Tether Casinos

One of the newer cryptocoins available on the market for alternative currencies is Tether, issued by the same-named company Tether Limited. Speaking of which, there are indications that some of the leading officials are in fact the same as some of the Bitfinex exchange platform owners. While this is an unusual situation, causing some stirrings among the cryptocurrency world, Tether is successfully maintaining its place in this environment and performing its purpose.

What is Tether & How Does It Work?

Tether is a cryptocurrency using the Bitcoin blockchain but is based on the specific Omni platform in order to achieve greater security and stability, as well as transparency. It is considered to be the digital equivalent of the regular fiat US dollar currency (USD), and is marked accordingly – USDT.

Each token (coin) of this cryptocurrency is practically the digital equivalent of the fiat currency. At any given time, users wanting to buy or sell USDT will get it for the same value (=$1), which is contrary to one of the main traits of these cryptocurrencies – their volatility. Naturally, the USDT will still depend on any fluctuations in value that may occur with the fiat currency it is related to (like the US dollar), but these are much less likely considering that they are supported by governments and central banking institutions.

If you head to the official website you will find that there is another currency equivalent available – EURT. Recent announcements indicate that the Japanese Yen is soon to be added as well, expanding the potential for Tether as a mediating cryptocurrency even further.

Speaking of which, in order to use it, you will first need to obtain it, and interested individuals must mandatorily hold an account with the dedicated Tether e-wallet. Registration is available straight from the official website, where you won’t be forced to provide much more than the basic information such as email address. After verification, all you need to do is fund the wallet with your fiat USD (usually through a regular bank transfer) and get the equivalent of the amount in the cryptocurrency.

The Purpose of Tether

As can be noted, Tether is practically the virtual version of its corresponding fiat currency – primarily USD. This allows it to achieve the stability that isn’t common with other currencies of its type, meaning that anyone interested in trading with cryptos will be able to do so much more easily and securely through Tether.

Since there are numerous advantages in this regard, Tether has become known as one of the easiest and safest means of obtaining and trading with Bitcoin or other cryptocurrencies without using your fiat currency.

Tether at Online Casinos

At online casino banking pages players are more and more likely to find this cryptocurrency alongside other banking methods offered for player deposits and withdrawals. This proves the flexibility of the currency, as it is evidently more than just a mediatory currency between fiats and crypto.

Online casino players interested in making deposits to or withdrawals from their player accounts can now do so using the aforementioned dedicated e-wallet opened at the official site, finding another purpose for this currency.

Despite all of the shady practices in Tether’s past, the cryptocurrency is doing more than ok. A surprising development is that the coin surpassed Bitcoin in trading volume in 2019, with a daily and monthly trading volume higher than any other crypto on the market! Tether is doing pretty good in the online casino scene as well. While it’s not as common in online casinos as Bitcoin, Ethereum, and even Dogecoin, it’s still a viable option in several high-end venues. In some online casinos, it even grants players special gameplay boosts!

To start using Tether in online casinos, you’ll first need to get some and add it to your crypto wallet. You can do this by visiting one of the many crypto exchanges that support the currency, including Binance, OKX, Crypto.com, and others! The process is pretty straightforward. You trade in a specific amount of fiat currency and get the Tether equivalent within minutes! You can then proceed to an online casino of your choice.

When you find a casino that matches your tastes and supports the cryptocurrency, only a few steps separate you from playing your favorite games. To deposit or withdraw using Tether, head over to the operator’s Cashier section and look for the coin’s logo. Once you click it, you should see detailed instructions on how to proceed. Follow them closely, and you should be done in no time! On the rare occasion that you run into trouble during the process, contact the casino’s Customer Support Team and have them assist you in finding a solution.

Tether Deposits & Withdrawals

Depositing with this cryptocurrency at your chosen online casino platform is the same as with any other altcoin you have used. All you need is your online casino wallet address, as well as your personal storage e-wallet address. During deposits, you input the online casino wallet’s public key (address) as a designated destination for the respective funds, and specify the amount you would like to transfer and use as bankroll to enjoy all your favourite games. Bear in mind that each 1USDT you go through is practically the same value as 1USD.

Withdrawing from online casinos is just as simply performed, only with the funds moving in the opposite direction. In order to get your request authorized, however, you will need to make sure you meet all requirements, especially in case you have claimed any bonuses or promos.

Can I Play All Casino Games with Tether?

An unfortunate consequence of crypto’s shady past is the lack of support it receives from many companies in the gambling industry. Several big-name iGaming developers don’t offer crypto support, which limits players in their choice of games. Of course, not every company in the field is wary of crypto. Plenty of excellent studios are crypto-friendly, so while your options are limited, they’re usually high-quality!

If you’re wondering which casino software companies are on the crypto-friendly side of things, they include Endorphina, Mr Slotty, Habanero, BetSoft, iSoftBet, Vivo Gaming, and more! The game crypto-friendly game selection online is massive, but if you’re looking for a few popular games to get you started, you can try Fire Bird, Colossal Gems, Riot, and 88 Lucky Fortunes.

Is Tether Online Gambling Legal?

Crypto gambling combines two of the most heated topics worldwide. Most governments have a hard time agreeing on how to approach these activities, let alone opening an international discussion about the subject! Because of the controversy surrounding these topics, different countries take different stances towards crypto and crypto gambling. While some are making progress by integrating it into their infrastructure, others are completely against its use! Essentially, the only way to make out the legality of crypto is by looking at it on a country-to-country basis.

If you’re looking for an example of a place that supports crypto to the max, El Salvador is the best place to turn. It's been accepting of crypto since its early days, and it’s made incredible progress in crypto regulations over the years. The region’s love of crypto peaked with the introduction of Bitcoin as legal tender in 2021! In contrast, South Korea approaches crypto from a completely different angle. Crypto and crypto gambling are prohibited. While the country tries to keep crypto away from its citizens, many still frequent crypto exchanges.

