Tether Write For Us – Tether (USDT) is a stablecoin cryptocurrency. Tether is based on the US dollar (USD), so the value of a Tether coin will also correspond to the exchange rate of one dollar. The nature of a stable cryptocurrency is that, in theory, it should not be subject to price fluctuations. Price volatility is present, but the change is slight. There are many stablecoins in the cryptocurrency industry, but this is the one that beats them all.
This is because the cryptocurrency is based on the dollar and has a huge market capitalization, a product of all the coins in circulation and their current price. Most cryptocurrencies are based on their own blockchain or on Bitcoin or Ethereum. Tether uses the SHA256 algorithm, which is the Bitcoin algorithm. The amount of withdrawable coins is strictly limited by the amount of money deposited in the Tether account.
Being a stable coin, it is impossible to mine. The only way to get it is to transfer fiat money to the organization’s account or buy them on the cryptocurrency exchange. Thanks to USDT’s stability, investors can hold their digital assets similar to regular fiat currencies but at the same time retain the ability to easily exchange them for other currencies on the cryptocurrency market. These critical features made this coin famous; however, it is not entirely immune to risk.
What is TetherUSDT?
Tether (USDT) is a token called stablecoin (a cryptocurrency that maintains a fixed value concerning other types of currency or crypto assets), issued on the Bitcoin blockchain and launched by Tether Limited. It is considered the largest stable cryptocurrency issued in the market. In addition, it is based on the regular value currency of the United States dollar (USD), with a 1:1 ratio. That is 1 USDT = 1 US dollar. USDT can easily be exchanged for USD at any time.
It was issued via the Omni Layer protocol and is a unique currency in many ways. It was launched in 2015 to represent the digital crypto value of a traditional currency, the US dollar. Has functions like other cryptocurrencies; it works on a decentralized network, they are also stored there, and all data is processed there. What distinguishes it is the centralized issuance and a value that is always maintained at one dollar.
The main objectiTethercreating this cryptocurrency was to facilitate transactions with a fixed rate in the US dollar to avoid state intervention and regulatory supervision. Each USDT unit is backed by one US dollar held in Tether Limited’s reserves and can be exchanged via the Tether platform. Each USDT token can be transported, stored, and issued just like bitcoin or any other cryptocurrency. In other words, it is an unregulated token.
How does this cryptocurrency originate?
Tether USDT is an idea born in 2014 in the mind of JR Willet, who, together with Brock Pierce and Craig Sellars, worked on developing the master coin. This was a blockchain that served as a communications protocol, running on top of Bitcoin, creating a series of layers on which other cryptocurrencies or tokens could be run. Through the Omni Layer, Pierce and Sellars decided to launch their independent project, Realcoin, using the Bitcoin blockchain.
Coins that were added to the Bitfinex platform in early 2015. The actual currency was considered the most significant project at the time. However, its name changed on November 20, 2014, when Reeve Collins, CEO of Tether Limited, announced that the project would be called Tether. He also talked about the creation of three Tetherneous currencies: USTether (USDT), EuroTether (EURT) and YenTether (YENT). In this way, Collins announced the birth of three stablecoins, thus beginning the history of USDT and its peers.
How is its operation?
Tether is powered by open block technology, taking advantage of its security and transparency while complying with international standards and compliance regulations. Its principal value is to convert cash into digital currency to anchor the deal at the price of the national currency. The must always backed by reserves that include traditional money, cash equivalents, and other Tether loan assets and receivables from third parties.
The main idea behind this stablecoin is to take a step towards a secure blockchain ecosystem. Thanks to its stability, it can used later since its price remains anchored to the dollar. Today, many new entrants who cannot afford to enter a volatile market or do not have enough capital are buying Tether as a reserve. Also, there is no way to mine as a necessary step to keep the value of the stablecoin at $1.
Is it closer to fiat currencies?
The Tether (USDT) stablecoin is currently one of the main channels for converting fiat currencies into cryptocurrencies. Its close relationship with the value of USD 1:1 makes it a cryptocurrency very close to legal tender coins. This is because it allows you to carry out different transactions in cryptocurrencies and then exchange your balances for USD. In this way, the currency’s value preserved since it not subject to the different variations of all other existing cryptocurrencies due to market volatility.
Having a USDT is the equivalent of having 1 USD that will not lose its value. In this way, you can access almost all types of operations without having to use dollars and be able to use USDT as an exchange currency of the same value, but with the additional benefit that it operates as a cryptocurrency with all its advantages. Such as greater liquidity, low cost in commission for transactions, faster-unlimited transfers to any place in the world, etc.
What advantages does its use bring?
Here are some of the rewards of using this USD pair cryptocurrency
- USDT operates like a regular cryptocurrency with all the advantages that this entails. It does not set limits for your transfers and can send anywhere in the world quickly and at a low cost per transaction.
- What benefits when making any payment in cryptocurrencies at a stable currency value. This is because its value remains tied to the value of the dollar. It does not have the volatility issues that plague other cryptocurrencies.
- It allows you to carry out cryptocurrency purchase and sale operations within the Exchange platform, maintaining the value of the investments. Since transactions can made in cryptocurrencies and at the end of the remaining balances, they can easily convert into USDT.
- Being directly related to the dollar, this cryptocurrency allows you to trade at the value of the USD and know its real value at all times.
Tether, and its USDT token, are causing a lot of controversy in the cryptocurrency community. One of the reasons is the centralized structure of the project, in which a private company is the sole issuer of the token. Another controversy surrounding USDT the connections of Tether Ltd., registered in the British Virgin Islands, with one of the largest cryptocurrency exchanges, Bitfinex, which has long been traded, which may raise suspTether, among others, unfair competition.
Currently, Bitfinex does not offer direct USDT trading on its platform. However, Tether’s most prominent controversy is the lack of transparency. In addition, information about ties to Bitfinex was kept secret and wasTether’sonly after the publication of the so-called Paradise Papers (the results of a journalistic investigation that revealed the outflow of billions of dollars to tax havens) in October 2017.
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