I guess you all know we have different cryptos in Bitcasino
, so everyone can choose their favorite to play with.
Recently we added Tether
. What do you know about that altcoin?
Well, let’s fix that.
Here’s a brief guide on buying and investing in Tether.
In 2020, cryptocurrencies continue to show steady growth, but there is one that stands out with its unique function
as both fiat and crypto coin combined— Tether (USDT).
What is Tether (USDT)?
USDT (₮), also known as Tether, is a stablecoin that has a value equivalent to 1 United States Dollar.
It was originally known as “Realcoin” and was created by a company called Tether Limited in 2014.
As a stablecoin, it has a fixed value which allows it to avoid the volatility of other cryptocurrencies.
Tether is also a blockchain-based platform that monitors your deposited fiat money through a digital platform.
It acts as a bridge for fiat and cryptocurrencies to coexist on a single platform whilst maintaining a stable value in the long run.
There are three types of USDT you can buy:
* Bitcoin USDT
* Ethereum USDT
* TRON USDT
These USDTs essentially have similar functions, but their transaction speeds differ based on
what blockchain-based USDT you prefer using. Tether platform currencies include fiat money such as USD,
Euros, and Chinese Yuan.
It aims to serve as a bridge between fiat and cryptocurrency with a decentralised system to back it up.
This means that the processing period is shorter because there is no third-party to interrupt the flow of transactions.
Stablecoins are considered more accurate and secure because their value always stays equivalent to fiat money they represent.
It grants users a way to avoid the constant volatility problem and directly transfer money with less hassle.
Current Status of Tether
USDT has a value equivalent of $1. Since its creation and launch onto the Bitcoin blockchain network,
USDT is now available on 7 cryptocurrency networks, including Ethereum, TRON, Omni, EOS, Algorand, and Bitcoin Cash.
This expanded network will in time allow the coins market value to grow substantially in time to come.
Growth in 2020
Various crypto platforms have predicted that USDT will maintain its value or steadily grow from 2020-2025.
The mass adoption of digital currencies contributes to the growth of Tether as it continues to retain its 1:1 ratio with USD.
In addition, USDT contributes to the adoption of cryptocurrencies across the world.
The number of countries relying on stablecoins has increased resulting in more channels to fuel growth and harbour mass adoption.
Top 5 advantages of using Tether
Tether’s key feature is its stability and hence ability to eliminate volatility within the crypto sphere.
It has maintained its $1 status over the years and aims to keep it consistent.
You can instantly convert your money into Tether and it will retain its original value with no fees required.
One of the main reasons for its stability is the Bitcoin blockchain it was built on.
The Bitcoin blockchain is known for its strong security and encryption technology,
used to protect the details of any transaction that goes through its system.
In order to expand its utility, Tether has now been launched in different blockchains as well.
Platforms you can trade Tether on have been expanded to various networks including Bitcoin Ethereum and TRON.
2. Fiat Equivalent
Every Tether purchase you make will always be equivalent to the fiat money you trade it for.
There are no third-parties to add fees to your transactions, so you'll get back the same amount you deposited.
You won’t have to worry about the coin's value changing either because it’ll roughly be the same over time
due to its built in stability!
Tether keeps you updated about its value on their official website.
It uses Proof of Reserve to show that USDT tokens are 100% backed up by the United States reserve
and the company behind the coin conducts rigid KYC protocols.
Since Tether operates on a blockchain network, it is heavily protected by cryptography guaranteeing locktight security.
Blockchains are the safest place for your transactions due to their high-level security measures and protection
against malicious activity. The coin can be safely stored in various digital wallets online!
5. Contribution Worldwide
Many countries face the issue of fluctuating fiat currencies and have turned to cryptocurrency as a solution.
Using stablecoins can greatly impact a country’s economic growth due to consistent value overtime and direct transactions
within the crypto sphere.
For example, due to the fluctuating value of USD, it’s hard to know when’s the right time to buy and invest in it.
With the help of Tether, it protects your money from inflation and acts as a leverage for countries around the world
to purchase a stable fiat value.
How does Tether work?
Tether tokens are built on three different layers: Bitcoin blockchain, Omni layer Protocol, and the Tether Limited Layer.
These three layers create a smooth process for your fiat and crypto transactions.
The process can be summarized in 5 steps:
Deposit your fiat into a Tether Limited bank account.
Once the funds are in, the circulation process begins, starting with the amount you deposited.
For example, if you deposited 10 USD then 10 tethers will be issued to your account.
You can now use your USDT to transfer money, exchange it or store it in your crypto wallet through a peer-to-peer platform.
