You either understand cryptos, or you know nothing about them. Paying with something that doesn’t exist in a real-world puzzles many. We’re familiar with fiat currencies as we use them daily and know that the government regulates them. But, cryptocurrencies don’t have that one central authority that “runs the show.” Cryptos use blockchain technology, a digital ledger accessible to everyone. But why are cryptos so popular at online casinos?
It’s simple – fast and low-cost transactions. One more intriguing cryptocurrency available at online casinos is Binance or BNB. It offers both crypto exchange services and a native token, BNB. You can use Binance Coin for deposits and withdrawals at several casino sites. In this review, we’ll provide you with details on Binance, how to use it, is it safe, costly, or not. Keep reading.
What is Binance?
Binance is the world’s leading crypto exchange platform by daily trading volume, and it is also one of the fastest. The blockchain-based cryptocurrency exchange network was founded in 2017 by Changpeng Zhao. However, the company diversified by introducing BNB, Binance Coin. It also offers several other products, such as P2P (peer-to-peer) crypto trading, crypto loans, and crypto wallet.
BNB is a native cryptocurrency used in the Binance ecosystem. It was launched in 2017 during an Initial Coin Offering (ICO). The native crypto asset was initially an ERC-20 token used on the Ethereum blockchain. In 2019, Binance launched it’s own Chain with BNB as its proprietary coin. At first, the total amount of Binance Coins was 200 million. However, the company has regular coin burn events that gradually decrease the total supply. The aim is to have a maximum of 100 million BNB Coins. These quarterly coin burns should increase the value of the BNB. BNB powers it’s ecosystem and can be used for currency exchange. The utility token allows clients to reduce exchange fees and join exclusive coin sales on Binance Launchpad. BNB also serves as a currency allowing you to settle transaction fees on BSC (Binance Smart Chain).
Finally, you can use this cryptocurrency to pay for other services, including travel expenses, entertainment services, and in-store transactions. In December 2021, Binance Coin was the 3rd-largest digital asset, after Bitcoin and Ethereum, with a market cap of around $97 billion.
To start using BNB for online casino gaming, you need to sign up with the platform. It offers its official crypto wallet, Trust Wallet. It enables you to store, send and receive your digital coins, including Binance Coin, Bitcoin, Ethereum, and many other cryptocurrencies. You can download the app from Google Play and App Store. The wallet allows you to safely trade cryptos with ease.
When you install the Trust Wallet, create a new wallet and get your BNB before visiting your favorite online casino. You can buy BNB and other cryptos with credit and debit cards. The wallet allows you to purchase cryptos for as little as $50. It’s platform supports more than 60 fiat currencies you can use to buy crypto coins. You can select EUR, USD, GBP, CHF, AUD, CAD, INR, RUB, ZAR, CHY, THB, TRY, JPY, and BRL, to name but a few.
BNB allows both deposits and withdrawals
You can buy cryptos with 60+ fiat currencies
24/7 customer support
A limited number of online casinos offer Binance
How to Deposit with Binance?
If you’ve installed and set up your Trust Wallet account and have sufficient funds, head straight to the casino site. Open the cashier page and go to the deposit section. Browse the list of supported deposit methods until you find Binance (BNB).
Some casinos have separate categories for bank cards, e-wallets, and cryptocurrencies. If this is the case with the online casino you’ve picked, click the cryptocurrencies to see the available assets.
Click on Binance, select the amount you want to deposit, and copy the casino’s crypto address. Paste it in your Trust Wallet under the send section. Check out the details and the amount and confirm the transfer.
How to Withdraw with Binance?
To withdraw with Binance, open the payment methods page and click on the withdrawal tab. Form the list of supported cashout methods, pick BNB as your preferred withdrawal method. Type in the amount you wish to withdraw from your casino balance, provide your wallet’s unique address, and click on the withdrawal button. That’s all you need to do.
We already selected some good casinos that accept this crypto currency.
Transfer Time and Fees
Binance deposits are credited to your casino account instantly. In other words, you can immediately start placing real money wagers on your favorite games. Withdrawals with BNB are also processed quickly. However, keep in mind that online casinos have pending periods to review and approve withdrawal requests. The time needed to check and verify the withdrawal varies from one casino to another. Crypto-friendly online casinos tend to process these requests quickly, measured in minutes. In any case, you can count on receiving money much faster than with any other traditional payment service.
One of the reasons gamers opt for cryptocurrencies as casino banking methods is that they have no fees. Even if there are charges, usually related to covering costs of coin mining, the fees are negligible. For each payment from the account, you will pay a flat fee to cover the transaction costs of sending the cryptocurrency. These rates depend on the blockchain network and can change. However, as we’ve said, these costs are so low you won’t even notice them. BNB withdrawal fee is 0.0005. The minimum you can send from your account is 0.01, and you won’t pay anything for buying and storing Binance Coin.
Binance is the largest, robust crypto exchange network that processes more than 1.4 million transactions per second. It provides its own secure, decentralized Trust Wallet you can use to keep your crypto assets and make various online transactions. It also offers a 2FA (two-factor authentication) to protect your account.