Why Tether Vs. Bitcoin?
Tether is a platform that is designed to give you the benefits of using open source blockchain technology with a traditional currency. It works by converting your cash into a stable currency of an equal amount on a digital platform. You can leverage the blockchain technology to store, send and receive digital tokens that are pegged to dollars and euros. And also, they work on a peer to peer based system that is on a global scale and gives you instant access at a safe and secure rate. They are said to do this at a fraction of the cost of any of the other cryptocurrencies on the market.
What Makes Tether Unique Vs. Other Cryptocurrencies?
The platform only exists through the blockchains that are built on the Omni Protocol. It's an open sourced software that interfaces with the blockchains that allow for the issuing of Tethers. That is their unique tokens created for the platform.
Tether is a digital currency that is backed 100% by actual fiat or tangible money like the USD. Its assets are all held in a reserve account. When you want to, you can redeem the Tethers according to their limited terms of service. The conversion is a very straightforward one. One tether also equates to one USD.
The platform is designed to be highly stable and to help with the full reserve of the sum of all Tethers that are in circulation. Being far greater than or equal to the balance of the actual fiat currency that the company holds in their reserve is the goal of the platform. Through the transparency they claim to have, you can see all the numbers in 100% real time and view how everything works in operation.
For a more detailed and technical explanation of how the platform works, you can download and read the Tether White Paper at the company site at any time. Tether is said to support several different currencies, such as Us dollars, euros, and even the Japanese yen soon enough. The platform is designed for businesses and other financial institutions to use fiat on the largest blockchains in the world. The currency ecosystem will be integrated with Tether. People can also use Tether to create their own virtual wallet and use it for transactions with other Tethers.
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Since the currency is anchored to real-world currencies, you can move assets across the blockchain as conveniently as you can other currencies. Tether also uses currencies and not money; the virtual tokens are explicitly formatted to be used on blockchains and always hold a ratio of 1:1 for the assets it's representing.
It’s a completely secure and revolutionary platform that is designed to work with a 100% secure open source blockchain. The technology is designed to adhere to the strictest security and global government according to laws and regulations. The Tethers are always pegged at the 1:1 ratio matching the currency it represents. And they’re backed by actual base assets stored in a reserve account. They operate with full transparency with the real-life records of the sum amount of all value that has been transferred to and from the reserve account.
The Tethers can be securely stored and sent across blockchain technology and are redeemable for actual cash. They are under Tether's limited terms of service once again. The system is built to be fully transparent and is audited on a regular basis. Each token is backed by their real-life currency.
Tether has nearly zero fees for all the conversions they offer. Along with that, there are no commissions or offers on the market regarding other exchanges. If you want to send money to Tether or retrieve it from your wallet, it's always a free service as well. Even if you are sending your Tether to an externally enabled wallet that is facilitated by the Tether network, Tether will absorb all the fees.
The entire system is based on transparency. When trading Tether, there is no money to be made from an increase in the value of Tether. The system is designed to be completely stable and to make Fiat the backing to any transactions you make online. This is one of the only, if not the only cryptocurrency that operates the way it does. Most of the other currencies are incredibly volatile and can't be relied on the stay at its current value. Tether is one of the most unique cryptocurrencies on the market to date.