Five Things You Need to Know About USDT Cryptocurrency
One of the recent developments that have taken place for the Tether network is its addition in the European Cryptocurrency Exchange Bitsane. The native token of Tether platform is USDT and you can now buy USDT with credit card in exchanges like Bitsane, Bitfinex and Bittrex.
Find below five things you should know about USDT cryptocurrency:
USDT is considered as a stable coin
While every cryptocurrency is introduced with a revolutionary aim behind it, Tether is considered as a digital token for the modern world. Tether is renowned as a stable coin as every single Tether token is pegged with 1 USD. Which means the value of 1 USDT is always equivalent to 1 USD. Though Tether’s pegging to US Dollars is controversial, it is the only cryptocurrency which promises some defined value to its token.
USDT is amongst the top 10 cryptocurrencies in the world
While Bitcoin tops the list of cryptocurrencies today, Ethereum and Bitcoin Cash follows the list. It is no surprise that Tether has reached amongst the top 10 cryptocurrencies because its value is pegged with USD. The USDT was launched in 2014 as a digital token with a secure blockchain technology. Tether has witnessed positive reactions from the crypto market and is available for trading in leading crypto exchanges like Bitfinex, ShapeShift, GoCoin and CoinSwitch. Tether is currently in the 8th spot in the crypto ranking with the value of USDT at USD 0.9963 and a market cap of USD 2,048,217,797.
Tether has immense support from its founders
To avoid being compared to different altcoins like Tron, ZCash and Stellar Real coin was renamed as Tether. The Tether was launched by the integration of an international company formed with the association of Isle of Man and Hoong-Kong based companies. The CEO of Tether network Reev Collins has announced that Tether network will function with the association of BItfinex and Mastercoin. One of the featured partners of Tether includes CEO of Bitfinex crypto trading platform Jean-Louis Van Der Velde.
Tether’s bold move to part ways with Friedman
The developments of Bitcoin was largely influenced by the movement of USDT tokens in the crypto market. The connection between Tether and Bitfinex also led to a lot of controversies and comments by the critics. To prove its legitimacy and secure network, Tether platform took a bold move to part ways with its Audit firm Friedman LLP. The so-called dollar pegged cryptocurrency USDT was in the news recently for firing its audit firm due to illicit accounts and fraudulent activities.
Bonding between USDT and Bitfinex
One of the leading cryptocurrency trading platforms globally is Bitfinex wherein you can trade 400+ cryptocurrencies. The connection between Tether and the Ifinex owned company Bitfinex has been under the scanner. There is a constant belief among crypto enthusiasts that the price of BTC is on a rise in Bitfinex when Tether tokens flow into Bitfinex. The fall and increase in the price of Bitcoin are somewhat associated with the BTC to USDT exchange. It is to be noted that the price of USDT has a rise of 8000% in the year 2017 whereas the BTC price increased by a mere 1500%.