Things You Should Know About Tether
Want to know more about Tether? Well, this article will provide you all the important information regarding it. Most people carry the wrong idea about this cryptocurrency, so read the complete article to get the right information.
What is Tether ?
Tether, also denoted as USDT is a kind of virtual cryptocurrency and it is created to be pegged with USD just like coinbase offers. In simple words, it is a cryptocurrency that is backed by the United States dollar. This means for all the new coins that the company releases, it has actual reserves of US dollars. That’s the reason why it is said they are pegged to the USD. And because of this, its value doesn’t change unlike the other cryptocurrencies in the market. USDT is generally made for trading and it is also known as a stable coin.
For example- let’s say you have 10,000 coins and you use them for normal trade practices. In case, if you see that the market is going doing, then you can convert your coins to USDT. This will help you save your portfolio value from going down and the best part is that you can still use the USDT to enter again in the marketplace when it dips.
Origin Of Tether
Wiliam Quigley, Reeve Collins, Brock Pierce, and Jonathan Yantis created Tether in 2014. The main reason behind the creation of this stable coin is to serve alt exchanges that have no fiat capabilities. Its founder’s main motive was to give an easy method to crypto users so they can easily shift from crypto into a non-volatile asset like USDT. Fortunately, their idea worked and tether became very popular. However, the founder of tether claims that they didn’t make it for any profit, they just wanted to give a gift to the cryptocurrency community.
Reasons of the Increasing Popularity of Tether
When the idea of tether was introduced, it received some negative feedback and most people were not sure about it. But when they started using it, they came to know about its amazing advantages. So here are some features of the tether that made it so popular:
- Easy Money Transfer- With the help of USDT, you can easily send money to other decentralized networks in less cost. Another great thing about tether is that it exhibits all the traits of a mainstream cryptocurrency. The biggest advantage of transferring money across the USTD network is that you won’t face any loss because of the market capitation
- Reselling Options- All the USDT users can use the inbuilt reselling option. Along with this, it also enables you to withdraw the USDT in fiat currency
- Good Customer Service- Tether has a dedicated team of experts that provide you all the guidance in all stages. They will always be there for you and if you have any questions, then you can easily contact them 24/7.
Is Tether Anonymous?
There is no specific answer to this question as it depends on you and the usage. However, you can use some other tools like VPNs to maintain your privacy.
Written By : YOUSSEF J A ALMEER
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