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USDT Tether in a Nutshell

USDT Tether is a useful crypto with its value roughly mirrors US dollars value. The goal was to create a cryptocurrency that is stable and can be used like dollars, only digital. Such coins are so-called “stable coins” in which they maintain a stable price.

Essentially, Tether converts your cash into a digital currency, to “tether” or anchor the coin’s value to the national currencies’ price such as Yen, Euro, and US dollars.

Like any other cryptos, Tether uses blockchains technology and according to its site is “100 percent backed by USD”.

Tethers use blockchains technology via the Omni Protocol. It is a software that is open source that interfaces with blockchains in order to permit the redemption and issuance of cryptocurrency tokens.

Tethers are exchangeable and redeemable pursuant to Tether’s Limited service terms. Tether platform is completely reserved when all tethers sums in circulation is equal or less than the balance of fiat currency held in the management’s reserve.

Maximum Circulating Coins: 2,280,109,970 USDT

History

Tether was originally called Realcoin.

However, in the year 2014, it was changed to what we know as Tether. Nowadays, its so-called USDT has $2 billion worth of circulation.

What makes it different?

Tether is very helpful and useful to most investors and traders and that is its edge from other competitors.

Transaction Process

USD withdrawals and deposits from and to foreign exchanges are often a process that is time consuming. They take between one to four working days to complete. Moreover, if your transaction happens after the banks have closed its doors during the week end, night or holiday then you may have to wait a bit longer. Tether transactions on the other hand can be completed within minutes. This is a great advantage in times when you need to shift funds quickly.

Transaction Fees

Processing transfers in SWIFT is extremely expensive. They can cost from $20 to $30 on average. And in cases where you are using fiat currency, banks will charge the percentage of the transfer and the Forex conversion fee. Tether, however, has zero change on transaction fees between Tether wallets.

Price Stability

Volatile are another definition for cryptocurrencies. So a cryptocurrency that is stable like Tether is very useful, especially to those who have smaller altcoins. Furthermore trading a volatile currency can create extra risk and a great deal of complications.

Who is behind USDT Tether?

Tether Limited issues USDT tokens. According to New York Time, this company is based in the British Virgin Islands. The official website of Tether claims that it has offices in the United States and is incorporated in Hong Kong.

Tether is under the same management team with Bitfinex which is a cryptocurrency exchange based in Hong Kong. Both Tether and Bitfinex is headed by CEO Jan van der Velde.

Links

USDT Tether Official Website

What is Tether USDT — A Beginner’s Guide

What is USDT and how to use it?

Tether (cryptocurrency)

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