Re: Can someone please help understand how the Binance Smart Chain works for fees?
.Can it be used to send (withdraw) BTC to another wallet? If so, why wouldn't anyone just use that instead of btc network since it's so much cheaper? What am I missing?
Bitcoin transaction network transaction was Proof of Work (PoW) algorithm based on the SHA-256 hashing function while BSC network was a delegated Proof of Stake (PoS), instead of using miners they used validators for every transaction. That's why it has the fastest and cheapest transaction than using the Bitcoin network.
To understand more, here is a video on the article come from Binance that explains you most.
https://academy.binance.com/en/articles/delegated-proof-of-stake-explained