The main problem of cryptocurrencies that hinders their development is the lack of stability. All currencies are subject to fluctuations in the exchange rate, which deters potential investors. But there is one crypto, the value of which is tied to the value of the real currency. We're talking about Tether.
Tether (USDT) is a cryptocurrency that can convert fiat currency into digital currency due to its peg to the US dollar.
Yes, this is exactly the main feature of Tether – the crypto has a fixed value of $1. That is, 1 USDT is equal to 1 US dollar. And this course is constantly maintained at the same mark. Of course, there are microscopic shifts in cost, but this is already influenced by factors beyond the control of developers.
It was this feature that allowed Tether to fly into the Top 8 cryptocurrencies. In fact, Tether combines the characteristics of both cryptocurrencies and real money.
The bottom line is that the crypto is more reliable, more functional, and safer than any fiat currency. There is just one big problem: crypto assets do not have the necessary popularity, due to which their rate directly affects the digital currency market.
Tether aims to solve this problem; the developers state that USDT is an analog of the US dollar in the world of digital currencies.
The scheme is as simple as possible, and the very idea of the creators was to transfer the generally recognized and popular dollar into the form of a crypto asset.
In fact, Tether took all the best from conventional currencies and cryptocurrencies. The perfect mix for those who are afraid to invest in bitcoin and altcoins out of fear that they will collapse.
Here Tether will definitely hold on due to its own characteristics. But USDT is also not capable of growing. Yes, there may be micro shifts, like a thousandth of a dollar, but they cannot be considered a serious change in value. So on the stock exchange, the cost is not to trade.
But the Tether system interacts not only with the dollar. The platform is able to store tokens convertible with euros and Japanese yens. The corresponding EURT and JPYT tokens are pegged to these fiat currencies. The cost ratio is still the same – one to one.
Before the Ethereum platform increased its popularity, Tether used to be based on the Omni Layer protocol, which acted as an add-on to the BTC blockchain. After that, it was decided to tie part of the Tether emission to the Ethereum platform in the first place. As a result, Tether Limited issued ERC-20 tokens.
This transition brings several benefits to users:
- Tether can be used to work with smart contracts;
- Users got access to decentralized applications.
Afterward, other blockchains started being used, and then tokens were issued on the following distributed networks:
- Binance Chain & Binance Smart Chain.
- Liquid Network (side chain of Bitcoin).
- Algorand 2.0.
- Bitcoin cash.
- Sidechain OMG Network.
Tether uses separate wallets on different blockchains. And their addresses are different. When users deposit or withdraw USDT on crypto exchanges, they can choose which blockchain the transaction will be conducted through. Based on the choice, the wallet address is selected; for example, if the user goes with the Tron network, then the funds will be sent to the TRX-20 address.
To purchase tether, you need to transfer the appropriate amount in dollars to your Tether Limited account. And this can be done by any individual or company.
After the transfer, a new cryptocurrency is created for the amount received (equivalent - 1:1). If an individual transfers $10,000, they will receive 10,000 USDT in return. You can use the received tokens in different ways: exchange, transfer to other persons, and various transactions.
The counterparty has the opportunity to return Tether tokens in order to redeem their value in fiat currency. The returned tokens are destroyed with this procedure, and the dollar is transferred to the user's bank account.
On the Binance exchange, users can acquire Tether for fiat. To do this, they use a direct bank transfer or credit card. It is also possible to exchange via fiat balance. At the same time, each transaction is carried out with high speed and maximum security.
What's more, you can buy and sell USDT for cryptocurrencies. The USDT to Bitcoin exchange rate can be viewed in real time. There are over 200 tether trading pairs available on Binance, including fiat pairs. For example, in the corresponding section, you can view the USDT to Ruble exchange rate for today and, if necessary, make a deal to buy or sell.
To buy and sell USDT on the official Tether website, you will need to register with your personal data:
- Full name.
- Place of residence.
- E-mail address.
After creating an account, you must also enable two-factor authentication. It is also mandatory to pass verification by uploading documents.
Next, the account replenishment function will appear in your personal account. To buy a token, you need to go to the Add Funds section, get an account for transferring fiat currency, and make a transaction.
You can send USDT coins to an external wallet by going to the Send Funds section. And if you need to withdraw money to the card, then you need to go to the Withdraw section.
The Tether crypto is considered one of the favorites among traders, and the volume of daily trading using this crypto may reach $1.5 billion at times. Most transactions with the coin take place on crypto exchanges such as OKEx, Binance, and Huobi.
Features of the process of storing and operating tokens depend on the blockchain they are implemented on. In most cases, those tools that are used when working with the base currency of the selected blockchain are sufficient.
For example, we can take Tether, implemented on the Ethereum blockchain. It is stored on several verified wallets:
- Multicurrency wallets (Exodus, Trust Wallet, Jaxx, and Atomic Wallet).
- Hardware. TREZOR Ledger.
- MetaMask Browser Plugin.
If a token implemented on the TRON blockchain was chosen, then any wallet from the list posted on the official website of this cryptocurrency will be suitable.
You can conveniently store USDT on the Binance Chain and Binance Smart Chain blockchains or simply on your Binance exchange account.
You can also get wallets from the Tether developers themselves for all tokens:
- USDT (Omni).
- USDT (ERC-20).
- USDT (TRC-20).
- EURT (ERC-20).
- CNHT (ERC-20).
- XAUT (ERC-20).
