Nobody will dispute the fact that Bitcoin is the most popular cryptocurrency. However, this cryptocurrency has a significant disadvantage - volatility. The value of this cryptocurrency can deviate by more than 10% in the opposite direction in just a few hours. Such price leaps make this and other cryptocurrencies unsuitable for everyday use because the currency must retain its value and purchasing power.
Still, a separate group of cryptocurrencies is characterized by greater price stability - stablecoins. They have taken the best from the world of traditional and virtual finance: instant processing, security and confidentiality of payments on the one hand, and stable value on the other. Stablecoins are cryptographic tokens circulating on public blockchains and linked to an underlying asset. It can be gold, real estate, U.S. dollars (most often), and rarely other cryptocurrencies.
Most of the stabelcoins can be redeemed for dollars in bank accounts, essentially making them bearer assets in digital form. The most popular stabelcoin is Tether, which we will discuss in this article.
What is Tether (USDT)?
The Tether platform was created as a means of tying fiat money to digital assets. The necessity of such a connection has long been discussed but only came to life in 2015.
Such innovative technology is based on a protocol compiled by the legendary J. R. Willett, the former ICO concept developer. In 2003, he created the unique Mastercoin protocol, which allows the chain of Bitcoin blocks to be overlaid with new layers without changing the source program code.
What does it provide? First of all, the possibility of creating new digital assets based on Bitcoin. So, in 2015, the Tether platform was based on an updated version of the Omni Layer protocol. Its developers merged into Tether Limited, issued their token, and held an ICO, which quickly collected $200 million of investments.
Each token is tied to a USD value stored in Tether's particular restricted reserve balance and can be received, exchanged, or spent through the Tether platform. In this regard, the token is no different from any other cryptocurrency. Additionally, customer can store the Tether assets in any e-wallet supporting the Omni Layer protocol.
USDT was built to be tied to a specific fiat currency to facilitate international transfers and create a stable alternative to Bitcoin. This was achieved by creating an alternative consensus algorithm - Proof of Reserves. The closest analogy is the "gold and currency reserve," which guarantees the value of the national fiat currency.
Tether has also developed a special verification system that demonstrates the number of tokens in circulation. You can quickly check it using the Bitcoin blockchain with the tools provided by the service Omniexplorer.info. And this number should correspond to the total amount of dollars held in the Tether Limited reserve account. This balance is also regularly published and subjected to the checks of competent experts and financial auditors. However, ordinary users can also see the status of the company's accounts since this information, as well as financial audit reports, are in the public domain.
According to the developers of Tether cryptocurrency, they have an extremely reliable and transparent system, based on the oldest and most stable blockchain, giving their users the ability to work with stable assets in local currency.
Pros & Cons
USDT cryptocurrency has its own set of advantages and disadvantages, which you can review below.
Price stability. The highest level of predictability makes stablecoins suitable for a wider range of payment transactions. Thanks to USDT, cryptocurrencies can integrate into the credit market, which has been dominated exclusively by government fiat currencies.
Transaction speed. Financial transactions on the blockchain are objectively faster. For transactions with Tether, you don't have to wait for a third party to confirm the transaction. That means you don't have to pay the third party either.
Transparency. Transactions using USDT are recorded in a public ledger that anyone can monitor, unlike fiat currency.
Risk insurance. Traders and investors can use Tether for hedging investments. Allocating a certain portion of a portfolio to stablecoin is an effective way to reduce overall risk.
Protection. USDT has a high level of protection against attacks caused by fraudsters and hackers.
Centralization. Unlike some cryptocurrencies, stablecoins are mostly created by centralized entities that own the currency.
Outside audits are needed. Stable coins must be controlled by a third party.
Fewer price increases. Stablecoins don't have the potential for high profitability for investors like untied cryptocurrencies.
How Safe is It?
Using USDT is utterly secure because you deal with a centralized token developed on the decentralized Bitcoin and Ethereum blockchains. Furthermore, USDT is backed by $1, which is securely stored on balance with Tether Limited. The company also uses a reliable, independent Proof of Reserves audit.
