Not all cryptocurrencies are created to facilitate transactions, like Bitcoin, as we tend to believe. In the case of Binance, the BNB tokens are created as utility tokens to pay for transactions on the exchange in 2017. However, the currency expanded its utilities just as the crypto boom was ongoing during the mid-2021. So much so that many crypto gambling enthusiasts consider this former utility token to be a great alternative for the crypto king itself. Now, Binance coin gambling has become a happening thing in the crypto ecosystem with many users shifting to it rapidly.
About Binance Coin Gambling
Binance coin gambling has got steam among crypto users for the plethora of use cases it brings to the table. Seeing as the coin is multi-utilitarian, many casinos have started supporting BNB tokens recently. These Binance casinos allow users to access games ranging from slot machines to live casinos and crash games. According to reports, though the number of Binance Casinos available may not be as many as Bitcoin, Ethereum, or Ripple, it is still on the rise and is expected to reach such a level not very long in the future.
How to Start With Binance Coin Gambling
Playing with Binance tokens is certainly better than other cryptos as you have the backing of the Binance exchange. Users can store their tokens natively on Binance and transfer them to a gambling account in an instant.
The Binance-supported casinos are comparatively scarce. Yet, there are casinos, like TrueFlip, BetFury and DuckDice , that offer great service for BNB tokens, as per CasinoBlocochain.io. Users need to open a gambling account in one such casino platform by providing the necessary details. Afterward, they can transfer their funds using a request link or a QR code depending on the version of their wallet.
Unlike banks Binance can process the deposits and withdrawals in an instant as long as the transactions adhere to the minimum or maximum limit from the casino. Once the funds are in place, there is nothing left but to explore your favorite games on the casino platform.
Casino Games You Can Play With BNB
Games offered in a crypto casino are oftentimes the reason why people choose to play with them. Nonetheless, one does not have as many options with Binance tokens as one does with Bitcoin when it comes to gambling. However, Binance Smart Chain is one of the few blockchain networks that excels in innovative areas like NFTs, metaverse, and GameFi. So, the users are likely to get more innovative games as it becomes more prominent in the coming years.
That is not to say that Binance does not have any variety now. The following is a list of games you can currently play with the Binance token:-
- Binance Slot
- Binance Blackjack
- Binance Roulette
- Binance Dice
- Casino Poker
Pros and Cons of Gambling With Binance Coin
Apart from the usual benefits of using cryptos in place of fiat money, Binance Coin Gambling brings some exclusive benefits to users. It includes the following:-
- Binance games are powered by Provably Fair making the operations verifiable and transparent.
- The token is backed by the largest crypto exchange by market capitalization making your currency needs much easier and more accessible.
- You can process your transactions anonymously and lessen any chances of a privacy breach thanks to blockchain technology.
- Binance payments are much faster compared to Bitcoin and can connect you globally through the crypto exchange.
- BNB coins have more real-world utilities like shopping, investment, travel, donations, loans, and more.
Despite being loaded with benefits, BNB carries a few circumstantial drawbacks as well. They are:-
- As an emerging area, online Binance coin gambling does not have as many options as Bitcoin or Ethereum currently.
- The BNB coin may not be beginner-friendly as it is widely considered a high volatile coin.
Is Binance Coin Gambling Legal?
So far, no country has passed any law regarding the use of Binance tokens for gambling purposes. Given the fact that BNB is a utility token, not mant are even aware of the utilitarian side of it outside the Binance blockchain. So, there could be no laws about BNB gambling currently. But users can participate in Binance coin gambling as long as there are no regional restrictions regarding online gambling or cryptocurrencies. Moreover, Binance is better known for its international licenses and that may limit its operation in countries, like the United States and the United Kingdom, that require local licenses. In that case, you can choose to use an online casino that does not require your personal information.
Future Scope of BNB Gambling
We cannot deny that there is great war going on among altcoins to get the place Bitcoin as the craze for BTC in gambling is waning. Moreover, Binance as an institutional power ranks behind Ethereum in many criteria. Not only that, but the ecosystem has also been welcoming innovative GameFi, NFT and Metaverse projects which may make their way into Binance coin gambling soon. Give its resources, the network can create its own regulated environment for crypto gambling using the BNB tokens as well. So, it becomes clear that the future indeed has limitless possibilities for Binance Gambling to explore and experts seem sure about BNB’s ascent in this area.
The less demanding verification process indeed comes as an advantage at times. Still, it could also become the very thing that lures into scams as there is no systematic way to regulate them yet. It means that the burden of verifying the credibility of the platforms falls right on the shoulders of the users. So, always do a thorough background check of the casino before transferring your funds. Some useful techniques you could use are verifying their licenses, reading reviews from trusted platforms, checking the promptness of customer care, etc.