What is Pancake Swap?
Today Swami with CryptoSwami.Net found a good cryptocurrency trading review on ‘What is Pancake Swap?’ and ‘How to use pancake swap’.
If you don’t know what pancake swap is; it’s a Decentralized Finance Defy Application. Pancakeswap defi crypto exchange is a cryptocurrency finance exchange that uses the binance smart chain blockchain. The Binance Smart Chain (BSC) is a decentralized finance block chain similar to ethereum (ETH) Blockchain. Phishing Alert always use pancakeswap.finance
What is Binance Smart Chain (BSC)?
Binance’s version of ethereum it’s more centralized than ethereum. Ethereum is open-source blockchain on Github.
Binance Smart Chain (BSC) is not truly decentralized; they call it CeDeFi like a centralized version of DeFi. So it is subject to all the things the rules of centralized platforms like Coinbase. Both Binance and Coinbase cryptocurrency exchanges have KYC Financial Banking Regulations. If your individual choice is to keep your cryptocurrency financial information private make sure that you have 100 percent control over your funds at all times. Binance Smart Chain (BSC) requires a crypto wallet like Metamask.
Binance Smart Chain (BSC) has become so successful because of the sky-high Ethereum Gas fees. The prices to use the Ethereum (ETH) network have become so high (Dec 2021) that the average person is just priced out of using ethereum smart contracts. Ethereum 2.0 Upgrades aim to solve this problem in the near future.
Binance smart chain (BSC) is one of the best cheapest alternatives that offers many of the same functionalities that the ethereum network offers. So many decentralized defy platforms like Pancakeswap ‘Cake’ use BSC to save money on smart contract transaction fees.
How to Use Binance Smart Chain
Before you can proceed to use pancake swap finance blockchain you will need a metamask crypto wallet. Once you have your metamask set up it’s going to be configured to use the ethereum ETH network.
You’re going to have to add some custom information into it in order to set it up to use binance smart chain BSC. The Binance academy ‘Connecting metamask to binance smartchain’ has the best tutorial.
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
BSC Scan is binance’s version of etherscan.
Both BSC and Etherscan are the blockchain open-ledger platform of financial transactions. It’s a way to check your bitcoin wallet address and see how much funds are there.
How to use Pancake Swap
Transactions Costs on the Binance Smart Chain require some BNB in your account to use pancake swap. Lets start with about forty dollars worth of BNB for Gas (Transaction) Fees. So buy BNB on Binance. Next withdraw BNB using the BEP20 (BSC) Network. Next goto your Metamask wallet and copy your wallet address for the withdrawal.
Review the Video above for more detailed crypto trading review.
Decentralized Finance Exchange DEFI
With Pancake Swap Defi Exchange the Farming Yield uses CAKE Tokens for the native cryptocurrency. You connect to pancakeswap exchange using the ‘Connect Wallet’ Function. Once you connect your Metamask wallet choice the Binance Smart Chain on your Metamask Wallet. Then use the ‘Trade’ function on PancakeSwap Finance Exchange.
Swap some (NOT ALL) your BNB Token for Cake token.
In CryptoSwami.Net Next Video we will explain ‘Providing Crypto Liquidity for PancakeSwap’
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