With more crypto betting sites becoming available and the increasing popularity of the crypto gambling scene, more people are becoming interested in how it works. We’ve included some of the more commonly used terms on our cryptocurrency betting page for newcomers to the cryptocurrency concept. On this page, we take a detailed look at Binance Coin.
Crypto Betting with Binance Coin
Keep reading to discover the history of Binance, how it works and how you can use it to wager online—courtesy of us here at BettingTop10.
Profile of Binance Coin
Binance coin was initially offered as a token on the Ethereum blockchain in 2017 but started using its own platform in 2019. Currently, it’s the third most valuable cryptocurrency behind Bitcoin and Ethereum. The Binance blockchain trades the most significant volume (as of April 2021).
The company changed headquarters several times, having traded from China, Japan and Taiwan. Binance is headquartered in Malta, but it has no authority to act as a cryptocurrency exchange from the Malta Financial Services Authority (MFSA).
- Logo: |
- Symbol: BNB
- Initial release: July 2017/ April 2019
- Circulating supply: 153,432,897.00 BNB (max supply is 170,532,785 BNB).
- Author: Changpeng Zhao
What is Binance coin?
Binance coin is the native coin issued by the Binance blockchain. The initial offering was through the Ethereum platform, but Binance migrated to its own exchange and blockchain in April 2019. Although it was initially intended as a trading token, it’s now used for many different transactions, including cryptocurrency sports betting and gambling.
Each quarter, Binance uses a fifth of its profits to destroy coins held in its treasury to lower the currency supply on the market. The company has also benefited from partnerships outside the crypto industry, enabling easier trading and additional online purchases.
If you’re wanting to buy Binance coins, the easiest way is through the Binance exchange. However, you can also buy them at any other registered exchange. The advantage of buying directly from the Binance exchange is that you can purchase coins via your credit card in a transaction that takes a few minutes and have full ownership of the currency.
You can store Binance coins in any crypto wallet or create a web wallet on the Binance DEX website. The web wallet is a blockchain-generated wallet where you have 100% control over your private keys.
What Makes Binance Coin Different from Other Cryptocurrencies?
All cryptocurrencies operate on much the same principles, with a blockchain that acts as a public ledger. The most significant differences arose from the intended usage of the currency when it was developed.
Binance coin was created to act as a stable cryptocurrency for trading and fulfils this function well. The Binance exchange allows you to buy or trade different cryptocurrencies more quickly than with other platforms.
The most noticeable difference between the Binance coin and older cryptocurrencies is that the coins were all pre-mined. Without having to rely on coin mining, the Binance blockchain network is less data-intensive and faster. It also comes with lower fees for trading.
The utility of the Binance coin is somewhat restricted as it mainly acts as a decentralised financial system and trading platform. You can use the coin as a currency for crypto gambling and in the travel and hospitality industry.
The main differences Binance offers from other crypto currencies are:
- No coin mining
- Cheaper transaction fees
- Used mainly for trading
How to Bet With Binance Coin
You’ll be needing to take a few easy steps before starting cryptocurrency betting with Binance coin. Once you’re set-up, you can choose any of the crypto betting sites or use a hybrid that makes use of regular and crypto gambling to finance your wagers. Follow these easy steps to set up your Binance coin profile and start your crypto sports betting journey.
- Register at an exchange: You’ll first need to buy or trade for Binance coins. The easiest way to do this is to set up an account at a cryptocurrency exchange. The Binance exchange is the best to use for buying a Binance coin. You can also use the exchange to purchase other digital currencies.
- Set up your wallet: Before using Binance coin for purchases, you’ll be needing to set up a wallet. You can use any cryptocurrency wallet for Binance coin. Still, it may be easier to set it up on the Binance DEX website as a beginner. You’ll have complete control over your wallet and generate your own keys. Keep your passwords and keys safe, as Binance can’t help you access your wallet if you lose passwords or keys.
- Buy Binance coin: Next, you’ll be needing to buy Binance coin from the exchange. Using the Binance exchange, you can easily purchase the currency with your credit card. Binance will ask for personal details and proof of ID and address before you can invest in any cryptocurrencies.
