Crypto payments have become fashionable nowadays, especially in the live casino gaming landscape. That's because of their safety and convenience. And while Bitcoin may be the Godfather of the cryptocurrency world, that doesn't mean there are no other crypto coins worthy of merit, and Tether (USDT) is one of them. Tether is a blockchain-based coin that has made its headway into live casinos as a payment method. But where did it come from, and how do live casino players get started with the coin? Why should casino players use this payment method, and how safe is it? These are just but some of the many questions that this post seeks to answer.
As mentioned above, Tether is a digital coin founded on blockchain technology, just like Bitcoin and Ethereum. However, unlike its counterparts, Tether uses the so-called Omni protocol and ERC20 Tokens. As such, its users can issue and redeem crypto tokens. Even more unique about this crypt is its low volatility- this is perhaps the most significant difference between Tether and other cryptos. In the words of its founders, the tether value is pinned one-to-one with the US dollar ( it holds the same value as the US dollar) at any given time. Hence, Tether is nowadays precisely defined as a stablecoin instead of just a cryptocoin.
To provide a guarantee for its unique feature, Tether's official website contains daily updates of its bank reserves, backing the claim that 1 Tether is equivalent to 1 USD at any given time. Consequently, this crypto is considered the digital version of the US dollar, hence, the symbol USDT. However, the coin is moving towards incorporating other major fiat currencies, with Euro already included.
As stated on its official website, Tether was Launched in 2014 by Tether Limited, a company based in Hong Kong. Since then, the coin has been steadily gaining traction in the world of online and now live casinos. Today, it is ranked as one of the topmost stable coins for investments and transactions in the crypto world.
It is almost needless to say that players must, first of all, get their hands on Tether tokens before they can think of playing their favorite live casino games. And while this may seem like a complex task to those who have never done it, the reality is that it is very simple.
Players can buy Tether tokens from crypto trading platforms, which are readily available on the web. While the process may vary from one platform to another, it generally involves signing up with the platform and supplying the relevant information needed to verify the account. Once the account is verified, the player can top it up to purchase crypto or simply buy crypto directly using other payment methods, such as:
Using Tether for live casino transactions is a walk in the park. Those who have deposited into the live casinos using other cryptos, such as Bitcoin, understand how similar the processes are. However, Tether deposits are extremely fast. To deposit online in a Tether casino, players should:
1. Log into their live casino, head to the Banking or Cashier section, and select Deposit.
2. Choose Tether as their payment option from the available list of payment methods. Some casinos may require clicking on the Tether logo, which may be found under Cryptos. At this point, the casino will give the player a public wallet number (PWN), which comprises jumbled numbers and letters.
3. Copy the PWN and set up a money transfer in the player's crypto wallet. Here, the player will be required to paste the PWN in the field provided and enter the amount of Tether token to transfer.
4. Confirm the transaction.
The funds will appear instantly in the player's live casino account once the above steps are completed.
Most crypto payments charge some small fees when it comes to live casino gaming. For players who are looking for a fee-free crypto payment method, Tether is a great choice. There are no middlemen involved in USDT payments; players deposit free of charge.
When it comes to limits, Tether does not impose limits on transactions. However, most live casinos tend to set limits. And while these limits are typically higher than those set on other payment methods (e.g. cards and e-wallets), it pays to have information on limits beforehand. Players can check their casino's Banking section for this info.
Tether, like any other currency, has got its perks and cons. While the benefits outweigh the drawbacks, having them all should help players make a more informed decision about gambling with Tether.
|Fast: Tether deposits and withdrawals are typically completed within a few minutes. This is faster than most traditional payment options, which can take several business days to complete.||The majority of live casinos do not accept Tether despite the fact cryptos are on the rise, and players are more likely to opt for well-known cryptos such as Bitcoin and Litecoin.|
|Secure: The blockchain technology used in Tether transactions is one of the most secure in the world. This, together with the fact that these transactions are in compliance with relevant legislation, is a bonus.||Tether has been criticized for not having enough US dollar reserves to back up its coins in circulation.|
|Privacy: Since blockchains are public networks, anybody may see players' transactions. However, the player's personal information is never recorded directly on the ledger, making all their transactions anonymous. Of course, Tether casino casinos may require players to verify their identity when registering an account, and the authorities may track the transactions if needed.|
|Stability: Tether is known to be very stable crypto because its value is connected directly to the US dollar. Hence, it is not as volatile as Bitcoin, whose value can skyrocket or plummet in a short time.|
|Very low to no fees: The majority of Tether casinos partnering with top software providers don't charge any fees for deposits or withdrawals. If players encounter any fees, they are often minimal.|
Stablecoins are generally safer for live casino gaming than regular cryptos, such as Bitcoin. This is because they are tied to a solid asset, such as the US dollar, which makes them less vulnerable to price changes. It means that players can be sure about the value of their coins when gambling, lowering the risk of losing. However, the recent Tether controversy has left people wondering whether the coin is the best choice after it was discovered that there are no guarantees that Tethers can be exchanged for UD dollars.
Now, while the controversy did some harm to Tether, its stability hasn't been compromised; USDT is still one of the most stable cryptocurrencies today.
Security at any live crypto casino is always superb. And while prominent licensing jurisdictions such as Malta and the UK haven't allowed Tether gambling yet, the coin has already been approved for gambling in Curacao. So, those who choose to play at live casinos with a reputable license can rest assured they are well protected. As a bonus, Tether's heavily encrypted blockchain technology secures transactions like no other.
This crypto payment has become more and more popular each day. Players can buy Tether tokens from crypto trading platforms. While the process may vary from different platforms, it usually involves signing up with the platform and supplying the relevant information needed to verify the account. When the player's account is verified, the player can then purchase crypto or buy crypto directly using other payment methods.
Tether is a digital coin founded on blockchain technology. This crypto payment, Tether has today become very popular, especially in live casinos. With its ease of use and fast transactions, it´s now becoming a favorite among players.