Binance Coin is the native cryptocurrency of Binance, one of the most popular cryptocurrency exchanges in the world. Among other things, it can be used for crypto betting on select sites – read on for all you need to know about Binance Coin betting and how it works!
What Is Binance Coin?
The simplest way to understand Binance Coin, and indeed, Binance Coin betting by extension, is to first wrap your head around cryptocurrencies, if you’re not already familiar with them already.
A cryptocurrency is a kind of digital currency which is not controlled by any central authority. This makes them different from traditional currencies which are managed and upheld by things like banks and government. Hence, they are referred to as “decentralised”. Secured by cryptography to prevent counterfeiting, cryptocurrencies are maintained by blockchain technology and the use of a distributed ledger across an enormous network of computers. This allows for – theoretically at least – faster and cheaper money transfers, free from the interference of government. As a result, they've become quite popular as a form of payment across many industries, including online gambling.
The most popular comparison to Binance Coin, and the one you will likely have heard of if you’re aware of any, would be Bitcoin. While Binance Coin can be considered very similar to Bitcoin, it does have its own history and attributes worth being aware of.
Firstly, it is the native coin of the cryptocurrency chain Binance. This is important to know because if you want to use Binance Coin, then this is where you will want to be. In addition, it also means that to an extent the health of the Binance Coin is tied to the health of the Binance cryptocurrency exchange. It wasn’t originally that way, though – the Binance Coin first launched through the also very famous and well-respected Ethereum blockchain back in July 2017.
Important to note for Binance Coin betting, or any other useage, is that it is often referred to as “BNB”. So, if your preferred Binance Coin gambling site offers “BNB” as a currency, this is what they are referring to. Binance Coin BNB also refers to this currency – they all mean the exact same thing.
It has become immensely popular since its launch, and as of August 2021 the Binance Coin cryptocurrency is the fourth largest in the world.
Can You Gamble With Binance Coin?
Put simply, Binance Coin betting is available right now, and looks overwhelmingly likely to become even more popular in the future.
Understandably, there’s a fair bit of confusion when it comes to Binance Coin betting. For starters, not only is it new, but it also started off as simply a utility token to provide trading fees at a discount back in 2018 and can still be used to pay for fees today. This has led some to believe that remains its sole purpose, which is not true. Let’s break it down:
- Binance uses have become multifaceted. You can pay for everything from a hotel room to various online services and entertainment, or even donate to charity and make investments. And you absolutely can gamble with Binance Coin BNB.
- The other reason why there has been confusion over this question is that, right now, the number of crypto betting sites which currently offer Binance Coin gambling is small compared to many other payment methods and the likes of the best Bitcoin betting sites.
- However, it really is very early days for Binance Coin betting, and we are seeing more and more operators take them on. There has even been support from the likes of Visa debit card in Monaco and live streaming platforms.
- These are just a couple of examples of the penetration of mainstream markets by Binance Coin.
- Another reason for its popularity and versatility is that you can convert very small amounts of other cryptocurrencies (often referred to as “dust” in crypto circles) into Binance Coin. That is a perfect application for something like Binance gambling, where you can try to make something out of a very small amount of money.
How To Gamble With Binance Coin BNB
Firstly, Binance betting is overwhelming similar to online casino and sports betting with other cryptocurrencies. There are nonetheless a few extra things to consider. But no need to worry, we’re here with you every step of the way.
- 01Buying Binance Coin
Naturally, to play with Binance Coin BNB, you will first have to buy Binance Coin. As you may imagine, this can be purchased through the Binance betting exchange. To do this, you will need to register an account. Your Binance login can be through a phone app, desktop app or simply through the website. This only asks for very simple information such as your email or phone number. Next, you will need to complete your identity verification. This is very much the same as verifying your identity for a Binance betting site and requires similar documentation and information, such as basic account details and providing a form of ID. From here you can deposit traditional funds into your account (these are known as "fiat" currencies to crypto exchanges) and use that to then buy the cryptocurrency you desire. Obviously, if you were looking into Binance Coin betting, then Binance Coin would be the crypto you are after. The whole process is very simple, intuitive, and comes with thorough customer service.
