Author: Bozhidar Panov

How to add Binance Smart Chain to MetaMask

How to add Binance Smart Chain to MetaMask

In this guide, you will learn how to add Binance Smart Chain to MetaMask. Also, you will see how to send BNB token to MetaMask from 3rd party wallet via the Binance Chain browser extension wallet.

Binance Smart chain is gaining popularity as an Ethereum alternative mostly because of the cheaper transaction fees. Transactions are significantly cheaper and the user experience is similar if not even better. Binance smart chain is a fork of Ethereum blockchain. That means every Dapp that runs on Etereum could run on Binace smart chain and we can use MetaMask wallet. The blocks of the Binance chain are twice bigger and faster with only 5 second block time. If I have to be honest Binance platform lacking behind in terms of decentralization then Ethereum but I don’t think that is what’s should worry you. So there are few steps we need to do before ad the Binance Smart chain to MetaMask Follow this guide on how to install MetaMask if you don’t have the wallet already. We will install Binance smart chain extension wallet and then transfer funds to it from a wallet we got BNB tokens. That will let you use DEXs on Binance such as Pancake swap and interact with decentralized applications on the blockchain. There are quite a few steps to be done but this is a complete guide from A to Z.

Installing Binance Chain Wallet

1. First, go to https://www.binance.org  (I like to clarify that using VPN could be necessary if your country restricts Binance websites) to install a Binance chain wallet. We need this wallet because we could do cross-chain transfers on both Binance blockchains. Also, we can receive and send funds on both Binance chains and Ethereum. Follow the steps in the picture below.

install binance wallet

2. Click add to chrome.

add to chrome

3. Confirm adding the extension.

confirm to add extension

4. Press I don’t own a wallet.

i dont own a wallet

5. Create and confirm the password before continuing.

create a password

6. Write down your seed phrase and continue.

write down the seed phrase

7. Confirm the seed phrase and continue.

confirm seed phrase

8. Binance extension wallet is installed.

binance wallet is installed

Sending Funds to Binance Chain Wallet

1. Now when the wallet is installed we need to send some funds to it. I will transfer BNB from the crypto.com  wallet to send the funds. If you don’t have a BNB token, here is my link for crypto.com so if you use it we both will get a 25 US dollar bonus. In order to send tokens, we need to change from Binance smart chain network to Binance Chain Network.

change wallet networks

2. After changing the networks click receive as the picture below shows.

receive funds in BNB wallet

 

3. Next, click the QR code.

click QR code

 

4. Scan the QR code with your smartphone.

scan the code

 

Now we got a BNB token in the wallet and we need to proceed with MetaMask set up.

 

How to add Binance Smart Chain to MetaMask?

The next step we need to do before start exploring DEXs like Pancake swap and Yield farming on Binance is to setup MetaMask. the process is easy and we just need to follow the steps below.

Network Name: Binance Smart Chain

New RPC URL: https://bsc.dataseed3.defibit.io/ or https://bsc-dataseed2.binance.org/ (Check which one is work for you)

Chain ID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com/

1. Step one, open MetaMask, and follow the picture below.

custom rpc metamask

2. Copy and paste main-net details as it is shown in the picture below. Click save when finish.

set up Binance Smart Chain network

 

Binance smart chain network is installed in MetaMask. The last thing we need to do before we finish is to send the funds from our Binance chain extension wallet to MetaMask. Let’s begin!

Send the funds from the Binance chain extension wallet to MetaMask

  1. First thing to do here is to open MetaMask. Make sure that you are on Binance Smart Chain as is showed in the picture and after that copy the address. The wallet will show the Ehereum logo which is fine and is no cause for concern.

copy BNB address on MetaMask

2. Next step is to go to the Binance extension wallet and press send. The next window will look like the one below. Paste the address you copied in the address field, enter the amount you wish to send, and click send.

send funds from Binance chain wallet to metamask

3. Confirm the transaction by clicking send.

confirm transaction

 

4. The transaction will appear in MetaMask.

transaction received in MetaMask

Now everything is ready and you can use MetaMask wallet to trade on Panckake swap and explore Binance Smart Chain DApps.

The text is taken from www.crypto-explained.com

Read More

What are the next medium-term levels of support and resistance to Bitcoin?

Today, the crypto market has returned to its previous trading ranges after the jump in volatility yesterday. Despite the sudden outbreak of volatility, the cryptocurrency market remains virtually unchanged on a daily basis. The total capitalization of digital assets in circulation amounted to $ 120.9B today versus $ 120B on Tuesday.

The main cryptocurrencies returned to their ranges after the weekend, when the update for Ethereum network upgrade failed to generate a change in price action.

The major cryptocurrencies are expected to fall today as investors’ sentiments have fallen as a result of a comment from Bank of England Senior advisor who said cryptocurrency is worthless because it fails to pass the fundamental tests of financial services. However, digital assets can restore the price beyond critical levels of resistance if Wyoming’s lawmakers attempt to pass a bill that recognizes digital currencies as money is approved.

Still, the bulls or bears will be able to overtake the crypto market in the short and long term?

Bitcoin’s price rose by nearly 1.60% over the past 24 hours. The first digital coin tested the critical level of $ 3 600 on Tuesday, but the resistance seems to be too strong for the bulls till now. Some crypto experts believe Bitcoin’s price recovery is limited due to the weak demand caused by the strong bear market in 2018.

But I think the year 2019 that is ahead of us will be essential to Bitcoin no doubt. After more than ten months of continuous fall, I think the next 12 months will be crucial for Bitcoin’s long-term future.

