What is cryptocurrency?
Simply put, cryptocurrency is a virtual form of money that enables owners to purchase goods and services. This new form of fiat money might at first not seem much different from using traditional monies (USD, Euros, Yen, etc), but the distinct difference with crypto is that it is not heavily influenced by one central power, such as banks or government.
What makes cryptocurrency valuable?
If you think of the influence banks and government have on currency today, then you probably are familiar with how a currency can be devalued. Corruption, hacking, and major shifts in the economy can cause a central power like a bank or governing body to greatly decrease the value of a currency.
Cryptocurrency aims to eliminate any central power by being decentralized in nature. Unlike traditional monies that are linked to one major power, crypto lives through several networks or nodes, each allowing for crypto holders to transmit information individually across an entire network. Even if one node goes offline the entire network will remain intact, making crypto resistant to shutdown, censorship, and corruption.
What’s the benefit of using cryptocurrency?
The ability for crypto to remain resistant to major external forces while still providing monetary value is what makes it so attractive to investors. Today, individuals are seeking more ways to protect their money from uncertain economies and cryptocurrencies seem to provide this solution.
How do exchange rates for cryptocurrency work?
The exchange rates of cryptocurrency have a tendency to fluctuate rapidly throughout the year. You might hear in financial news about major dips that Bitcoin has made within a period of a few days. This is nothing new to the crypto world and it is something that you should prepare yourself for if you are looking to invest in crypto.
If you are curious about just how unpredictable the exchange rates of crypto can be, take a look at the Bitcoin value in 2018 when it tumbled 83% but how Bitcoin rose 87% back in value during 2019.
Despite the rapid fluctuation of exchange rates in the crypto market, the ideology behind its security and independence from a central power still makes it quite attractive. You’ll just need to properly educate yourself before buying any cryptocurrency.
To better prepare yourself for turbulent times in the crypto market, it is best to familiarize yourself with basic crypto trading fundamentals. By doing your research on how to buy, sell, and analyze crypto, you’ll be better prepared to know when to make quick trade-offs and when to buy.
Two high-level methods to familiarize yourself with if you plan to be dedicated to crypto trading would be fundamental analysis (FA) and technical analysis (TA). Fundamental analysis will analyze the economic and financial factors that play a part in determining the value of crypto. Technical analysis aims to analyze trading and investment opportunities based on the strengths and weaknesses of several markets.
What is Tether?
If you are interested in owning or trading crypto but are reluctant to do so because of the rapidly changing exchange rates, then Tether crypto might be what you are looking for. Tether differentiates itself in the crypto market by combining the worlds of traditional currency and crypto together.
What are the benefits of using Tether?
The ability of the Tether coin to join the benefits of crypto with most traditional currencies in the world offers a unique benefit to owning it. Unlike most cryptocurrencies that provide freedom from the central power, Tether is a 100% reserve-backed crypto. Some of the financial reserves that back Tether include gold, traditional currency, and cash equivalents. The Tether price is also 1-to-1 pegged by the dollar, meaning that 1 Tether (USD₮) is valued at 1 USD.
Tether also offers all the secure and transparent benefits that crypto offers. You can access records on the value of Tether which is published daily. When converting cash into digital currency with Tether, you’ll anchor the price of the converted currency to the Tether purchased.
Having a traditional currency tied to Tether will offer greater stability for the crypto in the exchange rate market. While the value of other cryptos may bounce around, Tether may prove to be more resilient to rapid exchange rate changes.
What are the challenges with using Tether?
Tether doesn’t come without its fair share of challenges when owning it. There are certain cons that may affect your choice when considering to buy Tether.
Researching the best wallet and exchange to buy Tether might be a tad time consuming but you will be happy you did it in the long run. To give you a bit of a head start, you might want to look into using the USDT ERC20 wallet and using the Coindirect exchange or Binance for trading and storing your Tether coins.
Audits of Tether reserves are also not made public, unlike the value reports of the currency itself, so there is a fear that there might be some money laundering happening. Although this is a potential fear it is still not confirmed so it might not be true.
Why Tether is good for esports betting?
One major usage of cryptocurrency today is within the esports industry, mainly with esports betting. Although most crypto betters turn to use Bitcoin or other major crypto names for bets, Tether offers a new option to use when placing bets on esports matches.
Those who enjoy esports tend to be interested in cryptocurrency, and as we learned before, a major concern for crypto holders is the unstable exchange rate. Tether esports betting can offer a new alternative that offers more security for those placing and receiving the crypto bet. Just like any other crypto, quick withdrawals, deposits, and transfers are available for Tether holders.
Few esports betting websites and platforms like Thunderpick are also starting to offer crypto options. Definitely check and make sure that Tether is one of the accepted options before placing any bets.
How Tether improves the bettor’s experience?
Those participating in esports bets will not have to worry about Tether’s value decreasing within a week or so. Everyone can rest assured that having a traditional monetary reserve backing Tether will give it more stability.
Betting with Tether can also allow holders to enjoy all the benefits of using a cryptocurrency. Those benefits include its ease of use, low rejection rate, and availability for quick withdrawals and deposits.
Why choose Tether over other cryptocurrencies?
Bitcoin, Litecoin, and Ether betting might be more widely accepted, but they are vulnerable to an unstable future. Tether offers the best of both worlds with its reserve backings along with its nature of acting like a typical cryptocurrency.
Overall it is the security Tether has with reserve backings, security encryption, and transparency into its market value that make it an option worth looking at. If you are active in sports or esports betting then you might want to consider Tether for placing your next bet.
Thunderpick accepts deposits and withdrawals in tether along with many other cryptocurrencies. No matter when, where, or how you want to bet on esports, bet on esports with Thunderpick.