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Tether 101. A beginners guide

Tether 101. A beginners guide

Fri Apr 24 2020 00:49:00 GMT+0000 (Coordinated Universal Time)

The latest addition to the Bitcasino gaming platform and the fourth most powerful global cryptocurrency on the market today, Tether USDT (originally a traders coin) is gaining widespread acceptance across the globe as more and more people come to recognise its potential. Here’s what you need to know to get started. 

What is Tether USDT?

Much like its shiny counterparts, Tether is one of many block chain based cryptocurrencies out on the market today, but with two very big differences.

  1.  Tether is a Stable Coin.
  2.  Tether is backed and supported by a recognised world currency.

So, before we go on, let’s break these points down a bit, starting with the million-dollar question. 

What is a stable coin?

As the name suggests, stable coins are cryptocurrencies designed to go up or down in value far less frequently than their crypto counterparts.

They have a fixed price attached to them and, while other crypto coins are subject to bob and weave or rise and fall according to the dictates of the market, the buying/selling price of Tether will remain set in stone. 

What currency backs Tether?

Short answer? The United States Dollar is the one and only governing entity behind Tether (USDT). 

There are other Tether network branch offs in the pipeline for Japan and certain countries in Europe (with more on the way) but nothing has landed fully and USDT is running in the lead (for the meantime anyway)

So, why the cross over between crypto and fiat?

What better way to grow the credibility of Tether to an all-time high than by aligning it with one of the strongest currencies in the global economy today. 

Instead of letting the coin fly through the ether unnoticed as an untested element of speculative investment (having not been established to the extent of Bitcoin or Ethereum yet) the US economy has instead cemented Tether as a real-world solution to liquidity and a means to be adopted as

  • A legitimate mode of storage
  • A reliable medium of exchange

The US Dollar backs every single USDT coin in circulation in the hopes of building a permanent bridge between digital and fiat money. This, in turn, generates 3 real word gains for anyone adopting and using the coin. 

What are the benefits of USDT?  

  • Stability
    Currently trading at $1 a coin, Tether pays homage to “what you see is what you get”. Every time you log on to an exchange platform to buy more USDT, the rate will stay fixed and the value won’t stand to plummet down because of changes in the market. This is also the reason why it’s the staple go-to coin of crypto investors. According to the Wall Street Journal “over 80% of all bitcoin trading is now done with Tether.
  • Transparency
    One of the biggest benefits of USDT is the degree of straightforwardness it’s brought to the sometimes murky, oftentimes confusing world of cryptocurrencies. And, let’s face it, a digital currency backed by the United States government does a heck of a lot for the PR and adoption of crypto as a whole. The company also shares full details of the existing coins in circulation with the public. So, yay us!
  • Security
    Being a firm part of the famously grid tight Blockchain network, the USDT security protocol is up there with the best of them. The company also adheres to stringent KYC/AML protocols, further solidifying its reputation as an above board digital asset.

So, the above should have given you a small window into the interesting world of the USDT coin. Now that you’ve got the basics, it’s time to get your hands on some of that crypto goodness. As a first step, you’re going to need a wallet to store your assets. 

Where do I store my  USDT?

 Below is our pick for a wallet to start you off with. There are a variety of wallets on the market today and as you become more familiar with Tether, you can try them out for yourself. 

Coinomi (desktop wallet)

This well-established crypto wallet has been around since 2014 and currently stores over 500 different crypto coins. It’s quick to install and easy to set up. The wallet is available on Windows and app, but for simplicity sake, we’ll take you through the Mac version

Step 1: Go to Coinomi.com and click the download button in the top right-hand corner. 


Step 2:  Select the Mac OS operating system and download. 


Step 3: Save the file

Step 4: Go to your download folder. 

Step 5: Click to run the program and install

Step 6: Once loaded, you’ll be taken to the Coinomi home page. Select Create new wallet


Step 7: NB!! The system will now give you your wallet recovery phrase. KIf you lose or forget this there is NO OTHER WAY TO GET IT BACK. So, write it down, although it would be more secure to memorise it. Once written down, select next.

Step 8: A box will now pop up prompting you to create a password. 


Step 9: Lastly, after clicking confirm and drop down will appear on screen with a long list of coins. Select Tether (and any other coins you may want to store in the future)

Step 10: Congratulations! You now have a shiny new crypto wallet to keep your assets in 

How do I buy USDT?

 

Last but certainly not least, a wallet doesn't count for much without the coin to go with it. So, just how do you get your hands on some USDT? Well, you’ll need to sign up to a trusted crypto exchange and buy it from there. 

 

Here is our pick for a cool exchange to start out with

Binance (desktop wallet)

Arguably one of, if not the most established crypto exchanges in the world today. Binance has been around since 2017 and trades over 200 altcoins as of today. Here's how you get yourself set up on their exchange.

 

DISCLAIMER: There are no direct ways to purchase USDT straight. You would first need to purchase Bitcoin from Coinbase (or a similar exchange) first. Once you have a supply of Bitcoin then you’ll be able to move onto USDT.

 

How to register an account on Binance.

 

Step 1: Head over to Binance.com

 

Step 2: Click on the register button in the top right-hand corner of the page


 

Step 3: Enter your email and password, agree to the terms and click continue. 


 

Step 4: Enter 2FA (for locktight security)

Step 5: Presto! You're done!

 

Once you’ve transferred your BTC from you Coinbase account to your Binance account, you will need to purchase USDT by: 

 

Step 1: Navigating to the USDT icon at the top right hand corner of the exchange platform.

Step 2:  Click on BTC/USDT and sell your BTC in exchange for USDT

 

Step 3: Go to your account dashboard to verify your USD amount and after that click continue

 

Step 4: The amount will automatically be credited to your account and it should appear within a matter of minutes. 

 

We hope that the above has given you a small window into the world of USDT Tether. Happy gaming from the team at Bitcasino. 

 

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Words: Geoff Kukard