Crypto gambling has the unique benefit of better payment efficiency with billions of dollars worth of crypto in the various crypto gambling platforms. Bitcoin and Ethereum naturally take up most of the crypto headlines. It makes sense, given their history and dominance in the market. That said, the Binance Coin (BNB), and a few altcoins, are proving to be formidable forces.
When Binance CEO Changpeng Zhao introduced an exchange native token, many were curious to see how it would work. Some had concerns, while others expressed optimism.
This token is an essential fixture in crypto trading four years later, and BNB is growing in stature among crypto gambling enthusiasts.
Online crypto gambling is a booming industry. It has expanded avenues for crypto investments and made the gambling industry bigger.
About Binance Coin (BNB)
Binance coin (BNB) was introduced to ease transactions on Binance exchange. It is now central to the rapidly expanding Binance ecosystem.
Notably, Binance introduced the coin through an Initial Coin Offering (ICO) in 2017.
This method of launching coins has since waned in popularity due to regulatory concerns. Zhao intended that BNB be more than your typical cryptocurrency. The site launched the Binance chain to go along.
Choosing the Ethereum blockchain was no coincidence.
The Ethereum blockchain is the basis of thousands of other tokens and has recognition from giants like Microsoft Corporation and JP Morgan Chase. Ethereum has the robust infrastructure and industry credibility to underwrite this project.
Like most other subsequent coins, BNB rides on the BSC which is more scalable than Bitcoin. Therefore transactions are generally cheaper than early cryptocurrencies.
Its market capitalization was about $64 billion at press time and a circulating supply of 153.4 million BNB, representing over 90 percent of the total supply.
BNB retails for about $422, which is a testament to solid tokenomics. This price is just about what Ethereum retailed for before its latest rally that has pushed prices to record highs.
Accordingly, BNB is one of the seven largest cryptocurrencies in existence, and rightfully so.
Therefore, with the backing of a massive exchange, BNB likely has tremendous upside. Most crypto enthusiasts now view it as a reliable token with considerable popularity.
BNB is perched at third and one of the most liquid in the space, despite launching later than most of its contemporaries.
Purchasing and using BNB
Some people reading this piece will already have BNB. Congratulations!
If you don’t, the good news is that purchasing this token is simple. All that one needs to do is create an account on Binance or any exchange that lists BNB.
Cryptocurrency purchases using fiat or other cryptocurrencies are straightforward. This ease is because the exchange makes the process easy, even for newbies.
One deposits funds and trades for the equivalent or suitable amount of BNB.
Once you have BNB in your wallet, the options are varied and useful. These use-cases are notable given the current and future value of BNB.
Crypto gambling is an increasingly popular use for BNB for the following reasons.
- Low transaction fees make deposits and withdrawals convenient. Gamblers want to keep as much as possible from their winnings. This token has negligible transaction costs.
- Its relatively high value makes it better from wagering than most altcoins.
- Easy to purchase and sell. Additionally, leading crypto casinos like BG Game list this coin.
- BNB is likely to appreciate even after record gains in Q1 2021, providing an incentive for gamblers to add to their stash through wagering.
Binance also has a platform launchpad. Developers launch new projects and raise funds through BNB. Accordingly, this crowdfunding capability makes BNB a utility token on the exchange.
BNB is proving to be more than just the proverbial principal’s kid. Crypto users have adopted outside of Binance related transactions.
Today, it facilitates many online payments like other leading cryptocurrencies. Besides, many more hold it as a store of value token, be it personally or in various DeFi lending and exchange platforms.
Crypto gambling enthusiasts, in their speculative nature, acknowledge the potential of BNB. Its popularity in crypto gambling circles is no coincidence.
Crypto gambling platforms know this as well. They have BNB as one of the leading coins for online gambling and sports betting.
Binance coin occupies a seat on the cryptocurrency high table.
It may not be as famous as Bitcoin, but it is prominent enough to shake things up in the future.
The Binance team did an excellent job rolling out the coin, and the dividends are beginning to show.
It has the technological foresight and robust macroeconomics to take it to the next level. Crypto gambling enthusiasts, therefore, have a valuable asset to wager into the distant future.