What Is Tether And Its Advantages?
When it comes to crypto gambling, there’s nowhere better than Bovada. Whether you’re live sports betting or looking to play your favorite real-money casino games, Bovada lets you gamble on it all with your preferred cryptocurrency. While Bovada accepts popular cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETC), players can also make crypto deposits in USD Tether (USDT).
One of the largest cryptocurrencies in the world based on market value, Tether is a popular stablecoin that can be used for real-money betting at Bovada’s online casino and sportsbook. USDT works differently than cryptocurrencies like Bitcoin and Ethereum because it’s pegged to the US dollar. This article will provide a clear explanation of exactly how Tether works and how it differs from other cryptocurrencies. We’ll also take a look at the many benefits that come along with crypto betting at Bovada.
What is Tether?
You’ve probably already heard about major cryptocurrencies like Bitcoin and Ethereum, but what about Tether? USDT may be another form of crypto, but it operates far differently than Bitcoin and other digital currencies. Tether is a stablecoin; this means that it’s directly tied to a real-world asset. In the case of USDT, the coin is connected with the US Dollar. As a result, the value of a USDT token should be equivalent to USD $1.
The value of most cryptocurrencies can be extremely volatile, but tying the coin’s value to a real-world asset helps provide stability. While the value of some coins can fluctuate wildly, USDT is usually valued at exactly USD $1. This provides a level of stability and reliability that other cryptocurrencies like Bitcoin cannot. Additionally, Tether’s recent surge in trading volume and overall popularity had made it more accessible than any other stablecoin out there.
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How Does Tether Work?
When someone places a fiat deposit into Tether’s reserve, they are selling their fiat to purchase USDT. Once the deposit is made, Tether issues the appropriate number of digital tokens. For example, if you were to deposit USD $500 in the Tether reserve, you would get back 500 Tether tokens in return. These tokens can be stored in a digital wallet, used at an online exchange or sent as a form of payment or deposit. The only way USDT tokens can be removed from circulation is when they’re used to purchase fiat currency.
How Does Tether Differ From Bitcoin?
As touched on earlier, the main difference between Tether and Bitcoin is that Tether is a stablecoin that’s tied to a real-world commodity. In the case of USDT, that commodity is the US dollar. This is far different than Bitcoin, which is not connect to any real-world commodity. Bitcoin is also well known for its decentralized blockchain, but Tether is a centralized form of cryptocurrency since it’s tied to the US dollar. While Bitcoin sits atop a crypto market that’s flooded with decentralized coins and wild price fluctuations, Tether stands apart. It may not help you get rich like Bitcoin, but is an effective tool for storing value outside of fiat currency.
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How Should Tether Be Used?
We’ve all heard the stories of crypto traders getting rich overnight after buying a hot coin at the right time, but that’s not how it works with Tether. This cryptocurrency was is not to be used as an investment like Bitcoin or Ethereum. The good news is that while the value isn’t likely to go up, it’s also not likely to go down since it should always equal one US dollar.
Tether’s value may not explode overnight (or at all) but it can be quite useful as a digital tool in today’s digital world. While many crypto traders use USDT for buying other cryptocurrencies from an exchange, it’s also become a popular currency for real-money betting at Bovada!
Advantages Of Tether
As a leading online crypto casino and sportsbook, Bovada accepts a number of leading cryptocurrencies, including Tether. Since the value of USDT is pegged to the US dollar, it’s easy to figure out how much money will be added to your Bovada account balance. Using crypto at Bovada comes with some great benefits and can even help to boost your bankroll, giving you more money to bet with on all your favorite casino games and sporting events. Here are just a few of the advantages you’ll enjoy when you make a Tether deposit at Bovada:
- No Added Fees
If your tired of having to pay high fees to make a credit card deposit, you may want to consider playing with a cryptocurrency like Tether. Bovada doesn’t charge any additional fees to your deposits, making it one of the most cost-effective options for topping up your account balance.
- Better Limits
Crypto players enjoy tons of great perks at Bovada, including better deposit and withdrawal limits. By playing with Tether or one of Bovada’s other approved cryptocurrencies, you’ll benefit from lower deposit limits and higher withdrawal limits compared to other methods.
- Faster Deposits & Withdrawals
If you’ve ever made a deposit and had to wait for the funds to come through to your account, you know how frustrating the experience can be. Crypto deposits and withdrawals are the quickest way to get money into and out of your account, with 99% of transactions completed in as little as 60 seconds.
- Guaranteed Deposits
Since most credit cards are tied to various financial institutions, they can sometimes be declined when making a deposit at Bovada. This will never happen with deposits using Tether or another accepted cryptocurrency, as these transactions will always be successful and have the funds placed in your account nearly instantly.
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Want to keep learning about USDT and all of our available cryptos? Head over to Bovada and check out our crypto Frequently Asked Questions (FAQ) section to discover even more great benefits of betting with crypto. You can also find out more information about crypto gambling by heading over to our crypto casino articles. Whether you are looking to play at our bitcoin casino or enjoy bitcoin sports betting, to get started you need to sign up to Bovada today. Once signed up, indulge in some online casino games, such as Hot Drop Jackpots and online Blackjack, or betting on the NFL, NBA and more!