Binance Smart Chain questions

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So as part of me playing around with the crypto stuff, I wanted to trade and play with some tokens on the BSC chain. I wanted to see what that platform has to offer but I had many questions which I hope I will get answers for and also bring some discussion around this topic.

It seems like BSC is trying to replicate everything that Ethereum has/does. MEW has a Chrome plugin so does BSC. BSC looks like it has Pancake Swap which is an equivalent to Uniswap and the parellels go on to make a long list.

If I wanted to say buy the Pancake Swap token (CAKE), it seems like I need to buy BNB first and then buy these tokens but the address on the BNB wallet is an ERC-20 wallet and not a bnb address. So, do I need to only buy the ERC-20 BNB or I can buy either and convert?

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