Tether, ShapeShift Promise Easy BTC Transactions

Apr 24, 2015
Easy Bitcoin Transactions

Easy Bitcoin Transactions

Tether and ShapeShift.io partnered to provide users with more flexibility and dexterity in the utilization of virtual currencies.

Tether, the world’s first blockchain-enabled platform, provides the combined benefits of the Bitcoin blockchain and traditional currency via the instant exchange delivered by the cryptocurrency conversion platform.

Its integration allows customers around the world to buy and sell tokens in the form of TetherUSD (USD₮) in an instant. Using these tokens, they can then convert them to Bitcoin, Litecoin, Dash, and many others via ShapeShift.

The collaboration lets users enjoy ‘the best of both worlds’

According to Erik Voorhees, co-Founder and CEO of ShapeShift, their incorporation with Tether bridged the connection of cryptocurrencies to more people, creating a more efficient way in moving fiat currency to the digital market place.

He said:

“As amazing as Bitcoin is, for normal people the volatility can be a non-starter. Tether is a beautifully-executed solution to this problem, creating a cryptocurrency that moves anywhere instantly while being pegged/backed 1:1 with USD. This means a prudent user could hold funds in Tether (which are stable with the dollar) and then use ShapeShift to convert into Bitcoin to pay for things online. The user then enjoys the best of both worlds.”

In layman’s terms, ShapeShift functions as a cryptocoin-to-cryptocoin converter that exchanges Bitcoin to any digital coins and vice versa.  Collaborating with Tether, crypto users and businesses are stripped off the hassle of the long process of the fiat-cryptocurrency exchange process and are provided with easy Bitcoin transactions instead.

Tether and ShapeShift.io

Moreover, Tether co-founder and CTO, Craig Sellars emphasized the functionality of ShapeShift and how it complements the services of his platform, proving that it delivers users with more effectiveness in the fields of cryptocurrency transactions.

Sellars stated:

“ShapeShift is one of the easiest to use digital asset exchanges in the entire Blockchain ecosystem, built by true pioneers in this space, now with Tether’s digital cash, ShapeShift users have the benefits of both Fiat and digital currencies, instantly.”

Convenient transactions benefit Bitcoin casinos

With countless developments in the Bitcoin gambling field, this innovative partnership can revolutionize the industry because of the effectiveness and the wide range of services it offers to Bitcoin gamblers.

In fact, this empowers players who will wager on a variety of Bitcoin games for the first time since they no longer need to go through the hassle of buying BTC from online exchanges just to place bets.

While this sounds like a brilliant opportunity for casino operators to welcome more players, it should be noted that the SoftSwiss-powered Bitcoin casinos like Bitstarz and BetChain Casino already feature a similar technology.

Benefits to Bitcoin Casinos

Earlier this year, SoftSwiss teamed up with Cubits, a Bitcoin payment processors and wallet provider, to give casinos the ability to also cater to online gamblers who prefer to wager real money.

However, there are limitations to this setup because Cubits can only process fiat-to-BTC transactions, whereas Tether and ShapeShift can support 28 cryptocurrencies. Nevertheless, Cubits accepts 17 fiat currencies while the latter initially processes three tokens: TetherUSD, TetherEUR, and TetherJPY.

Regardless, the availability of the Tether-ShapeShift conversion, along with Cubits, provides the Bitcoin casino market the edge in ensuring a broader and more dynamic online gambling community. Now that even online real-money players are welcome to the Bitcoin casinos without requiring them to manually buy bitcoins, a more fun and diverse Bitcoin gambling industry can only be expected.