Tether Review: What is tether and where to buy it?
What is Tether?
Tether has been in the news for its cryptocurrency for all the wrong reasons. But this is not true completely as it has some facts hidden within, that are not known to many. It has undoubtedly issued new 300 million tokens which have created a ruckus among investors. However, it is with a thought to make the issues resolved on priority and that too, to gain the trust of the investors. Tether is in talks of the critics as it has been in controversy for the last six months. But little do you know the working behind this cryptocurrency. Tether has two tokens upon which its Blockchain world works. USDT and EURT are created from USD and EUR which make it so popular. It started in November 2015 and was connected to Bitfinex which is now moved out to make way for Litecoin. It took a while for this cryptocurrency to come up, but in May 2016, this growth took place which capitalized rapidly and by the end of August 2017, it went up to $320 million.
USDT and EURT
In April 2017, Bitfinex started to reject transactions that were done with fiat currency and it also affected Tether transactions. But it still went ahead strong despite the issues in the official site and withdrawals and redemption of tokens including emission and liquidity of tokens as well. The reason for denial of the transactions is that it is not considered as a cryptocurrency and therefore there are trust issues for companies to accept their tokens for transactions. Tether is used as one USD for one Tether USDT token. It is a small transaction but this happens in a huge circulation. Since banks have stopped taking tokens for its investments, the question arises as to where do the Tether USDT hold its money. Despite all these issues, it was a huge question as to how was the investment value of Tether was growing and that too at a huge pace.
Audit on Tether Tokens
The tokens that Tether issue is not yet backed by Fiat reserves which are causing issues. With Tether being equal to the dollar, there have been changes in the price of Bitcoins which has made the market volatile. The investors have been purchasing Bitcoins with the exchange of Tether and this has let the market for Bitcoin and another type of Cryptocurrencies to worry a little. The reissue of 300 million Tether tokens gave rise to speculations to the question of the company is stable. In the meanwhile, the price of Bitcoin saw a rebound of 6% in the current price. There have been many speculations out of which the audit results were one. It was said that an audit report would soon be published about the company. But later it was known that the company broke all ties with its current auditors and this led the company to see one more brawl in its face. Though Tether tokens are considered as a cryptocurrency there is not much seen in the audit perspective to make it known among all for its repute.
How to mine Tether?
Tether is considered very powerful as it has a value of a dollar and it would be a ruckus if this currency would be mined. Mining is a way to record all the transactions done for cryptocurrency which can be then used as a proof of work for claiming the currency. It is an act done by many professionals who get a fee for their services. Mining takes about 10 minutes from the time when the transaction takes place. A lot of research and scrutiny is done to ensure that the transaction is done safely and is legit. Once all the checking is complete, the miner gives a go-ahead for the transaction and it becomes legit. All this is not possible with Tether as it has no fixed currency, unlike other Cryptocurrencies. Also, it has less dependability as the company has no audit background to back its investors. There are many other concepts of mining such as mining pools and storing it. Tether is not mineable as it goes against the nature of the coin (as it is always linked to USD).
Tether Review and future prediction
Tether has a great review in terms of investment as its value has never dropped despite it being in the news for all the wrong reasons. The transactions done on Tether are through fiat currency which is expensive and slow. It works on the exchange rate and transaction charges which makes it so expensive as compared to the other cryptocurrency. You cannot call Tether a cryptocurrency as it has no currency of its own. All it does is converts the currency into digital form and uses USD, EUR and soon the list would be added with Japanese Yen which would make it more powerful. The talks from experts say that Tether Company has all its assets backed by 100% actual assets in their reserve which would not be exchanged for the lost tokens. It would and has already reissued fresh tokens to keep the trust of the investors intact. Although it has a Tether platform it is not just like other Cryptocurrencies.
Tether and its Speed
The price of Tether is so high that Bitcoin, Litecoin, Dogecoin, Ethereum, and Ripple are way ahead of it. But this does not concern the owners of Tether as they have hard cash as their reserves which have been converted into digital currency. The main point of discussion is when a currency goes digital, it becomes faster and the stability and speed are not compromised at all. The main concern for a cryptocurrency is to be safe and speedy which is not the case with Tether. The base of Tether is fiat currency which is backed by paperwork to buy the currency. To reduce this paperwork Tether has helped it to pitch in. So, if you have fiat currency it cannot be transferred to your client account using USD as the form. Also, it cannot do any service provider transactions through Bitcoin which is done for bank transfer and USD transactions. When you wish to do all such thing using your fiat currency then Tether comes into place.
