Tether for beginners explained - A Step by Step Guide
Tether 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is Tether?
How to buy USDT?
How it works?
How to get involved?
Everything you need to know about Tether for beginners, we delve into all the information you will need to get started.
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Read our Video Script:
Tether is a blockchain-based Stablecoin, which is a digital currency that is anchored to the price of Fiat currencies (such as the USD), to maintain its value consistently, unlike most traditional cryptocurrencies that are known for being volatile.
Tether tokens were developed by BitFinex, which is a popular crypto exchange platform, and the native tokens are traded under the USDT symbol.
As of October 2021, USDT is the fifth-largest cryptocurrency based on its market capitalization, and it is worth more than $68 billion.
As of August 2021, there are approximately 69.3 billion USDT tokens in existence.
Tether was specifically designed to bridge the gap between fiat currencies and cryptocurrencies and guarantees stability, transparency, and minimal transaction fees to its users.
Tether was originally named "Realcoin" and was launched in July 2014 by co-founders Brock Pierce, Reeve Collins, and Craig Sellars as a Santa Monica-based startup.
A spokesperson for Bitfinex and Tether announced that the CEO of both firms is Jan Ludovicus van der Velde.
On 20 November 2014, the CEO of Tether, Reeve Collins, announced the project was being renamed to "Tether".
In January 2015, Bitfinex enabled trading of Tether on their platform and now USDT is currently the most traded digital currency in the crypto market, with users trading nearly double that of Bitcoin (BTC).
Tether is a blockchain-based cryptocurrency that is tied to the USD. This means there are actual dollars kept in reserves at financial institutions serving as collateral, and 1 USDT is always valued at 1 USD. USDT prices remain stable, unlike Bitcoin and Ethereum, and the Tether platform is built using open blockchain technologies, leveraging the security and transparency provided to investors.
Tether is the most widely integrated digital-to-fiat currency today, and it can be bought and sold on Bitfinex and other major exchanges.
Tether’s blockchain-enabled technology delivers high-quality security while meeting international compliance standards and regulations.
USDT can be bought and sold on most major cryptocurrency exchanges and lending platforms, and most of them will pay anywhere from 6% to 12% in interest just for storing Tether on their platforms.
The OmniWallet web wallet is hosted on the Omni blockchain and it combines security, usability and multi-currency support that is integrated with the OmniLayer decentralized crypto exchange.
Coinomi is easy to use and it offers a large currency selection of more than 300 supported cryptos and after partnering with ShapeShift and Changelly, users now have the ability to exchange their cryptocurrencies securely using Coinomi wallet.
Binance enables the exchange of crypto using the wallet and it is one of the most used wallets currently. It offers multiple cryptocurrency support, has built-in exchange.
Tether is useful for crypto investors because it offers a way to avoid the extreme volatility of other cryptocurrencies, and removes transaction costs and delays that negatively impact trade execution speeds within the crypto market.
Many crypto exchanges have also found Tether valuable because they are able to facilitate crypto-to-crypto transactions and increase the number of trading pairs they offer to their clients.
Tether is the cryptocurrency that commands the highest interest rates by far, capping at about 20% and making it a lucrative short-term investment opportunity due to its high returns on interest rates.
#Tether #USDT #USDTStablecoin