How safe is BSC (bep20) chain?

[cryptoaddictchie]

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

Still works like a normal L1 for me. Some prefer to store usdt on bsc too due to low gas fee when doing transactions. Its quite absurd to store big stables on network like eth when you will be killed on gas fee. Im pretty sure bsc network is safe like others or yet spread your coins to a lot of L1 and l2 to be more relax and avoid panicking. Not advisable to store on eth cause if youll put example like $100 usd worth imagine the gas fee will be incurred in that.

[Ben Barubal]

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

     Bsc is okay as long as you don't use crypto assets on the exchange; it's better with Metamask or other wallet apps like Trustwallet, Mycelium, and Exodus; for bitcoin, it's Bluewallet;
and Electrum has it on mobile and desktop.

     Because if you store crypto in BSC (Bep20) under centralized control, the risk is quite high because you are not really in control of your coins; instead, the platform itself is in control of them. At least if Binance is blocked, your crypto assets under BSC20 will be in metamask, and you will hold their private key in metamask.

[jrrsparkles]

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

Bitcoin only runs on its native blockchain and any token that you see as Bitcoin in other network whether it's ethereum, BNB are just wrapped tokens that promises to have pegged to actual Bitcoin but we never know whether they are actually pegged or just printing out of nowhere.

To answer your question, the blockchain is just a platform that let projects to run on their network so the reliability of a token doesn't rely on the chains, it depends on the projects itself.

[Sophokles]

BSC chain is co related with binance coin BNB but it also has its own ecosystem and it has one of the largest TVL from the market. So if anything happens in binance it will affect the price of BNB which will also make an impact in BSC chain ecosystem. But that doesn't mean the whole chain will be down. Also the wrap version of BTC and ETH in bsc chain is audited for its supply. So i think there won't be any problem but the safest way is to hold any crypto in their native chain.

[Troytech]

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

Still works like a normal L1 for me. Some prefer to store usdt on bsc too due to low gas fee when doing transactions. Its quite absurd to store big stables on network like eth when you will be killed on gas fee. Im pretty sure bsc network is safe like others or yet spread your coins to a lot of L1 and l2 to be more relax and avoid panicking. Not advisable to store on eth cause if youll put example like $100 usd worth imagine the gas fee will be incurred in that.

Even more advisable to not store your holdings on exchanges, its not safe anything could happen and you should understand that usdt is peeged stable coin and re ent issues with usdt saying its not the best stable coin as there could freeze your it in your wallet.

Practice self custody and keep your holdings by yourself not in the hands of any trusted company.

[Geurangsang]

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

I think BSC is safe enough for now.  BSC is liked by many people because of its very small transaction fees.  However, many people doubt whether to store coins there for a long time.  BSC was created by Binance, and they are still running because Binance is still working.  It is not recommended to store assets on an exchange because something bad could happen and there is a risk of losing your assets.

BTC and BSC have different blockchains, so it is impossible for you to store your BTC there.  If you mean wrapped tokens, that is not recommended.  Tokens may fall and you will lose your money.  It's better to use real coins and don't store your coins in an exchange wallet.

Storing USDT is still better than wrapped tokens, but also not for long time.  USDT is a centralized token and can be frozen at any time.

I don't know exactly what will happen to BSC if Binance fails.  It is also very likely that there will be problems with BSC considering that the coin runs on it.  As I said before, maybe you are safe using BSC now, but not good for a long time.

[johnsaributua]

Remote Procedure Call among which bnb is phenomenal, I know and use this chain for a long time and reliably, making transactions faster and new projects still often use bnb as a ride, although there is no fud news but it would be good for you to also keep other chains for complementary investments and maybe long term, some projects will experience unexpected things even a while ago the founder was hit by a bad wind (cz).

Binance is a marketplace in general, although it is not detected anything until this moment you do not have full control of yourself, meaning that any activity participates in the validation of cex to fulfill its TOS in verifying each transaction.

As far as I know btc has its own chain, and vice versa, there are indeed several coins that use the bnb chain, I also often use it to facilitate transactions if a web supports chain bnb because it is faster.

[JeffBrad12]

BSC chain is co related with binance coin BNB but it also has its own ecosystem and it has one of the largest TVL from the market. So if anything happens in binance it will affect the price of BNB which will also make an impact in BSC chain ecosystem. But that doesn't mean the whole chain will be down. Also the wrap version of BTC and ETH in bsc chain is audited for its supply. So i think there won't be any problem but the safest way is to hold any crypto in their native chain.

agreed more likely binance performance only affecting BNB and nothing more BSC itself has sets of validator running the blockchain the project inside the blockchain probably are independent from the valuation of BNB itself quite many times some project just decided to deploy their project into multiple blockchain inlcluding BSC just in case, just like those stablecoin that available everywhere.
talking about safety, this blockchain won't just go down and vanish into thin air but of course its gonna be less secure than using bitcoin and eth or any eth L2 since L2 of eth usually being secured by submitting tx to the eth homstead.
if you only use the blockchain to interact with dapps or at least try to send over some stablecoin bypassing the eth fee that is just keep increasing and increasing I think youre gonna be fine.

[Bushdark]

How safe is BSC (bep20) chain? Is it okay to store a large amount of BTC and USDT on that chain? If Binance shutdown will the chain still operate normally?

This question looks funny to me and that does not meant that things could easily crash in the. Crypto market.
I believe many projects in the crypto market have Bridges and that is what make investing in cryptocurrency much easier.
ID you have a project built on a particular Blockchain, there is always need to bridge it with other Blockchains too so that it can attract more users and investors of other chains. BSC chain is a good Chain you can built you token on with other bridges too.