These connotations denote token standards on which a particular cryptocurrency is based. They are like blueprints that explain how a token is used, who can spend it, and other rules that influence its function and overall usage. Thus an ERC20 token is one that was created on the Ethereum blockchain and which utilizes Ethereum for gas fee payments, while a BEP20 token runs on the Binance Smart Chain and uses BNB for gas fee payments.
WHAT HAPPENS WHEN YOU SEND BEP20 TOKENS TO ERC20 ADDRESS?
Because the Bep20 and Erc20 token standards are similar in code structure and function with only a few differences, coins sent interchangeably to them are not gone forever; they can still be retrieved. Thus if you send Bep20 tokens to an Ethereum address, and the receiving wallet supports both Bep20 and Erc20 tokens, they will be there but won’t be useful since they are not in the token standard of the receiving blockchain. You would have to send it back to the correct blockchain to be able to use it.
HOW TO RECOVER YOUR FUNDS:
Importing a private key
This option is for those who have sent Bep20 tokens to an Erc20 wallet that doesn’t support Bep20 tokens. Importing your private key into another wallet is a way of merging two wallets into one such that you can access the funds on that private key using another wallet.
Not all wallets offer this function, but prominent ones like Metamask, Trustwallet, Safepal, etc., offer this function. Thus, if you sent Bep20 tokens to Metamask, for example, you would need to import your Metamask private keys into a wallet that supports Bep20 tokens, like Trustwallet, to access them. How can you do that?
Retrieving your funds
So, you have mistakenly sent Bep20 tokens to your Metamask address. Follow the steps below to import your Metamask wallet into Trustwallet:
Write down the recovery phrase of your Metamask wallet. Do not screenshot; write it down.
Open the settings button on your Trustwallet.
Click the ‘+’ sign on the ‘Wallets’ page
Select ‘I already have a wallet,’ and then ‘Ethereum.’
Give your wallet a name to make it easier to recognize.
Enter the recovery phrase and click ‘Done.’
You can now access your funds in your Trustwallet.
RECOVERING FROM A CUSTODIAL WALLET OR EXCHANGE
This is usually trickier and more difficult because you will have to contact the customer care of the wallet. They can then choose to help you retrieve it for a fee. That is usually few and far between, though. Most custodial wallets and exchanges will not be able to recover your funds for you, unfortunately.
HOW TO RECOVER MY BEP20 TOKENS FROM NON-BSC-COMPATIBLE WALLETS?
To do that, you would have to add the Binance Smart Chain to such a wallet, if it is allowed. If that is not possible, then you may need to transfer your tokens to a wallet that is compatible with BSC.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
If you send BEP20 tokens to an ERC20 address, you can still view BEP20 tokens if the platform from which you are sending tokens supports Binance Smart Chain (BEP20). If you accidentally transfer an ERC20 token through the Binance Smart Chain (BEP20) network, luckily, you can still get the token/token back.
You can convert BEP20 to ERC20 using several different methods. - The most popular method is to use cryptocurrency exchanges that offer this type of conversion. - Another option is to use the Binance Smart Chain Bridge. - A bridge is a tool that allows you to transfer assets from one blockchain to another.
The BEP-20 was created as an extension of the ERC-20 and, therefore, inherits all the ERC20 features. BEP 20 is the primary token standard for the Binance Smart Chain, i.e. all tokens on the BSC are automatically based on the BEP-20 standard.
Yes, MetaMask does support Binance Smart Chain (BSC) BEP20 tokens. MetaMask is a browser extension that allows users to interact with the Ethereum blockchain and its various decentralized applications (DApps) from within their web browser.
To recover your tokens in this situation, you will need to import your wallet's private key into a new wallet that supports both blockchains. Depending on the importing wallet, you may also be able to use your seed phrase instead of your private key.
Due to the irreversible nature of cryptocurrency protocols, transactions can't be cancelled or reversed once initiated. If you sent funds to the wrong address, you'll need to contact the receiving party and ask for their cooperation in returning the funds.
By linking MetaMask with Binance Smart Chain, you can easily send and receive BEP20 tokens, such as Binance Coin (BNB), directly from your MetaMask wallet.
To do this, go to Binance Bridge and connect your wallet. Assuming you are connecting from a Metamask wallet on the Ethereum main network, you will be asked to confirm the transaction on the Ethereum side (after you enter the token to bridge to BSC), which will cost the amount paid in ETH.
exchanges: you swap or trade your BEP20 tokens to ERC20 tokens. Or if the pair doesn't exist, you can trade to other tokens/coins, then you convert these tokens/coins to ERC20.
bridges: it's basically the same like exchanges, but it supports less tokens and more expensive to convert.
ERC 20 is ethereum based and Bep20 is Binance smart chain usually used for pegged tokens. Yes, these are all the same thing. Even though there is a lot of confusion about the “ERC 20”, “ERC 20 Token”, “ERC 20 Token Standard” and “Token Standard”, these are all one and the same thing. You can search it online.
