Tether is a cryptocurrency issued buy Tether Limited in 2015. It refers to Stablecoins, which means, its value is fixed and link to some fiat currency (in the case of USDT to the US dollar). This connection and the exchange rate maintained by the developers of this digital currency, they keep a reserve of dollars equal to the amount of USDT to support the currency. Tether is issued by the Omni, TRON, and Ethereum blockchains and has been steadily increasing market capitalization. It ranking third to date.
There are currently 35 billion tokens in flow with a total capitalization of USD 37.08 billion. According to the latest publication by Moore Cayman (auditor of Tether Limited), the USDT developers hold $ 30.8 billion in commercial paper and $ 6.28 billion in cash or bank deposits accounts.
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Distinctive features of Tether
The main difference between Tether over most cryptocurrencies is the stability of the exchange rate. Each coin is backed by an equal amount of fiat assets. But this doesn’t mean that the price of a teacher is always the same, if the dollar price changes, the USDT rate will change too.
Unfortunately, this connection makes the creator’s statement about the decentralization of the currency not realistic, since it’s impossible to ensure the stability of the dollar exchange rate without a centralized system. The operation of the Tether currency depends on the permission of the authorities and the support of banks, but it is also built on interaction with independent cryptocurrencies. It turns out that USDT interacts with other currencies, but differs significantly from them on the main qualities.
Why Tether is good for playing at the casino
Tether is a stable cryptocurrency with a fixed rate and its developers maintain transparent daily reporting, which will allow you to make sure that all USDT turnover meets the reserve (although it isn’t so smooth like they say).
Tether allows gamblers to use the coin for holding assets without worrying about volatility. USDT has a long history of use and widespread adoption. In most cases, Tether is used as an electronic dollar, it’s bought in order to keep their assets from depreciation. For example, when Dash coin drops, you can use USDT to protect your digital money. And in the case of a sharp rise, you can quickly buy it back, as converting Stable coin to crypto is quick and easy. In fact, the only feature of Stablecoin (linking of rate) provides several advantages for Tether casino at once:
- Tether can be named as a “fast dollar” – since transactions in USDT, because of the blockchain technology, take a few seconds. So, you can by Tether, make the transfer to any part of the world almost instantly, and then buy dollar back;
- Transfers between Tether wallets cost almost nothing, and exchange fees between different cryptocurrencies are very low. Compared to them, transfers of international banking systems like SWIFT have an extremely high commission. When it comes to international payments, it will be cheaper for you to buy a Tether, make a transaction, and then buy a dollar again. This can be useful for you if you want to play in a foreign online casino;
- Most cryptocurrencies are characterized by high volatility, but it’s not about Stablecoin. USDT attracts gamblers who don’t want to lose money on a collapse during a transaction. When exchanging one cryptocurrency for another, the exchange rate of both currencies can change, and when exchanging Stablecoins, you only need to worry about the rate of fiat currency.
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Unfortunately, in addition to the strengths of the USDT casino, it also has a number of weaknesses, which are the negative effects of linking to the dollar:
- Analysis of Stablecoin transactions showed that most of the tokens are concentrated on 100 wallets, which creates risks of manipulation of the coin rate;
- On the official website tether.to says that 100% of “tokens are backed by reserves.” However, after the Commodity Futures Trading Commission sent Tether Limited a subpoena due to doubts about the veracity of this statement. After that, the developers said that the collateral is only 74% and part of the collateral is securities and money borrowed. At the same time, the company refuses to check these figures by an independent auditor;
- At the network, you can find various information about hiding the real state of reserves, as well as manipulating the Bitcoin exchange rate in conjunction with Binance. Thanks to these manipulations, false trading volumes are created, thanks to which USDT is in first place among all cryptocurrencies in this parameter.
Tether, by itself, is an interesting project and is gaining popularity and has already attracted the interest of many gamblers. Also, despite the negative press and suspicions of fraud, Bloomberg predicts that the USDT will displace Ethereum from the position of the second-largest digital currency by capitalization. This is a good sign that confirms that casino Tether is a good alternative to other crypto gambling sites. And this means that in the future more and more new tether casinos will appear. As an additional argument could be considered the fact that all the disadvantages of USDT aren’t associated with gambling, but the advantages affect by the straight line. For confirmation, let’s take a look at the pros and cons again (this time in short):
- Fast transactions;
- Low fees;
- Low volatility.
- The opacity of management and main holders;
- You cannot trust statistics and find out real data about the currency.
Frequently Asked Questions about Tether casino