Last updated on June 23rd, 2022
Tether USDT is a digital currency available to use as your payment method on the VOdds platform. Learn more about how it works and why it’s convenient to use so you can bet safely using Tether USDT.
Using Tether for Sports Betting
The idea behind USDT is a complete peg to real (fiat) money. The USDT token stands for the digital equivalent of the American dollar. The letter T, short for Tether, is added to the currency designation. Visit their website for more details.
You can open a Tether coin wallet without downloading any application on your computer or mobile device. You may simply register on their crypto exchange websites.
There are many advantages to using USDT:
- Instant internal transfers;
- Secured transactions with cryptographic protection of funds during storage and transactions, which is provided by the bitcoin encryption algorithm. Confirmation and verification of transactions through the Factom system, which works on the principle of simple proof of confirmation of reserves, or Proof of Reserves, it also audits user replenishments on wallets;
- Interest-free deposit and withdrawal of funds through cryptocurrency exchanges;
- The USDT to USD exchange rate is held in a 1: 1 ratio and independent auditors constantly check the ratio of the fund’s assets to the financial statements;
- The number of tokens in circulation is equal to the amount in the bank account. Tether Limited publishes the bank account balance on their “Transparency Page” to demonstrate the fulfillment of this condition and increase confidence in the system.
- Each USDT block is backed by USD;
- With Tether, USDT can be transferred significantly faster between users than through bank transfers, with fees only applied when using third-party wallets that are not owned by the company. A small commission is charged when depositing fiat funds, usually in the range of $1.
- Rates will closely mirror those at kraken.com.
With USDT, a stablecoin, cryptocurrency valuations can remain stable, unlike the wide swings that are observed in the prices of other popular cryptocurrencies. Confirmations are usually made within minutes after the transaction.
The number of tokens in circulation is equal to the amount in the bank account. Tether Limited publishes the bank account balance on their “Transparency Page” to demonstrate the fulfillment of this condition and increase confidence in the system.
VOdds is among the few betting sites that uses USDT. Contact our customer service team to change your payment method if you already have a VOdds account.