The Tether (USDT) project was created to be able to use traditional currency in the form of tokens. The developers created a blockchain-based coin, which made it possible to combine the advantages of cryptocurrency and fiat money. The Tether platform, which appeared in 2014 as a startup for deeper interaction between the banking system and cryptocurrency, guarantees the transparency of transactions with USDT.
What is USDT meaning? How does Tether work? We will try to find out in our today’s complete guide on Tether (USDT). Let’s get started!
Tether (USDT) Definition: Key Things to Know
What is Tether definition? Tether (USDT) is a stablecoin, the cryptographic version of the US dollar. Each unit of Tether issued for circulation is backed by a one-to-one ratio (i.e., 1 Tether = 1 USD) of the respective currency unit. All USDT stablecoins can be exchanged for the main monetary (fiduciary) currency in accordance with the terms of the Tether company.
What is USDT? The USDT cryptocurrency was created for the interaction of national currencies with cryptocurrencies. The platform was created based on the Bitcoin blockchain with an implemented PoR (Proof-of-Reserves) verification process. The platform tools allow you to find out the exact volume of USDT in the system at the moment.
When the Tether system is mentioned, everyone usually thinks of crypto-dollars. But the platform also works with other currencies. The most popular of them, apart from USDT, are EURT (crypto-euro) and crypto-yen. Still, their capitalization is noticeably inferior to the capitalization of crypto-dollars. In fact, Tether allows you to transfer any fiat money into cryptocurrency.
How Does Tether Work?
Well, using this stablecoin provides many benefits. The main one is the speed of transferring the US dollar via the Internet.
How does USDT work? As mentioned before, USDT is backed by a one-to-one ratio of the respective currency unit. But Tether created not only the possibility of transforming the dollar into tokens. This is a powerful platform for working with any currency, as well as various services.
Tether coins are convenient in that traders do not need to recalculate their value relative to traditional money. The price of USDT is clear — it is constantly equal to the price of the US dollar. Also, the following advantages can be distinguished:
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- High speed of transactions.
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- Full backing of USDT with real money.
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- Transparency of system operation.
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- Decentralization, which is inherent in the blockchain system.
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- No commissions when transferring USDT between different wallets.
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- Minimum commissions when converting USDT to traditional money.
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- The security of transferring and storing USDT is provided by cryptographic encryption methods.
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- Users have access to their money in USDT around the clock 24/7.
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- USDT is a great asset to trade.
More and more companies are turning their eyes to Tether. The products of this system can be used in various business projects.
How to Buy Tether (USDT) Cryptocurrency?
If you’re wondering how to buy Tether (USDT) crypto, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy USDT in the fastest and most convenient way using any available payment method. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
How to buy USDT with fiat? At Switchere, you can buy crypto for fiat money or swap crypto for crypto. In addition to traditional purchases with a bank card, you can use alternative payment methods available (SEPA, SOFORT, Apple Pay, and Asian local banks).
Here is an easy step-by-step guide on how to buy Tether (USDT) cryptocurrency with a credit card at Switchere!
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- Visit our website and log in to your account.
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- Choose the currency pair for exchange, payment method, and network, and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’re done, click the ‘Buy’ button.
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- Specify your Tether wallet address and click on the ‘Buy’ button.
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- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Otherwise, the transaction will be canceled automatically.
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- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased USDT will be sent to your provided wallet address accordingly.
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- Congratulations! The transaction is completed, and now you can check your Tether wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any issues with the exchange process, let us know at [email protected].
Tether Price Today
What is Tether price today? The current price of Tether is $1.00 as almost always, making it a perfect alternative to unstable cryptocurrencies as a store of value and protection against sharp price fluctuations in the crypto market.
This way, USDT cannot serve as an investment asset. If you buy these tokens today, then you can sell them at the same price relative to USD in a few years. But this is the main distinguishing advantage of Tether since the use of USDT allows the investor to avoid currency risks associated with the high degree of volatility of other cryptocurrencies.
Even if the time comes when the digital money market begins to be properly regulated, the USDT asset rate will remain the same, since it is always equal to the US dollar rate.
In other words, by using USDT, we are dealing with the most stable cryptocurrency in the digital money market!
Conclusion
Today, we have found out the USDT definition and Tether meaning since nowadays it is the most popular stablecoin in the cryptocurrency space. Tether (USDT) is one of the first assets that a beginner usually buys when entering the crypto market since it allows buying any other cryptocurrency with USDT and starting trading on exchanges. Storing savings in Tether instead of volatile cryptocurrencies guarantees their stability and protection from rate fluctuations.
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