Steemit Crypto Academy week 7: Stable coins - Part2 (Tether USDT)


Hello wonderful people, how are you today? I hope you're having a fantastic week. I'm ecstatic to be a part of this unforgettable lecture. In this article, I'll share my experience with one of my favorite stable coins as given by @yohan2on

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What is a stable coin?

Stablecoins are cryptocurrencies that are structured to reduce the market volatility of the stable coin in relation to a "stable" asset or basket of assets. A stable coin may be connected to a cryptocurrency, fiat currency, or commodities on the exchange (such as precious metals or industrial metals).

Example of some stable coins:

Tether (USDT)
Paxos Standard (PAX)
True USD (TUSD)
USD Coin (USDC)
Binance USD (BUSD)

Today, however, we'll talk about a stable coin Tether USDT

What is Tether USDT?

Tether is a blockchain-based cryptocurrency that crypto coins are supported by an equal sum of conventional fiat money kept in a specified bank, such as the dollar, euro, or British pound. Tether coins, the Tether network's native tokens, are traded underneath the USDT tag.

Tether is a cryptocurrency that is used by crypto investors that want to escape the intense uncertainty of another cryptocurrency while preserving their value inside the crypto sector.

Tether Current value.

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Tether Value Statistics.

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Tether Market Cap.

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Tether's Advantages

1) When contrast to other alternatives, Tether has extremely low fees. There have been no costs to move Tether tokens once they are in a Tether. to the wallet.

2) Tether is an Ethereum - based token that resides on the Ethereum blockchain. The Ethereum Blockchain is such a well and well-tested open-source and decentralized blockchain.

3) Tether's yet another support helps to simplify for non-technical users.

Disadvantages of Tether.

The following are some of the Tether token's drawbacks:

1) Tether has always vowed and failed to deliver a thorough public audit. The currency reserve still lacks a fully competent public audit.

2) Tether Limited and its currency is fully centralized, despite the fact that Tether promises to be decentralized. Tether Limited's capacity is critical to the overall Tether system.

Future Plan.

The most recent general update from Tether Limited was in September 2017. Sad to say, the firm is not very successful on Facebook and other social media channels.

1) Tether is collaborating with other trading platforms and sources, such as third-party payment providers and bank partnerships in areas with more favorable mutual commercial banks.

2) The Omni Layer team at Tether Limited is said to be collaborating with TREZOR, a cryptocurrency hardware wallet.

How to get Tether?

Purchasing Tether (USDT) through your bank account often necessitates a two-step procedure. Buying Bitcoins (BTC) or Ethereum (ETH) from an exchange that collects money via debit/credit card or bank account is by far the most popular and preferred process. You can buy BTC or ETH on most exchanges, such as Coinbase.

Following that, you must move your newly acquired cryptocurrencies to a market that sells Tether (USDT) for BTC or ETH. Tether is supported by a large number of exchanges (USDT).

How to Keep Tether Secure?

Tether (USDT) can be stored in any online wallet or cryptocurrency exchange that supports it, such as Binance, Bittrex, and Poloniex.

Special Mention:@yohan2on
@steemitblog ,
@steemcurator01 ,
@steemcurator02 .

yohan2on-week7 #stablecoins #crypto #steemexclusive #blockchain #education


Comments 3


@yohan2on sir kindly review it

26.03.2021 17:26
0

Hi @bassamjamal

Thanks for attending the 7th -Crypto course on stable coins and for your effort in doing the given homework task.

Feedback

You could do better than this. More effort was needed in your research study so that you be able to provide clearer information and more detailed information on Tether.

Homework task
4

27.03.2021 04:37
0