Everything seems ready for a big bounce when we talk about short and medium-term prospects. The nearest bull’s target in the event of a bounce is $ 4 120. This is where the price has already been rejected several times by EMA 200 on a weekly chart. Clear break and close over the weekly EMA 200 will indicate a strong upside momentum and may cause a big bullish rally. In this case, the next resistance is in the area of $ 4 750 – 4 900.

Again, watching the weekly chart, the MACD and RSI indicators look good for the bulls. RSI touches the level 30 and is ready to pick up an upside impulse while there is a large bullish divergence on the histogram of the MACD.

In the long run, however, we still do not have strong signs of reversing the main trend. And the predominant trend remains a downside. If bears return control, the first medium-term target is in the area at the bottom of mid-December at $ 3,158. A clear break below this zone will send a very negative message to the market, and the $ 2,000 region will be the next goal.

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

The bears took control again, lowering the price of cryptocurrencies

The crypto market falls again with Bitcoin and all the significant altcoins on the red territory. The total capitalization of digital assets in circulation declined from $ 124 billion to $ 121.4 billion on Wednesday. It seems that the short-term recovery is already over. And the market resumed its downside trend against of the lack of fresh, positive drivers.

TRON (TRX) is one of the most losing coins. The cryptocurrency lost nearly 5% over the past 24 hours, trading at $ 0.0237 at the time of my writing. The scandal around the TRON Accelerator contest is gaining momentum and seems to create additional downside pressure on the coin.

A more significant loss, however, was realized yesterday by Ethereum, collapsing by 20% in the last seven days. The Smart Contract Audit, performed by ChainSecurity, revealed critical vulnerability to the Ethereum Improvement Proposal (EIP) 1283. The weakness has been called the ‘Re-Entry Attack’. It allows hackers to re-enter the same feature multiple times without notifying the user. This is a dangerous loophole that can lead to the update being introduced, leading to theft of the cryptocurrency. As a result, developers decided to postpone the update for an unspecified period.

ETH/USD is currently trading at $ 120.02, down 5.90% yesterday. Although the downside pressure is gaining momentum, the coin still holds the third place at market value. And the Constantinople’s delay may increase the bearish pressure during the European session.

On the other hand, Ripple is quite stable at $ 0.3250. The coin has been unchanged since the start of the day and has declined by only 0.79% on a daily basis. The price action of XRP depends on the overall sentiment of the crypto market, although it has recently been less volatile than other significant altcoins.

The price remains closed in the trading range between 0.3157 – 0.3353, which we see during the last five sessions after the deep decline on January 10th.

The upward momentum of XRP/USD is limited by the downside trendline outlining the fall of 6th November 2018. The bulls were rejected in every attempt to break it – in November, December, and most recently on January 10th.

Over the current price, the first resistance is at $ 0.3353 (the upper limit of the range). The second resistance level is $ 0.3435 (daily SMA50). XRP/USD bulls need to break the $ 0.3400-0.3500 area to see an increase of the upside momentum to the psychological level $ 0.36. But to get it, XRP/USD will first have to break SMA100 and SMA200.

On the downside, the first support is seen at $ 0.3200. If the price can make a clear break below that level of support, the bulls will lose all momentum, and the pair will enter a strongly downward environment. In that case, the bears should head to testing the support of $ 0.3108 (the bottom of the range from Monday), followed by 0.2866.

Author: Silviya Velcheva

* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More

Ethereum in lethargy before Constantinople

The crypto market remains on the green territory with the vast majority of the top-20 coins that have shown a positive momentum in the early Asian hours. The weekend rally, which pushed Bitcoin above the critical $ 4,000 price, improved the market sentiment. However, consolidation at the beginning of this week may signal that the bulls are not yet ready for a decisive upside move.

From a fundamental perspective, it may take time for the US Securities and Exchange Commission (SEC) to approve Bitcoin’s ETFs, with the temporary shutdown of the government also exerting its negative influence. However, Japanese regulators are already considering an Exchange traded fund (ETF) for Bitcoin.

Satoshi Nakamoto’s coin celebrates its 10th birthday, and an ETF would be a good gift. And the charts show that the main cryptocurrency has some room to move one step up.

Another positive factor in the crypto market is the modernization of the Ethereum network. The new protocol, also known as an upgrade under the name Constantinople, is scheduled for January 16th. And the current king of the Altcoins manages to hold his recent gains.

Constantinople is a hard fork. The fork will take place at 7,080,000 blocks, which means that all client applications with full node support will be refreshed at this time and will start the new version of the protocol to avoid multiple forks.

Unlike the recent poor organization with Bitcoin Cash, which has led to a messy, hard fork, the Ethereum community has no inconsistencies regarding the upcoming changes. Still, however, this may lead to a period of uncertainty and create some risks for active traders. Can we see a further rise in the price?

Currently, Ethereum is traded around $ 150 or a 2% increase over the past 24 hours. However, the downside retreat on Monday suggests that the bears are again working to stop the crypto currency’s recovery rally. So, in my opinion, it is quite possible to see continued consolidation shortly, while bears continue trying to push the price to pre-Christmas levels.

If the bulls manage to gain momentum, the next level of resistance is at $ 161.25, where the 100-day moving average on the daily chart is located, near to the high of Sunday.

A clear break above this level should trigger a further rise to testing the resistance around the round $ 170 level.

On the downside, the first support is seen at $ 137.06, where the average line of Bolinger Bands is located on the daily chart. A clear break and convincing movement below it will send the price downside to testing the daily MA-50 around $ 117.60.

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Read More
Top