With all the security measures that Tether Limited follows, nowadays, you can find safe Tether casinos on the Internet.
How to Get Starting with USDT Gambling
With a couple of clicks, you can enjoy playing at Tether online casino just as easily as you did with other currencies. All you need to start playing is to have USDT and sign up at Tether Casino.
Slots Empire Casino is the best online casino that accepts Tether cryptocurrency. Take a quick registration at Slots Empire and get access to a vast library of high-quality and provably fair Tether games. At this Tether Casino, you will be able to play for real money and test out the free games.
Where to Buy Tether?
The appearance of tokens was announced by the well-known cryptocurrency exchange - Bitfinex. For the first time, tokens appeared on it, and so far, this exchange accounts for the bulk of USDT trading. Other exchanges such as Binance, Poloniex, and Kraken also trade USDT, but you can generally buy tokens at almost any cryptocurrency exchange. Besides, tokens are sold at most cryptocurrency exchanges.
Tether account holders can store their coins directly in the system, they don't need an additional cryptocurrency wallet, but as an alternative, they can always use any e-wallet integrated with Tether.
The developers themselves recommend using a unique cryptocurrency wallet designed to store and transfer cryptos based on the Omni Layer protocol, which can be downloaded at www.omnilayer.org. Experts also mention Holy Transaction and Ambisafe Wallet, among other reliable e-wallets suitable for storing tokens.
The option to make a USDT deposit has not affected the availability of games at Slots Empire Casino. There is a vast game library waiting for you which offers to choose from the following categories:
- Tether Video Poker - improve your poker skills in this category by making a deposit with Tether and playing Bonus Poker Deluxe, Jacks, or Better, Double Jackpot Poker, All American Poker, and more.
- Tether Blackjack - Blackjack lovers can easily deposit with Tether and have fun playing Blackjack + Perfect Pairs, Blackjack, Suit 'Em Up, and other blackjack variations.
- Tether Slots - the best online slots by RealTime Gaming provider are easily accessible for you with a Tether deposit. Play fun and vibrant slot games such as Achilles, Twister Wilds, Lil Red, Cash Bandits, etc.
- Tether Roulette - if you like to spin the Roulette, then hurry up to deposit via Tether and start winning right now.
How to Deposit with Tether at Slots Empire Casino
During the registration process at Slots Empire USDT Casino, you will be offered to choose one currency for your casino account - USD, EUR, or AUD.
Speaking of deposits, besides Tether, the Slots Empire Casino offers 7 other convenient payment methods such as MasterCard, Visa, Bitcoin, Litecoin, Ethereum, Neosurf, and Flexepin.
You need to log into your account and select the "Cashier" section to make a deposit. Then, you enter the "Deposit" tab, where you can choose Tether as a payment method. The minimum deposit amount for Tether is $20; also, consider that USDT transactions can take up to 15 minutes to process. On top of that, Slots Empire Casino with Tether deposit cares about each player and does not charge any deposit or withdrawal fees.
Does Slots Empire Casino have USDT online casino games available on mobile devices?
Slots Empire positions itself as the best Tether casino. It has a user-friendly mobile casino version of the site, which you can access on Android and iOS mobile devices.
What is the minimum deposit limit via Tether?
The minimum deposit through Tether at Slots Empire Casino is $20, and the maximum deposit amount is not limited.
Can I play free Tether casino games at Slots Empire?
Absolutely. Enter the Slots Empire Tether online gambling site and choose the game. Then click on the "Practice" button and enjoy the free game mode.
Tether is a reliable cryptocurrency that is rapidly growing and has formed its own market by combining fiat money and crypto-assets using its unique concept. Thus, USDT provides its clients with the best platform for exchanging fiat money into cryptocurrency available in almost in every jurisdiction.
Tether has the best features of fiat money and cryptocurrency, being a transparent, secure, and stable cryptocurrency, providing users with high-quality services, and developing in the gambling industry.
Today, everyone can safely and conveniently play online casinos with Tether cryptocurrency. You can deposit at USDT casinos, such as Slots Empire Casino, and get access to the famous and top-quality games from the best providers.