BEP-2 Token Wallet Guide | How to Store Binance Chain Tokens
BEP-2 Token Wallet Guide | How to Store Binance Chain Tokens
Have you been searching on the Internet to find a secure and reliable wallet for BEP-2 tokens? Have you scrolled through dozens of articles and still have not got your answers?
Being the world’s leading provider of non-custodial cryptocurrency wallets, Guarda knows how to keep pace with the times. After reading these detailed and clear instructions, you will know how to choose a proper storage for your digital assets and set it up in just a few steps.
What is BEP-2?
Does your head hurt from trying to understand all the existing crypto acronyms? We are here to explain in a simple and comprehensible manner what BEP-2 is.
Earlier this year, the Binance exchange platform announced the launch of its own blockchain and transferring all its services to the new ledger. This implied a cross-blockchain token swap — from the Ethereum blockchain to the Binance Chain. On April 23, 2019, Binance launched the mainnet of its own blockchain and called it Binance Chain.
The new BEP-2 is, therefore, a standard, a set of pre-defined criteria implemented to launch tokens within the Binance Chain ecosystem, such as:
- What information makes a token on Binance Chain
- What actions can be performed on a token on Binance Chain
For example, BNB (Binance Coin) and BTCB (Bitcoin BEP2 token) meet the requirements and, therefore, both are BEP-2 tokens in terms of standard.
You can find the full list with the prices on BEP-2 tokens CoinMarketCap.
How to store BEP-2 tokens?
To sum up, BEP-2 tokens are specific crypto assets based on the Binance Chain. Hence, they require the same type of storage as BNB coin (check our review of the best wallets for BNB). Since the newly launched mainnet seems to be quite promising, BEP-2 tokens are gaining popularity and rapidly being adopted by various applications, wallets, exchanges and trading platforms. In order to help you make the right decision concerning crypto storage for BEP-2, the Guarda team has prepared a check-list of the main criteria and requirements.
Look for a safe BEP-2 wallet
Security is a top priority not only in an everyday life but also (and especially) when it comes to managing your funds. There isn’t a single feature provided by modern wallets that can compensate for the lack of security. As long as your assets are valuable, they need to be protected. Currently, the safest storage services are provided by wallets that are free of custody. In comparison to custodial wallets, they don’t keep or share users’ personal data or private keys with any third-party services. In accordance with custody-free principles, you’re always solely in charge of the funds and backups. That significantly reduces the risk of losing your money and seems to be more reliable in whole.
Stick to a frequently updating token wallet
Do you remember our world without this all-consuming cryptocurrency trend? Since that time things changed dramatically and they keep changing with an even higher pace. In order to gain value rather than lose it, FinTech companies need to stay present and regularly make improvements to the way they do their products. In the digital world, evolution means staying up-to-date and, hence, more secure. That fact can be easily checked through an update history. Go to the wallet’s official and website, blog and social networking pages — there you can find all the necessary information. There are various ways how the developers can demonstrate their activity: through adding new features, bug fixes or even answering the clients’ questions. If you observe long periods of silence, you should ask yourself whether you can trust a wallet like that.
Remember to look through the wallet reviews
Even when the development team seems to be quite active, the company might withhold some flaws from their trustful clients. That is why you should also address the other users’ reviews when choosing a reliable service. Not only may you find some useful tips on how to use the wallet but also understand the difficulties you might encounter. Check the reviews for a mobile application in App Store or Google Play, as well as on specialized review platforms like Trustpilot or Cryptocompare for web, desktop or Chrome extension versions.
In addition, you should pay attention whether in the review section company representatives take customers complaints seriously and whether they deal with it quickly and effectively. If they do not answer at all and leave many requests unattended, you should ask yourself whether you are satisfied with the lack of support.
Look for the answers in the wallet communities
In our everyday life, we don’t get to meet crypto geeks at every step and ask them questions of your interest. But there is a place where you can meet people of all kinds. This place is called the Internet, of course, and it is swarming with themed communities. Getting to know other crypto enthusiasts like you is much more useful than you might think. As some of them are more experienced than others, they may have already encountered the problem you have and may provide you with a piece of advice or even a ready solution. Wallet communities are a great source of information for novices and a perfect place for discussion among professional users. Join your like-minds on Twitter, Facebook, Telegram, Reddit, Discord, Steemit and Github in order to navigate better in the overwhelming amount of information floating around.
How to create a BEP-2 wallet?
Now you know what to seek in a proper wallet, that is why you might as well turn your head and pay close attention to Guarda Wallet which can offer you an amazing wallet experience.
Guarda provides its service on various platforms, hence, you have a wide choice of equally secure cryptocurrency storages for your Binance Chain tokens:
On Guarda, It is possible to set up your BEP-2 wallet in just a few clicks — yes, it is that easy! Guarda Web BEP-2 Wallet is a perfect cryptocurrency storage for everyday use as it has all the features that a crypto holder might need: a high level of security, fast transactions, purchases with a bank card and easy, registration-free exchanges. You can set up a BEP-2 wallet on Guarda quickly and easily by following the instructions given below.
Create a BEP-2 wallet by following these 4 steps:
- As you open the Guarda Wallet website, click the button “Create Wallet” on the main page
- Think of a strong password for your wallet
- Download the backup and keep it in a safe place
- Your BEP-2 token wallet is all set up and is going to be available for you whenever you need it!
Step 1.The button you will need to click in order to proceed is located in the upper right corner of the Guarda Wallet website. Once you’ll click it, the welcome screen will pop up. You will consequently need to choose to create a new wallet again. If you’d like to read through some additional information on the BEP-2 token wallet you wish to create, please, check the Web Wallet page.
Step 2. In a world where hacking became a profitable craft, it is extremely important to protect your money from any possible attack. Hence, creating a good password for your BEP-2 wallet is highly important. We recommend using a password with a combination of upper/lowercase letters, numbers and symbols. Guarda made up a check-list of all the things you should mind when creating a safe password.
Step 3. Downloading your backup file and finding a secure place to keep it in is another necessary step of securing your digital assets. The only way you can log into your BEP-2 token wallet is by using a combination of the Guarda wallet backup and the wallet password. As we have mentioned before, all Guarda wallets are non-custodial. Due to that, the company does not store your backups and cannot get access to them. That is why we won’t be able to restore them in case of loss. Save your backup file, never share it with anyone and you will have nothing to worry about!
Step 4. Congratulations! You have just finished setting up a new wallet for your tokens! Now you can store your BEP-2 safely and manage it seamlessly using the features that the Guarda team has prepared for you. Start your crypto journey and enjoy it!
Originally published at https://guarda.co on July 25, 2019.