Tether is a useful crypto whose value roughly mirrors the price of dollar. The idea was to create a stable cryptocurrency that could be used like digital fiat. The idea has worked rather well so far, in fact, today Tether is one of the top 20 cryptocurrencies (and essentially one of the only stable ones).
Essentially, and according to their site, Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.
Like other cryptos it uses blockchain. Unlike other cryptos, it is “100% backed by USD” (USD is held in reserve).
Some question exactly how all this is working, but at the end of the day its useful as it has a steady value and can be used on many of the world’s major exchanges.
Its like a digital dollar secured by cryptography and not subject to speculation like other cryptos. That makes it rather useful.
In the volatile world of crypto, its nice to have some stability. And that is what makes Tether cool
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