Of course, not all countries are as clear-cut in their approach to crypto gambling as these few examples. The US, for instance, has pretty murky crypto gambling laws. Generally, the activity isn’t prohibited. Unfortunately, the small differences in legislation between different US states can bring trouble to crypto users. Specific laws might not mention legal repercussions for crypto gambling, but it can fall in the scope of some other internet-related activities that are illegal.

While the UK still has a long way to go when crypto gambling regulations are in question, it sets a good example for other countries. The region boasts specific crypto gambling laws that mostly apply to operators. If a crypto-friendly operator wants to obtain a UK gambling license, they need to put in extra effort. This can include several additional steps in the licensing process, such as disclosing fund sources. It might be tedious work for gambling venues, but it’s an excellent way to up player safety!

What Are the Pros and Cons of Tether Gambling?

Since Tether’s star has been on the rise in the last few years, it’s being accepted in more online casinos by the day. Naturally, just because it’s popular doesn’t mean it offers anything too different than other cryptos similar to it. Tether has most of the same pros and cons as other cryptocurrencies. The only difference is the coin’s more stable nature!

When exploring the perks of cryptocurrency, the first thing most people point to as a pro is anonymity. When transacting with Tether, all players need to provide is their crypto wallet number. Since no personal information is attached to the wallet, it’s nearly impossible for someone to connect an identity to a wallet unless explicitly told. In the crypto gambling space, anonymity is a huge deal! Scams and hacks aren’t a rarity, so keeping your identity under wraps can help you avoid things like blackmail and identity theft.

Another perk of crypto that can help players avoid scams and shady practices is the transparency of most coins! Like with plenty of other cryptocurrencies, Tether transactions are recorded on the public blockchain ledger. Everyone’s privy to the information registered on the ledger, so you can utilize this to check on the operators you’re thinking of visiting. If their transactions history looks clean, it’s likely a reputable casino that pays out on time.

Tether also has a few perks that can improve user experience. In this category speed is easily the best perk! When using cryptocurrency to deposit or withdraw in online casinos, the processing times should be minuscule! Compared to most other payment options, this is a massive advantage. In general, it can take a few days before transactions are processed, especially with withdrawals! Another user-friendly aspect of crypto is the convenience it offers. Crypto operates digitally, so all you need to start using it is a smartphone and an internet connection!

We mentioned that Tether can also grant players some exclusive perks, but it’s worth noting these are incredibly rare. They’re only available in a few select venues and are often limited to specific periods. That said, these perks are presented as casino bonuses! While they can come in different shapes and sizes, they’re most often Free Spins Cashback bonuses.

It’s time to take a turn and look at some of the negatives of using crypto for online gambling. The biggest issue you’ll face in this situation is scams and bad practices. Both the crypto scene and the casino scene are bombarded with scams regularly. When you combine the two, these activities can sometimes get out of hand! While most of them are easy to avoid, some can be uncanny. Because of this, only experienced crypto users can see the signs that something’s off.

The next con is a continuation of the previous one. Diving into the world of cryptocurrencies can be daunting. The activity is pretty complex, so having a good base before getting into it is crucial. Of course, learning the basics means sacrificing some of your time, and not everyone has time to spare. Getting into crypto without the proper knowledge can lead to bad decisions. It also makes you much more susceptible to scams!

The question of crypto’s volatility is also something you should consider. While most cryptos are known for being highly volatile, Tether isn’t one of them. The currency is pegged to the US dollar, keeping it relatively stable compared to its competitors. While there’s still some risk involved when dealing with the cryptocurrency, it’s not as big as what you’d see with a token like Bitcoin or Doge.

Pros

Transaction Time – The time it takes Tether holders to use their currency to pay or receive payment for something is practically minutes, making the whole transaction as straightforward as possible. While this is a convenience that most cryptocurrencies offer, considering Tether’s potential to be used as a means to exchange between other currencies and react momentarily to intercept market and price changes is a much attractive advantage.

Transaction Fees – The regular fee charge for a traditional bank transfer, as dictated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) averages around $30. Contrary to this, Tether transactions are completely free of charge, adding to its convenience.

Security – Due to being based on the Omni platform, the cryptocoin is secured by high-level encryption standards, all the while maintaining transparency. The latter is particularly important due to their claim to being equal to the value of 1USD, meaning that at any given moment, the company needs to be able to liquidize any and all withdrawals made from holders. For this purpose, they have added the ‘Transparency’ page on their website, regularly updating their account balances and its effects on the stability. On top of that, Tether includes a ‘Legal’ page, asserting compliance with KYC and AML standards.

Price Stability – As just mentioned, the Tether token maintains the same value as the fiat currency it is related to (so far USD primarily and EUR). Hence, it bears an uncanny ability to retain a permanent value of its price. The only way to change is presumably related to the value of the fiat currency, all of which are rather stable.

Availability – Ultimately, the currency is available at both crypto-exclusive and hybrid currency exchange platforms, as well as other services (online casinos predominantly). This widespread availability further proves the convenience guaranteed by it.

Cons

Relation to Bitfinex – The Bitfinex exchange platform has been somewhat notorious in the past couple of years, mostly due to their freeze in assets resulting from major banks withdrawing as partners. While they have recovered from it, the platform is currently out of reach to all US-based users, and with further speculations on their reliability, the connection to Tether seems to make the cryptocurrency holders uneasy.

Reserve Controversy – An even greater controversy came about from Tether’s inherent feature to match the value of its related fiat currency – they were supposed to hold the same amount in the real, fiat currency available at all times as a reserve. However, there is much debate on the matter among the cryptopublic, with many debating the credibility of this model.