Binance crypto, aka “Binance Coin,” is one of the world’s most popular currencies, and now you can play with it at mBit Casino! It joins a number of other coins like Bitcoin, Ether, Litecoin, and even the illustrious Doge as currencies we support. You can use it to gamble on classic games like blackjack and roulette, fun new slots, live dealer games, and lots more.
We’re always endeavoring to give players the options they want when it comes to coins, and this is our latest effort to ensure that we offer support for all of the top currencies that are in use around the world.
For those not in the know when it comes to all things crypto, read on and find out more about this surprisingly popular crypto option.
What is BNB (Binance Coin)? Covering the Basics
For those newer to the world of crypto, Binance is primarily known as an exchange. Exchanges are services where fiat money, like U.S. dollars or euros, can be traded for cryptocurrency. While many exchanges exist, there are some that are far more popular than others. At the time of this writing, Binance is the most popular exchange by trading volume (around $11B daily), followed by Crypto.com and CoinUp.io.
So that tells us what Binance is. But what is Binance Coin?
Binance Coin is one of the world’s leading cryptocurrencies. It’s on the level of Bitcoin, Ethereum, and USDT. In fact, its market cap at the time of this writing is around $87B. In 2017, it was originally developed to serve as a way to provide users of the Binance exchange with discounted fees. For this reason, users originally thought of it as a kind of “utility token.” Of course, it now can be used in a multitude of ways, which ultimately led to its mainstream adoption as a leading crypto coin. Eventually, we had to recognize that our players would want to use this financing method, and so it joined the other cryptocurrencies we support as payment methods.
More About the Binance Exchange
Wondering, “How does Binance Work?” It’s actually not super complex. It’s a lot like the stock exchange. Its main job is to match buyers and sellers.
Here’s how a sample trade might work, in a nutshell. If you want Bitcoin, you might first deposit some form of money into your exchange account – fiat or crypto. Then, you place a buy order for the amount of Bitcoin you want. Binance then would match you up with a seller and help verify that the real time price is within the parameters desired by both parties. After that, it executes the trade. You receive your Bitcoin, and your counterparty gets your money.
The Story Behind the Coin
History and Founders of BNB
The minds behind Binance Coin are Changpeng Zhao and Yi He. Initially, BNB was introduced through an Initial Coin Offering (ICO) to fund the development of Binance. The BNB token was created on the Ethereum blockchain as an ERC-20 token. Thereafter, the developers migrated it in 2019 to Binance’s native blockchain, Binance Chain.
Evolution of BNB Value Over Time
Since its launch, BNB’s value has seen significant growth but also volatility. This reflects broader market trends as well as Binance’s own prospects. It was initially priced at around $0.10 at the time of its ICO. It grew over time, seeing major price surges in 2021 when BNB hit all-time highs above $600. This surge was driven by Binance’s expanding ecosystem, including the Binance Smart Chain and increased demand for decentralized applications. Though the price has fluctuated due to market corrections, BNB remains a top cryptocurrency.
Why use BNB? Benefits Versus Other Cryptocurrencies
There are SO many crypto coins out there. Why use BNB at all? Here are some strengths of Binance Coin:
One of the primary advantages of using BNB on the Binance exchange is the ability to receive discounted trading fees. Binance offers users a reduction in fees when they pay with BNB. If you’re a frequent trader, this can help improve your profits.
This might be the coolest advantage: Binance regularly burns BNB tokens to reduce supply, creating a deflationary effect. This can increase the token’s scarcity over time, benefiting long-term holders. For those seeking crypto as a refuge from centralized financial inflation, these planned burnings are a major plus.
It might go without saying, but Binance Coin has fast transactions and low fees. In fact, for decentralized applications, DeFi, and NFTs, using BNB can result in much lower gas fees compared to Ethereum, especially during periods of high network congestion.
BNB is used in multiple Binance ecosystem features, including staking, DeFi applications, and Binance Launchpad projects. The Binance ecosystem is always growing. If you like utility, this is another point in favor of the coin.
FAQ
How many BNB coins exist in circulation?
As of now, there are approximately 153 million BNB coins in circulation, with Binance implementing a quarterly burn to reduce supply.
What is crypto Binance?
Binance is a cryptocurrency exchange where users can trade money for crypto coins like Bitcoin or Ethereum.
What is Binance Chain?
Binance Chain is Binance’s blockchain network.
What is the rank of BNB with respect to other crypto coins?
BNB consistently ranks among the top five cryptocurrencies by market capitalization. It is a world crypto leader.
What are some tips on choosing a BNB wallet?
When choosing a BNB wallet, look for one with strong security features like multi-factor authentication, compatibility with Binance Smart Chain, and user control over private keys.
Is BNB a good buy?
BNB can be considered a good buy depending on market conditions. Check out what crypto news Binance has made recently before you make a purchase.