Binance Coin (BNB) has skyrocketed in price to become the third most valuable cryptocurrency alongside Ethereum and Bitcoin. While a notable achievement for the token, BNB’s centralized nature means it relies on the Binance platform. In contrast, most cryptocurrencies are decentralized, meaning there is no single point of failure. This became clear to investors earlier this week when Binance announced it was suspending all Binance Coin payouts due to a sudden surge in volume that overwhelmed its system. Although Binance has finally solved the problem, many crypto investors are eager to swap BNB from Binance to another platform or wallet.
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One of the few options out there is Trust Wallet, a type of wallet that allows you to easily buy cryptocurrencies from different blockchains and convert them into each other. If you’re wondering how to switch your BNB to Smart Chain in your Trust Wallet account, here’s how (and why) you should do it.
Why use Trust Wallet?
The main reason Trust Wallet is getting so much attention is that there are no other ways to buy Binance Coin. When Binance falls again and you need to buy or sell BNB, most crypto investors are out of luck. Aside from Trust Wallet, the only other option for investors is to use a small cryptocurrency exchange called KuCoin. Despite its obscurity, it is one of the few platforms that allows you to buy and sell BNB.
Although there are multiple cryptocurrency wallets to choose from, Trust Wallet is one of the few that spans different blockchains. , others are based on Binance Smart Chain.
If you compare the symbols of Binance Coin and Trust Wallet Smart Chain, you will see that although they are similar, the colors are reversed. This is because BNB and Smart Chain, the equivalent of Trust Wallet, have some minor differences.
While BNB and Smart Chain have different listings on Trust Wallet, their values are always the same. The main difference between the two is that BNB is on the BEP2 network while Smart Chain is on the Binance Smart Chain (BSC) network.
Why is that important?
Because on certain decentralized exchanges operating on BSC, such as B. Flyp Exchange, you cannot buy other BSC-based altcoins with Binance Coin. This is why crypto investors are turning their Binance Coin into a smart chain on platforms like Trust Wallet.