What is Tether (USDT) and why it is so popular?

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What is Tether (USDT) and why it is so popular?

Tether is one of the most popular blockchain-centric digital currencies, though not as large as Bitcoin. Many believe that tether’s current role in the trading and money transfer market in the cryptocurrency world is crucial to the development and expansion of these new financial technologies.Tether to PayPal

In theory Tether should be unaffected by the market volatility that can so dramatically impact the valuation of other cryptocurrencies, such as Bitcoin, because it pegged to the U.S. dollar.

Tether is a stablecoin that aims to provide a “safe” digital asset.

The reason that USDT does not fluctuate in the price of other cryptocurrencies is that this digital currency is supported by Fiat currencies (including the dollar, euro and etc). As a result, unlike cryptocurrencies such as Bitcoin or Ethereum, its value increases or decreases depending on the price of the currency it supports.

USDT which is backed by dollars and is worth approximately 1 US dollar. As expected, Tether is the most widely used of the other stablecoin; That’s why most of the time when we talk about Tether, we mean the same as the USDT token. In fact, we can simply say that the USDT is the digital dollar that acts as an alternative to the dollar in exchange offices.

 

What makes Tether unique?

Tether is known as the oldest stablecoin. Numerous businesses in advertising banners refer to the date of establishment of the collection and with great emphasis, introduce themselves as an old company in their field of activity. Because users feel comfortable and secure when communicating with a long-established business. Tether also has very strong support and can be invested safely.

Tether Blockchain Network is centralized. Fiat-backed stablecoins, which are also the most popular and widely used in this digital currency category, have a different structure than that designed by Satoshi Nakamoto (creator of Bitcoin).

Bitcoin, the first encrypted digital currency, was designed as a decentralized system, so that an individual, team, group, company, organization, institution, and especially the government (central bank) and a particular entity as a whole have no control over it. And is managed by its users.

 

But despite the use of blockchain to record transactions, tether has moved away from the basic principle of currency decentralization and is quite centralized.

How to exchange Tether USDT?

Teter is supported by many exchange offices. The result of a long history and many connections has been the acceptance of Tetra by countless digital currency exchanges. Almost all cryptocurrency exchanges can convert digital currencies supported by that platform with USDT.

Also, due to the progress in this field, many platforms have recently provided digital currency exchange services to electronic money. One of these platforms that offers such services is Paypax, where you can exchange USDT to PayPal by completing the registration process.

Conclusion

The digital currency market needs a stable coin. With volatility in the digital currency market, traders need such a currency code to maintain the value of their assets. For people living in countries such as Venezuela and Iran, buying a stable currency such as the tether is a good way to maintain the value of their assets. This shows that buying tether has its own benefits even for people who do not want to enter the world of cryptocurrency.

The fact is that every user of blockchain services, novice or professional, will enjoy the benefits of stable coins.

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