If you have been curious about cryptocurrencies in recent years, you will have probably heard of Binance. They are the leading cryptocurrency exchange and used that position to build an entire ecosystem. That has allowed Binance to launch its cryptocurrency, called Binance Coin or BNB. This coin powers the BNB ecosystem. The continued growth of the coin has expanded it into a mainstream cryptocurrency. One that is growing increasingly popular among casinos!
Binance Coin is available as a cryptocurrency in coin exchanges and player wallets. In that sense, it functions similar to an e-wallet. Binance also has an iOS and Android app that allows you to keep track of all cryptocurrencies in your wallet. There is no denying that Binance has potential. Will it succeed in wooing players across the globe?
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How Does It Work?
If you want to use Binance Coin, you need to buy it from Binance first. Players need to register a Binance account and verify their identity before purchasing crypto. Once you are registered, Binance allows you to buy and use all cryptocurrencies, not just Binance Coin! The funds remain available in your crypto wallet, enabling you to use them as you see fit.
Keep in mind Binance is a cryptocurrency.
Because of that, it is still subject to the same issues cryptocurrencies still face. Without a bank backing the currency, the value fluctuates wildly depending on supply and demand. Fortunately, Binance Coin is a bit less prone to those issues. The benefits of being tied to an established ecosystem and one of the most popular cryptocurrency exchanges!
How to Deposit with Binance?
As we previously mentioned, you need to have a Binance account to buy and use Binance Coin. Your wallet has an address in the blockchain. When it is time to make a deposit, you enter your BNB address in the address menu. Some casinos will also offer you to deposit by scanning a QR code. From there, follow the instructions on the screen to complete the transaction. Follow the minimum deposit limit, as casinos will not refund you if you send less than that.
How to Withdraw with Binance?
Withdrawing money through Binance works almost identically. You enter your wallet address and the amount of money you wish to take out. The casino will process your request and either approve or deny the withdrawal. How long this process takes varies between casinos. Given the nature of online wallets, players should not have any issues with long withdrawal times.
Transfer Times, Fees, and Security
Given the nature of cryptocurrencies, high security is an essential task. Binance gives you the option of enabling two-factor authentication via Google Authenticator or SMS. Binance’s website also has an FAQ page full of security tips. They show you how to secure your account, which we like.
The fees you have to play when using Binance vary between online casinos. Best we can see, Binance does not charge you for using their coin.
Transfer times are fast for deposits and withdrawals. Cryptocurrencies function almost identically to e-wallets, which offer the quickest transactions for online casinos.