|Circulating Supply||2,580,057,493 USDT|
|Max Supply||0 USDT|
Tether is a fully decentralized peer-to-peer cryptocurrency that utilizes the blockchain technology that was developed by Bitcoin. Where it differs to Bitcoin is the fact that it is backed by USD which is held by Tether Ltd and is therefore linked to many different fiat currencies.
USDT is the moniker by which it can be identified at the cryptocurrency exchanges and it currently has a trading volume of almost $2 billion on a daily basis and a market cap of $2,223,548,350 currently.
What is The Tether Coin (USDT)?
Tether is fixed to the USD which essentially means, that for every Tether coin, there is $1 held in reserve by Tether Ltd. This means that this currency can basically be used instead of the dollar when trading for cryptocurrencies.
The price of this cryptocurrency is always $1 and while it has been known to fluctuate a little, it will always be extremely close to that value at all times.
Taking away the need for the fiat USD currency to be used at cryptocurrencies, aids anonymity and allows cryptocurrencies to operate in the decentralized manner they were designed for.
Whats Special About Tether (USDT)
All of the biggest advantages to Tether are linked with it being a digital asset that has been backed by a fiat currency. Take a look at how this benefits Tether below:
- Stability – Due to Tether being backed by the USD fiat currency, its value is far more stable than regular cryptocurrencies. Fiat currencies do not fluctuate as much as their fiat counterparts and thus offer better stability.
- Equal Value – Tether is and will always be valued equally to the price of a fiat currency when being exchanged. This basically means that it will be issued 1:1 for any fiat currency that it is being traded with.
- Offers the Full Benefits of Bitcoin Technology – As Tether is built using Bitcoins blockchain network, Tether is able to boast all of the benefits that Bitcoin can. It is safe, fast and has low fees compared to that of traditional banking methods.
Where to Buy Tether (USDT)
Tether is not as popular as some of the other cryptocurrencies such as Bitcoin, Ethereum or Ripple but that does not mean that you will struggle to find a cryptocurrency exchange to trade it on. In fact, there are quite a few that support the trading of ISDT and we have listed a few of them below:
Gate.io might be a fairly new cryptocurrency exchange but in a short space of time, it has become a very popular one. It supports the trading of a good selection of cryptocurrencies and has some competitive fees.
Kraken is another cryptocurrency exchange that is popular among traders. It supports around 15 or so cryptocurrencies, has been around since 2011 and also allows the use of fiat currencies when purchasing cryptos.
Liqui is a crypto-to-crypto cryptocurrency exchange that supports dozens of cryptocurrencies and other altcoins. It is a fairly new exchange but one that has been earning some good reviews in recent times.
With hundreds of trading pairs supported, Cryptopia is also a good option when you are looking for somewhere to trade Tether. You can also use fiat currencies on this exchange when purchasing cryptocurrencies if that is something you wish to do.
Known for having a very fast trading platform and some decent fees, Bitfinex is another cryptocurrency exchange that you might like to check out. All the major cryptocurrencies can be found here as well as some altcoins and tokens too.
Those are just five cryptocurrency exchanges that we know support the trading of Tether but you will probably be able to find some more as well. Make sure you have a look around at some reviews before depositing though, as some exchanges are not quite as trustworthy as others.
Investing in Tether (USDT)
Tether is not really a cryptocurrency that is worth investing in as you are not really going to see any gains or drops in value. It is basically just a substitute for the US dollar and will make it easier for you to purchase other cryptocurrencies without having to go through the banking systems.
Many traders buy it simply for that reason – to use for the purchase of others. It is actually a very good idea although there are still some out there that have a bit of doubt in it.
Do I Need a Tether Wallet?
If you have seen how sharply the value of cryptocurrencies have increased in the last year and a bit, you will see just how valuable and equally sought-after they are. This has meant that there has been an increase in hackings at online cryptocurrency exchanges and wallets etc. They want to get hold of these cryptocurrencies as they will be far more likely to get away anonymously when compared to hacking fiat currencies.
While cryptocurrency exchanges are always looking for ways to improve their security and that they are far safer than they used to be, the most skilled and dedicated hackers are still being successful when attacking these exchanges. This is why it is very important that you try and find wallets for your cryptocurrencies so that you can store them away from the exchanges.
There are generally two main types of wallets:
- Hardware Wallets
Hard wallets are definitely the best type of wallet to use for cryptocurrencies but these will generally only support the more common cryptocurrencies. These wallets are actual devices that can be plugged into your computer via the USB port where you can download and send or receive cryptocurrencies. They are kept offline and even kept off your very own computer.
With regards to Tether, unfortunately, there is no hard wallet that supports the storage of this cryptocurrency at the moment. This means that you have the option of using a software-based wallet or keeping your currencies on the exchanges. Either that or you could trade your Tether for another cryptocurrency for storage.
- Software Wallets
As for software-based wallets, these will either be client wallets that can be downloaded, online wallets or apps. These do not offer the same level of protection as hard wallets but they are still better to be used compared to keeping your money in the wallets at your favourite cryptocurrency exchanges.
There is actually only one software-based wallet that we know supports the Tether cryptocurrency:
The FantomCoin Wallet is that one and only wallet that can be used to store your Tether away from the wallets in the cryptocurrency exchanges. It claims to keep the majority of all players funds in cold storage and has a number of effective security features to help protect your funds.
The only other option you will have would be to leave your cryptocurrencies in the wallets at the cryptocurrency exchanges. If you are going to do this, choose one that provides excellent security features and does not have any kind of history with regards to hackings.
Pros & Cons
Tether certainly has its uses and while it might not really have much worth as a cryptocurrency to trade or invest in particularly, it certainly has some wonderful uses. If you owned some tether, you basically own the dollar value behind it. It has basically given you a decentralized dollar bill that can be used in the crypto space.
- Fixed against the USD
- Low transaction fees
- Shares the full benefits of Bitcoin
- Loss of anonymity due to the Tehter.io wallet requiring verification
- Not many options with regards to supported wallets.