 cents. YES!

You can now deposit and withdraw all currencies on the Vertex Market peer-to-peer platform using the Binance Smart Chain option, reducing your fees by up to 95%!
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Binance has issued on their own Blockchain all major cryptocurrencies such as Bitcoin, Ethereum, USDT, XRP and many others as pegged coins. Pegged coins are coins that are 1:1 pegged to the “real” coin on their respective network. In the case of Bitcoin BTC, this means that for each Bitcoin on the Binance Smart Chain, there is a Bitcoin held in reserve by the issuer on the real bitcoin blockchain.

What does this mean for me as Vertex Market Trader?

What makes Binance Smart Chain very interesting for Peer-to-Peer trading on Vertex Market however, is again another story.

Before, you were forced to park money onto Vertex (or any other Peer-to-Peer marketplace - LocalBitcoinsPaxfulLocalCoinSwapLocalCryptosHodl Hodl, Binance P2P, Remitano, etc.) and then if not required, paid a big fee to withdraw as the platforms don’t want to lose money on your actions and basically forward you the mining fee they pay. This caused especially problems in the communities with rather small trade sizes as paying $20 for a withdraw on a $100 deal was just not economical.

You can now deposit and withdraw all currencies on the Vertex.Market peer-to-peer platform using the Binance Smart Chain option, reducing your fees by up to 95%!
For all cryptocurrencies available on the Vertex platform, you have the opportunity to use the Balance Smart Chain to deposit and withdraw funds.

What changes for me?

You can now deposit and withdraw all currencies on the Vertex Market peer-to-peer platform using the Binance Smart Chain option, reducing your fees by up to 95%!

Of course, the speed will also increase drastically, from hours until confirmation on the current Bitcoin blockchain for example down to couple seconds. Every currency listed on Vertex is always available as pegged coin on the Binance Smart Chain.

NOTE: Please be aware that even though a TX is confirmed within 2-3 seconds, it can take up to 5 minutes to show in your wallet as it can happen that our node is lacking behind due to the speed of the blockchain at times.

How does it work?

Just go to your wallet section and click on withdraw. For Bitcoin, you will find now 2 options. One is the native blockchain (bitcoin in this case) and the other is the Binance Smart Chain. Chose the second and enter a valid BSC address. This is it. You will receive Bitcoin on your Binance Smart Chain wallet. If you use a Binance account wallet, then you simply will see Bitcoin in your wallet. This works the exact same way for all cryptocurrencies when you use the Binance Smart Chain withdraw option.

To deposit, click on deposit and chose the Binance Smart Chain option. You will be assigned a smart contract (your wallet is a contract) to which you have to send funds to. Send any supported currency to this address and you will within 5 minutes see the balance in your account.Do no send currencies to your wallet we do not support.

Always check your address

Check before every deposit your current BSC address. Addresses might change without notice. Its not common but can happen, therefore it is important that you verify this every single time.

Is Binance Smart Chain (BNB) better than Bitcoin?

This is of course a question for which we cannot give an answer. Bitcoin is a cryptocurrency that is the unchallenged leader and in our view, will remain so forever or at least a very long time. This said, we can understand that using the Bitcoin Network (blockchain) nowadays is just not suitable anymore for many small transactions. Therefore, we incentivize to use the Binance Smart Chain as a solution to the problem. This does not mean, that we believe Binance Smart Chain and BNB is better than Bitcoin or visa versa, it just offers a solution to a problem, which is the cost and speed of the bitcoin (and others) Network.For example don’t we recommend to use BSC for Litecoin transactions. The Litecoin Network is fast enough and has much more capacity than the Bitcoin network. Fees are couple cents and transaction confirmation times around 2-3 minutes. Of course you can use the BSC option for Litecoin as well but the benefits are just marginal while for Bitcoin, USDT and Ethereum it is extensive.

What new coins will be listed?

Due to the BSC integration, we have access to a couple new assets that will gradually be listed on the Vertex.Market platform. Those coins are solely and exclusively going to be available on the Binance smart chain and not on their native blockchains. 

This is the initial list of coins that we will list within the first 30 days of the BSC launch:

  • Ripple XRP
  • Polkadot DOT
  • Chainlink LINK
  • Cardano ADA
  • Binance USD BUSD
  • Zcash ZEC

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Sources: Vertex.MarketBinance.comBuyBitcoins24.com

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