How it Works?
The first fiat pegged cryptocurrency was named as Tether which then followed suit in all transactions. Since it is priced at one is to one ration of the USD it is now transferable to Bitcoin to make it more robust. The current price of fiat currency is at one USD which is why the cryptocurrency was also priced at the same rate. Therefore, the price fluctuation of Tether is not possible now. Fiat currency is now spending its money on offering digital currency to its investors and all the individuals and organizations can enjoy its benefits as it has a decentralized value exchange and uses an accounting unit which is familiar to all. The ledger system is auditable globally giving all the investors a cryptographically acquainted Blockchain technology.
Where to Buy Tether?
The tether can be bought on many cryptocurrency exchange platforms. You would find it difficult to know which one is the best as it would be an understatement to judge it. Each exchange platform is different from the other and has some of the other unique points to sell. You would have to weigh your options to know which one to use. But as an expert advice you may use two main exchange platforms which can help you buy it i.e. Cryptopia and Coinbase. Let us look at them in detail.
Coinbase is the oldest form of cryptocurrency exchange platform which supports the four largest Cryptocurrencies in the world i.e. ETH, LTC, BTC, and BCH. The company had expected revenue of about a few million which reached about 1 billion in revenue which was above 50% of the expectations. The company is in the USA and is the safest in the world for cryptocurrency exchanges. However, direct purchase of USDT is not possible at Coinbase. In Coinbase, you can buy Ethereum or Bitcoin and then go to Cryptopia for exchanging it to USDT.
Being a New Zealand company it has many avenues for the users. Apart from purchasing and selling cryptocurrency, you may also use it for online shopping which is not a forte of many exchange platforms. This exchange of products happens with BTC which supports most of the exchanges. It also includes USDT which is a part of Tether. It is a very professional platform and charges about 0.02% as fees to all the transactions done using the exchange platform.
Where to Store Tether? – The wallets
Tether needs to be stored in a wallet just like physical cash should be. This can be done in any wallet that accepts Bitcoins. However, Trezor and MyEtherWallet are the most common of all. But when you go ahead to store them for transactions you would not be able to see them in your wallet. You would have to convert them into Omni wallet to use as it is originally for USDT.
Tether on Reddit
Reddit needs no introduction as it is a one-stop platform for any kind of news about the investment options and much more. It is a public reading space where one can be as vocal as the need be to give ideas and information to people who need it. Just post your query and get an instant reply from the users of Reddit. It completely depends on you to take the advice or leave it as the platform is not a referenceable one as per many experts. However, it has made a mark in the industry with its great comments and advice which is known to all.
Positives of Tether
You can convert your hard cash into digital currency and use it globally for almost all types of transactions. The best part about such a setup is that you can be completely transparent about it and still get the benefits of it. Your money is never lost as each Tether is costing at USD and is stored in the reserve account of Tether Limited. You can be transparent about the transactions are done with it as it gives you the power to view your transactions and match it with the Tether reserve account to be sure about it. It has penetrated the market well and within no time making it more vulnerable than any other cryptocurrency. You can be rest assured about the security of the transactions as it is based out of Blockchain technology. It is based out of the international standards and regulations which helps it to be safe and secure each time you transact using it.
Tether is as good as Bitcoins and one can use it for almost any transaction that utilizes cryptocurrency. When you invest in a cryptocurrency such as Tether, you are given a proof of reserve which is then kept in safe hands with the other reserve assets. You would not face any challenges for buying and selling. This Crypto, unlike other currencies, is making it an easy game for all investors to liquidate their investment as and when required. Tether comes with a complete package where you would get the benefit of a wallet which is encrypted and the exchange is decentralized along with the transparency of Bitcoins and the accountability for recording all the transactions as and when they take place.
It is great for merchants as they do not pay the conversion rates from Bitcoin to USD or fiat currency which makes it cheap and fast for them to exercise and transact on it. The merchants do not feel any different when they use Tether as it has all the features of the Bitcoin. The chargeback and fee reduction helps the users to get more and more people onboard when transacting with them. All individuals need a safe and secure transaction for peace of mind which makes it a good option for all. All this and much more are easily available for all users. You can also transfer your Tether cash to other wallets and exchanges to make a quick transaction. It helps to save time and cost and the transaction are just smooth and secure which is the need of the hour.