- Register on the site: Choose your preferred crypto sports betting site and register. Make sure that your chosen website accepts Binance coin before registering.
- Deposit Binance Coin: Make your first deposit and start crypto gambling. Select the cashier and choose to deposit the Binance coin. Select the amount to deposit and send the currency via the peer to peer method from your wallet. Now you’re ready to start your cryptocurrency betting.
Binance Coin Betting Vs Regular Betting
Binance offers a whole new way of betting not found in the old ways. You can gamble as often, and as discreetly, as you like; no one will be any wiser. Have a gander at some of the main differences from regular betting:
|Binance Coin Betting||Regular betting|
|Remain anonymous. Your bank knows you buy cryptocurrency, but they can’t track what you do with it.||Regular betting sites have to verify your identity. Banks can easily track the amount of money you spend on gambling and even penalise your credit scores.|
|You can complete a Binance coin transaction in seconds, allowing you to start betting almost immediately. You can also withdraw your balance quickly, with the currency reflecting in your wallet within seconds.||Even using a third-party app it will take between two and four days for withdrawals to reflect in your bank account. The verification process also slows the process.|
|You need to convert your stakes to Euros to track your spending and your wins and losses. A bet of 0.1 BNB is the equivalent of €2.70||Tracking your bankroll is easy in the currency you’re used to using.|
|If you choose your exchange and wallet well, you’ll only incur small charges for each transaction (between 0.1% and 0.04%).||You often incur hidden charges from the banks and digital wallets that you may use to deposit and withdraw money from the crypto gambling site.|
|You have a smaller choice of crypto betting sites. Crypto gambling only has 15% of the online betting market.||More betting sites use traditional betting methods, so you’ve a broader choice.|
|Although the Binance coin is pegged as a stable coin, the market prices fluctuate, so you may lose gains made from wins. The fluctuations may also work in your favour on occasion.||Regular betting with the euro leaves you with no risk of losing value on your winnings. .
Where Can I Bet With Binance Coin
Follow these easy steps to find reliable crypto betting sites that accept Binance coins. Even if you choose a registered hybrid site that offers regular and crypto gambling, it always pays to investigate the provider before depositing.
- Reputation: Always check a site’s reputation before signing up or depositing. Read online reviews here at BettingTop10, for starters.
- Supported Cryptocurrencies: Check beforehand that the site accepts Binance coins for deposit. Some cryptocurrency betting sites only accept a limited number of digital currencies.
- Variety of markets: Check the available betting markets as you would for any online sportsbook. If you want to do crypto sports betting, you’ll also want to know that you can place the wagers that best suit you.
- Games and software providers: Another good indicator of a crypto gambling site’s quality is its game selection. Check the number of games and the software providers it uses. A good site will use well-known, reputable software providers to supplly quality games to its customers.
- Customer support: Test the quality of the customer support as soon as possible. Any cryptocurrency betting provider that only provides email support is already a red flag. You’ll want to know that the customer service team will be available to assist if you have queries or problems.
Other Cryptocurrencies for Betting
Binance coin isn’t the only cryptocurrency that you can use for crypto sports betting and gambling. We’ve listed a few of the more popular cryptocurrencies you can use for crypto gambling, with a short summary of each.
- Bitcoin was the first cryptocurrency on the market.
- It was launched in 2009
- Most valuable cryptocurrency
- Uses its own blockchain
- Intended as a digital currency
- Etheruem was launched in 2015
- Ethereum is a blockchain and platform for decentralised apps.
- Second most valuable crypto asset
- The platform’s currency is called Ether.
- Developers can use the Ethereum platform to create their own cryptocurrency tokens.
- Ripple was launched in 2012.
- Designed primarily as digital payment for financial transactions
- Instead of utilising coin mining and nodes, they use a network of bank-owned servers to process data.
- One of the top five cryptocurrencies.
- Dogecoin’s first offering was in 2013.
- The coin was first conceived by Jackson Palmer and Billy Markus as a joke.
- The Dogecoin blockchain is viable, and it quickly gained a following.
- Although often traded, the coin is affordable at around €0,25 per coin.
- There is no limit to the supply of Dogecoin.