Cryptocurrencies have been rising in popularity in the last few years. The main reasons include security, anonymity, fast transactions, and low fees. All these factors make cryptocurrencies almost perfect payment methods for online gambling. As a result, many casino sites have included digital money allowing gamers to fund their casino balances and withdraw winnings.
However, just like any other payment method, cryptos are not perfect. They have downsides too. And the main one is high volatility. Cryptos have frequent fluctuations in their value, meaning they are not as stable as fiat currencies.
Tether (USDT) seems to be the answer to this issue. Tether is a new type of cryptocurrency called stablecoin. The very name indicates Tether tends to combine best from both worlds. Speedy transactions, privacy and safety of digital currencies, and stability of fiat currencies. But, did Tether manage to succeed in its mission? Read on to find out.
What is Tether?
Tether is a unique cryptocurrency launched in 2014 with the primary goal to act as a bridge between cryptos and fiat currencies. Why? Let us briefly explain the main difference between these two types of money. Cryptocurrencies have no central regulatory body that controls them. However, this “freedom” comes with a price. Digital money is not stable and tends to frequently change its value. Sometimes, these ups and downs are staggering, even within a single day. The volatile nature of crypto coins makes them risky for people to use in their everyday lives.
On the other hand, fiat currencies are backed by the governments and the central banks. This support ensures stability, but it also means they are controlled. These controls also entail certain restrictions on using fiat currencies for online gambling.
A new type of digital currency was created to bridge this gap – stablecoin. And the most famous one is Tether. Tether is a fiat-collateralized stablecoin whose tokens are backed by an equivalent amount of US dollars. It means that the price of Tether mirrors the value of the US dollar. Therefore Tether is also known under the acronym USDT. Being pegged to the US dollar ensures that Tether is far less volatile than other digital currencies. The value of Tether depends on the US dollar. More precisely, 1 USDT is equal to $1. Tether’s reserves support all Tether tokens. The value of these reserves is transparent and published daily.
Although linked to a fiat currency, Tether is still a blockchain-based cryptocurrency. The Tether platform leverages the security and transparency provided by open blockchain technology.
But, the main benefit of using Tether is that it enables you to transact with traditional currencies using blockchain technology. To put it simply, Tether allows you to use fiat currencies in a modern, digital way. As the company says, Tether is “digital money for a digital age.” Gamers can use USDT as a deposit and withdrawal method at online casinos.
With Tether, you can also convert Euro and Chinese yuan into digital currencies alongside the US dollar. It means that Tether allows you to use three global currencies. These currencies are denoted as USD₮, EUR₮, and CNH₮.
As a digital-to-fiat currency, Tether is the most widely integrated. You can buy and sell USDT at many cryptocurrency exchange platforms, like Bitfinex. Tether was initially built for the Bitcoin network, using the Omni Layer transport protocol. However, Tether also has an ERC20 token available on the Ethereum blockchain. The new token can be sent to any Ethereum address. Since Tether digital assets use different transport protocols, make sure always to double-check the destination address to select the correct protocol.
How to Start Using Tether
First, you need to register an account and create your Tether wallet. Go to the official website and click on the Signup button in the top right-hand corner. Fill out the registration form, providing your name, surname, email, country of residence, and time zone.
Also, create your username and password and select the service you want to use: Tether or Tether Gold. You will receive an email to confirm your email address. Click the Verify Email button, and you’ll be redirected to a login page.
Enter the account and enable 2FA (two-factor authentication) to protect your wallet. Keep in mind that the Tether team will review your request and approve the account.
You’ll need to verify the account by providing the necessary documents. You’ll also need to pay the required verification fee. When you complete all the stages, the team will review your request. The process may last from a few days to even weeks, as the Tether representatives manually check all the requests. Once your account has been approved, you’ll receive an email.
Finally, top up the balance using US dollars, Euro, or Chinese yuan. These currencies will automatically be converted into USDT.
USDT supports casino deposits and withdrawals
Stable value pegged to USD
How to Deposit
To deposit with this crypto, visit the Tether online casino. Create an account or log in if you’ve already signed up. Go to the casino’s banking page and open the deposit section. Look for the recognizable capital T, Tether’s logo, and click on it. At some casinos, you’ll see USDT.
Enter the amount you wish to deposit and copy the casino’s wallet address or scan the QR code. Confirm the deposit request. As you can see, online casino deposits with Tether are the same as with any other cryptocurrency. Head to the casino lobby, pick your game and start playing.
How to Withdraw
Tether withdrawals are as effortless and convenient as deposits. Go to the cashier page and open the withdrawal section. Select USDT as your preferred casino withdrawal method. This time you need to provide your wallet address. Enter the amount you want to cash out and submit the withdrawal request. And that’s all.
There are more and more online casinos that accept this crypto as a payment method.
Transfer Time and Fees
Online casinos process Tether deposits immediately. You will see your casino balance change in a matter of seconds. Withdrawals take longer since online casinos have their own verification procedures. In most cases, the waiting time at casinos processing cryptocurrencies is short. Usually, withdrawals are cleared within 10-15 minutes. Online casinos won’t charge you if you deposit or cash out in USDT. However, check the casino’s T&C and the banking page to be sure.
Tether has a non-refundable verification fee of $150 in tokens to ensure only serious members join the network. This amount is charged during the account registration procedure. Also, Tether has a 0.1% fee per fiat deposit. It also applies costs per fiat withdrawal. The fee is either 0.1% or $1,000, whichever is greater. Fees depend on the sum of all transactions in the last 30 days. If you use tokens, all transactions are free.
Tether uses secure open blockchain technology that is fully encrypted. The platform adheres to strict global government laws and regulations. Furthermore, your account is protected by two-factor authentication (2FA) you need to enable when registering the account. Download the Google Authenticator app for your Android or iOS device to use this security mechanism. Scan the QR code or enter the account token (key). Also, keep in mind that your account token will change each time you reload the browser.