Tether is one of the many cryptocurrencies available in the market. Like other cryptocurrencies, Tether has crypto coins backed by physical fiat currencies, in a selected bank account. USDT, as it is famously called, strives to be tied to the dollar. What this means is that 1USDT exchanges for $1. They are known as stable coins as they act as a stable substitute for the dollar.
How to Buy Tether
Tether can be bought in different ways. However, buying from any cryptoasset exchange is by far the easiest method as the stablecoin is universally available. One can buy it with traditional fiat currencies or a list of other cryptoassets in the market. Buying directly from the source is also an option. Unfortunately, this is only possible for people who have deep pockets.
How to Sell Tether
When it comes to selling, things are not much different. An example of what you can do with it is, for instance, exchanging it for other cryptocurrencies like the Bitcoin through the Coindirect Conversion Service. Another avenue for selling Tether (USD) cryptocurrency is for the USD in the United States. Also, you could sell it to customers who are within the specified countries by Coin Direct.
In late 2017, the company was hacked and over $30 million tokens worth of Tether were looted. From this hard hit, Tether improvised by producing software that would hinder out any of the stolen tokens from being traded anywhere, either by cash or by exchanging for other cryptocurrencies. In January 2018, it hit another rock during the expected audit to ensure transparency in their company where results were vague.
The solidity of any cryptocurrency is what attracts most customers and this is what makes a crypto like Tether stand out. Tether has surely managed to be stable over the years of its existence in terms of the buying and selling price, which has been a huge advantage to the company since most traders will tend to rely on it, unlike other cryptocurrencies that adjust every now and then.
What is Tether used for?
The predominant use of Tether is that it offers stable rates compared to the other cryptocurrencies in the market. This is an essential factor since it’s what most customers use to trade in markets, unlike the rest which change every now and then. Also, Tether offers liquidity to trades that can’t adapt to the US dollar or with the money banks in this industry.
As of now, people would have not imagined that Tether would still be in the market, especially after all the critic that happened in November 2017 and January 2018. It has surely managed to withstand the market. Volatility is what investors are looking for in the cryptocurrency market and being that its conversion rate with the dollar is the same, people tend to rely on it, unlike other markets.
There is a lot to write about Tether. What’s clear, is that in the next few years, Tether will rank even higher among its peers owing largely to the ease of buying and selling it. Protection is what people are looking for when they invest their money in cryptos to hold as a safe asset, unlike others, like the Bitcoin, which changes the exchange rate each now and then.