What is Tether?
Tether is one of the most unique cryptocurrencies in the world. Its creators claim that each token of Tether is backed by one dollar. At present, USD and Euro back Tether and the company is exploring the opportunity of receiving Japanese Yen’s backing too. Each donated by the symbols USD₮, EUR₮ JPY₮ respectively. The promise of frequent audits of the reserve accounts (by the parent company of Tether) ensures the safety of reserves. Buy Tether India.
Tether aims for ease of transfer, record keeping ability and other benefits of a blockchain-based digital currency to traditional fiat currencies. This enables users to change digital currencies into respective fiat value, transfer fiat backed Tethers as digital currencies, and price services or products in traditional currencies while eliminating the compulsion of converting digital currencies into fiat currencies.
How does Tether system work?
The business body of Tether, Tether Limited accepts fiat deposits and withdrawals. They are also responsible for creating and destroying Tether in accordance with deposits and withdrawals. Tether Limited also operates Tether website which allows storage and transfer of Tether. They are responsible for the integration of Tether with exchanges. Additionally, they have custody of fiat reserves which back Tether tokens. Tether Foundation, stressing on transparency, has announced that the frequent audits of the company by external auditors. Their transparency page will publish the report of this audit.
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The Tether technology works by embedding metadata in the Bitcoin blockchain itself via the Omni protocol. The Omni protocol allows for the creation and destruction of digital tokens represented by metadata on the Bitcoin blockchain. Omni wallet is responsible for the storage of tokens of Tether. Also, Omnichest viewer allows a user to keep a track on the circulation of coins on blockchains.
Who Uses It?
Nearly every major exchange now include Tether as a major trading pair owing to its unique feature. This uniqueness is that Tether is used and accepted as Dollars and Euros. Trades, widely, use Tether to hedge trades. Also, a number of traders have started using Tether to enter or leave cryptocurrency market.
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The total circulation of Tether is already approaching a billion. As more funds flow into the reserve accounts of Tether, the company creates more new tokens.
With an increase in the circulation of Tether and consequently the use of tokens as a replacement for USD and other fiats as a store of value increases with it.
Benefits of Tether
There are various benefits of using Tether. Following are a few of them:
- Price Stability: Since it is backed by fiat reserves, the users of Tether can use Tether without seeing any fluctuation in its price. No loss.
- Transparency: Tether Limited, the business arm of Tether has already announced its plans for regular audits by external auditors and post the audit report on their pages.
- Low Fee: All All transactions between Tether accounts or wallets which support Tether will need zero transaction fee. So where is the low fee? They charge a very low fee when you change tether into fiat.
- Secure: Tether Tether also works on blockchain technology like Bitcoin so Tether is as secure as Bitcoin.
Buy Tether in India
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