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What Is Tether ?
Tether is a Chinese company that caused an actual revolution when it comes to cryptocurrencies. They did it by turning authorized currency into an alternative one! Tis was possible thanks to the Cryptsy service which was also incorporated.
This novelty was very welcomed by all traders from everywhere around the world. It’s time we looked closer at Tether, how it works, and the reason why you’d want to buy it.
At first Tether used to be known as Realcoin. This used to be a typical and rather popular coin among traders, but it lacked the power to compete with other currencies such as Litecoin and Namecoin. This led its owners to consider rebranding it for a positive impact, and it seems this decision was a good one!
Clarifying how Tether works is not that easy. To make things easier, simplifying the system as much as possible, an appropriate description for Tether would be a service that can turn currencies like the USD and EURO into digital tokens that can be transactioned with the Bitcoin blockchain.
Tether is a sort of a digital connection to real world assets. One can’t even technically classify it as cryptocurrency – it’s just a different way of using legally recognized currency in form of electronic currencies.
By using Tether, one can make online transactions by using tokens that have the same value as the US Dollar – the token could be referred to as altcoin as well. This is an ideal option to Bitcoin since the USD has a much more stable exchange rate. This means that one Tether token (USDT) will always equal one US Dollar. This rate can’t be changed and ensures the volatility that is characteristic to most electronic currencies will never be thread to Tether’s users.
Cryptsy’s Paul Vernon is very enthusiastic about Tether. He thinks that a virtual currency that has real security and can work on the Bitcoin blockchain is a realistic and futuristic financial tool.
Paul Vernon says that users will get the stable exchange rate specific to the fiat currencies and the option of making instant transactions that people expect of cryptocurrencies, all at the same time.
Vernon thinks that the daily turnaround for Tether is greater than 300 000 USD, which is an impressive result. It’s obvious that this number offers the best proof that traders have a great interest in this unusual yet interesting financial solution.
What’s more, judging by Paul Vernon’s words, there are more than 270 000 officially registered users in the system. What better reason do you want to join those using Tether?
While talking about Tether’s advantages, we should also mention the initial try made by Cryptsy to create an altcoin that is connected to the USD. In case you didn’t know, the first attempt was a failure. The main cause was the need of bank receipts. People couldn’t make an online transaction without this receipt.
When they finally succeeded, Cryptsy and Tether managed to bypass the troublesome bureaucracy. At present, Tether permits its users to add or withdraw USD on the Bitcoin blockchain, if they’re registered. These users also benefit from maximum security and a fast transaction.
By using the Tether token, you can forget all about the conversion rate as this one is always bound to the USD – the most stable currency around. This also means that your funds don’t face much risk. It’s more than probable that Tether is one of the safest virtual currency to date.
Tether partnered with many international companies: Ambisafe, Poloniex and Space Shift, to name a few. This must be the best warranty a young and innovative service can get.
Tether offers API support as well as a good and developed system of electronic wallets, just like any other major online payment service. The customer support service offered by Tether doesn’t disappoint either. Its only letdown is that it is only available in English, but its staff is really helpful. No matter the question or issue related to Tether you may have, these employees will be quick to give advice and solutions.
Let’s not forget that Tether is under constant development. The beta-testing stage revolves around the Euro, Yuan and Japanese Yen. Of course, other currencies will soon follow suit.