Cryptocurrencies are what making headlines these days. Every day you can find news related to it. Most of us use cryptocurrencies and Bitcoin interchangeably. However, the fact is that there are around 8000 cryptocurrencies circulating in the market. If you are planning to start your investment journey, you must keep yourself updated with the new additions and which ones are the most powerful one. This blog highlights the details of Tether.
Overview of Tether
Before we start learning about Tether, it’s important to acquaint ourselves with the term stablecoin. This Cryptocurrency is Blockchain-based and unique in its approach. Tether is a stable coin, which means its value is linked to physical assets. Tether is linked to the US dollar. When it comes to price fluctuation, stablecoins experience fewer fluctuations. Tether is a popular choice among traders looking to buy cryptocurrencies as a substitute for the US dollar.
Another differentiating factor of Tether from other cryptocurrencies is that there is lesser risk associated with it. The unregulatory and volatile nature of the crypto market is not unheard of. Hence, we put it under the apprehensive umbrella. However, when we say stablecoin, the scenario is not the same.
Tether is the third biggest cryptocurrency. However, there is certain apprehension surrounding the financial stability of it. Many investors think of it to be the black swan of crypto, which can severely impact the market.
Despite all the risks, if you are still keen on buying Tether, here are certain things that you need to know.
Compatible with different Blockchain platforms– Tether works on different Blockchains. It includes Tron, EOS, SLP, Bitcoin, Solana, and SLP. Make sure that you use a compatible wallet. But if you are looking for the simplest way to acquire Tether, then you can do so by using a crypto exchange platform that supports US dollars. Because of our popularity, Tether is available across the different crypto exchange platforms.
Wallets- Having a wallet is a must if you are planning to use or trade in cryptocurrency. Without a wallet, it is not possible to make transactions. Additionally, it also ensures the safety of your currency you have in your wallet. There are several options to choose from. The wallets can be online or digital wallets, or else you can also opt for offline or hardware wallets or paper wallets. Irrespective of the option you pick, you must keep it safe and not share its key with anyone. Revealing the key may expose the threat of breach to the wallet resulting in loss of money, and since everything is anonymous on the Blockchain platform, there is little scope for getting the money back. Hence, you must be cautious while using the wallets.
If we are discussing cryptocurrencies, controversies come complimentary. This is primarily because the concept is at its nascency, and it is still evolving. Hence, it is important to understand the rising and tipping points of cryptocurrency of your interest.
Tether is no different. In April 2019, iFnex Inc. was accused of hiding a loss of 850 million dollars. The court claimed that this amount was given to Crypto Capital Corp. In another incident, approximately, $31 million Tether was stolen. It means Tether was allegedly hacked and $31 million worth of Tether coins were stolen.
Despite all these apprehensions, Tether continues to rule the popularity charts and remains the third-big cryptocurrency. Since Tether is pegged to USD, its value never plummets below $1, thus making it a more stable coin than its contemporaries.
This basic information about Tether will help you make the right call. Also, when we are discussing crypto investment, we have to consider the best crypto exchange platform for the same. Among the different options you have, narrowing it down to the one that is the best is paramount. Checking out the reviews and ratings and its credibility plays a pivotal role in making any crypto exchange platform a reliable one. The british bitcoin profit is the example of what a perfect crypto exchange platform looks like, from the ease of use to the safety features and KYC; everything makes it a trustworthy platform for every crypto investor to look forward to.