Thursday, September 21, 2023

Binance Coin Casinos: A New Age of Crypto Gambling

Binance exchange is one of the most reputable crypto exchanges; therefore, it is hardly surprising it has its native token, known as Binance Coin (BNB). The reason it was initially created was for the sake of reducing the exchange’s trading fees.

For holders of BNB, many available discounts make it easier to trade and use the exchange since they automatically save money. In time, the usage of BNB has integrated into many other avenues bringing growth and value to the cryptocurrency.

BNB runs on the Ethereum blockchain, and if you want to learn more about binance coin casinos, the following article will help.

The Creation and Purpose of Binance Coin

BNB was created in 2017 by a Chinese company that has moved location due to the government’s non-favorable view of crypto resulting in a ban. As mentioned above, the initial purpose behind the coin was to enable the users of Binance.com, Binance Chain, and Binance DEX  to pay less fees. It served as a sort of bonus token, but recently we have witnessed broader purpose opportunities for BNB.

Even though transactional fees are already pretty low, using Binance’s native cryptocurrency can cut them in half. Whatever the price of your transaction is, with BNB, it is reduced by 50%, which is impressive, so it is not surprising there are many BNB holders out there. The cryptocurrency is additionally used for buying virtual gifts and participating in token sales on the Binance Launchpad.

BNB operates on a deflationary mechanism. The exchange buys back and burns BNB tokens, reducing its overall supply over time. This technique controls the number of existing tokens in circulation, protecting the value. Apart from BNB, there is also BUSD, a stablecoin pegged to the US dollar. This means that its value is designed to remain stable and not fluctuate like other cryptocurrencies. BUSD is used as a stable trading pair on the Binance exchange.

To summarize, BNB provides fast transactions and is used to buy/sell other cryptocurrencies displayed on the Binance exchange.

One of the major disadvantages might be the fact BNB is mostly accepted as a payment method in the tourism industry but not in other areas.

Those that value crypto for anonymity may also be less drawn to BNB since Binance requires users to have registered and verified accounts which makes anonymity less possible.

Why Binance Coin is Ideal for Online Casinos

In general, casinos that accept crypto enable the players to deposit and withdraw quickly or even instantly. The transactional fees tend to be lower, and the anonymity of the player is ensured. With crypto, one only needs a wallet address for money transfers which leaves a lot of personal data out of the picture, except in the case of KYC.

Using Binance Coin at online casinos makes you eligible for bonuses exclusive to crypto users. The payment process is fast and secure and generally has zero fees.

Although Bitcoin is still the king of online casinos in terms of ubiquitous acceptability and more advantageous bonuses, the altcoin casinos are definitely on the rise. More casinos integrate different cryptocurrencies and offer generous bonuses for the players who choose them as deposit methods.

The Growth of Binance Coin Casinos

One of the major downfalls of crypto casinos has been the exclusion of altcoins. This is slowly changing. With the rapid growth of altcoins, as well as their holders, more and more casinos are offering specific bonus programs tied to different coins. BNB holds a distinguished position among the new popular cryptos for online gambling. Some of the popular casinos that accept BNB are Oshi, 7bit Casino, Cloudbet Casino, Wild Tornado, BitStarz, and Bspin.io Casino.

Factors Driving the Growth

Every new emerging cryptocurrency is trying to solve some of the issues of its predecessors. Its goal can be reducing the fees and energy expenses via the application of PoS and PoT mechanisms, enabling quicker transactions, better safety options, or more efficient decentralization. As more altcoins gain recognition for their smart innovations, more people use them, and their value grows. If casinos want to keep up with the times, they must accommodate different deposit/withdrawal methods, especially if some of those make the whole process easier, quicker, cheaper, and more user-friendly.

Future Predictions

With the integration of altcoins, we will see online gambling improving. They will bring their unique features to the table, draw in even more potential players, and form specific bonuses for every type of altcoin deposit. True, Bitcoin users are still relatively privileged, but we can expect an improvement in the direction of more equality between cryptocurrencies.

Getting Started with Binance Coin Casinos

Registering an account on Binance is the best way to profit from BNB. You will save money on fees, but when it comes to online gambling, if anonymity is your priority, this is not the right token for you. Still, casinos offer many benefits to BNB users. Here are some initial tips for starting your journey with Binance Coin casinos. Many of them have attractive welcome bonuses for BNB users. We will mention and describe some of them:

Cloudbet casino-100% up to 5 BTC + 70 free spins

KatsuBet Casino-100% up to 5 BTC + 100 free spins

BC.Game Casino- First deposit bonus up to 270% and 1 BTC

You can also enjoy Free Spins bonuses. For instance, Winz.io gives you 300, Fairspin 140, and JackBit Casino 50. Some casinos even offer no-deposit free spins, like BSpin (50) or Katsubet (30).  BNB will also enable you to play numerous games as a primary currency. BNB casinos offer BNB Blackjack, Slots, Roulettes, etc. Every type of standard casino game is available for BNB users. This feature makes it easier for players to join in, regardless of their preferred method of payment or favorite cryptocurrency. Generous and inclusive loyalty programs play a pivotal role in casinos’ competitiveness. More on bonus and loyalty programs concerning crypto deposits here.

Conclusion

Binance Coin has made a long journey from its beginning as a discount token to a broader usable digital asset. Its wider appeal opened a door into the online gambling/gaming community. Now BNB holders can use their favorite crypto on many online casinos and receive bonuses that were previously reserved for Bitcoin or other payment methods. There is, of course, still space for improvement and even wider implementations.

Recently we have witnessed a beef between institutions and crypto, including Binance and Coinbase exchanges. The attitude of the government and other central authority institutions will also influence the future of Binance and its native coin, but to what extent it is impossible to accurately predict.