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...
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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.

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.

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.
Tether payment method fees and facts
Available accounts 1 account
Available currencies USDT
Link to terms & conditions https://tether.to/legal/

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