The Ultimate Tether Guide
The Ultimate Tether Guide
In many ways, the Tether cryptocurrency is out-of-the-world. It's like you take your dollar (or any fiat currency) and make it digital. But is it as good as it seems? Or is there more than meets the eye? Let's break down Tether (USDT) the cryptocurrency and talk about the pros and the cons over.
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Okay, so let's get back to Tether, what makes it special, and what you should bear in mind.
Advantage #1: Simplicity
What was Tether developed for? The aim was simple: Tether came into being to be a digital version of dollar. The rate of Tether is, consequently, tethered to that of USD. It's easy to calculate everything - even if you're not cool with numbers. Ha, even my daughter can tell you how many dollars 1 USDT equal, give or take. By the way, find 1 difference between these two words: USD and USDT - and think of the connection.
Disadvantage #1: No anonymity
One of the reasons so many folks convert to cryptocurrencies is, you guessed it, being anonymous.
Let's say you decided to start making money off Tether. You're used to cryptocurrencies giving you the freedom you've never had before. You open up a broker's website - and the moment you feel like you're all set - you are asked to provide some documents. And not just some documents - in order to work with Tether, you have to verify your identity. Even though it might still work for some traders, the others don't want to sign off on it.
Do you value your privacy too much to give it away? Do you not mind letting go of being anonymous? It's your call.
Advantage #2: Stability
The course is more than stable. Since USDT was created to basically mirror dollar, Tether's rate is usually as close to dollar as anything can get - no stepping out of line! It's not a Bitcoin where experts are fighting whether it will cost $300 000 or $0 in 2021. It can cost $0.9, it can cost $1.21 - and that's it! The only currency closer to dollar that Tether is, as we already know, the dollar itself. It is easier to calculate your potential income with a coin this steady. Just google "tether trading strategy" - and you are good to go.
Disadvantage #2: Centralization
Yes, centralization is exactly what the whole cryptocurrency culture was trying to avoid in the first place. However, how else can you keep the rate more or less fixed? And if the rate is not fixed, the whole point of Tether being tethered to dollar is lost. Therefore, we have a "middle-man" controlling USDT circulation both from the outside. And if a desire to mine Tether stars flaming in your soul - it won't be easy.
Tether is definitely not for everybody. However, it serves some purposes mainstream cryptocurrencies can't fulfill. Apart from being a tool for making money, it can also perform the function of a digital dollar equivalent. Some people do need such an instrument, and some can do without it. Which story is about you?
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