The cryptocurrency market is booming, and that would be the perfect time to invest in a long-term project. That’s what makes an upcoming blockchain project so interesting, the Tether cryptocurrency. Tether is the first cryptocurrency to be pegged to fiat currency. The Tether cryptocurrency has been on the cryptocurrency market since 2015, when it was first issued. Initially, it was just a token used to represent US Dollars on services like Bitfinex, one of the most popular cryptocurrency exchanges. In 2017, Tether became more than that. The company behind Tether introduced their new project, an Ethereum-based blockchain with a USDT-tokens-based blockchain that gives you full control over your funds using smart contracts.
What Is Tether?
Tether is the first cryptocurrency that was pegged to a fiat currency, and it was introduced in 2014. There are several reasons why Tether is so trusted by many investors, but their unmatched transparency and track record of being fully backed by fiat currency can be considered one of the most admirable features. Another interesting thing about Tether is that it’s the first cryptocurrency to be issued on the Omni protocol. It was also one of the previously most traded cryptocurrencies. The company behind Tether has released new projects and tokens through a partnership with several blockchain companies. Also, they increased their presence on most exchanges and made a deal with Bitfinex, which resulted in introducing an Ethereum-based blockchain project and issuing over 50 million USDT-tokens.
Understanding Stablecoins:
The most important factor when it comes to a stable cryptocurrency is trust. It’s crucial for people to start using cryptocurrencies if they want to move from fiat currencies. Most of the coins on the market aren’t stable and will most likely suffer from a decrease in price because of this. That’s why many companies try to find a solution for that, and Tether is one of them. The main purpose of Tether is to be a stablecoin, which means that it will always have the same value as fiat currency. The growth of cryptocurrency over the past few years has been phenomenal. As a result, it’s easy to make money by buying low and selling high at this moment in time. However, investing in Tether is different because it will give you a steady income by generating interest on the USDT-tokens you hold on the company’s service.
History of Tether and Controversy:
In 2015, Tether was introduced as a blockchain-based project and issued its first tokens. The company behind Tether was shrouded in mystery for quite some time, and people weren’t sure of the team behind it. That’s why Tether decided to launch an investigation by hiring the Friedman LLP audit company to examine its assets and funds of Tether. Their report concluded with the positive statement that USDT tokens were backed by real fiat currency assets and that they were operating legally. The 2nd controversy happened when Tether was hacked or was supposed to be hacked. As the cryptocurrency market is growing and more money is flowing in, hackers become more and more interested in targeting exchanges, companies, or individual users.
What To Consider Before Investing In Tether?
As mentioned before, one of the most important aspects of Tether is that it’s backed by USD. That means that you will always have a stable value for your money. However, it doesn’t mean that Tether is a 100% sure bet. When people invest in these cryptocurrencies, they need to make sure that the people behind them can be trusted. They also need to be open about the cryptocurrency and its history in terms of staff transfers and activities that were associated with it. Also, when it comes to Tether, the fact that they are operating in the US might be a disadvantage because the US government made some negative changes regarding cryptocurrencies. They cracked down on many companies and exchanges and made some rules regarding how exchanges and other companies should be operating.
Where To Buy Tether and Earn High-Interest Rates:
Tether is now on many exchanges and can be bought directly on the company’s website. Buying Tether involves depositing USD and then converting it into Tether, which will give you USDT-tokens. The best exchange to use to transfer money from your bank account or credit card and buy USDT-tokens is Bitfinex. It’s one of the best cryptocurrency exchanges for a reason, but it’s not as easy to use as Coinbase. However, it has one of the lowest fees and better security. The easiest way to invest in bitcoin is through bitcoin motion.
Conclusion:
Tether is an innovative cryptocurrency project that was created for everyone who wants to invest in a stable cryptocurrency. It can be used to generate interest when you want to hold your money on Tether instead of transferring it to another exchange or purchasing other cryptocurrencies. The main disadvantage of Tether might be the fact that it’s operating in the US, but the company was audited by a reputable company and proved its positive outlook on cryptocurrencies. Nowadays, the cryptocurrency market is almost impossible to understand due to all its technical terms, but Tether is one of the most important projects that was created in the past few years.