- 02Move Your Binance Coin Cryptocurrency Into a Wallet
Now you have bought your BNB Coins, you will want to move them into what is known as a crypto wallet. If you are unfamiliar with the latter, it is simply a safe method of storage for your crypto funds, like a bank account. There are many wallets out there, including the one offered by Binance if you’d like to keep things simple. Pretty much all sites that accept cryptocurrency require a wallet, from Sportsbet.io to Marathonbet.
- 03Make a Deposit With Your Chosen Operator
From here on out, things are overwhelmingly the same what you would expect from any form of payment. At this point, there are few differences between Binance Coin gambling and utilising your debit card to fund your Ladbrokes account. The way it would typically work is simple - find an operator which accepts Binance Coin betting, select that as your payment option, and transfer the funds from your wallet into your Binance betting account. Now you are ready to bet!
- 05Withdraw Your Winnings
Was your bet successful? If so, congratulations! And no need to worry about the withdrawal process - you simply choose to withdraw back into your Binance betting wallet just as you would withdraw using a more traditional payment method like Google Pay. If you’ve ever won anything on the likes of traditional betting sites like Coral and withdrawn that money, you should overwhelmingly know what to expect here.
Positives of Binance Coin Betting
So what exactly does make Binance Coin BNB stand out from the rest as a payment option for betting? Here, we’ve broken down five key attributes which we think make this crypto betting coin well worth your consideration.
- 01It compares favourably to most other cryptocurrenciesAlthough Binance Coin betting does not have quite the same level of availability as the ultra-popular Bitcoin, which enjoys availability on the likes of Cloudbet and 888sport, Binance Coin gambling is still more popular than most other cryptocurrencies out there. It also has some distinct advantages over other cryptocurrencies, such as the stability of the Binance exchange, small transaction fees, faster trading, the ability to convert dust to BNB, and that the token can be traded with at a discount on the Binance exchange.
- 02Simple to useOur step-by-step guide was not just to inform you of how Binance Coin betting works in practical terms, but also to show that it is simple and familiar, with only a couple of small differences between BNB crypto betting and traditional online casino and sports betting options. In addition, there are almost no practical differences between Binance Coin BNB betting and gambling with the overwhelming majority of commonly available cryptocurrencies.
- 03Exclusive promotionsFor those operators dedicated to providing a great cryptocurrency service, exclusive promotions are often available to help entice crypto users into picking them over all the other competition. This means that Binance Coin betting could net you promotions not available to anyone else. So, even though you may not be able to enjoy some of the amazing bonus offers typically available through traditional methods as you would find on the likes BetVictor or Betway, there is no need to miss out. It can even offer more bonuses in general than some payment types, as e-wallets like PayPal are often restricted from use on promotions.
- 04Variety and VersatilityOpening yourself up to Binance betting means that you have more games to play and more ways to pay. Apart from being able to enjoy amazing BNB sports betting sites and online casinos, Binance Coin betting does not mean you have to close off your other more traditional accounts. You can use both as much as you please. Remember that multiple accounts are always an option and can be ideal for the punter looking to get the most out of the traditional online gambling and crypto betting worlds.
- 05SecurityWe have talked about the distinctions between Binance Coin betting and other forms of cryptocurrency, but one thing they do have in common is the focus on security and anonymity. This is a huge part of the reason many people choose to use cryptocurrencies and, in that regard, Binance Coin delivers a safe and reliable way to gamble online.
What Is Binance?
As the largest cryptocurrency exchange in the world in terms of trading volume, there are estimates (based on data from June 2021) that the Binance exchange supports over 1.4 million transactions per second.
What’s more amazing – considering the astounding success of Binance – is that it was only founded in 2017 by Changpeng Zhao, who had experience working as part of a team developing a cryptocurrency wallet alongside different high frequency trading platforms. The company has its origins in China, but has since moved to the Cayman Islands due to the legal restrictions of cryptocurrencies in China.
