Tether Casinos – The Pros And Cons Of This Alt Coin
Tether Casino
Crypto crashes, price volatility, and currencies ceasing to exist are just a few of the risks crypto holders face. Enter Tether! Tether is a cryptocurrency with no such risks, which may explain why online casinos to win the jackpot love it.
What Is Tether?
Tether (USDT) is best known for being the most popular stable cryptocurrency on the market. The main reason why Tether is so popular is: 1 USDT = 1 USD. This is the main reason why so many people are drawn to the alt coin. Unlike many other cryptocurrencies out there, a single Tether token is always supposed to be worth a single United States dollar. That’s how it’s been ever since Tether came out in 2014.
Why Choose This Alt Coin Over Other Cryptocurrencies?
One word: Stability. If you want to enter the crypto market with minimal risks, Tether is one of the safer options. The only real disadvantage of Tether (at least right now) is that you can’t really buy a lot of it and expect to make a profit in the future. Staking aside, the value of the USDT token simply isn’t going to rise or fall. Fortunately, this can also be seen as a perk of this cryptocurrency. The way how it functions, Tether tokens can often be seen as actual virtual dollars. Many people who want to buy a lot of different cryptocurrencies usually buy a large stash of Tether and then proceed to use their new USDT funds to buy other cryptocurrencies.
Getting Started With Tether Gambling Sites
If you feel like you want to start playing casino jackpot games at an online casino like Bovada Casino using this token, but aren’t sure where to start, don’t worry. Follow these 5 steps to get started with USDT gambling.
Create A Crypto Wallet
There are a lot of crypto wallets out there and, fortunately, most of them support Tether. Not only that but many famous wallets (like Binance) default Tether because of its conversion from USD. So, just pick any wallet that suits you because they all accept USDT. Creating a wallet is almost as easy as creating any other account, however, the one thing that’s always annoying is going through the KYC. When going through the KYC, players have to submit personal identification, utility bills, and a selfie of them holding one of these documents. Because the crypto market can be a dangerous space, going through KYC is a very important step. We recommend you pick a crypto wallet that also features crypto exchange so you can make the next step easier.
Buy Tether From An Exchange
If you picked a wallet that also doubles as a crypto exchange site, simply use your credit card and buy some Tether directly from your newly made crypto wallet. Simply select USDT, and buy whichever amount you want and you should be ready for the next step. If, however, you picked a wallet that doesn’t have a crypto exchange, your next step is to find a crypto exchange site. When you do, create an account (go through the KYC again) and buy some USDT. Once you do, you have to transfer the USDT to your crypto wallet. On the crypto exchange page, enter your wallet address or scan the QR code with your wallet and you should start the transfer process. The transfer shouldn’t take too long and you should see your Tether funds in your wallet soon.
Pick An Online Casino That Accepts Tether
After you have a wallet loaded with Tether, your next step is to find a crypto casino that supports this stable coin. You can take a chance and find a hybrid casino, which shouldn’t take too long. However, your best bet is to simply pick a crypto casino that’s pure. Not only do pure crypto casinos accept USDT as a payment method, but they often let you play casino games directly using your tokens (Hybrid casinos will probably just convert your USDT into USD after you deposit them).
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Make A Deposit/Link Your Crypto Wallet
Now that you’ve picked a crypto casino that you like, go ahead and create an account. Once you create an account and confirm it through email, your next step is to make a deposit. At hybrid casinos, you should navigate to the payment page and select Tether as a payment method. There, you should see a QR code that you can scan with your crypto wallet. Once you do this, select the amount you wish to deposit and your USDT funds should get transferred to the crypto casino. If you are lucky enough to find a USDT casino with wallet linking then you can simply link your entire crypto wallet and completely bypass all deposits and withdrawals. Everything you win or lose at the casino is done directly from your wallet.
Tether Casinos
Despite all the convenience that this alt coin brings, many online casinos still haven’t fully embraced Tether. Most Hybrid casinos accept the coin, but many are still on the fence. Despite the stability, Bitcoin, Ethereum, and a few other cryptocurrencies are more popular in online casinos than Tether. When it comes to pure crypto casinos, they often display all of their prices and bonuses in USDT, simply because players find it easy to tell the actual price. At Pure Crypto Casinos, Tether is almost always accepted as one of the top cryptocurrencies.
The Advantages Of Using Tether
We already covered what makes this stable coin such a great cryptocurrency and now we’d like to explain it in greater detail.
Relatively Stable
The main draw of the tokens is the fact that each one is worth exactly 1 USD. This alone puts these tokens ahead of so many cryptocurrencies. Even after numerous global crypto rises and falls, Tether tokens have always held the same price. Because of this, many consider USDT tokens as the default safe currency. If anything should ever happen to the price of Tether tokens, all cryptocurrencies (including Bitcoin and Ethereum) are going to take a hit.
Widely Accepted And Easy To Get Into
In fact, Tether tokens are one of the most popular cryptocurrencies in the world. Even though they aren’t as popular as Bitcoin and Ethereum, it has certainly earned a name for itself because of its features. Many of the best online casinos with jackpots that only accept a few cryptocurrencies can easily implement Tether because of how easy it is to convert a token into fiat.
The Disadvantages Of Using Tether
Even though we like this token a lot, there are some facts about it that really make us question its worth. Here are a few disadvantages to owning Tether.
Tether Doesn’t Have Much Cash Reserves
The idea of Tether is that every single USD that you have, can be converted into a USDT token and vice versa. Unfortunately, this only applies to the former. Tether LTD. has sold over 14.4 billion USDT tokens and receives a dollar for every single one of them. Most of the actual dollars received have been used up. During the last attempted audit, Tether Limited held a little over 10% of the cash it received from all the Tether conversions. This means that, if there should ever be a massive decline in Tether tokens, Tether LTD. simply won’t have enough cash to give back to the people who want to convert back their Tether tokens.
Tether Has Never Been Audited
Tether LTD. is a company just like any other. One thing that instills trust and reliability into a company is having an Audit. And then releasing the results to the public. Unfortunately, they has never been fully audited. Tether LTD’s first-ever attempted audit was cut short because, according to them, the auditors were asking too many questions. Since then, the company has never had an audit made. When any company refuses to be audited, it makes them look really sketchy, to say the least.
Too Much Centralized Power
Unlike other cryptocurrencies, the token cannot be mined. Instead, these tokens are created and destroyed on demand. This means that the company itself can simply add or remove additional tokens should they see fit. Unfortunately, this also means that they are completely able to print a bunch of tokens themselves. They can then trade them for other cryptocurrencies that are more valuable. Because of this, a lot of crypto users find it hard to trust this so-called stable coin. There’s no harm in using them for playing online casino games at a casino like Bovada Casino and trying to win the jackpot online. But don’t store any funds in Tether.
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