Binance Smart chain ( BSC) VS Ethereum (ERC-20)

[torrantz]

If i would choose between ethereum and bsc for long term hold i choose ethereum because it is truly decentralized and i believe they will solve the problem about scalabilty issue but for now i choose bsc because of cheaper fees but i have fear holding bnb for long term because government has the power to stop this if it is centralized.

Exactly, BSC despite all the advantages offered, i'm still not sure whether  i'm gonna use that for a long term, right now it's adopted by many because eth fee, but people could ditch like anytime to eth again since anything already available in eth blockchain.
and the fact that this kinda centralized is such a deal breaker, most of people gonna reside temporarily in there I guess but eth still the final choice for most of people.

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[virasisog]

The only advantage of BSC network is it has low fee which is quite efficient to some users compared to eth blockchain. But in terms application, we can see the eth network as truly a defi ecosystem where not just farming, loan and other types of defi classification can be found. But I give CZ a thumbs up for a well job done on making the BSC network grow like fire. Well that's good that he can maintain pace on a defi ecosystem trending.

CZ really can take momentum of many traders anger because of the high gas fee issue.
I think BSC will still be DeFi platform alternative until Ethereum resolve the high gas fee issue.

I agree with both of you. The BSC network takes momentum from the frustration of the people out of the Ethereum network. But I think it would have been a completely different story had the Ethereum network succeeded earlier in addressing the problems with fees. The BSC network got its value and popularity because of Ethereum's failure. This might change though once the Ethereum network has finally solved the high fees problem.

The obly problem I see in Ethereum blockchain is its expensive gas fee. It is not friendly for microtransactions. I have this one project which I supported almost a few years back, now they will have to rebrand and make a swap. The fees will be more expensive than the current value of the coin I am holdong which makes me really feel bad. I hope that ETH v2.0 will solve this problem or other chains will surely take over their place in the near future.

[cryptoaddictchie]

I hope that ETH v2.0 will solve this problem or other chains will surely take over their place in the near future.

Not sure if the eth2.0 will really solve the problem on gas fee. Also it will take a while before this happened. I am thinking that there are more platforms that will come out that are solving the kind of issues on gas transaction like what Binance smart chain did. But over time these fee on Binance will definitely increases too. So other players may probably step up.

[KuromaYoichi]

Totally agreed on all point but the problem about gas fee remains and that's the main reason a lot of people looking for alternatives and they choose bnb although it's centralized. The transaction fee of ethereum is so high if you want to do anything with it, even sending ethereum will cost you $4 per transaction right now and you'll spend more if you are using uniswap, etc. No way i am gonna pay over $10 in fees when the transaction amount itself is about$100.

[Anonylz]

Just imagine, where #ethereum can go when gas fees issue solved properly, its just matter of time.

1. BSC chain is centralized (controlled by binance)

2. $ETH is decentralized. (Truely decentralized)

1. BSC has only 21 validators

2. Currently morethan 70k validators on $ETH beacon Chain.

3. Real DEFi potential is on ETH chain..

I'm just saying, its matter of time, sooner or later we'll see real $ETH potential..

I am not a bigger fan of Ethereum or a hater of BSC. I also hate eth fees. It's just a opinion. I could be wrong. I am not an expert i am just an average.

I hope expert give his opinion on this matter.

Yeah, any average user won't care so much about this things you mentioned except to see the price pumping, (which is what 99% of users care about) in essence the least thing that could happen to eth is more price increase, if somehow the eth 2.0 was able to fix the high transaction fee thing, good, more dev will use the network and eth price will pump, other chain like bsc will follow behind and end of story.

[CuriousGeorge]

If ethereum 2.0 will go online it will definitely a big boost to ethereum blockchain

If the scalability will be fixed and then we can predict the result if ethereum will be dominating the smartcontract again. Even with the high fees, the developers and users are still prefering to issue their assets and trade on ethereum ecosystem through the swap service.
Ethereum 2.0 will bring back so many benefits to the ethereum holders and that will become a big bet for anyone.
Binance is truly centralized ecosystem and i don't like it.

[noormcs5]

For the time being we may see big hype in Binance Smart chain ( BSC) because currently ethereum network has a lot of gas fee and new projects will prefer to launch on BSC in order to attract the small investors who do not have funds to spend on the high fee. But in the long run, eth 2.0 will be released due to which the gas fee will be reduced.
Binance Smart chain ( BSC) in NOT the replacement of Ethereum in the long run.