BEP20 is the Binance Smart Chain equivalent to the popular ERC20 specification for tokens on the Ethereum network. The difference is the BEP20 Token isn't run on the Ethereum Network, but the Binance Smart Chain network.
Thus if you send Bep20 tokens to an Ethereum address, and the receiving wallet supports both Bep20 and Erc20 tokens, they will be there but won't be useful since they are not in the token standard of the receiving blockchain. You would have to send it back to the correct blockchain to be able to use it.
If you have accidentally withdrawn ERC20 tokens as BEP20 token to your Ethereum wallet address, you will be able to recover them by connecting the receiving wallet to BNB Smart Chain (BSC) and send the BEP20 tokens back into Binance then withdraw them as ERC20. How do I add an ERC20 token to Trust Wallet?
You can now store your BEP20 tokens and connect your MetaMask wallet to DApps on the Binance chain, i.e. PancakeSwap decentralized exchange. Expand the list of networks and select BSC Mainnet. You can add and manage all BEP20 tokens from this network.
I sent BEP20 tokens to a Coinbase Commerce Ethereum address. How do I recover those funds? We will will unfortunately be unable to recover BEP20 tokens sent to a Coinbase Ethereum address.
While individuals have come to trust several crypto wallets and exchanges in order to carry out transactions securely, if your crypto assets are lost, hacked or stolen, there is usually no way to recover your funds.
Cryptocurrency transactions on the Bitcoin and Ethereum networks are, by design, irreversible. This means you cannot reverse or cancel a completed transaction for any reason.
If you send BEP-20 tokens to an unsupported wallet by mistake, you can recover the assets by adding a smart chain network to that wallet or deposit the BEP-20 tokens to a different wallet that is compatible with BNB Smart Chain. *Keeping your private keys and seed phrases safe is of paramount importance.
Select the Ethereum blockchain, then select Restore Wallet. 2.3. Enter the copied Private Key and enter the wallet name. After restoring your wallet, you can go to All Wallets to check.
Please make sure not to send any assets using the Binance Smart Chain (BEP-20) to your BlockFi wallet as any funds sent this way will not be credited and your crypto will be lost. N/A. Wire processing times vary between banking institutions and internal BlockFi processing times which can take up to 1 business day.
If you haven't noticed already, your BEP-20 tokens' receive address actually has the same format as ETH address and starts with “0x…”, so make sure you state clearly to your sender which token you want to receive, and which network you want to receive.
MetaMask is only suitable for tokens that use the Ethereum blockchain, the so-called ERC-20 tokens. If you want to use other tokens (i.e., tokens that are not ERC-20 tokens), you will have to exchange them for ERC-20 tokens.
Many BEP20 tokens are supported in Ledger Live. Please refer to our list of supported crypto assets to see which tokens are supported. For tokens that are not supported in Ledger Live, you can use a third-party wallet Metamask with your Ledger device to manage them.
BEP20 is the token development rule on Binance Smart Chain, while ERC20 is the standard on the Ethereum blockchain. When comparing them code-wise, they both look identical. The main difference between the two is gas fees. Gas cost on Binance Smart Chain is much cheaper than Ethereum.
Technical Differences Between BEP20 Tokens and ERC20 Tokens
The primary difference between both chains is in gas fees. When you make a transaction using an ERC20 token, you pay gas fees in Ethereum. But, if you're transacting with a BEP20 token, your gas fees are paid in BNB.
Your USDT balance stays the same. You will be able to recieve USDT BEP20 into your Quidax wallet. You will still be able to receive USDT ERC20 but you can only send it out as a BEP20 token.
If you have accidentally withdrawn ERC20 tokens as BEP20 token to your Ethereum wallet address, you will be able to recover them by connecting the receiving wallet to BNB Smart Chain (BSC) and send the BEP20 tokens back into Binance then withdraw them as ERC20.
If you intend to use another network for the transaction, select the network on your wallet. For example, if you intend to transfer BEP20 USDT from Binance to Metamask, simply switch to the Binance Smart Chain on your wallet.
The primary difference between both chains is in gas fees. When you make a transaction using an ERC20 token, you pay gas fees in Ethereum. But, if you're transacting with a BEP20 token, your gas fees are paid in BNB. Because Ethereum gas fees are usually high, it is more affordable to bypass those high fees with BNB.
If you intend to use another network for the transaction, select the network on your wallet. For example, if you intend to transfer BEP20 USDT from Binance to Metamask, simply switch to the Binance Smart Chain on your wallet.
ERC20 is used extensively for the development of smart contracts for DApps on Ethereum. Gas fees are paid in Ether. Due to the popularity of ERC20, ERC20 token transactions are supported by a large number of wallets, including MyEtherWallet, MetaMask, and Trust Wallet.
ETH and ERC-20 tokens (COV, USDT, USDC) require 10 block confirmations which usually takes around 4 minutes. ETH and BEP-20 tokens (COV, USDT, USDC) require 10 block confirmations which usually takes around 1 minute.
Another key benefit of BEP20 is the gas fees, which is significantly cheaper in comparison to Ethereum. An average transaction using BEP20 tokens would likely cost no more than a few cents.
Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.
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