Betting with Tether: Is it a great choice?

Cryptocurrencies have proven useful as they can be used for various purposes. Among those that people have discovered about them is that they can be used for entertainment purposes as well. This includes them being a great choice for playing in online crypto casinos.

Aside from Bitcoin (BTC), there are many other coins you can use to play your favourite games. Among these is Tether (USDT), a popular stablecoin accepted on most online sites. With online casinos, you may find it easier to play as these assets elevate your typical gaming experience. 

Whether or not you are a Bitcasino VIP, you will enjoy playing with this asset, especially if you're holding one. If you haven't tried betting with it yet, here are a few things you should learn about it: 

What is Tether? 

Tether was first known as Realcoin in 2014 before it changed its name. However, its first coin for trading wasn't created until just a year later. Since then, USDT has grown and become incredibly well-known for all it has to offer.

This stablecoin's value is fixed at 1:1 to the US dollar as it was designed to be pegged to it. It was created to increase the appeal of crypto investments and guarantee its constant value regardless of market conditions. 

Technically speaking, Tether plays a significant role in the crypto market because it has the biggest 24-hour trading volume. It is currently one of the most popular stablecoins in the crypto market. Alongside Bitcoin and Ethereum, it is also one of the coins that rank high in market capitalisation.

How it works 

Since USDT constantly pegs itself in a 1:1 ratio to USD, it produces tokens with the same digital value when you deposit fiat money into its reserve. It can be traded, stored, or transferred. When you decide to convert them to fiat after redeeming, the USDT tokens will be destroyed and removed from circulation. 

Unlike other coins, USDT is a digital currency supported by several blockchains. Although it was formerly only available on the Bitcoin network, it is now available on several networks like the OMG Network, TRON, Algorand, and Ethereum. 

Advantages of betting with Tether 

Aside from the fact that you can use Tether alongside your Bitcasino bonus offers, there are several other advantages of betting with Tether. Some of these are: 

  • Fast transactions 

One factor that sets Tether apart from other coins is its impressive speed. Specifically, each transaction is completed within a few seconds. This is unlike other ERC-20 transfers, which may take up to a few hours to be completed. 

Regarding betting, you will also observe that it's much faster to claim bonuses when playing with Tether than other stablecoins. 

  • Low fees

Compared to fiat and other cryptos, the transaction charges that come with USDT transactions are low. Specifically, most betting sites won't charge you anything when making deposits. Meanwhile, it might only take around 0.02% and 0.4% fees for your deposits. This will help you save more than when betting with other crypto assets. 

  • Security 

You can expect the same security level found in coins like Bitcoin and Ethereum because Tether is also based on blockchain technology. This means that you can keep your USDT in your cryptographically secure wallets.

This special technology makes transactions conducted within the network impossible to tamper with. This means that it can't be used for malicious intent since every transaction is already recorded on new blocks solely created. 

  • Stable value 

Volatility is often an issue for crypto punters since they are clueless about how much their money will be valued for quite some time. By betting with USDT, this doesn't become an issue since every 1 USDT is always equal to 1 USD. Therefore, it won't be hard to keep track of how much your coins are being valued. 


Disadvantages of betting with Tether 

Although betting with Tether is ideal, some disadvantages also come with it. Some of them are: 

  • Some are not that aware of what Tether is all about. With the lack of popularity, there aren't a lot of sites that accept it. 
  • Some people perceive the stable value of Tether as a disadvantage and more of an advantage. The reason behind this is that it keeps the value at bay. Therefore, this can hinder your prizes and deposits from growing in value. 

Is betting with Tether legal

Several betting sites accept Tether, so you won't have to worry about its legality. It is a great payment method that provides many conveniences that make your betting experience special. Still, you must be cautious about the legalities of crypto and online casinos from where you plan to play. It is also best to read the casino site's terms and conditions. 

When planning to sign up with a Tether online casino or betting site, consider several factors that can help determine whether or not you are about to have a great betting experience. Among these are the available games or sports you can bet on, a site's special features, and reputation. Once you've seen that everything is well aligned with your interests, it can be easier to sign up for one. 

How to deposit Tether? 

Once you've decided to use Tether, the next step is for you to learn how to add funds to your account: 

  1. Log in to your account → Input all your login credentials to access your account. Some sites require verification, so it's best to check whether or not your chosen site requires such. If it does, follow the necessary steps. 
  2. Head over to your account and click deposit → The option to fund your account is often reflected under your account icon or beside it. Check this with your chosen site and click deposit to fund your account.  
  3. Choose Tether → Once you see a list of coins, click the big T sign, Tether, or USDT. This will take you to a page where you can smoothly move your coins from your wallet. 
  4. Input all necessary details → Fill in all information that is asked of you. This includes your wallet address and the amount you wish to fund your account. 
  5. Double check and confirm → Go over all the details to avoid mistakes. Once done, finalise it and complete the transaction by clicking Done or Confirm. 

How to withdraw Tether 

It is equally important to learn how to withdraw your winnings as well. Here are the simple steps you'd have to follow: 

  1. Go to your account and click withdraw → Head over to your account and click the withdraw option, which is usually just beside the deposit option. 
  2. Input all necessary details → Fill in all the necessary information to help the site know how much you will withdraw from them. The most important detail you should place is your wallet address since it is where the fund will be sent. 
  3. Double check and confirm → Review all the details you provided and ensure there aren't any mistakes since crypto transactions are irreversible. Then, wait for it to be processed and reflected on your account. 

Common questions asked about Tether 

Still, got some concerns about Tether? Here are some of Bitcasino's answers to some of your questions: 

  • Where can I buy USDT? 

Several platform exchanges offer Tether. Some include Coinbase, Binance, Krake, Huobi, and Coinmama. 

  • What are the best wallets I can use to hold USDT? 

Some reliable wallets you can count on if you're planning to invest in USDT are CryptoWallet, Ledger Nano X, Tether Wallet, and MyEtherWallet. 

  • Is it a decentralised asset?

It is a centralised asset. USDT functions as crypto since it works with blockchain technology despite being monitored and regulated. 

  • Is it safe to use Tether?

As it functions with blockchain technology, it is safe to say that Tether is secure as it uses cryptographic codes. Its system is also layered by the Omni platform, which protects it from security breaches. 

Overall, it can be said that Tether is a great investment and a great payment option that you can use for online betting. Upon learning more about it and the ease that it provides for your betting experience, you can be more eager to use it and see how much you can win with the bets you place with it! 


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