Is investing in Tether (USDT) safe in 2020?
We have come across several stablecoins that offer various benefits like cryptocurrencies; with one difference, they are stable. Hence the name Stablecoin is applied. Most of the stable coins are pegged to fiat currencies such as the Euro or the US dollar, even some of them are pegged to Gold as well. One such stable coin is Tether, let’s learn more about it.
Source – https://coinsfera.com/how-to-buy-tether-usdt/
What is Tether (USDT)?
- Tether(USDT) is one of the most popular Stablecoin and it solves the issue of integrating blockchain technology/cryptocurrency and fiat currencies. As we are aware, the cryptocurrency Tether(USDT) falls under the category of Stablecoins.
- The USDT blockchain and cryptocurrency was developed by a company based in Hong Kong called Tether. Further, the developers first created an altcoin which is based on the Bitcoin Blockchain, that allowed the association of combining the advantages of fiat money and cryptocurrencies.
- Tether was created for using the traditional currency in the token form. The coin was created to be valued at the US $1 with the backing of the circulating supply of Tether with fiat currencies.
Current Scenario of Tether
Since its Inception in 2014, USDT has become the market leader, when we consider stablecoins. It converts fiat cash into digital currencies by securing the price to US$ 1.
Over the past several months, the market capitalization of Tether grew up to 15.7 billion dollars, while its competitor’s market cap reached 4.1 billion dollars. Irrespective of USD issues, USDT has more than 80% of the market share of most of the fiat-backed stablecoins.
Let us see the below information from Tether about its market capitalization –
Source – https://twitter.com/Tether_to/status/1306504344695705603
We can also say that Tether is considered as XRP’s direct competitor, and it maintains its number one position as one of the most stable, liquid, and reliable cryptocurrency.
Interesting facts about Tether
- Current Price of Tether – $1.00
- Market Cap of Tether – $15,784,640,277
- Tether was launched in 2014, November
- Tether works across different Blockchain such as Omni, Tron, Ethereum, Liquid, EOS
Drawbacks of Tether
Even though there are several predictions about the fall of the US dollar, Tether continues to be a stable asset for the investors to store value. Even though the market volatility of the cryptocurrency sector makes it less intimidating, if you are looking for a long-term investment in cryptocurrency then you should be careful with USDT.
What is the future of Tether (USDT)?
Tether has inspired the cryptocurrency industry by offering stability, Tether(USDT) helps in digitizing the US dollar and helps to make the transactions cheaper, faster, and easier, on the blockchain.
Source – https://www.123rf.com/photo_91791273_golden-tether-usdt-cryptocurrency-physical-concept-coin-isolated-on-white-background-3d-rendering.html
Based on the current market forecast, we can say that investing in USDT would give profitable returns. Some of the forecasts include that it might offer good returns in the span of 3 to 5 years. If you are looking for a good stable asset, then you can rely on this cryptocurrency.
Where can you buy a Tether?
WazirX is considered one of the best platforms to buy cryptocurrency in India. You can buy major cryptocurrencies at the best rates that are offered by the platform. Moreover, it offers the best cryptocurrency trading app where the investor can take advantage of it. WazirX also helps you to convert USDT to INR instantly, where it acts as an escrow for safe transactions.
Without a doubt, we can say that stablecoins hold an important place in the cryptocurrency sector. They offer a bridge between fiat and crypto and it can be considered the best investment for traders and investors in times of volatility. If you are a beginner looking for investing in cryptocurrencies, you need to research the necessary information about the cryptocurrency you wish to invest in. Some of the information would be to check out about the cryptocurrency, the solution it offers, performance, viability, and future forecast about the growth of the asset.