Cryptocurrencies have taken the online banking world by storm, with most people placing bets and gambling with well-established cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. Another cryptocurrency following in their footsteps is Tether.
Tether caused plenty of controversy the first time it appeared in 2014 because the original idea of its creators was for it to be used as a stable crypto. This cryptocurrency has an exciting story that sparks interest in many people, thus we’ve prepared a complete guide to Tether and how you can use it to play casino games. Keep reading to find out the necessary information, possible uses, and more!
What Is Tether?
Before we get further into it, let’s start with the basics of Tether. The initial claims from Tether were that the currency was backed up the US dollar, but changed its backing to include loans from affiliate companies in 2019. The original design behind this cryptocurrency was that one Tether had the same value as one American dollar. Since then, there have been many controversial theories about Tether and its value.
However, Tether now claims that it has always valued 1 USD₮ at 1 USD, so any future users can rest assured that they will be investing in a stable currency. Tether uses its own reserves of cash, and the value of its reserves is transparent and published daily.
Tether is referred to as “stablecoin”, meaning it is a cryptocurrency with minimal price fluctuations.
Can I Use Tether in Online Casinos?
As Tether transactions only take a few minutes to be processed and there are no fees for moving Tether from one wallet to another, Tether is a sought after payment method. With that in mind, many online casinos are considering, or have already managed, to introduce Tether payments.
Not surprisingly, Tether is slowly becoming a popular payment method in the online casino industry. The good news is that there are many crypto casinos online. For that reason, payments via Tether are possible and regular. Thus, users that rely on Tether can freely make deposits and withdrawals online if the casino offers that option.
Another advantage of Tether is the fact it doesn’t depend on the unpredictable cryptocurrency market. Tether’s platform can convert three national currencies — American Dollar (USD), Euro (EUR), and Japanese Yen (JPY).
What makes these online casinos stand out from other casinos is the fact that they accept deposits for bonuses and promotions in cryptocurrencies as opposed to regular currencies. This is excellent news for players that use cryptocurrencies exclusively, making their payment methods much more manageable.
Advantages of Tether in Online Casinos
Other cryptocurrency methods are commonly used in online casinos but they carry a huge disadvantage — price volatility. With that in mind, users can have coins that are worth $100 one day and $80 the next. Gamers and bettors will find this to be particularly challenging if their monthly budget is already set up.
On the other hand, Tether is an excellent choice for online casino players as Tether tokens are pegged against the US dollar, meaning your casino winnings will not lose value because of market fluctuations.
If you’re wondering why you should switch from fiat money to Tether, there are many reasons. One of them is the ability to place bets with very small amounts of money. Instead of making $5 bets, you will be able to bet with 1/100th, 1/1,000th, 1/10,000th, and even smaller fractions of one dollar.
Other than that, players can look forward to minimal or non-existing transaction fees, faster payouts, relative anonymity, and higher transaction limits. So, if you win big, you can withdraw a significant amount of money at once and not worry about fees and processing time, while staying anonymous.
Another important advantage is that Tether users find it easier to keep track of just how much money they’re spending on slots, as calculating with other cryptocurrencies can be challenging. Moreover, cashing out with Tether is simple and you’ll know how much your jackpots are worth right away.
Finally, players can purchase Tether online and send it to their online casino accounts to be used immediately. Hopefully, Tether will take the online gambling market by storm as there are many advantages to this innovative currency.
