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How to Use BNB for Gambling

The major advantage of digital assets as a payment option is that they allow users to deposit and withdraw funds quickly. Due to this feature, several online casinos are now adopting and offering a wide range of cryptocurrencies to users as payment options.

These digital assets include cryptocurrencies like Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Monero, Tether (USDT), to name a few. In recent times, the Binance Coin has also been adopted by many gambling platforms for payment on their platform.

Due to their affiliation with the Binance coin, these betting platforms are known as Binance coin gambling sites. This article will review the history and features of the Binance Coin. Additionally, this guide will highlight how gamblers can bet on their favourite casino or sports betting games using the Binance token.

Binance Coin - what is it?

The Binance Coin is the native token on the Binance crypto exchange. Binance is currently the largest and most popular marketplace for trading, selling, and buying cryptocurrencies globally. Binance exchange has established itself as the leading crypto transaction hub globally. This is why the Binance exchange is often associated with the word Crypto.

Immediately following the platform’s launch, the Binance Coin (BNB), an ERC20-compatible altcoin was created to serve as the native token for the exchange. Binance Coin held the title of the fastest-growing digital asset in 2018, with coin price hitting $24 in just five months after its launch.

In 2021, the Binance coin surged to a new coin price of $338 in a short period. This remarkable increase marks a growth of over 2,000% within a year. The coin has experienced further growth during 2021, with its all-time high set at $690.93. Currently, the Binance coin price is within the $555 range.

The BEP2 and BEP20 networks provide low transaction fees and speed, which are important advantages of cryptocurrency. As a result, Binance Coin has attracted more users since its networks are less overloaded than ERC20 tokens and Bitcoin.

We can safely conclude Binance is actively working on its project with the above in mind. This includes improving transaction speed and ensuring a fast and low-cost transaction transfer system. Combining these unique features makes the Binance coin an excellent option for online gambling activities.

How can I purchase the Binance Coin (BNB)?

There are several ways available to gamblers who wish to buy the Binance coin. These methods are safe, and the transaction process is easy and uncomplicated. The best way to buy the token is by creating an account on the Binance exchange. After completing the registration process, gamblers can proceed to the peer to peer section of the platform to purchase the BNB Coin.

Gamblers can also receive the BNB token by using the swap feature on the Binance exchange to swap any digital asset they hold on the platform for the BNB coin. Gamblers can also purchase the token on other crypto exchanges that have listed the Binance coin. Similarly, bettors can buy the coin on a crypto wallet that offers the token. Examples of exchanges and wallets that offer the BNB token include Mandala Huobi Global, Exchange, CoinTiger, FTX, Gate.io, Trustwallet, Atomic Wallet, Safemoon wallet, to name a few.

How To Bet Using The BNB Token

After purchasing BNB Coins for gambing, players must select a Binance gambling site and deposit their BNBCoins for gameplay. Several excellent online gambling platforms accept BNB as a payment option on their platform. Popular Binance gambling sites include Thunderpick, 1xBit, EarnBet.io, and Betnomi.

Many of these platforms also accept many other digital currencies as payment options on their platform. As a result, gamblers will find other payment options like Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, to name a few on these sites.

How to Deposit Using BNB

To enjoy the gameplay, gamblers on these platforms must make a deposit. Depositing using the BNB coin is straightforward. Gamblers simply need to follow these few steps to deposit on BNB on their preferred Binance gambling sites:

 

  • Use the account creation feature or the login feature on any Binance betting site to create a new account or log in to an existing account.

  • To deposit money, go to the Deposit section.

  • Select the Binance Coin (BNB) as your preferred cryptocurrency for deposit.

  • There will now be an address where you should send your Binance Coin. Generally, deposit limits will apply in these situations.

  • Proceed to your crypto wallet and complete the payment.

  • Your transaction will soon reflect in your Binance betting site account with the corresponding figure of your deposit.

How to Withdraw Using BNB

Like the deposit process, the withdrawal procedure on all Binance gambling sites is uncomplicated and straightforward. Gamblers simply need to follow these few steps to make withdrawals from their preferred Binance gambling sites:

  • Head to the withdrawal section of the gambling platform and click on the withdrawal icon

  • Select the Binance Coin (BNB) as your preferred cryptocurrency for withdrawals.

  • Input a Binance Coin wallet address to serve as the location for receiving the withdrawal. Generally, withdrawal limits will apply in these situations. However, these limits are usually reasonable.

  • Input your withdrawal amount and click on the complete transaction icon to finalise the withdrawal.

  • Your transaction will soon reflect in your Binance coin wallet address with the corresponding figure of your withdrawal.

Conclusion

There are so many benefits attached to depositing using the Binance token. These benefits include fast transactions, low transaction costs, and anonymous transactions. Additionally, the deposit and withdrawal limits attached to Binance coin bets are relatively high and reasonable. As a result, gamblers who opt for these crypto tokens as their payment method can withdraw large sums of money due to the high withdrawal limits.

The Binance exchange can currently support more than 1.4 million transactions per day. Additionally, the BNB coin can be used to trade and pay fees on the exchange and serve as an excellent token for gambling on various crypto betting platforms. Gamblers are encouraged to use the BNB coin as a payment option due to the benefits it delivers.