It should be borne in mind that it is necessary to pass verification on the official Tether website to fully use these wallets. This procedure is paid ($150); verification can be completed faster, in a few days, but in some cases it can take up to several weeks.
You won't be able to make money on Tether exchange rate fluctuations since price changes are minimal. But there are several products available on the Binance exchange that allow you to passively increase your balance:
- investment platform Binance Earn;
- crypto loans - the ability to lend USDT at interest;
- Binance Liquid Swap is a platform for providing liquidity.
You can also find a third-party DeFi project and become a liquidity provider in it. For example, through the Uniswap platform, you can invest any amount of USDT in a suitable pool. A commission is taken from each transaction in the pool, approximately 0.3%. It is distributed among liquidity providers.
The more transactions in a DeFi project, the higher the level of the investor's passive income. The share size in the distribution process is directly affected by the amount of investment.
Tether creators have succeeded in combining two financial worlds: fiat and digital. Thanks to this, the technological advantages of blockchain technology and the stability of a currency supported by the US Department of the Treasury are combined in one cryptocurrency.
The main attribute of Tether tokens is that they do not depend on the vagaries of the cryptocurrency market but are pegged to the value of the US dollar. For the same reason, USDT began to be called a "stablecoin", that is, a stable cryptocurrency.
Naturally, sites with cryptocurrency gambling almost immediately jumped at such an interesting payment method. So, many tether online gambling sites quickly gained popularity as it became one of the main ways to play with cryptocurrency in online casinos. Nowadays, you can easily find hundreds of online casinos that accepts tether with different limit rates just by googling it. The main reasons for these are its reliability and relative ease of acquisition.
The popularity of USDT in crypto casinos was not just due to the interest in new altcoins. The use of these tokens as a payment method promised very real benefits for casinos and users that make gamble online with tether one of the most popular players' choices. Some of these benefits are briefly described below.
Cryptocurrencies like BTC and ETH are already quite common in the online gambling industry. But with all their benefits, there is also a shortcoming: this is price volatility. If you replenish the balance with the equivalent of $100, there is a chance that the rate will go down, and in a day, the same amount of coins will be equal to $70.
Of course, the rate can go up. However, trying to make money on fluctuations in cryptocurrency prices is the lot of traders. In turn, players often want to put money on the line exclusively in the context of gambling and online casinos.
Tether casinos will be a great solution for gamblers who are not thrilled by sometimes insane fluctuations in the price of cryptocurrencies. Since the tokens are pegged to the dollar, euro, or yen, the funds won at the casino with a tether deposit will not lose their value due to bad weather on the exchanges.
A reasonable question may arise: why, then, play USDT at all if there are ordinary dollars and another fiat? Well ,the reasons are several. First, the ability to bet on a tiny amount. Having replenished the account with 5 USDT, gamblers can bet not only hundredths but also thousandths, ten thousandths, and sometimes even lower fractions of one dollar.
Another advantage of Tether in gambling lies in the fact that people do not have to mentally convert the amounts of tokens into traditional money. Although a trifle, it really matters for many gamblers. This makes it much easier to manage your balance and oversee your betting history.
In the case of BTC and other "expensive" cryptocurrencies, this is much more difficult. When there is a hundredth of one bitcoin on the account, and each bet "eats", say, 0.0001 BTC, this seems to be something completely insignificant. Another thing is when after each spin of the reels 1 USDT is deducted and you realize that the balance has simply become less by a dollar. In this case, it is somewhat more difficult to break into reckless bets by stopping monitoring the state of the account.
The same goes for winnings. Of course, there is a certain element of surprise when it is not immediately possible to figure out the exact amount of the winnings, and this has its own charm. But, again, many will prefer to immediately see how lucky they are.
Let's not forget about the more traditional advantages of cryptocurrency games. The cost of money transfers in Tether is very low, while the transactions themselves are very fast. Like many others, this crypto coin also offers an increased level of privacy.
To summarize, we get the following advantages of Tether gambling:
- Understandable winning amounts
- Stable exchange rate: 1 USDT = $1 (almost always)
- Close to zero cost of transactions
- Higher transaction ceilings
- Fast payouts
- Relative anonymity
If an online casino has a conversion option, Tether can also be used to "fix" the winnings received. If not, the same is done through the exchange.
The process of depositing in Tether Casino at El Royale is, in fact, quite simple, so everyone will be able to do it in a few clicks, which makes it one of the main reasons why El Royale can be called the best tether casino, or at least one of them.
The first thing you do is complete registration and sign up to El Royale Casino, or, in case you already have an account, just log in to it.
Next, you have to go to the cashier section in the casino lobby and click on the Deposit tab. Please note that, in the mobile version, the Deposit tab will be right there in the lobby.
After that, you choose Tether as your payment method and make your first crypto payment. It may take approximately 15 minutes for the funds to appear on balance, so wait a bit before making your next move and start playing slots, roulette, blackjack, video poker, etc.
In case of inquiries about USDT gambling or any other questions, you are always welcome to go to the customer support service; they are available 24/7.
USDT is the largest stablecoin backed by Tether. USDT casinos are the sites where a player is able to make a deposit and withdrawal in Tether.
Tether is sold on almost all crypto exchanges. You are free then to use it in a USDT online casino or for any other purposes.
The main complaint against the company is that it does not disclose how its assets are 100% secured. In addition, the platform is not entirely decentralized, as it blocks accounts at the request of exchanges and intelligence agencies.