You can withdraw your USDT and convert it back to your preferred fiat currency.
Once the process is complete, you can redeem USDT from your account.
Tether Limited will destroy the USDT you claimed and convert it into the fiat you requested.
Getting started buying USDT
When it comes to buying, selling, or exchanging USDT, it’s quick and simple.
There are various cryptocurrency exchanges and wallets on the market today,
but it’s best to create your account from the official Tether.to platform.
You can do this by following these steps:
Sign up for an account on Tether.to.
All account details are protected once you enter your 2-factor authentication via Google Authenticator or SMS.
You can apply for an individual or corporate verification for your account.
Choose any of the options to send funds, add funds, or convert your USDT to any cryptocurrency available on the platform.
Tether Limited delivers a smooth experience for its users, so you can use your money without having to worry about
red tape or technicalities.
What can you buy with Tether?
USDT can be used in everyday transactions. There are an ample number of online stores and physical markets that
accept USDT as a payment method. Some of the industries currently accepting USDT include:
: Including stores such as pharmacies, jewellery stores, food establishments, and more.
The most common retail industry you can spend USDT is clothing stores.
: Selected stores use USDT as a mode of payment such as repair shops,
car manufacturers and educational programs to name a few.
: USDT can be spent on a whole host of entertainment platforms.
This includes logging onto selected online (casino)s like Bitcasino.io to play and pay for all your gaming needs
using your digital currencies.
Tether steadily grows as more stores accept it as a mode of payment.
You can easily withdraw and add USD to your Tether funds and utilize the technology’s quick transaction times.
Buy USDT and go shopping online like you would with a credit or debit card.
Start investing in Tether with these 5 platforms
You can buy USDT on various crypto platforms. Sign up and convert your fiat money into USDT with the click of a button.
You can use other crypto coins you have already or your credit card to begin the process.
Check out these 5 trusted platforms to get your own USDT:
: Is the world’s leading cryptocurrency exchange where you can trade your preferred crypto in a matter of minutes.
You can use a bank transfer or your credit card to buy and receive USDT.
: Uses the Omni Protocol to offer USDT on its platform.
You can swiftly transfer your funds to your Kraken account and trade for USDT immediately.
: Bitfinex holds a volume of over 100 million USD and serves as a trading platform
for most major cryptocurrencies. USDT is steadily rising through the ranks in the market and is now available
on other blockchains like Ethereum and TRON.
: With just the click of a button, you can now buy and invest USDT by using
your credit/debit card, direct banking, or cash vouchers as your mode of payment.
You’ll be able to receive your Tether on your digital wallet in a matter of minutes.
: This platform has served as a global cryptocurrency leader since 2013 and now serves 234 digital assets on book.
There are plenty of cryptocurrency options like litecoin (LTC) and Ripple (XRP) to trade for Tether.
5 wallets to store your Tether
After you find the perfect platform to use, you can keep all Tether coins in various wallets and access them quickly.
Most wallets come in hardware, mobile, or desktop versions.
Check out 5 wallets that will suit your needs and store your USDT:
1. Tether Wallet
: This is USDT’s official wallet and a primary channel to convert your USDT directly from fiat money.
Download to your browser and/or mobile devices to access your coins wherever you are in the world.
: Is a well-known mobile wallet available for iOS and Android.
Its features include private keys stored onto your phone and strong encryption security that protects
your identity when making transactions.
: Is a web wallet that grants full access to your private keys and
allows you to easily buy and sell on an Ethereum blockchain.
Bitcoin and other crypto coins can also be stored in this wallet.
4. Guarda Wallet
: Serves as a web, desktop, or mobile wallet.
Security measures are taken through multi signatures, granting safe storage for crypto coins like
USDT, bitcoins, EOS, and TRON.
5. Ledger Nano X
: The Ledger Nano X is a hardware wallet protected by a certified chip.
You can install up to 100 applications and transfer over 1,500 crypto coins into this USB-shaped hardware wallet.
Tether your funds for safe and fast transactions
Currently, the values of fiat currencies are unpredictable and continue to fluctuate.
It’s difficult to know when is the best time to convert your funds into fiat, like USD and others.
With USDT, though, you won’t have to worry about any of these concerns because its value is
consistent and you can exchange without extra fees to pay.
Tether proves itself to be a reliable stablecoin and it serves as a viable alternative to using your fiat currency.
Bitcasino gladly welcomes this coin as one of its payment methods to grant a
quick, easy, and secure way for you to play your favourite games.
Come and try it out