What is Tether (USDT)? - Crypto Betting Coin Explained
Tether (USDT) is one of the most popular stablecoins, a type of cryptocurrency that is designed to be stable and less volatile in price compared to other digital assets. It’s the largest stablecoin by market capitalization and can be traded online and used to make deposits and withdrawals at Stake.com.
Find out what Tether is and how to use it in this guide.
What is Tether (USDT) & How Does it Work?
While cryptocurrency was originally designed as a means of moving money and making online payments, investors and speculation have made prices very volatile. The price of Bitcoin and the value of the crypto market in general often undergo significant changes. Although these can be useful for traders and investors, it makes it difficult to use cryptocurrency like a traditional currency as prices relative to the value will change.
US Tether was initially launched as RealCoin and is pegged to the US dollar, although there are also Euro, Chinese Yuan, Mexican Peso and even gold. A pegged currency is any asset that is backed by reserves of the asset it’s pegged to. For every USDT in circulation, the company that owns the stablecoin must hold an equal amount of US dollars.
Because the trading value of Tether moves with the US dollar, it’s protected from fluctuations due to market conditions. Tether provides a real-time breakdown of its dollar reserves on its website, offering full transparency to users. The stable value of the coin means it can be used just as real money, but still with the benefits that other digital currencies offer such as fast transactions, no borders and low fees.
What is the History of Tether Coin?
October 2014 – The precursor to Tether, known as RealCoin, was launched on the Bitcoin blockchain.
November 2014 – RealCoin was renamed to Tether and announced it would be launching a token for USD, EUR and YEN.
January 2015 – Bitfinix became the first cryptocurrency exchange to trade Tether.
November 2017 – A hard fork is of the Tether blockchain is activated after hackers gain access to $31 million.
August 2018 – Tether accounts for 80% of the volume of Bitcoin trades, and $500 million in Tether is issued.
October 2018 – Due to fears over outstanding Tether, the price of the stablecoin drops to $0.88 as traders swap their Tether for Bitcoin at crypto exchanges.
If you already have USDT, you can choose Deposit, select Tether and your preferred network, and then copy the deposit address.
Paste the USDT deposit address in your crypto wallet and choose the correct network. Double-check that these are correct, as crypto transactions are irreversible.
Once the transaction has reached a set number of confirmations on the network, your funds will be available to bet with.
If you don’t already have USDT, you can also purchase it with local currencies using Moonpay and Swapped.com to buy your chosen crypto. Simply link your payment method from one of the available options and choose how much you’d like to purchase.
Withdraw USDT
Make a withdrawal from your Stake account using Tether by following these steps:
Open your wallet and confirm it has enough to cover the minimum withdrawal.
Paste your personal wallet address and double-check that it’s correct.
Enter the amount you’d like to withdraw and confirm.
If you encounter any issues while trying to make deposits or withdraw funds, you can contact the customer support team for assistance.
Best Slots & Sports to Bet on with USDT & Tips
Using Tether, it’s possible to play any of the games at Stake, including our huge collection of slots. Online slots offer more excitement compared to their offline counterparts, with more bonus features and paylines, plus better graphics and interesting themes. Aside from slots, you’ll find a range of table casino games like blackjack and roulette, and there are games with live dealers too. All the games at Stake are provided by the best software developers.
Sports betting is possible using Stake too. You’ll be able to open the sportsbook and view a range of pre-live and live betting options, with thousands of events covered every day. Opening a match brings up the stats plus all available betting markets. If you’re live betting, live streams are also available on lots of different sports. Soccer, basketball, cricket, Esports and more are all available to bet on.
How is Tether Different to other Crypto Coins on Stake?
Tether stands out from most other crypto assets because it’s a stable asset. This means its price is less affected by market volatility, so you won’t have to worry about your digital tokens being less than the previous day. If you deposit $10 in USDT, it will still be worth $10 at any time.
Most cryptocurrencies are designed around decentralized finance, with no controlling organization or person behind them. However, Tether is fully controlled by Tether Limited, which makes decisions about its assets and other aspects of the business. This is the antithesis of one of the most important aspects of cryptocurrency like Bitcoin, which means some users don’t trust it.
Tether can be used on a variety of different blockchain networks, giving users a choice over which network they use. This is helpful for reducing network congestion, resulting in faster transfers and lower fees for users.
Security & Advantages of Using Tether
There are lots of advantages to using Tether for secure deposits and withdrawals at Stake, including:
Stable price – The price of Tether is normally always $1, with very little fluctuation even if the cryptocurrency market crashes. This means the value of your funds won’t decrease or increase without warning.
Linked to US dollar – The link to the US dollar means the price of Tether is stable compared to volatile cryptocurrencies. It also makes it much easier to see how much you’re gambling without having to convert the value.
Fast payments – Tether is best suited for fast online payments, with most transactions completed within just a few minutes.
Multiple networks – You can choose which network you use to send your coins, giving you more choice over fees and transfer time.
Not linked to payment details – When you use Tether to make online deposits and withdrawals, you won’t have to enter your payment details, which improves the security of your transfer and makes crypto gambling safe.
Secure in the vault – To make paying with crypto even safer, Stake offers a secure vault with 2FA for you to store your Tether. For more information on crypto security, read our guide to securing your coins safely.
