what is Tether
Tether – a mysterious crypto-dollar
Tether is a company from China which made a real revolution in the world of cryptocurrencies. They turned a fiat currency into a cryptocurrency! This is now possible due to integration with another service – Cryptsy.
Such an innovation was highly appreciated by traders from all around the world. So let’s take a closer look at how Tether works and why one could want to buy it.
How it works
Tether used to have a different name – Realcoin. It used to be an ordinary altcoin which was rather popular among traders but could not compete with Litecoin, Namecoin and other cryptocurrencies. Therefore Tether owners decided that rebranding will have positive impact on their business and they were right!
Actually it’s not that easy to explain how Tether works. If we simplify the system to the maximum possible extent we could describe Tether as a service turning USD, EUR and other fiat currencies into virtual (digital) tokens which are later send and received with the use of Bitcoin blockchain.
In other words Tether is kind of a digital tie to tangible assets of the real worlds. Technically it is not even a cryptocurrency – it is more a way for using fiat currencies like electronic currencies.
Who may need this? That is a good question. Without a doubt online traders need it! They need everything that can bring good money.
Advantages of Tether
Basically Tether allows to make online transactions with tokens (which can be called a cryptocurrency too) equal to US dollars. That is a good alternative to volatile Bitcoin since USD exchange rate is much more stable. One Tether token (USDT) is always equal to one US dollar. This cannot be changed and it lets us be sure that volatility typical for electronic currencies is not a serious threat for us.
Paul Vernon from Cryptsy is really excited about Tether. He says that such a combination of a digital currency with real security and Bitcoin blockchain is the financial tool of the future.
“You get a stable exchange rate that is typical for fiat currencies and at the same time you have an opportunity to make easy and instant transactions people appreciate with cryptocurrencies”, – says Paul Vernon.
Vernon claims that daily turnaround of Tether is more than 300 000 USD and it is a very impressive result. Without a doubt, such a number is the best evidence of the fact that traders are interested in such an unusual and interesting financial solution.
Moreover, according to Paul Vernon’s words more than 270 000 users are officially registered in their system. Well, isn’t that a great reason to join Tether users?
Speaking about advantages of Tether we should recall the first attempt of Cryptsy to make a cryptocurrency bound to USD. The first attempt failed if you don’t know. The main reason was the necessity in bank receipts. If you didn’t have a receipt you could not make any online transactions.
This time Tether and Cryptsy manages to avoid such unneeded bureaucracy. Today Tether allows all registered users to add and withdraw USD with the use of Bitcoin blockchain. Users enjoy the highest level of security and fast transactions.
Using Tether you never have to worry about currency exchange rate – USD is the most stable currency in the world and USDT is directly bound to the USD dollar. It means that you do not have to put much funds at the risk. Probably Tether is the safest digital currency nowadays.
Tether has quite a big number of international partners like Poloniex, Ambisafe, Space Shift and others. It’s probably the best warranty for a young and innovative service.
Just as other major online payment services Tether offers API support and a well developed system of electronic wallets. We’d also like to note that Tether has a great customer support service. Unfortunately, it’s currently available in English only, but the customer support service itself is really helpful. These guys will quickly advise you on every question or issue regarding Tether.
Finally, we would like to mention such an advantage of Tether as constant development. Euro, Yuan and Japanese Yen – these three currencies are on the beta-testing stage already. Quite soon new currencies will be added as well.
If you see that a cryptocurrency is developing it means that everything goes well for them! Then it definitely makes sense to purchase such a cryptocurrency.
Innovation is the key to success
Tether was not the first company to implement such a solution. A lot of online services were thinking about binding fiat currencies to electronic money, but a great number of technical difficulties prevented them from doing that.
By combining principles of digital and fiat currencies Tether and Cryptsy disturb the balance of the global financial market. But people who earn on buying and selling online have already realized that it’s possible to earn a lot with Tether.
Tether has already found its niche on the market and right now there are no preconditions that the situation will change for worse. Some experts suppose that now is the best time to invest in Tether. It already has a reputation of a well-established service and its outlook is rather promising.
Tether is a transparent service which imposes no hidden fees or commissions to its customers. If you want to learn more please visit www.teather.to and check F.A.Q section – there is a question about transparency of the service with the link to the Transparency statement.
Please check also the information regarding limited activity of Tether in a number of countries – it is also available in the F.A.Q page. Luckily Tether works in the majority of countries and regions, but still there are some places in the world where Tether is either partly available only or unavailable at all.
As any innovative project Tether is rather a risky asset. At the same time where can one earn as much as he or should could earn on a risky project? And if we learn more about Tether we will find out that frankly speaking this service is quite a reliable and prospective one – the partners mentioned above perfectly prove that.