Tether is a cryptocurrency issued by the company Tether Limited. Born as a stablecoin, it was initially stated that each token was backed by a US dollar, however, several controversies have put this point on the table.
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 of using Tether funds to cover 850 million in missing funds since mid-2018.
The price of Tether cryptocurrency at 08:30 hours (UTC) today is 0.999771 dollars per unit.
This means that the digital asset reported a change of 0.0% in the last dayas well as a variation of 0.01% 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 cryptocurrency has reached is 1.21549 dollars per unit.
Virtual currencies were born in 2008 as an alternative to the devaluation of several currencies as a result of the economic crisis of that year.
The first digital asset created was the bitcoin and over time others emerged like litecoin, ethereum, bitcoin, cash, ripple, dogecoinsome of the most popular.
Cryptocurrencies work through a cryptographic encryption that guarantees the security of transactions, as well as control of the creation of its units .
To carry out transactions, Cryptocurrencies use a decentralized database, blockchain or shared ledger.
It is worth mentioning that cryptocurrencies are digital currencies that do not physically exist and, unlike assets such as the dollar, euro or peso, they are not regulated by any institution and do not need intermediaries in transactions.
The latter has caused cryptocurrencies to not be viewed favorably by the formal market, accusing them of being unreliable, volatile, promoting fraud, not having a legal framework that supports their users, and allowing the operation of illegal activities, among others.
Even so, little by little the way has opened to such a degree that companies, millionaires and even States have encouraged or legalized its use.
One of the richest men in the world, Elon Musk, has made comments in favor of cryptocurrencies such as bitcoin and dogecoin, temporarily allowing their use in the electric car company Tesla, which caused, at the time, the increase in their cost.
