Hi guys and welcome to another lovely day in the crypto space, today’s writeup wouldn’t be that long but basically some of the features you have to understand about BSC wallet and how users can create or import one to their TokenPocket wallet.
TokenPocket is a noncustodial multichain wallet that allows users to easily manage their crypto-asset via a mobile device and PC supported as well.
The past month has been mostly airdrop related, many brought huge gains and others just a few dollars but along the way, confusion came in due to the availability of Binance smart chain wallet or BSC for short.
For those familiar with Binance wallet before now, it is called BEP2 and has an address starting with BNB which is totally different from BEP20 aka BSC.
While BEP2 wallet remains functional, BSC hopes to solve the issue of high gas fees needed when making a transaction via the ETH blockchain, it lowers the fee to a mere minimum, and transaction time was also cut short.
So, I mentioned users becoming confused a while back due to the availability of BEP20 wallet, basically BEP20 and ETH address share the same address or rather you can store BEP20 based tokens on ETH main address and not exchange address.
If you are familiar with ETH based tokens, BEP20 tokens function the same way, to easily access your BNB BEP20 and other tokens, you need to have full control over that wallet and by full control I mean you have the private key or mnemonic 12 phrase word, reasons it is not advisable to use an exchange address.
Steps to import a BEP20 wallet to TokenPocket
All ETH main net address is BEP20 address, what does this mean?
TokenPocket and other noncustodial wallet supports this, if you are familiar with the function of private keys and mnemonic phrase words on the ETH Blockchain, this simply means instead of importing this key to ETH, you can as well import to the BSC wallet and in turn use that address to receive any BEP20 supported token which includes but not limited to cake, BNB BEP20, and many others.
While the option to import is readily available on TokenPocket, users can as well create a new address if need be and this can be done via TokenPocket latest version.
For those not familiar with ways to create multiple accounts via TokenPocket pls read the below article to get started.
Scroll down to BSC wallet section and click the plus-like icon to get started
If you already have an eth wallet address, you can easily import and use this as your BSC wallet and to do this simply click on import
Select your method of importation which is either private key or mnemonic 12 phrase word depending on your preference
Select your preference and on the next page simply paste the key and assign a password to it.
If you rather use a new address/create a new wallet then instead of selecting import, simply click on create a wallet.
Ensure you properly back-up your mnemonic 12 phrase words and private key if for any reason you forgot the password to your account or your mobile device was formatted.