Binance Web3 Wallet Tutorial (How to Use Web3 Wallet)

Binance Web3 Wallet setup and tutorial
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TIMESTAMPS:
0:00 Binance Web3 Wallet tutorial
0:44 How to use Binance Web3 Wallet
4:23 Binance Web3 wallet address
6:06 Receive crypto
7:47 Send crypto
8:26 Apps
10:11 Discover

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This video is how to set up and use binance web 3 wallet so if you have a binance account you can now create a crypto wallet directly within the binance app so up at the top you should see web 3 if you click that it’s going

To take you through to the web 3 wallet I’ve already got mine set up if you haven’t got yours you’ll have to set it up there’ll just be a yellow box here that says create wallet so go ahead and do that when you press create wallet

It’s going to create the wallet for you and bring you through basically to this page however when you create the wallet you do have to back in up in some way so I’ll explain exactly what this wallet is and how it creates your private key and

Your seed phrase and then how it backs that up this is different to wallets you may have used in the past this is how binance web3 wallet works it’s an MPC wallet known as multi-party computation so it creates your private key and of course your seed phrase and usually when

You set up a hot wallet on your phone you get the wallet your private key is kept on your phone and then you get a 12-word phrase that you have to write down on a piece of paper well this is a modern version of that where you don’t

Get the seed phrase in fact what happens is your seed phrase is created and then sharded and encrypted and kept in three different places one of the places is binance’s servers for a third of your private key the other is on your device and then the Third is used as a backup

In your Cloud if you lose your phone you can get a new phone download the binance app put your cloud share and binance’s share together and recreate the wallet that’s how you recover the wallet in case you lose your phone because this is MPC and the private key is sharded it’s

A lot safer than having a normal hot wallet because the private key is never in one place there is never the whole thing on on one device either bancer servers your phone or your iCloud or your Google Cloud so this is a much safer way to create a hot wallet because

The private key and the seed never touch each other or are in the same place when you want to sign transactions the one on your phone and the one on binance’s servers come together and you can go through with transactions so if you are looking for a

Hot wallet this is a way to do that now what you have to do when you create the wallet is is back it up and there’s two different ways to back it up so if it asks you to do that you either can save the share to your cloud or you can

Create a QR code and then save that somewhere else so up at the Top If you have a wallet you can see your wallet address and it should say wallet one so if you just click on that so I’m going to click on my name and here are my

Wallets so I’ve set this up now I’ve backed mine up but you may not have backed yours up yet so if you click on this wallet the three dots in in the top right hand corner of this box you can customize it with your name and then it

Says backup management so if we click that uh you can see the backup options either on your cloud service or on a QR code if you want to back up with a QR code it’s going to give you that QR code you can screenshot it or save it somewhere I wouldn’t recommend keeping

That anywhere online in case you get hacked uh that’s obviously not not a good thing however even if your share gets revealed or hacked it’s going to be very difficult for a hacker to actually recreate your wallet because they will have to log into your binance account

With your details as well to recreate so unless they have that they still can’t recreate the wallet even if you get hacked this is why NPC is a little bit safer if you want to back it up in your iCloud you can uh and do that now the

Only thing you have to remember with an NPC wallet is the password to the encryption in your Cloud account if you want to back up the wallet in your Cloud if you lose your phone and you do have to reload the wallet on a on a new phone

With your binance account it’s going to ask you to uh take that file from your cloud and you know decrypt it and link it with binance’s version that is password encrypted so choose a password here that you can remember or keep that somewhere safe that’s the only thing you

Need to remember with this wallet by default when you create the wallet you’re given a new evm address this is the address that you can use over all evm chains ethereum BNB chain polygon Avalanche many others and so that’s your address across all those chains the way

That you can see that if you look at assets here go to the right hand side that kind of box logo you can see all networks here so basically all networks are supported I haven’t activated a salana address yet but that is a possibility you can see all of the

Popular evm chains right arbitrum polygon optimism BNB ethereum they all have the exact same address in this wallet but they are different chain and so your assets are different but it’s all the same address that you have if you scroll down you can see the network support so pretty much every

Blockchain that you would want to use is actually supported in here either through an evm address or if the uh blockchain has a different type of address standard then uh it’s going to be supported like that so what you do rather than activating these networks cuz they’re activated already is come

Out of here and just add the assets so you can do that easily if you go to manage tokens right here you can just search for tokens so if I search for let’s say uh Matic as a token you can see this token is supported on various

Different blockchains so all You’ do is just toggle this on the blockchain that you want to use it on so Matic on you know the polygon Network you can toggle that on and maybe Matic on the ethereum network then go back here and you should

See them added to this list so you can see that now so you can add in the tokens that you want to the bottom right hand corner of each token to Icon you can see the icon of the network that it’s on so you can choose to add them in

As you want if you want to actually use those tokens because this wet is within your binance app it links really easily with your exchange account and it can read the balances that you have there so if you want to switch assets between your exchange and the wallet uh it’s

