Blockchain networks are decentralized, distributed ledgers that record digital transactions.
Each cryptocurrency operates on its own unique network, and understanding these distinctions is crucial, especially when it comes to making deposits at MaxVegas. Let’s delve into some of the most commonly used blockchain networks and their associated cryptocurrencies available on MaxVegas.
- Bitcoin (BTC): operates on its own blockchain, known as the Bitcoin blockchain.
- Ethereum (ETH): operates primarily on its own Ethereum blockchain. It also supports ERC-20 tokens on the same network and BEP-20 token on the Binance Smart Chain.
- Tether (USDT): is available as both an ERC-20 token on the Ethereum network and as a BEP-20 token on the Binance Smart Chain (BSC).
- USD Coin (USDC): like USDT, USDC also exists as both an ERC-20 token on Ethereum and a BEP-20 token on BSC.
- Binance Coin (BNB): is native to Binance Smart Chain (BSC) and primarily operates on this network.
- Litecoin (LTC): operates on its own Litecoin network.
- Bitcoin Cash (BCH): operates on its own BCH network.
Choosing the right network
Now that we’ve explored some of the most notable blockchain networks, you might wonder, “Which one should I choose for my transactions at MaxVegas?” The answer depends on various factors:
- Preferred Cryptocurrency: If you already hold a specific cryptocurrency, that choice may guide your decision. For example, if you have Ethereum, you’ll likely use the Ethereum network.
- Transaction Speed: Consider the transaction speed. Some networks, like Binance Smart Chain, are known for their faster transaction times, which could be advantageous for gaming.
- Cost: Evaluate the transaction fees associated with each network. Different networks may have varying fee structures.
Ultimately, the right choice depends on your individual preferences, the cryptocurrency you hold, and your specific gaming needs. MaxVegas offers the flexibility to use multiple networks, allowing you to choose the one that aligns with your priorities.
What happens if you send ERC-20 tokens to a different blockchain?
If you send ERC-20 tokens, which are built on the Ethereum blockchain, to a different blockchain, such as Bitcoin or Ripple, the tokens will not be recognized or supported by the receiving blockchain. As a result, you will permanently lose access to your tokens and they will be unrecoverable. This is because each blockchain operates on its own set of protocols and has its own unique address format.
It’s important to always double-check and confirm the correct address format before sending any cryptocurrency or token to ensure that it is compatible with the intended blockchain.