Some low-grade Binance Coin casinos enable you to register and put money into your account, and all seems well until you enjoy some success and try to withdraw the money.Īt this point, your account is flagged for verification. Unfortunately, this isn’t always the case. Legit Binance Coin casinos will not allow you to register an account and deposit funds if you’re visiting the website from one of their restricted countries. Punters are generally unaware of this aspect, even though this is the very first one you need to look at. You must register with the Binance exchange to purchase Binance Coin Hackers target the Binance website regularly, which negatively affects Binance Coin’s valueīinance Coin’s once generous discounts have diminished in recent times One of these is as a currency on casino companies, where it provides the following advantages and disadvantages: Using Binance Coin on Casinos – The GoodĪ significant number of casino companies will likely accept Binance Coin sooner rather than laterĭepositing Binance Coin on casino companies could save you money due to the small transaction feesīinance’s reputation means Binance Coin is a respected cryptoasset likely to increase in value over time You can still use Binance Coin to help reduce trading fees on the exchange, but there are other reasons to use it. The founders of Binance, Changpeng Zhao and Yi He, introduced Binance Coin in June 2017. Binance also states that about 9 in 10 of its employees receive a portion of their salaries in the BNB token.Binance Coin powers the ecosystem of Binance, which is the world’s largest cryptoasset exchange. The token is also being used as a payment method on platforms made by blockchain startups such as crypto point-of-sale solutions provider Pundi X, blockchain payments company, and CoinPayments, which acts as a crypto point of sale for millions of online vendors around the globe.
Australian startup TravelbyBit, for example, has equipped more than 150 establishments, including Brisbane Airport, with the ability to pay for goods and services using cryptocurrencies including BNB. It can also be used on Uplive, Asia’s premier high-end live video platform.īNB has become more usable for goods and services in a growing number of brick and mortar establishments around the world. In 2017 Monaco, which offers a Visa-branded credit card that converts cryptocurrencies into fiat payments, announced its plans to support BNB. There have been several other real-world use cases for BNB since its launch.
In its whitepaper, Binance has outlined plans to offer annually decreasing discounts on fees for BNB users until its fifth year of operation. For the first year, Binance offered a 50% discount on its exchange trading fees using the coin. The BNB token itself has multiple uses, essentially being the underlying gas that powers the Binance ecosystem. Every buy-back transaction conducted by Binance is announced via the blockchain for transparency. Binance has stated that it will use 20% of its profits from every quarter to buy back and burn BNB until the supply of the coin is 50% of the original amount (100 million BNB). The benefit is that it increases the value of the remaining coins left in circulation. Burning coins means taking them out of circulation and permanently destroying them. The token was established with a total supply of 200 million, and a key influence on BNB’s value is Binance’s strategy to buy back a percentage of the coins and ‘burn’ them. Holders of the BNB coin are referred to as Binancians.Īccording to Binance’s whitepaper, half the funds raised during the ICO were earmarked for branding and marketing, one-third were used to build the Binance platform and perform necessary upgrades to the Binance ecosystem, and 15% were kept in reserve for emergencies. During the ICO process, the company offered 10% of the total number of coins (BNB 20 million) to angel investors, 40% (BNB 80 million) to the founding team, and the remaining 50% (BNB 100 million) to other participants. In July 2017, Binance held an Initial Coin Offering (ICO) for BNB which helped it to raise $15 million. It is classified as a utility token and can be used on the Binance exchange.
The coin runs natively on the Ethereum blockchain and follows the ERC20 technical token standard. Binance Coin (BNB) is a cryptocurrency issued by the popular trading platform Binance.