Really easy to do that so press receive up at the top from here it’s going to give you a list of assets that you have listed or other popular assets you can click on these so if I click on bitcoin this is my Bitcoin address so if you’re

Sending from a different wallet they obviously need your Bitcoin address they can send it in here really easy you have the address and the QR code so someone can send you that from their exchange account or their wallet however if you want to send it in from your binance

Exchange if you use that press this up at the top transfer in and it’s actually going to list out all of the assets you have in your exchange account the balances there and what you can send over so from my binance spot and funding wallet that’s fine for me and it’s to my

Wallet which is here my address is prepopulated what coin do you want to transfer over so let’s say I want to transfer some B&B what network do you want to use it on uh well I know that I want to switch over the BMB smart chain

So I can click that and then press transfer and then it takes me through to uh how much I want to transfer over you can see my address is prepopulated here so I don’t have to worry about pasting that wrong or anything like that we’re using this chain and then it actually

Tells me what my available balance is in my binance Exchange account so I can just press whatever amount and then press withdraw that is a blockchain transaction because your wallet is a blockchain wallet but it’s easy to just go binance exchange to your wallet press withdraw you can check all the details

And that just transfers it over from your exchange account to your self custody wallet if you want to send out of the wallet then again you can transfer it directly back to your binance exchange if you press transfer that’s basically your exchange and your wallet linked up and then you can do the

Reverse of what we’ve just done or if you just press send this is a normal Wallet transaction so you need a blockchain address you can choose your binance account or some other address so search for the symbol that you want to uh send out it’s going to give you a

List of all the assets that you can actually send so I’ll click on one that I have here and then it’s going to say where is the address if you’re sending to a different wallet or whatever else you can just uh copy and paste your wallet address in here just like any

Other normal wallet so one of the things binance is trying to do in three wallet is abstract away all of the blockchain stuff if you use blockchains or any daps you’ll know that you have to connect your wallet you have to you know go and use the DAP you have to see the

Transaction and and go through with it so it’s a lot of steps to do a transaction well if we go to the earn platform here what binance are trying to do is abstract away using the DAP so this is essentially lending on Venus now Venus is a BNB smart chain lending dap

So you can use that if if you want through this instead of logging into the DAP it just gives you all of the rates that are on Venus right now so for stable coins it’s giving you some you know apy here uh so if we click on FD

USD which is binance’s stable coin up on the top left you can see it has the Venus logo so what this is is lending out on this uh decentralized lending protocol so we’re not actually you know facing the DAP we’re not using the DAP but if you want to supply this you press

Supply now obviously you need some FD USD but if I press Supply here I’ll accept the terms and press confirm and then it says well how much do you want to supply so if you have some FD USD in your um BMB smart chain address in your

Wallet you can supply it right here usually what you’d have to do is log into the DAP see the DAP go through it look at the supplies and everything like that so this is trying to abstract away using daps and making it a lot more simple now this is is very small

Obviously because there are other lending daps like arve and others that you may want to use but this is trying to simplify that process just saying if you’ve got this token you can use defi with a few clicks there is also a discover tab within the wallet which is

More like a Dap browser if you’ve used other smartphone wallets so what you can do is search for adaps right here by their name or their address of the website so I put the Top If you press that you can search for you know different daps so I’ll search for UNIS

Swap and and there are no tokens named Unis swap although uni would be a token as you can see here if you go to daps in the middle it says hey this is a Dap that you might be looking for so I can press that and then it says open dap and

I’ll accept the terms but what we’re doing here basically is actually connecting uh the wallet that we have via the D browser so if you press connect like this there are some bugs and things so this says metamask which I don’t have I don’t have a metamask but I

Click metamask it does actually connects my wallet and it sees my balances for some reason it’s not metamask but that’s just what I have to press and I can actually go ahead you can see my balances and I can use the DAP if I want so I’ll just press this icon and

Disconnect here and then if we go back to the DAP browser you can scroll down all of the popular daps so if we go into trending daps you see all of the popular you know daps across crypto that you can go in and use so you can essentially use

Virtually all of the daps that you want to use right within here and you know that’s a pretty easy use case uh if we have a Dap that isn’t in here like if you want to connect to a Dap on your computer then you can do that if you go

Back to the home up on the top left you can see the QR code or the scanner so when connecting to a Dap on a computer you can just connect via wallet connect and it’s going to give you a QR code you can scan it with your phone and what

You’re doing now is connecting to the D via the QR code and your phone is going to sign the transactions so you can use the app on your computer go through with everything and then when it comes time to sign the transaction it’s going to

Pop up in your web3 wallet do you want to sign the transaction you press yes and you actually go ahead with it if you don’t have a binance exchange account yet I’ll leave a link to a deposit and trading bonus down in the description I’m James with money CG cheers for

Watching and I’ll see you in the next one by