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What is Tether all about
While Bitcoin is the largest, and most well known cryptocurrency, the digital coin used the most on a day to day basis is Tether. Tether is an important cog in the cryptocurrency space as it is the most widely adopted stablecoin, meaning it benefits from aspects of crypto such as being borderless and digital, but without any price volatility.
One of the reasons Bitcoin is seen as a double edged sword is because it can be used as a currency, but your $100 spent on Bitcoin one day can be worth $200 the next, making it very undesirable to spend. This has been addressed with stablecoins which are cryptocurrencies with a value tied to a certain asset, or fiat currency.
Tether is a digital currency that is always worth exactly $1. Thus, it is far more desirable, if looking to spend crypto, to use Tether as the value will be constant. Tether is also one of the more established stablecoins, but it has had a controversial past.
Tether claimed that for every $USDT token it held $1 in reserve — however, this turned out to not be true which also led to the New York attorney-general investigating the coin and its parent company, Bitfinex. However, the case has been settled and the dollar reserve discrepancy has been addressed too.
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USDT Questions & Answers
What is the price of Tether right now?
Currently, the price of Tether is at 0.89 Euro.
What was Tether's highest price?
Tether's price was the highest on 2018-07-24, when it was at 1.13 EUR.
Is Tether popular on social media?
0 individuals were participating in discussing Tether on Reddit in the last 48 hours. The official Tether Twitter account currently is followed by 0 users.
What uses are there for Tether?
Tether is widely used as a spendable cryptocurrency and a transfer of value because its value is stable. It allows for people to take advantage of blockchain and cryptocurrency — like borderless and decentralized transactions — without the fear of fluctuating values.
Is Tether legitimate?
Tether, while being one of the most widely used cryptocurrencies, was once considered to be controversial in its storage of value. The company claimed to own $1 for every USDT coin in circulation, but this turned out to be false. However, recently the company has addressed this and proven their reserves.
Are stablecoins popular in the cryptocurrency space?
Tether is the most widely used cryptocurrency by individuals while the growth of stablecoins is expanding rapidly. There are even instances of central banks looking to create their own stablecoins based on local currencies.
What Is the Point of the Tether Token?
Tether (USDT) offers a way for investors to avoid the extreme volatility of other cryptocurrencies. By moving value to USDT, a trader might reduce their risk of exposure to a sudden drop in the price of cryptocurrencies. It is also much quicker and cheaper to transfer BTC into Tether rather than the U.S. dollar.