Cryptocurrency has become discussed most commonly in the mainstream just as an investment opportunity, but this is not the primary application. There is a real upside to using cryptocurrency, as it is decentralized, democratic, secure, and fast. It is a form of currency that isn’t dependent on banks or governments, which makes it a valuable and useful form of payment. This is why it has become so popular for online sports betting, as it can help streamline the process.
Here’s a step-by-step breakdown of how you can use Binance Coin for online sports betting.
- Step One: Find a crypto sports betting website that accepts Binance Coin and make an account. Warning: there aren’t many out there. Always check reviews to ensure legitimacy
- Step Two: Set up a crypto wallet if you don’t have one already
- Step Three: Visit a crypto exchange, like Binance, and swap out your fiat currency for Binance Coin
- Step Four: Store your Binance Coin in your wallet
- Step Five: Deposit your Binance Coin into your betting account
- Step Six: Start placing bets with Binance Coin, and hit the jackpot with your crypto gambling
Binance Coin betting vs regular betting
Since we’ve instructed you on how to get started with Binance Coin betting, let’s take a look at the difference between this method of cryptocurrency betting and the more typical banking methods like debit or credit.
Very Limited Options
Unfortunately, when it comes to Binance Coin, the sports betting options simply aren’t there. Binance Coin is a relatively new form of cryptocurrency, and it was not designed to be used in this specific type of format. Because of that, Binance Coin is not commonly used. There are only a few betting websites that will accept this cryptocurrency, so you may find yourself using a very obscure website that may or may not be safe and secure if you’re insistent on using Binance Coin as your payment method.
Like most cryptocurrencies, one of the biggest benefits of Binance Coin is in how quick transactions are done. They operate at a much faster speed because there is no intermediary extending the process. Especially at websites that specialize in crypto gambling, transactions are going to happen very quickly.
No Middle-Man Charging Extra Fees
On that same note, the lack of banks helps with transaction fees. Most cryptocurrencies don’t charge transaction fees, as there’s no third party involved. The decentralized nature of cryptocurrency is one of the leading perks of using it for gambling.