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The digital age has allowed many of us to witness virtual versions of different everyday products and services, and gambling is a sure proof of this. What was previously only available in the back rooms of bars and clubs is nowadays a global, multi-billion dollar industry. Interactive gambling has done precisely that – transfer the regular games and services available at brick-and-mortar gambling venues straight to the Internet.
Making this kind of content available...
... on the Internet has practically brought the Las Vegas casinos along the Strip into the comfort of gambling enthusiasts’ homes. Along with the other forms of gambling being made available – sportsbooks, lottery pages and bingo sites, as well as poker rooms, arcades and more – the online gambling industry has definitely come full circle. Nevertheless, not only is it not showing signs of slowing down, but it is further expanding into newer markets.
The same tendency has been noted in other segments of everyday life, with education, employment, banking services, trade and commerce, insurance and more as common examples. Yet, one of the most astonishing things that have managed to make a successful transition from the real world into digital form is finances.
More specifically...
... fiat currencies that are used, regulated and authorized by respective governments and relevant authorities now have their ‘extensions’, or even ‘counterparts’ in a way. The new digital currencies are known as cryptocurrencies, with the pioneering one being Bitcoin, first introduced to the world in the distant 2009.
Many ‘sequels’ followed suit, especially considering the large potential of the underlying technology to Bitcoin – the blockchain. Still, all of them continued the main features of cryptocurrency – anonymity, speed, lack of fees and decentralization, as well as volatility. This created the need for a different model that would solve the shortcomings of the concept, with the ultimate result being Tether.
About the Cryptocurrency
Tether is...
... directly defined as a cryptotoken, a digital cryptocurrency that is founded on blockchain platforms, as is the case with other instances following Bitcoin. However, this crypto additionally uses the Omni protocol, as well as ERC20 Tokens. As a result of this transaction model specifically applied on the platform, users are provided open source software with the ability to issue and redeem cryptocurrency tokens.
What is even more unique...
... about this cryptocurrency is where its most distinct divergence from standard cryptocurrencies is – its volatility. In other words, Tether has nowadays more precisely been defined as a stablecoin rather than just a cryptocoin, as its founders claim that at any given time, the value of the tether is pinned 1-to-1 in relation to the US dollar.
Speaking of the founders...
... the company Tether Limited is the one taking responsibility for the launch of this cryptocurrency back in 2014. Incorporated in Hong Kong (according to the official website), Tether has slowly gained prominence on the basis of its merits and is nowadays practically considered the top stable coin for transactions, investments and capital in the world of cryptocurrency.
In order to provide a guarantee for this unique feature, Tether also provides daily updates of their bank reserves on the official site. This serves to support the claim that 1 Tether (USDT) is equal to 1 USD at any given time.
As a result of this...
... this cryptocurrency has actually come to be distinguished as the digital version of United States dollars. However, they are nowadays moving on to include other major fiat currencies and perform the role of their counterpart, with the Euro being successfully incorporated so far, and the Japanese Yen next in line.
Getting Started with Tether
In order to get started with Tether, you will need to get hold of a specific Ethereum or Omni e-wallet, available straight from the website. After all, it is still a cryptocurrency and as such, needs someplace where it can be stored and kept.
When registering for an account...
... you will not be asked to provide too much personal information. In fact, the email address will serve you as your source for verification, as well as dual-factor verification procedures, so there isn’t much you need to reveal.
Bear in mind that, upon registration, your account will need to be approved and verified by the Tether team. While they have been rather fair in distributing approvals so far, there is no saying what criteria are being used to distinguish between good and bad potential candidates.
Once you are registered...
... you will receive an email notifying you of your current status, and all you need to do afterward is fund your e-wallet. Making deposits and requesting for withdrawals to your Tether wallet needs to be done with extreme attention and precision; this crypto’s transactions can be reversed if the team considers it possible, but the actual process could subject holders to some hefty fees.
Depositing into your e-wallet is normally done through a bank account, and as soon as the banking institution authorizes the transfer, it will be instantly available on the Tether platform.
In this regard...
... there is one key consideration to remember – check for minimum and/or maximum amounts regarding both deposits and withdrawals. What is more, each of them has a corresponding fee that is next to nothing in most cases and completely free of charge when the transaction is done in Tether only.
In the past couple of years, Tether has been gaining more and more public exposure, and the company even offers businesses to incorporate it in their banking sections. Well over a dozen brands have taken this step so far, with most positive testimonials from the leading staff at Bitfinex and Poloneix to confirm its claim.
After all...
... this stablecoin as it has come to be known is initially invented to serve as something other than pure value storage. Tether is the best alternative for investors and traders on the cryptomarket, as it allows much faster, more secure, yet still legal transactions with stable value. Plus, cryptocurrency holders looking to use their cryptocurrency to the maximum can also devise a much more profitable strategy thanks to Tether.
Ultimately, there is a range of service providers that could also benefit from the uniqueness of the token.
