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USDT stablecoin for online poker: full guide
USDT combines the anonymity of cryptocurrencies and a stable US dollar exchange rate. Therefore, it is unsurprising that stablecoin has become one of the most popular methods for deposits/cashouts in online poker sites in just a few years. What are the main features of Tether USDT and its use for poker transactions? You will learn from our article.
Which poker sites accept USDT?
| Poker site | Networks | Limits (Deposit) | Limits (Withdrawal) |
|---|---|---|---|
ERC-20 and TRC-20 | $20-$100,000 | $20-$100,000 | |
ERC-20 | $10-$25,000 | $50 — $10,000 | |
ERC-20 and TRC-20 | from $10 | $25-$3,000 ($15K week, $45K month) | |
Champion Poker | TRC-20 | $50-$5k | $50-$5k (limitless option) |
CoinPoker*** | ERC20 and Polygon | €20-€3,000 | €10-€3,000 (€49,999 month) |
ERC-20 and TRC-20 | ₽600 | ₽2K-₽500K | |
Vbet FTN Poker | ERC-20,TRC-20, BEP-20 | frp, $1 | $5-$10,000 |
GGPoker***** | ERC-20 | $10-$50,000 | $50-$50,000 |
ERC-20 and TRC-20 | $15-$5,000 | $20-$5,000 | |
ERC-20 and TRC-20 | $3-$1,500 | $3-$1,000 ($6,5K day) |
*Only the first $2,500 per month is withdrawn without commission. From any cashouts after this amount, the commission will be 5%.
**Deposit and cashout commission is 2% for conversion and 0.07% for transfer.
***No commission is charged in the Polygon network. You can use exchange wallets for deposits only in a special section of the cashier, “Deposit from exchange." A commission from 2.5% (up to $99,999) to 30% ($1M+) is taken from cashouts above the amount indicated in the table.
****For the first deposit using USDT, players receive up to €50 – €2.2TM, €10 bonus, €51-150 – €5.5TM, €20 bonus, from €151 – €11TM, €30 bonus. For all subsequent deposits: +2% of the amount on the real balance (maximum – €40 per week).
*****The withdrawal fee is 1%.
What is Tether USD?
Tether USD (USDT) ₮ is the most famous stablecoin, a cryptocurrency whose exchange rate is pegged to the US dollar.
The issuing company - Tether Limited - provides the coin's value at the expense of its own reserves. The company claims that all tokens are fully backed by reserves. In 2022, the trade volume in USDT amounted to $18.2 trillion. To compare, Visa processed $14.1 trillion of transfers over the same period.
Experts name several reasons for such popularity of the coin.
- Stability. Very low volatility compared to other cryptocurrencies
- Liquidity. Several blockchains are supported at once and are widely used on all top exchanges.
Relative transparency. - Risk hedging. USDT allows traders and investors to hedge the risks associated with the high volatility of cryptocurrencies.
- The absence of serious incidents related to the safety of using the coin.
Tether CEO Reeve Collins described the project's features in 2014:
“We are not an altcoin and represent a separate blockchain. We are just a service, a token representing dollars. Tether is a digital link to a real–world asset.”
What are the differences between ERC-20 and TRC-20?
USDT is not a native token; there is no network for which the coin is “native.” It doesn't have its own blockchain.
In 2015, the token started working based on the Bitcoin Omni blockchain, but as its popularity grew, other networks began to accept it. At the end of 2023, they include Algorand, Avalanche, Bitcoin, Ethereum, EOS, Kava, Polka, Polygon, Solana, TRON and Tezos.
The most popular of them, which the online poker player most often has to face, are two networks:
- TRON (TRC-20)
- Ethereum (ERC-20)
They are unrelated to each other, so it is impossible to transfer USDT between them.
The main difference between the networks, which made the best transfer option to TRC-20 rooms, is the commission schedule. In the Tron network, it is much lower, and it takes less time to confirm the transaction.
The commission is taken in the native token of the Tron (TRX) or Ethereum (ETH) network; therefore, when using non—custodial wallets for transactions, it is necessary to have such a native token in the account.
Centralized exchanges – Binance, Biybit, and Kucoin, allow you to pay a mining commission in a transferable cryptocurrency, but their wallets can not be used in all crypto poker sites. For example, in the CoinPoker rules, such transfers are prohibited.
How do I create a wallet?
USDT (TRC-20), due to its popularity, is supported by almost all multicurrency wallets, and the procedure for creating them is almost the same. For example, in Trust Wallet, you need to:
- Download and install the app on your mobile device.
- Open the application and click the “Create a new wallet" button. Accept the user agreement terms and click on the “Continue" button.
- Record a mnemonic phrase (12 words) to restore the wallet in case of losing access to the device.
- Enter the mnemonic phrase in the specified order for confirmation and click the “Done” button.
- After creating a wallet, click on the “+” icon in the upper right corner, find “Tether (USDT)” in the list, and click on “Add.”
Your wallet is ready to send and receive USDT over the TRC20 network.
Buying, selling, and exchanging
You can buy, sell, and exchange USDT TRC20 and Tron via:
- Centralized (CEX) or decentralized (DEX) crypto exchange.
- Exchange services. The easiest way to find it is through the BestChange aggregator.
- Exchanges chats or forums
Online poker players usually use exchanges. On CEX and DEX, the order of purchase is the same:
- Direct purchase of USDT and TRON for fiat.
- P2P transaction (with another person) in the same section.
- Exchange (swap) for another cryptocurrency.
- After that, the coins can be sent to an account in a non-custodial wallet.
How to use USDT for deposits/cashouts in a poker site?
Transfers using USDT in any online poker room are made at the cashier in the “Crypto" section according to the same scheme.
For deposit, the wallet address in the crypto friendly poker site must be copied in the section “Withdrawal” in an external wallet with a crypt. The amount is also indicated there.
For cashout, the withdrawal amount and the address of the external wallet to which the funds should be received are entered.
The most important thing with such transfers is ensuring the wallet networks match. If your poker room allows it, it is most convenient to make transfers using wallets in centralized exchanges (Binance, Biybit, Kucoin) because the commission can be paid in the transaction currency (USDT), and then withdraw the winnings to your bank through a P2P service without commission.
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