After Bitcoin, the next in line is undoubtedly Ethereum. However, in recent times, Binance Coin has been on the hot heel of Ethereum in terms of popularity in the crypto market owing to the popularity of the Binance exchange. Both Ethereum and Binance Coin offer much more than just being a coin that Bitcoin is.
Ethereum for example sees itself as the decentralized computing ecosystem based on blockchain. Binance Coin can also be described as the fuel of the whole Binance ecosystem. So, how do you swap between these two interesting cryptocurrencies? We will examine how you can convert ETH to BNB or BNB to ETH in this article.
What is Ethereum?
Ethereum is an ecosystem of decentralized nodes based on the blockchain-powered by the Ether cryptocurrency, which is the native token of the platform. It is symbolized by ETH. The blockchain network also has its coding language known as Solidity. The Ethereum blockchain is a fоrm of distributed public ledger that is used for recording and verifying transactions that occur on its blockchain network.
Developers can develop, launch and monetize decentralized apps (DApps) that are built on the Ethereum blockchain with the Ether token used for in-network payments.
Ethereum has the second-largest market cap in the crypto market and its token can be used to pay for products and services. You can get the ETH token via several Ethereum exchanges where the token is traded. On these exchanges, you can swap ETH for BNB too as both are very popular coins that are available on almost any crypto exchange on Earth.
What is Binance Coin?
When Binance Coin (BNB) was launched initially, it was done on the Ethereum network as an ERC-20 token standard. So, the BNB ETH comparison is inevitable. However, the BNB token has moved to the Binance Chain, which is a standalone blockchain to be the native token of the Binance blockchain. When BNB was launched in 2017- the crypto boom year, it was given a rigid maximum supply of 200 million BNB.
The Binance Coin was meant to give users the option of discounted fees on a transaction on the Binance exchange and it is still an option to this day. However, the coin has expanded beyond that to have several use cases apart from discounted fees with DApps now launching on the Binance chain too.
Now you can use BNB to pay on other platforms like HTC, Crypto.com, Monetha, etc. You can use it for the purpose of entertainment such as lotteries, card packs, virtual gifts, etc.; for booking travel accommodations. Just as you can use ETH to invest in projects launched on the Ethereum network, you can also use BNB to invest in newly launched projects on the Binance Launchpad. That is not all; there are many more use cases for the Binance coin now than when it was first created.
BNB has also struck crucial partnerships that have helped further its cause. For example, its collaboration with Uplive, which is Asia’s leading live video streaming network with a user base of 20 million users.
ETH vs. BNB
Given the similarities and differences between these two tokens, comparison between the two seems inevitable. Let’s look at the pros and cons of the both below:
Pros and Cons of Ethereum
- Higher liquidity due to global creation of Ethereum exchanges, online brokerages, and trading platforms
- A clear inflation strategy is very unlikely to be tampered with. It was tried with DAO hack and failed, which led to the creation of the Ethereum classic.
- The blockchain hosts a lot of interest from Venture Capitalists, who are investing directly or indirectly into projects on the Ethereum blockchain.
- It has scalability issues that affect the network’s ability to process a greater number of transactions at speed.
- The PoW consensus mechanism is proving inadequate which has created sometimes a clogged network and slow transaction speed.
- The Solidity programming language used on Ethereum can be quite difficult with beginner-friendly courses on the programming language hard to come by.
- High gas fees leading to insanely high transaction fees.
Pros and Cons of Binance Coin
- The transaction fee is very low and users on the Binance platform are often offered discounted transaction fees.
- There are several additional services available for Binance Coin.
- It processes transactions faster.
- It is not available to U.S. users.
- It has no transparent corporate structure.
- A large amount of the BNB coins is controlled by Binance, which means the BNB coin is in the hands of a more centralized pool.
How to swap ETH to BNB?
You can get BNB tokens from Swapzone, which is an exchange aggregator for the best ETH to BNB rates in the market. Here’s a detailed instruction on swapping your ETH to BHB:
- On Swapzone, you can select the ETH BNB pairing from the list of tokens then the site will pull up from all the Ethereum exchanges where you can convert ETH to BNB.
- After selecting your desired pairing where you are satisfied with the BNB token exchange rate, input the number of ETH tokens you want to exchange in the “send” section.
- Select the ETH to BNB exchange that suits you by clicking on the “exchange” button.
- Input the address where you want to receive the BNB crypto.
- There is also an option for a refund address, which is the address where the asset you are swapping for BNB will be refunded.
- Once done, you click on the “proceed the exchange” button to carry out the exchange.
- The process could take several minutes. Once it’s finalized, you’ll receive your BNB tokens.
- Please, don’t forget to rate the exchange partner and leave a review for us to see how it went.
FAQ about exchanging ETH to BNB
Where can I trade ETH for BNB?
These are some of the best ETH to BNB exchanges: Changelly, SimpleSwap, Swapzone, Binance, EasyBit, and ChangeNOW.
Can I exchange Ethereum for BNB?
Yes, you can swap ETH for BNB. You can do that at some of the Ethereum exchanges and Binance Coin exchanges mentioned above.
Can I send BNB to an ETH address?
No, you can’t send BNB to an ETH address. Doing so could result in the permanent loss of your tokens.
Why is BSC cheaper than ETH?
This is due to the number of transaction validators on each blockchain. For Ethereum, there are more than 90,000 validators compared to just 21 on the Binance chain.
What is better: ETH or BNB?
The decision is entirely up to you, however, this table may help you out in building your judgement:
|Ecosystem||ETH powers a single ecosystem||BNB powers a dual ecosystem of Binance chain and Binance smart chain with smart contracts capability.|
|Consensus mechanism||PoW consensus||Tendermint BFT consensus|
|Transaction per second||15-45 transactions per second||55-60 transactions per second|
|Block time||An average of 5 minutes||An average of 3 seconds|
What is the real-time ETH to BNB exchange rate?
The real-time exchange rate of ETH BNB is 1 ETH= 8.09676683 BNB as of October 7, 2021.
Why is Swapzone the best place to exchange ETH to BNB?
Swapzone brings you all the best BNB to ETH exchanges at a glance, compiling the best ETH to BNB rates for you. The interface is very easy to use and there’re also many step-by-step tutorials for newbies in crypto. Moreover, Swapzone is absolutely free of charge. Al of these position Swapzone as the best place to exchange ETH to BNB.