[Oneandpure]

Right now better using binance smart chain coins for sending than using erc20 ethereum platform because have higher fees transaction, but we can't prediction later when BSC have higher price will fee keep going up like erc20 or not. Many coin transfer from erc20 become bsc now to reduce how lower fees transaction, but still any coin keep continue using erc20 although have seen every day how many trader and investor not happy with fees.

[deathcode]

I honestly like both chains. I also invest and trade on both coin and token chains. The current binance chain will probably be more beneficial to traders and investors as we know for ourselves how the transaction costs of the ethereum chain are increasing. Currently, the popularity of Binance, BNB, the Binance chain is being discussed. they have a great development for us to follow.

[MishaSER]

Right now better using binance smart chain coins for sending than using erc20 ethereum platform because have higher fees transaction, but we can't prediction later when BSC have higher price will fee keep going up like erc20 or not. Many coin transfer from erc20 become bsc now to reduce how lower fees transaction, but still any coin keep continue using erc20 although have seen every day how many trader and investor not happy with fees.

Yes, I understand your idea, but you understand that all the tokens that are in the Ethereum network are trapped, for example, I have a lot of tokens for $ 20-40. There is no way to move them.

[Traderbtcc]

Just imagine, where #ethereum can go when gas fees issue solved properly, its just matter of time.

1. BSC chain is centralized (controlled by binance)

2. $ETH is decentralized. (Truely decentralized)

1. BSC has only 21 validators

2. Currently morethan 70k validators on $ETH beacon Chain.

3. Real DEFi potential is on ETH chain..

I'm just saying, its matter of time, sooner or later we'll see real $ETH potential..

I am not a bigger fan of Ethereum or a hater of BSC. I also hate eth fees. It's just a opinion. I could be wrong. I am not an expert i am just an average.

I hope expert give his opinion on this matter.

Apart from bitcoin I don't know any other coin that is truly decentralized, so i disagree with the part you said Ethereum is truly decentralized cause it's not, same thing for binance smart chain (BSC) it's controlled by binance and CZ, also the only reason why so many people (including me) feel BSC is better at the moment is because of the low gas fees, since ethereum is suffering from high gas fees issues right now, if the ETH 2.0 manage to solve this issue, then I doubt if anyone would say BSC is better than ETH again.

[kevinzxz]

Just imagine, where #ethereum can go when gas fees issue solved properly, its just matter of time.

1. BSC chain is centralized (controlled by binance)

2. $ETH is decentralized. (Truely decentralized)

1. BSC has only 21 validators

2. Currently morethan 70k validators on $ETH beacon Chain.

3. Real DEFi potential is on ETH chain..

I'm just saying, its matter of time, sooner or later we'll see real $ETH potential..

I am not a bigger fan of Ethereum or a hater of BSC. I also hate eth fees. It's just a opinion. I could be wrong. I am not an expert i am just an average.

I hope expert give his opinion on this matter.

actually Ethereum is better than Binance smart chain, it's just the gas fees from Ethereum are very high for now, so it's making people annoyed and disappointed with Ethereum, but it also happens because Ethereum blockchain is very widely used by people to make transaction and I'm sure if Ethereum has thought of a solution to make gas fees become low (ETH 2.0), so we just need to wait and be patient until ETH 2.0 is released.

[makishart]

If ethereum 2.0 will go online it will definitely a big boost to ethereum blockchain especially now that many crypto enthusiasts are in the process of shifting from ERC20 to BSC it is very timely if this development and innovation takes place for ethereum platform.

Im not sure about that. The main concern should how how ethereum will be fixing all of the problem that already happened on its chain. So many people were putting very big expectation if ethereum will be fixing it but when the result will not be the same as their speculation and then it could be a disaster for ethereum consider more projects migrate to the another chain and users will be stopping to use ethereum again and that's it.

[Periodik]

The only advantage of BSC network is it has low fee which is quite efficient to some users compared to eth blockchain. But in terms application, we can see the eth network as truly a defi ecosystem where not just farming, loan and other types of defi classification can be found. But I give CZ a thumbs up for a well job done on making the BSC network grow like fire. Well that's good that he can maintain pace on a defi ecosystem trending.