Its position as largest cryptocurrency exchange didn’t take long either – mere months, in fact – as by January 2018, they were reportedly enjoying a market capitalisation to the tune of around $1.3 billion. Despite stiff competition, it has remained at the top ever since.
They then began to expand around the world allowing for access using, among other things, the British pound. By 2019, you could begin buying Binance Coin cryptocurrency using the likes of Visa and Mastercard.
All this success was not without controversy however, as they have come into dispute with legal authorities across the globe. Particularly important for our readers is that the Finances Conduct Authority in the United Kingdom ordered Binance to stop all regulated activity in the country. This means that all business done on Binance from the United Kingdom can be considered unregulated.
However, it remains a place where the British can purchase cryptocurrency, so your Binance login should work just the same. You should also be able to utilise Binance Coin BNB sports betting sites just as normal. That said, there is now a notice to UK visitors stating that it is not authorised to operate in that jurisdiction. Use of Binance therefore, must be considered at the risk of the individual.
Is Binance Profitable?
There are a few different ways people try to make money from the Binance exchange.
The first, and most relevant for us, is of course Binance Coin betting. Whether or not you make any money from this naturally comes down to the success of the actual bets themselves, influenced by the logic and quality of your betting strategy.
Beyond that though is the question “Is Binance a good investment?”, which we would argue is actually little difference to “Is Binance profitable?”, as investments and bets are similar but distinct.
Moving away from Binance Coin betting, we have the possibility of making money through general trading on the Binance exchange. Now, whether you are trading on the value of different cryptocurrencies or even on the likes of futures, just as is the case on the finest financial betting sites, it would all come down to the merits of the individual investment.
Binance Coin Betting FAQs
Binance Coins are a cryptocurrency, the native cryptocurrency of the Binance exchange, and are commonly referred to as BNB for shorthand. Binance Coin BNB also means the same thing.
The Binance exchange is a cryptocurrency trading platform where people can buy and trade in a large multitude of crypto tokens. It is the largest exchange in the world in terms of volume.
Yes – Binance Coin betting is available on several crypto betting sites, and we expect it to become more broadly available in the near future.
In practical terms, Binance Coin betting is almost exactly the same as Bitcoin betting, although less commonly available. Another key difference is that the Binance Coin is the native currency of the Binance exchange, meaning that is where you’ll need to access it. They do have an advantage related to this, though, in that those using it as a means of payment on the exchange trade enjoy a discount. Binance Coin BNB also has lower fees and faster trading.
It is certainly true that traditional payment methods will be eligible for more promotions than a cryptocurrency like Binance Coin BNB, at least for the moment. However, Binance Coin betting can also be boosted by exclusive promotions on selected sites, alongside more general ones typically offered across multiple cryptocurrencies.
As the fourth largest cryptocurrency in the world, and as the native cryptocurrency of the world’s largest trading platform, Binance is considered to be alongside the safest cryptocurrency options out there. Nothing, of course, is completely without risk, but it is about as safe as any other crypto options could conceivably be considered. Furthermore, there are additional safety benefits when Binance Coin betting, particularly for those who wish to remain anonymous while betting online.
ThePuntersPage Final Say
For some, cryptocurrencies remain a rather daunting prospect, especially when you move away from the ultra-popular and mainstream options like Bitcoin. However, Binance Coin is both easy to use and has multiple benefits compared to other payment options, which include everything from discounts, lower fees, fast transactions, and great security. Considering it’s a relative newcomer and is backed by the hugely popular Binance exchange, we fully expect there to be many options for Binance Coin betting in the future.
Like cryptocurrencies in general, it’s likely they are going to become more and more part of everyday life, a more mainstream form of payment, and, we think, a much bigger part of online gambling sooner rather than later. So, keep your eye out and this guide at hand, because Binance Coin gambling could be coming to the best UK betting sites very soon. In fact, depending on your personal tastes and when you’re reading this, it might already be available!