Tether, the cryptocurrency of the stablecoin type that states that each of its tokens is backed by one US dollar, it is issued by the company Tether Limited and since its origins it has been involved in various controversies.
Tether It was the first stablecoin to exist. It was launched in 2014 by businessman Reeve Collins; bitcoin investor Brock Pierce; and the developer, Craig Stellers. Since then it has become the most important by market capitalization.
Tether was originally available through the Omni Layer, but can now be accessed on several blockchains. With the approval of Tether Limitedyou can switch between USD and Tether, a mechanism that helps keep the stablecoin anchored.
The Tether Limited network is in turn controlled by the owners of the Bitfinex cryptocurrency exchange, which was accused by the New York City Attorney’s Office to use Tether funds to cover $850 million in missing funds since mid-2018.
The price of Tether cryptocurrency at 08:30 hours (UTC) on this day is $1,000166 per unit.
This means that the digital currency suffered a change of 0.04% in the last 24 hoursas well as a variation of 0.02% in the last hour.
Currently, Tether is in the #3 place of popularity in the digital market. It is worth mentioning that the historical maximum that this digital currency has reached is 1.21549 dollars per unit.
A digital currency is a digital medium exchange that does not physically exist and that uses cryptographic encryption to ensure the integrity of its operations, while maintaining control in the creation of its new units.
Bitcoin was the first to hit the market and was then followed by others that have also had great relevance, such as litecoin, ethereum, IOTA, tether, cash, ripple, decentraland, even some that emerged from memes like dogecoin.
Cryptocurrencies have several factors that make them unique: not being regulated by any institution; not requiring intermediaries in transactions; and almost always use accounting blocks (blockchain) to prevent new cryptocurrencies from being created illegally or transactions already made from being altered.
However, since they do not have regulators such as a central bank or similar entities, they are clearly identified as not being reliable, being volatile, promoting fraud, not having a legal framework that supports its users, allowing the operation of illegal activities, among others.
Although it could be a paradox, at the same time cryptocurrencies guarantee security to their miners regarding the network in which it is located (network) and which implies code management; Hacking this security is possible but not so easy to achieve, since whoever tried it would have to have computing power greater than even that of Google itself.
To buy and exchange them you can through specialized portals. Its value varies depending on supply, demand and user commitment, so it can change faster than traditional money, but the more people are interested and want to buy a certain currency, the higher its value will be.
However, whoever invests in this type of digital currencies must be very clear that this form brings with it a high risk to capitalWell, just as there can be an increase, it can also unexpectedly crash and wipe out the savings of its users.
To store them, users must have a digital purse or wallet, which is actually a software through which it is possible to save, send and transact cryptocurrencies. In reality, this type of wallet only stores the keys that mark a person’s ownership and right to a certain cryptocurrency, so these codes are the ones that should actually be protected.
