How to use BscScan? Beginner’s Guide

Crypto coins are the new digital currency of the future. Cryptocurrency decentralization which is possible due to blockchain technology is one of its largest advantages. However, is there any way to verify crypto transactions just like brick-and-mortar banks verify bank transfers?

Today we will talk about the most popular blockchain explorer – BscScan. This is a platform that gives access to all the information about wallets, coins, tokens, smart contracts, and crypto transactions on Binance Smart Chain. Read on to find out how BscScan works and what data it provides.

What is BscScan?

One of the leading blockchain explorers, a BscScan was created by the team behind another huge crypto search engine – Etherscan (for tokens built on Ethereum blockchain). On the BscScan platform, you can only see information on cryptocurrency coins and wallets operating on Binance Smart Chain, which are also known as BEP-20 tokens. Bscscan stands for Bitcoin Smart Chain but is rebranding to BNB (Build and Build) to make stronger connections with the BNB coin.

Check also: Cryptocurrencies for dummies

How to use BscScan? How to read a BscScan?

BscScan itself is a website with numerous charts and tables. One can filter the initial search requests by addresses, tokens, websites, labels, and name tags. No matter what search option you choose, the results will be the same. You will see the tokens in the wallet and balance, transaction status (successful, pending, or failed), and even wallet analytics showing how the amount and value of coins within the wallet was changing throughout a given period.

You don’t need to register or create an account to see all this information. Because blockchain is public, this data can be accessed by literally anyone. Apart from personal wallet data, BscScan has a block explorer and shows the latest transactions on BSC, as well as transaction history, and even BNB market cap.

How do I use BscScan to find new coins?

Token Tracker is the feature showing BEP-20 tokens, their prices, the number of holders, and market capitalization. One can filter the results by price, change, volume, circulating market cap, and holders number.

On top of BEP-20 tokens, there’s also statistics on ERC721 top tokens and all the transactions with these tokens.

Binance Smart Chain gas fees – how to find the lowest?

Let’s start with the gas definition – it’s an average transaction fee on BSC. BscScan shows how this number has been changing over time. BSC has relatively low fees, approximately 6,5 gwei per payment.

To check BNB Smart Chain average gas price click Resources in the top right corner – Chart & Stats – and choose the necessary chart. You can even modify the chart and select the period you’re most interested in.

Check also: What is gas Ethereum?

BscScan vs Smart Contracts

Among other useful features of BscScan, is smart contract verification. Just enter the contract address on BscScan and check if the code is the same as the one currently running on BSC. You can even check NFT smart contacts on this cryptocurrency explorer.

Relationship between BscScan and NFT

BscScan shows the NFTs built on Binance Smart Chain. Non-fungible tokens function similarly to crypto coins: they are located in cryptocurrency wallets and are sent or received via crypto transactions. NFTs on BSC are visible on BscScan, as well as the wallet’s address and transaction hash.

Other ways to use BscScan

Last but not least, with all the information available on this platform, BscScan is an open source for making predictions about cryptocurrency markets. Block explorer and crypto search engine features might be not very beneficial here. Nevertheless, Token Tracker coupled with such indicators as transaction amount and frequency shows the market movements. In such a way, one can make predictions about future market trends and even price fluctuations.

FAQ

Why should I use BscScan?

This blockchain explorer serves as a verification tool for cryptocurrency transactions and wallets run on a Binance Smart Chain. With the help of a BscScan, one can verify a smart contract, a transaction, a wallet’s address, etc. BSC, just like other blockchains, is an open network that allows people to track any changes in it. For instance, if you’re sending or receiving crypto coins within your cryptocurrency wallet, you can verify all the details in a BscScan. You can look for the information about the date when the payment was initiated, from which wallet, what the transaction amount was, and so on. In addition, traders try to predict market movements and trends considering the data available on a BscScan. If some coin was sold in large quantity, it could be a sign of the coming price drop.

How to find your wallet on a BscScan?

BscScan only shows wallets that support Binance Smart Chain. The wallets operating on any other blockchain will not be shown in BscScan. To check your wallet, choose filter Addresses from the drop-down list next to the search bar on the BscScan website. Then, fill in the necessary address and check the results. Apart from the wallet itself, you will see such details as balance in available tokens and transaction details.

Can I see an NFT on BscScan?

Yes, NFTs are non-fungible tokens, so they can be also checked via BscScan. To look for NFTs on a Binance Smart Chain, fill in the transaction hash, NFT smart contract, or their wallet address. The BscScan will show the token ID, the NFT project itself, a related smart contact, and the transaction history.