Binance Coin (BNB) is the cryptocurrency of the world’s biggest crypto exchange platform by volume – Binance. Just like most other cryptocurrencies, it saw enormous growth in the year 2021. It is currently ranked in third place, right after Bitcoin and Ethereum, making it one of the leading tokens on the market. For this reason, many people now own BNB.
Naturally, this means that many of the people who enjoy the online gambling industry, wish to use their BNB to place bets. Happily, for them, there are more and more crypto casino owners that implement BNB as a payment method, in hopes to attract more players. On the other hand, since the demand is recent, not all crypto casinos can offer you BNB gameplay.
Before we get into why Binance Coin casinos are advantageous over many others, we must first explain what Binance Coin is and how it works in tandem with crypto casinos.
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Similar to the opening of the article, Binance Coin (we will call it BNB for short) is the official cryptocurrency of the biggest cryptocurrency exchange (CEX) – Binance. It was launched back in 2017, with the token released a bit later. Aside from the biggest CEX, Binance also has released a whole “ecosystem” of features and functionalities for its users. It is compiled of decentralized blockchain-based networks.
According to the Binance white paper, it is aiming to become the main infrastructure services provider for the entire blockchain universe. BNB was directly influenced by how popular the CEX is. This means that the more people want to trade crypto, the higher the chance they use Binance, thus the higher the chance they purchase BNB.
The network is secured in its own blockchain, where the coins are being issued from. The main security tool is the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism, which is extensively tested.
Aside from that, we will get into further detail about the advantages of BNB in the following sub-section.
There is a reason BNB is the 3rd largest cryptocurrency on the market, as of the 4th of January 2022, as it offers many benefits to its users. There are so many that we will only be covering those that directly influence crypto casinos gaming.
First of all, one of the main goals of Binance is to create a smart contract-enabled blockchain network, which supports decentralized finances. This attracts many people to invest in BNB as it can also be used to obtain assets at discounted prices on the CEX. Discounted prices mean that even if BNB is not available at a crypto casino you choose, you can purchase other cryptos at a lower price.
Now, you could say Binance is not entirely decentralized, but we should explore this a bit further. It is true that Binance holds 80% of the supply of BNB, making it centralized, however, this makes it one of the most secure as well. If you are looking for a completely decentralized cryptocurrency you can use at a casino, this is definitely not for you.
There are many verifications before you can log in to your Binance account, which include email and phone authorizations. This makes your integrated Binance wallet and your assets completely secured. However, there have been cases where the safety walls of the network have been breached.
In terms of scalability, is quite promising, due to the fact that fees stay low at all times, despite the enormous growth the token saw in 2021. To put things in perspective, BNB has no fee when done on the Binance CEX. This is one reason why many wish they could use BNB in crypto casinos. It saves a lot of money to have a tax-free cryptocurrency to make deposits and withdrawals with.
The transaction speed of BNB is also something that cannot be overlooked. It definitely is not one of the best out there, especially when compared to Bitcoin and Ethereum, but it is still faster than conventional fiat payment methods. It should take no more than an hour for your BNB transaction to be completed.
BNB is definitely a very advantageous cryptocurrency, however, some could say that there are better options. Although, if you already own BNB, you can still enjoy your gameplay at Binance Coin casinos. Let's take a look at some of the pros and cons BNB has to offer crypto casino players.
Security – Binance is the biggest CEX in the world, and as such, it is forced to implement robust safety measures against any hacking attempts. However, it is still recommended to have a third-party crypto wallet and not use Binance’s integrated one, to ensure the further security of your assets.
Scalability – The Binance network has experienced no congestion recently, even though its daily volume keeps on growing and has seen new heights during 2021. Additionally, the network’s transactions also stay low, ensuring people will keep on using Binance as the main CEX. This directly translates to the current high price of BNB, which could potentially keep on growing with the interest in cryptocurrencies.
