Cryptocurrencies are digital currencies that are now being widely accepted due to its decentralised and anonymous approach in transactions eliminating intermediaries.
There are hundreds of cryptocurrencies in the market trying to get into the limelight. All the cryptocurrencies claim to bring about a revolution through their network. Tether is a cryptocurrency whose official token is USDT and has been successful in making itself noticeable.
Find below five things you need to know about Tether:
Tether is a stable coin
Cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dash and Litecoin which are in the top of the chart and are considered highly volatile. The fluctuations in the prices of these coins are affected by various factors like regulations imposed by Government and prominent international bodies, speculations, the media and the technical defects of the crypto platforms. When such is the scenario, Tether is a widely traded digital currency and is nicknamed as a stable coin. Tether claims that its coins are backed up by USD 1. Which means that every single coin of Tether is pegged at a single unit of a fiat currency like USD.
Tether’s strong connection with Bitfinex
By the year-end of 2017, a lot of speculations were going on regarding how far Tether and its coins worth $814 million is credible. The connexion between Tether and Bitfinex has been mysterious. Bitfinex is a leading cryptocurrency trading platform owned by Ifinex Inc. You can buy USDT with credit card in such exchanges. It is claimed that the steep fall in the price of Bitcoin in 2017 was largely due to the speculations created by Tether and Bitfinex. Emerging competition for Tether is TrueUSD. Major crypto exchanges, such as CoinSwitch helps one convert TUSD to USDT with ease.
Tether is amongst top 10 ranking
The so-called stable coin is being most sought after due to its platform’s claims of having a back up of USD for every Tether coin. Due to this claims people are considering Tether more trustworthy that its biggest competitor Bitcoin. Since BItcoin’s prices are highly volatile, compare to Tether. Such merits of Tether has helped it claim the ladder and grab the 8th spot in the cryptocurrency ranking. As of today, the USDT coin price is $0.99211.
The backbone of Tether
Tether was initially called Real coin. It was later rebranded as Tether to avoid being associated with altcoin. Tether is the outcome of the Isle of Man and the Hong Kong-based international company. Reev Collins, the CEO of Tether, has announced that Tether will work in coordination with Bitfinex and Mastercoin Protocol. With no surprises, one of the team members of Tether Craig Sellars is also a co-founder at Mastercoin.
Tether’s split with Friedman
A move by Tether which turned heads this year was dissolving its connection with audit firm Friedman LLP. USDT famous for being known as dollar-pegged cryptocurrency was in the news recently. The firing of Friedman LLP is also largely connected to the speculations of the connection of Tether with Bitfines. Cryptocurrency bloggers and critics have raised concerns as to the new USDT coins have been in circulations from nowhere just to bring about fluctuations in the price of Bitcoin. In a bold move to such controversies, Tether had parted ways with its auditing firm due to illegitimate accounts in the firms’ audit books and non-transparent audit work.