Why is Cryptocurrency Tether (USDT) popular? According to its creator, this is because this cryptocurrency is much more stable compared to other digital coins in the market that have huge price swings.
USDT was invented in 2015. And based from the Cryptocurrency Market Capitalizations’ latest statistics, more than two billion tether coins are circulating online as of 2019.
What is Tether Cryptocurrency?
Tether does an excellent job of converting your cash into digital currency. Like other cryptocurrencies, it also uses a blockchain. The only difference is that every Tether must be backed by US dollars to maintain its 1:1 ratio. It can be used as a traditional fiat currency like the US dollar, euro, and Japanese yen. As of now, USDT issuers have admitted that Tether is not 100% backed by actual dollars.
The cryptocurrency tether belongs to stablecoins. Based on CryptoCompare’s data, 80% of the entire Bitcoin trading occurred using Tether. Therefore, stablecoins is one of the cryptocurrency market’s principal source.
Why Did Tether Become Popular?
Besides its impressive cryptocurrency exchanges, there are other reasons why the cryptocurrency Tether became popular.
One of the reasons for its popularity is controversy. Last November 2017, the cryptocurrency Tether was allegedly hacked, and about $31 million worth of coins are stolen. Last January 2018, the company have created another headline that caught the public’s attention. They announced that they are parting ways with the audit firm after the regulators have issued a subpoena. For that reason, people accused them of lacking transparency.
Another thing that made it famous is its incredible speed when it comes to deposits and withdrawals. As a matter of fact, you can quickly complete a Tether transaction in minutes.
Additionally, its zero transaction fees can also surprise you. It does not charge any conversion fee for your foreign exchange.
How Can You Buy Tether Cryptocurrency?
So, how to buy tether cryptocurrency? To buy Tether (USDT), you must create a digital wallet that supports USDT. Several wallets like Binance, Kraken, OKEx, Bittrex, and ZB.com supports USDT coins.
You can also buy USDT using other cryptocurrencies. You can convert your redeemable cryptocurrencies into Tether. This way, you can safeguard your coins against periodic volatility.
According to a Tether cryptocurrency review, it is highly recommended that the customers must keep their USDT in a hardware wallet. This wallet can keep your crypto coins offline, making them invisible among other people unless they have physical access to your wallet. If you are looking for a reliable hardware wallet, you can choose Ledger and Trezor. These applications are both compatible with desktop and mobile.