The History of Tether
Tether is a popular cryptocurrency hosted on Bitcoin, Ethereum, and other blockchains. While the coin has amassed a pretty big following, its history is somewhat murky. Tether is issued by Tether Limited, a company based in Hong Kong. The Tether Limited brand is owned by Bitfinex, an important detail to remember. One of the things about the cryptocurrency that drew people in was its status as a stablecoin. Essentially, this means the coin was made to be worth 1 US dollar, maintaining an equivalent amount in reserves for each unit of the currency used.
Tether’s murky history comes from several accusations. These include a presumed role in the manipulation of Bitcoin pricing, a lack of proof that shows adequate reserves to back the token, and a shady relationship with the Bitfinex exchange. While the company never admitted any wrongdoing, it had to settle a legal dispute with the New York’s Attorney General’s office worth 18,5 million US dollars. The result of this was public knowledge that Tether’s claims of the currency being fully backed by US dollars were false.
How to Use Tether in Online Casinos
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.
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.
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.
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