A noteworthy addition to the ongoing cryptocurrency trend is Tether, probably the most famous stable-value crypto, also called stablecoin. The meaning is its price is fixed on the basis of external factors. Usually, the external factors are either commodities such as gold, or the conventional fiat currencies such as the dollar, the euro, or the Japanese yen.
So, are you wondering what Tether is all about? Its prominent features include:
● USDT(Tether) is a stable cryptocurrency based on blockchain technology.
● It reflects the price of USD, hence the name.
● The amount of Tether crypto coins or USDT being circulated at any given time are supported by an equivalent amount of USD that is stored in a designated bank account.
The all-time Tether chart encapsulates the notable highs and lows of the price fluctuations Tether has undergone since it began trading in February 2015. Since the prices are constantly changing, the all-time Tether chart gives you a summary of what the prices of USDT were at any given point of time. You are able to use this stable cryptocurrency by signing up for a Tether wallet. These are essentially storage units that you can use as your asset account to keep the Tether you acquire.
You can purchase USDT from any of the numerous cryptocurrency exchanges out there, the asset is popular among both new and experienced traders. The daily trading volume of USDT stock, on average, is quite often either equivalent or even more than Bitcoin, which is impressive. USDT is more predominantly traded on exchanges that are not facilitating fiat-to-crypto trading pairs, where Tether acts as a feasible substitute to USD.
Tether was first released back in July 2014 via Omni platform, and initially has a name Realcoin. A second-layer cryptocurrency token was structured on the foundation laid by the blockchain of Bitcoin. The crypto was later on rephrased to USTether, which is how Tether became what it is now.
Apart from BTC, USDT was subsequently upgraded to be deployed on other blockchains, including:
Given that Tether was built and operated through an OmniLayer platform, each time new Tether tokens were released, they were traceable on the platform. This enabled the larger cryptocurrency community to be well-informed every time new Tethers were issued.
The start of the Tether project was initiated by the BTC Foundation’s director, Mr. Brock Pierce, along with the support of software engineer Craig Sellars, and businessman Reeve Collins.
You can acquire Tether from any of the top cryptocurrency exchanging platforms out there. The following are a few famous platforms that facilitate USDT trading.
● Huobi Global
Kindly read on, if you are curious to deeply understand and learn more about Tether and what it is.
Primarily, a Tether wallet can be categorised into three different types of blockchain wallets, each with different advantages and drawbacks.
● Warm; and
Hot wallets are essentially Tether web wallets. These are called hot wallets because they are accessible online, and therefore are easy to access and use. However, it also comes with security challenges because of their presence on the internet.
Cold wallets are hardware wallets, and therefore are more secure, but this makes it difficult for users to use and exchange USDT because of their non-availability on the Internet.
Warm wallets achieve a nice balance. Even though these are Tether web wallets, meaning they are available online, they are still able to provide robust security against cyber threats. To put it simply, a warm Tether wallet keeps the majority of funds in cold storage to prevent any kind of security breach, while simultaneously being accessible online, providing ease-of-use.
When it comes to deciding which wallet is suitable for you to hold your Tether crypto coins, the Jidex service presents a good example. Being one of the largest, most secure, and reliable services providers currently outputting cryptocurrencies, Jidex recommends you to keep the factors mentioned below in mind before you pick a digital wallet.
● User-friendliness (ease of use)
● Added services and options
If you are pondering what to use Tether for, then you should know that Tether reportedly is being used in between 40 to 80% of all transactions that are occurring on the Huobi and Binance exchanges. Moreover, Binance also provides loans against USDT collateral.
A high proportion of Tether usage today is for just and legal purposes, such as:
● buying products on the Internet;
● paying for online services;
● engaging in trading; and
● investing in Tether for the long or short term.
Being one of the most valued stable-cryptocurrencies in the world, in terms of the capitalisation of the market, Tether has garnered a lot of attention in recent months. Currently, the notable USDT live news is regarding the minting of a billion USDT by the Tether treasury to unknown wallets, under a 24-hour period. The value of these is more than a billion dollars. This development was noted on Whale Alert, which is an advanced blockchain tracker and analytics system. For more of the latest news on Tether, continue reading our blog.
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