Join us as we determine whether stablecoins like USDT offer a safer and more trustworthy online gambling experience than volatile decentralised cryptocurrencies like Bitcoin.
Thanks to the advancements in, and a general understanding of, the blockchain and its merits, there is an increasing demand for casinos and games of chance on this groundbreaking new platform.
The adoption of the blockchain was undoubtedly driven by the incredible story of the rise and fall of Bitcoin. Even though it is far from its $60,000 BTC peak, it is still considered the leading decentralised currency in the world.
When it comes to wagering online with cryptocurrency, Bitcoin’s biggest strength is its biggest weakness – it is a decentralised token.
The cryptocurrency rose to fame thanks to its meteoric rise from 2010, when 10,000 BTC could be traded for two Papa John’s pizzas, to November 2021, when the token price reached an astounding $65,521 for a single coin!
However, since its value is based on the whims of its investors, this massive spike was followed by an inevitable crash which saw the coin fall to a low of around $16,000 BTC within a year of its record-breaking high.
Since then, the market leader has slowly been working its way back up, with 2023 prices ranging between $16,000 and $30,000. This volatility has raised the question: Is Bitcoin the ideal crypto-gambling solution?
The marketplace response to the volatility of the DeFi (decentralised finance) vehicles like Bitcoin was to launch a more manageable currency, so stablecoins were created.
When stablecoins were first introduced to the crypto community, they were met with a lot of resistance.
The reason for this resistance was that when Satoshi Nakamoto wrote his treatise on digital currencies and launched Bitcoin as a living case study, it centred on the populace being able to take back control of their wealth rather than leaving it in the hands of the government and the incredibly fallible global banking systems.
He hypothesised that the value of a currency should stem from its usability. He envisioned BTC becoming a global peer-to-peer exchange token that would allow individuals to buy and sell with one another in an environment that would exclude the market manipulations seen worldwide.
Stablecoins, however, were the antithesis of this belief in that while they were blockchain-based virtual currencies, they derived their value from a pre-existing currency or precious commodity.
There are four core stablecoin pricing methodologies:
As you can see by linking their value to products that Nakamoto saw as being manipulated by outside forces such as the government, this type of token had no value in his worldview.
Despite not fitting into the Bitcoin creator’s vision of a genuinely free market economy, stablecoins are an incredibly valuable safety net for those who invest intelligently in DeFi.
By offering users a stable value proposition, investors have been using stablecoins as a storage vehicle for when Bitcoin, Ethereum and other DeFi token prices begin to shift dramatically. Moving their DeFi holdings into stablecoin products secures the value while keeping it on hand to be quickly reinvested once the market stabilises.
Thanks to its high value and high market volatility, Bitcoin gambling is gaining a reputation for being a niche product. It is not uncommon to have the price of BTC drop or climb by thousands of dollars within minutes, which can wreak havoc on any financial planning.
If we abide by the tenants of safer gambling, it is necessary to set a budget and always be able to track how much is being wagered – this is where stablecoins like Tether (USDT) shine.
USDT is one of the leading stablecoins for online gambling because its value is pegged to the value of the US dollar. This allows most online gamblers to easily track their deposits, wagers, and withdrawals with the confidence that there will be no earth-shattering shifts in the value of their deposits or, worse yet, their losses.
In our opinion, this stable value proposition makes gambling with tokens like USDT the ideal solution for players managing their budgets closely while actively engaging with the crypto space.
If you are interested in making a move from fiat currency gambling to crypto gambling but need a safe and secure way to do so, here are the benefits of stablecoins:
We have partnered with leading crypto gambling sites like Fairspin Casino and Coinplay Casino, which offer incredible game selections, quality customer service, and enticing stablecoin casino bonuses for new and existing players.
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