If you’re a cryptocurrency investor or trader, you’ve probably encountered tokens on both the BEP20 and ERC20 standards. But what if you want to transfer a coin from one standard to the other? Is it possible, and is it a good idea?
In this article, we’ll explore the process of transferring a coin from BEP20 to ERC20 and what you should consider before doing so.
It is not safe to transfer a coin from BEP20 to the ERC20 network, this is because they are two different networks and operate on a different chains with different functions. Sending your BEP20 token or coin to an ERC20 address can lead to a loss of funds. The only means this can be achieved is if you bridge your BEP20 token from the BEP20 network to the ERC20 network using a common bridge that functions on an EVM system. However, it is not certain, but it can be achievable.
There are huge differences in regard to these networks, their differences are clear to anyone who understand how blockchain network functions. The BEP20 network is built on the BSC blockchain with a poSA functionality, plus its cross-chain compatibility and low transaction fees not excluding its fast transaction processing ability.
The ERC20 network on the other hand is built on the ETH blockchain for a reason to solve the scalability issues facing the Bitcoin network, it has a higher gas fees system due to the congestion on its network, slow transaction block time, and the ERC20 network is very scalable in all direction but lacks basic transaction features. The above listed are nothing but a few differences between both the BEP20 and ERC20 networks.
Absolutely, No. You cannot transfer a coin or any form or token built on the BEP20 network to an ERC20 network. In common sense, this will definitely lead to the loss of your coin or money. This does not mean it cannot be achievable, it can only be if the project is a cross-chain built project. Meaning it is built on both the BEP20 and ERC20 networks. Also, it can be bridged from the BEP20 network to the ERC20 network as stated above.
Both BEP20 and ERC20 tokens are widely available and can be traded and purchased on DEXs like pancakeSwap, UniSwap, 1Inch, BabySwap, and Velodrome dex. Not excluding CEXs like Binance, Kucoin, Bigert, MEXC global, etc. In terms of compatibility, BEP20 has been confirmed to be compatible with BEP2, and as well offers a cross-chain feature. The ERC20 token standard is great on its own operating system with amazing features that are offered.
BEP20 has a very fast speed in processing large and small amounts of transactions. At a very cheap rate gas fee. The BEP20 network process transaction within 3 secs. The drawback of the ERC20 network is its high transaction fees and congestion in its blockchain and this slows down transaction time on each block before confirmation.
Over time we have seen ERC20 tokens gain more trading volume than BEP20 tokens, with the massive influx of liquidity into the network. This is because the ETH blockchain or network is are builders’ network.
There are over 5,000 plus Defi protocols, Including the NFTS projects, Metaverse projects, Gaming projects, and other forms of Dapps on the Eth blockchain. These projects have their governance tokens that run on the ETH network with daily transactions of thousands of USD.
Since this system is more of a decentralized system and not a centralized operation forum where the government has to come in and make laws and policies that include tax payment. There are no forms of tax payment on a decentralized system aside from gas fee payment for the purpose of the transaction. Aside from the Binance centralized exchange having issues with the US FED and facing investigation.
We are now in a world of innovation and new technologies like we have the blockchain today. And there are more to come, more to be uncovered from both the BEP20 and ERC20 network as technology never dies but instead evolves, to become something better and more efficient.
Infact, there have been risks and challenges facing these new technological monetary systems and we are going to look into that.
The BEP20 network recently faced a hack on its chain from a bridge.
The ERC20 network has faced countless hacks over time and this is the core problem plaguing this space. Nevertheless, since it is a new tech that is still in its infancy it is said that this is bound to happen.
Fake and scam project that has scammed investors off their hard-earned monies.
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