Best Crypto Casinos That Accept Tether (2024)

Tether has become one of the most common cryptocurrencies and one of the first-ever stable coins in existence. This alone has helped the crypto gain massive popularity and become accepted in many different circles-including online gambling.

In this article, we will look at the best online crypto casinos that accept Tether. We will also look at how this stable coin emerged, how it operates, and what you should know about it if you plan on using it to gamble online.

History of Tether

Initially launched as Realcoin, Tether was launched in 2014. It was renamed to Tether later on in the same year. The concept behind the coin was to issue different versions of the coin-namely USTether, EuroTether, and YenTether-on multiple different blockchains.

The coin was also designed to be a stable coin. This means that one Tether will always be worth one of which every currency it represents (e.g. one USDT is equal to US $1). This was said to be backed by the company Tether Holdings Limited.

How Tether Works

As mentioned, Tether doesn’t have its own blockchain. Instead, Tether is issued by multiple different blockchains including Bitcoin, Tron, Ethereum, EOS, SLP, OMG, and Algorand. These stable coins operate in the same way as any other crypto.

This means that every transaction made with a coin is added to a block. These blocks are verified according to their specific blockchain protocols and then added to the blockchain. Once these are written to the blockchain, all transactions within the block are confirmed and new Tether is released.

Because Tether operates on other blockchains, the transaction speed is also dependent on which blockchain your Tether is being processed on. Tether that is processed on the Bitcoin blockchain can take up to ten minutes to complete, while Tether on the Ethereum blockchain takes only two and a half minutes.

We should also mention again that Tether doesn’t gain or lose value-in theory. This was proven wrong in 2017 when the stable coin dropped to be worth only US $0.88 after the company was found to be lying about having money in reserve to guarantee each coin at US $1.

However, the currency does, as a standard, keep its worth at US $1-making it one of the preferred options if you are someone who doesn’t want to risk your money with the volatility of other cryptos.

Tether Fees

Unfortunately, because Tether doesn’t operate on its own blockchain and instead works off other crypto blockchains, there is no set or average service fee for trading it. While Tether itself doesn’t charge any service fees, the blockchain network that it is running on does.

This means that if you are transacting with USDT on the Bitcoin blockchain, you could pay service fees between US $2 and US $4. However, if you are transacting with Tether on the Ethereum blockchain, these fees will generally be between US $2 and US $3.

Tether Wallet Requirements

There is no specific crypto wallet that you need to use when storing or transacting with your Tether. That said, there are recommendations that you can follow-especially if you regularly deposit into your crypto casino player account or withdraw winnings.

One of the recommendations if you regularly transact is to use a mobile wallet. These offer easier transactions but are slightly less secure than other wallets.

Storing large amounts of Tether should be done using either standard PC wallets, paper wallets, hardware wallets, or cold storage.

Pros of Gambling With Tether

While Tether enjoys some benefits that other cryptos offer, it also has some unique ones due to it being a stable coin. Some of these are:

Security

Because Tether operates on other blockchains, it comes with the advantage of having the security of known and trusted blockchains. This means that you can spend more time enjoying your favorite casino games and less time worrying if your money or transactions really are secure.

Stability

As is the hallmark of a stable coin, one of the undoubtedly best features of Tether is that it is worth a constant amount. While this may work against you in that the coin will never gain value like other cryptos, it also secures you against any losses that may occur due to a market crash or any other event.

Largely Accepted Online

Another perk of running off of other crypto blockchains is that Tether is becoming widely accepted relatively quickly-mostly because it operates on chains that are already trusted. This is especially true in terms of crypto casinos. Therefore, it shouldn’t be too hard for you to find a casino to spend your Tether on.

Cons of Gambling With Tether

While Tether offers some great advantages, there are also some disadvantages to using the stable coin to gamble. Some of these include:

Static Worth

While the stability of the value of Tether is also an advantage, it can work against you in that your coins will never be worth more than what they are today. Unlike other cryptos-whose worth can suddenly increase astronomically-1 USDT will only ever be worth US $1 (or the currency equivalent).

Transaction Times

Even though Tether operates on some of the faster blockchains (such as Ethereum), Tether transactions could take longer to confirm if they operate on blockchains like Bitcoin’s. This may not be a problem if your chosen casino offers instant deposits but may be slightly annoying if you have to wait to play.

Service Fees

Another downside to Tether operating on other blockchains is that you may never know exactly what service fee you will be paying beforehand. This is because the fee is dependent on which blockchain you are using to process your transaction.

Tether vs. Other Altcoins Comparison

To see how Tether compares to other altcoins and the original Bitcoin, take a look at the table below:

Tether - Conclusion

Tether certainly does things in a unique way. This is especially true considering it doesn’t operate on its own blockchain and instead depends on other cryptos' blockchains.

Its value is also “tethered” to the US dollar, so it will never experience the major ups and downs that are commonplace with other popular cryptos.

However, it also comes with some drawbacks, such as transaction fees and times that vary depending on which blockchain it’s operating on.

Either way, if you are looking for crypto to gamble with that doesn’t involve much risk, then Tether is certainly one of the best options out there today.