CZ really can take momentum of many traders anger because of the high gas fee issue.
I think BSC will still be DeFi platform alternative until Ethereum resolve the high gas fee issue.

I agree with both of you. The BSC network takes momentum from the frustration of the people out of the Ethereum network. But I think it would have been a completely different story had the Ethereum network succeeded earlier in addressing the problems with fees. The BSC network got its value and popularity because of Ethereum's failure. This might change though once the Ethereum network has finally solved the high fees problem.

The obly problem I see in Ethereum blockchain is its expensive gas fee. It is not friendly for microtransactions. I have this one project which I supported almost a few years back, now they will have to rebrand and make a swap. The fees will be more expensive than the current value of the coin I am holdong which makes me really feel bad. I hope that ETH v2.0 will solve this problem or other chains will surely take over their place in the near future.

That is also the only problem I see with Ethereum. Overall Ethereum is one great of a crypto project. It is just right that Ethereum is Bitcoin's silver. Both Bitcoin and Ethereum have made cryptocurrency what it is today. Of course Bitcoin is the one and only beginning of everything and Ethereum just extended the borders of crypto. But look at both of them. They have all very high fees. Does it mean they are a failure? Of course not.

[aryana42]

Yes, I understand your idea, but you understand that all the tokens that are in the Ethereum network are trapped, for example, I have a lot of tokens for $ 20-40. There is no way to move them.

It's true, the idea that some people have given is good, but everyone at this point can't do anything if their token is still in the ERC20 wallet, because Gas costs are always high even though the Ethereum token price has decreased from yesterday to day this.

[asriloni]

Yes, I understand your idea, but you understand that all the tokens that are in the Ethereum network are trapped, for example, I have a lot of tokens for $ 20-40. There is no way to move them.

The only way for you to move them by adding more ethereum to send your tokens but your token will worth less than the fees that you must have paid that to the network. The token transaction needs almost $15 - $25 for a single transaction and times time it may need more consider the traffic in ethereum network is so crowded. We should wait until everything will be stable again and if the bearish trend will still happen and the fees can sustain even longer.
That's why massive migration is happening dude.

[Oneandpure]

Forget with your coin have lower price above $100 with erc20 platform because you take more than 30$ to pay fees, I think when you coin value only $20 or $30 you just waste your time and pay gas fees without get anything, now have ended the era of erc20 coin because paying higher fees and coin have value under $30 is not worth for selling.

[fia_naila]

The biggest problem in Eth network is the unreasonable fees, and biggest problem in BNB is Centralized. The only potential coin would beat ethereum is Cardano and Polkadot. It is fast and also fit to DeFi project.

[kindbtc]

Just imagine, where #ethereum can go when gas fees issue solved properly, its just matter of time.

1. BSC chain is centralized (controlled by binance)

2. $ETH is decentralized. (Truely decentralized)

1. BSC has only 21 validators

2. Currently morethan 70k validators on $ETH beacon Chain.

3. Real DEFi potential is on ETH chain..

I'm just saying, its matter of time, sooner or later we'll see real $ETH potential..

I am not a bigger fan of Ethereum or a hater of BSC. I also hate eth fees. It's just a opinion. I could be wrong. I am not an expert i am just an average.

I hope expert give his opinion on this matter.

I like the way how binance and its smart chain have presented themselves as eth alternative and due to high transaction fee on ethereum they have attracted a lot of business and users on their chain as well. But i agree with the thread started i will still prefer ethereum for the longterm as it is the real deal, real decentralized project with dozens of active developers working on it all the time.

[dhemasm]

If the scalability will be fixed and then we can predict the result if ethereum will be dominating the smartcontract again. Even with the high fees, the developers and users are still prefering to issue their assets and trade on ethereum ecosystem through the swap service.

It will, Eth 2.0 Will bring more with PoS System which means less hardware power consumption and Shard Chains will increase more TPS Scalability and decrease fee. Same as you said it will bring the real benefits of Ethereum!

Binance is truly centralized ecosystem and i don't like it.

Like it or not this is the best Alternative Network at the moment, even so of course there are still more reliable chains like TRON or if you want to keep using Ethereum, especially trading (on DeFi) Maybe you can try to use 1Inch Protocol with it's Layer-2 Protocol ( https://coinmarketcap.com/earn/project/1inch).

Let's hope Ethereum 2.0 will be launched globally in near future.