No Transaction Fees When Using Binance for BNB – When purchasing BNB through Binance, you will have no fees and no transaction fees, other than those of the CEX itself. The regular fees are completely negligible and will not compound into any significant amount even in the long term.
Availability – Just like all other cryptocurrencies BNB is also available worldwide. This means that everyone can buy and sell BNB, but also use it to play at Binance Coin casinos. Even if there are restrictions placed by a government, citizens can easily mask their activity with the use of a Virtual Private Network (VPN) software.
Betting Limits – This is a great advantage that BNB and all other tokens have over fiat currencies. Fiat currencies have limits as to how much can be placed as a bet, whereas cryptocurrencies do not have that regulation. This allows game developers to introduce lower minimum and higher maximum betting limits, suitable for both low-risk and high-risk players.
BNB-specific Bonuses – Binance Coin casinos often offer bonuses for crypto users. These can include welcome packages, daily, weekly, and monthly bonuses, as well as other unique features.
Slow Transactions – It is no secret that the average transaction time of BNB is, on average, around an hour. This definitely is a turn-off for many players who are used to faster cryptocurrencies who transact within a couple of seconds or minutes.
Centralization of BNB – Since Binance is owned by a company that holds more than 80% of the supply, you could say that BNB is highly centralized. If you are someone who is looking for complete decentralization, this might not be the token for crypto casinos for you.
Anonymity – Due to the fact that Binance and the rest of the CEXs that trade BNB require your personal information, you cannot remain completely anonymous, when purchasing and liquidating the token.
High Price Volatility – This goes for all cryptocurrencies, but BNB is also highly volatile crypto. It reached its peak of $640.20 back in November of 2021. Putting things in perspective, the current price of $512 is significantly lower.
Licensing of BNB casinos – It is a well-known fact that crypto casinos have no access to MGA and UKGC licenses, thus owners are left with no other choice but to go for a Curacao license.
Number of Casinos That Accept BNB – There still aren’t that many crypto casinos that work with BNB, which makes it hard to choose one which checks all the boxes of a secure casino.
We strongly suggest purchasing BNB directly from Binance as you will be able to reap great benefits, even outside the crypto casino industry. However, if you wish to know where else you can obtain BNB from, some of the better CEXs are FTX, KuCoin, Gate.io, and Huobi Global.
Don’t forget that you will need a crypto wallet in order to deposit and withdraw BNB to your crypto casino account. The best crypto wallet to store your BNB at is definitely the integrated Binance wallet. However, if you wish to increase the security of your assets, we suggest using a third-party wallet like MetaMask, for example.
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Making your first BNB deposit is so easy.
Choose your Binance Coin casino and create your account.
Find the “Deposit” button, which should be located in the top section of the casino’s website.
Select Binance Coin as the crypto you want to use.
Send an amount to the provided address and wait for it to be added to your casino account’s balance.
BNB could definitely be a great choice of a token for use to play at crypto casinos for many. This is especially good for people who already own BNB and wish to use it in one way or another. However, there also is the downside of centralization, lack of anonymity, slower transactions.
It is definitely uncertain if BNB can overcome these problems in the near future, which is why if you already do not own BNB, it probably is a better idea to start off playing with a different token.
We suggest checking out our FAQ section below for some additional and condensed information.
BNB FAQs
No, BNB is not decentralized as the issuer owns 80% of all BNB. This means that it falls in the section with centralized cryptocurrencies, which could be a red flag to some.
Unfortunately, since BNB reached the number three spot on the crypto market, not much time has passed. For this reason, the demand just recently came to light, allowing owners to start implementing the token as a payment method. This means that not all crypto casinos accept BNB as a betting currency.
This would definitely be the token’s native blockchain and CEX – Binance. Binance also has an integrated crypto wallet, which allows for easier transactions.
It highly depends. You cannot remain completely anonymous due to the fact that BNB is a centralized cryptocurrency. This means that if needed, you can be tracked. However, there are many crypto casinos that do not require your personal information, which partially keeps your privacy.
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Crypto Specialist
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