Tether at Online Casino Sites
The final combination of all things digital comes down to life-like gambling content available on desktop and mobile screens, charging players in the digital representation of USD.
While the market...
... is still in its initial years, new Tether online casinos are steadily starting to spring up. They offer players all the conveniences of cryptocurrencies, as well as those from this ‘stablecoin’, ultimately leaving them to enjoy top slots , casino table games, video poker and other titles.
Depositing at Tether Casinos
You will need to go the extra mile in order to find a wide enough range of Tether online casinos to choose from based on your player preferences. However, with more and more reliable brands, especially Bitcoin-supporting operators so far, having incorporated this new cryptocurrency, your options are steadily on the rise.
Get in on the action...
... by registering for an account or signing into your existing one, and head to the selection of cryptocurrencies available for a deposit. Just find the recognizable capital T and click on it. From here on, the deposit process is the same as with any other cryptocurrency – what you are basically doing is transferring funds from your previously created e-wallet into the casino player account’s wallet.
Remember to double check...
... the accuracy of all information you need for the transaction, just so that you can save yourself the trouble and expenses of a potential reversal. Once the funds, most presumably USDT, land into your casino player account, simply head to the lobby, pick a blackjack table and start playing.
Withdrawing from Tether Casinos
Making cashouts from online casinos with this cryptotoken is also a possibility, and even more so, players can later request a withdrawal from the Tether wallet to their bank account for fiat money.
The withdrawal process...
... is just as identical as any other cryptocurrency’s, and that much faster and reliable thanks to the optimized and fully secure protocol. In regard to withdrawing your winnings into real, fiat currency, make sure to check for fees or any amount restrictions beforehand, just to make sure you have a smooth and uninterrupted experience from start till finish.
Advantages of Tether Online Casinos
- Waiting time – Tether transactions take a few minutes tops, with the currency transferring between e-wallets, or e-wallet and regular bank account as soon as you complete all steps of the process. This, paired with its pricing, as an advantageous feature is what made Tether the right choice for inter-currency transactions it is today. Prospective owners of crypto capital obtain Tether easily, and just as easily exchange it for their desired cryptotoken on the many platforms.
- Security – The Omni platform, as well as the ERC20 Tokens making sure that the coins can be sent and received in a secure and legally compliant manner, has more than guaranteed the holders’ protection. Plus, the underlying blockchain technology has already become renowned for its security, further adding to the overall impression.
- Legality – Due to the fact that a single token is considered an equivalent to a single US dollar, this crypto diverts slightly from the regular model. In other words, it does need to be regulated by a standard authority, comply with jurisdiction policies, and is ultimately centralized.
- Pricing Model – The pricing stability – comparison to a fiat currency of great importance and relatively stable value –is another advantage. Just because other crypto haven’t taken on this approach does not make it bad; in fact, it is what has allowed it to take on the mediating role between the worlds of actual fiat currencies and crypto tokens, as real as they can be.
- Availability – There has been a stable rise in the availability of Tether, first catching on regular exchanges, and later on expanding to the biggest e-commerce segment known to apply cryptocurrency, gambling.
- Fee Policy – The fees for Tether transactions are completely free of charge, and even those where it serves to buy or sell fiat USD is relatively low. With 0.1% regular fee for deposits, and corresponding 0.4%/ 1%/ 3% for fiat withdrawals depending on the amount, the charges are still much lower than standard banking, yet the service is just as impeccable and quite faster.
Disadvantages of Tether Online Casinos
- Transaction Limits – Still, while fees are convenient, the minimum amounts for depositing and withdrawing can be rather burdensome. Bear in mind that this only refers to fiat deposits and/or withdrawals, but not to transactions of the same token. Amount limits range from an all-time minimum of 100,000USD-999,999USD, from 1,000,000USD-10,000,000USD and above.
- Funds Reserve – The question of funds reserve is one crucial to the founding principles of Tether. If the cryptocurrency wants to maintain its stability, as it claims to do, then they need to have the same amount of USD in their reserves to back up each Tether coin at any given time. While the official website appears to show an updated version of the reserve’s balance each day, there have been a number of speculations about the lack of substantial evidence on the matter.
- Controversial Relations – Ultimately, one of the crypto exchanges mentioned earlier – Bitfinex, has been considered rather controversial due to pulling out of the US market completely in the past couple of years.
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FAQs
Can I claim any online casino bonuses when using Tether as a deposit method?
Yes, you can claim any bonuses or promotions available at your chosen online casino, as long as you qualify.
Can Tether’s price rise in case of massive success?
A change in price is not predicted for this crypto token.
Does the company Tether Limited offer any kind of customer support?
Yes, users can email the company for any inquiries or issues, or alternatively find them on social media – LinkedIn, Facebook or Twitter.
Is the Tether cryptocurrency currently available at US online casino sites?
So far, there is no explicit information on US online casino sites offering this cryptocurrency due to the unregulated state of the whole crypto coin issue in the country.