Cryptocurrencies are digital currencies that are operating in a decentralized network known as blockchain. A cryptocurrency is a virtual currency that is not issued by any central authority, which theoretically makes it protected from government involvement and manipulation. The first and most famous cryptocurrency was Bitcoin, and it is still the most valuable digital currency. However, cryptocurrencies can be used only online, which makes them impractical for everyday use.
As it seems, cryptocurrencies are the future of money. But, their value is changing every day, and people are not able to make day-to-day transactions. They are using cryptocurrencies only for online payments. In order to be able to use cryptocurrencies on a daily basis, we must tackle the volatility in price. For that reason, companies have started to develop stablecoins. Stablecoins are cryptocurrencies with stable values. That’s where the Tether stablecoin comes.
Tether is a crypto-fiat currency (stablecoin) whose value is connected to the value of the US dollar and the other fiat currencies. The idea of Tether is to develop a stable cryptocurrency that will be used for every type of payment, just like the fiat currencies.
The Tether cryptocurrency is issued by the company known as Tether Limited, and it is operating on the Omni protocol as a blockchain-based token. The Omni Protocol is an open-source software platform that works with blockchain technology for issuing cryptocurrency tokens. Tether is developed by a completely safe and secure blockchain technology and adheres to the government regulations.
Tether is the most popular stablecoin in the world, and it is even considered as a replacement for the US dollar on many exchanges such as Bitfinex. Tether is also connected to the value of the Euro, having in mind that the Euro is the European Union’s fiat currency that controls a huge percentage of the financial market all over the world.
The team behind Tether believes that people will use Tether for buying other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. They also believe that using Tether for buying digital currencies will improve the whole exchange process and that it will become faster and cheaper. The main goal of Tether is to give people a stable coin that will fight the market volatility. Cryptocurrencies are connected to the fiat currencies, and that’s why there should not be any value loss. This makes stablecoins like Tether more relevant and less risky than the usual cryptocurrencies.
Check out CryptoSouk – it is a digital asset exchange for traders of every skill level. Their goal is to give the traders great trading experiences with fair pricing, remarkable customer service, unlimited improvements, quick trade execution, and creativity. Even though many people thought that the idea of Tether will not succeed, Tether is still there and it is recognized by companies and organizations all over the world. It is very useful stablecoin in practice due to its stable value and the ability to be used in many crypto trades on many exchanges. This made Tether one of the top 20 coins in the market cap in 2018.
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