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Tether Casinos

by Ryan White | 14/11/2020

Cryptocurrencies have been the favourite of many casino players from the moment they first appeared. They have been so popular that a large number of real money online casinos in Australia have included different types of cryptocurrencies including Tether as one of the payment options for casino players.

These digital currencies let players transfer their funds instantly and smoothly.

 

About Tether

Tether or USDT is a cryptocurrency, which is based on blockchain technology and is known as a crypto token. Even though it is quite similar to other cryptocurrencies like Bitcoin, there are a few basic differences. Tether makes use of a unique protocol and uses a different form of token.

Some people often refer to tether as a stable coin instead of a cryptocurrency because of its volatility. It remains stable at a fixed price, which is equivalent to the price of some asset it is attached to. The value of tether is a 1:1 ratio to the USD and it is always equal to 1 USD. So if you have $20 in your tether wallet, you actually have 20 tethers.

Tether is therefore known as USDT, which is United States Dollar Tether. Due to the popularity of Tether, its founders are planning to tie it with other popular currencies such as Euro and Yen.

Why Is Tether Useful at Online Casinos?

Bitcoin was the first cryptocurrency that was made available at online casinos since it was cheaper, instant, and easier-to-use compared to fiat currencies. Tether is equally good as Bitcoin with the added advantage that its value remains the same.

Bitcoin Casinos have a few disadvantages and the first is that bitcoin is volatile. Its value can fluctuate by 20% or more in just a few hours. In contrast, Tether's value is tied to the value of the dollar and though the price of dollars does fluctuate, it occurs by just a few percentages.

Tether is quicker to use compared to bitcoin. It takes just a few minutes to transfer funds to anyone with this payment option. Currently, there are only a few online casinos in Australia that accept Tether. However, things look promising for Tether in the near future.

Getting Started With Tether

You will need to buy tether before using them at online casinos. Keep note that buying Tether can be a lengthy process as the exchanges that sell Tether will ask for your full details. You can sign up at Bitfinex exchange and complete the verification procedure. This will let you purchase Tether with traditional currency and you can purchase it directly on the exchange. In order to complete the verification process, you will need to submit several documents and the whole process will take around two weeks.

Another method to buy Tether is to first buy Bitcoins through a peer-to-peer marketplace. After you have got Bitcoins, you can get them swapped with Tether at an exchange.

Depositing and Withdrawing at Tether Casinos

First, you will need to look for Tether online casinos in Australia. With the rage of cryptocurrencies in the gaming industry, the options are already on the rise.

After you have picked the online casino you want to play at, create your account, and check the online casino banking option page. Find the Tether option and click on it. The procedure to deposit funds to your casino is the same as with any other digital currency. You will need to transfer funds from your Tether wallet to your casino account.

Make sure to go through all the details before confirming the transaction. Once you have Tether in your casino account, you can select the online pokies and games you want to play and place real money bets.

The withdrawal process is instant and safe because of the optimized and fully safe protocol. Before converting your Tether funds into real fiat currency, make sure to check for any fees or other restrictions.

The Pros and Cons of Tether Casinos

Here’s a list of the advantages of using tether at online casinos.

  • Fast: Tether cryptocurrency is much faster than other payment options including other types of cryptocurrencies. 
  • Secure: Tethers are sent and received safely and legally, which ensures the safety of funds. It is operated on blockchain technology that further enhances the security of tether currency and keeps it protected from fraudsters.
  • Low Processing Fees: The processing fee is low as compared to other methods of payments. They are rather free of charge and much lower than regular payment options.
  • Stable Value: Compared to Bitcoin, the value of the tether remains stable as it is paired with the USD. The fluctuation, if it occurs, is very small.  
  • Anonymity: You need not worry about whether your banking information is revealed as Tether payments are done anonymously. You can rest easy that all your winnings and information is safe and secure.

Even though Tether has a lot of advantages, there are a few drawbacks as well.

  • Controversial Association: There is quite a disturbance surrounding tether and Bitfinex.
  • Lengthy process: The users will need to follow several steps to make payments with Tether.
  • KYC Checks: You will be required to submit several documents and verify your identity before buying Tether.

Also popular as crypt-dollar, Tether is becoming a top choice of payment for many players who prefer using cryptocurrencies. Many online casinos in Australia have already added Tether as one of the safe payment options for players.

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