Tether – Crypto Face for Fiat Currencies
Tether is a Cryptocurrency pegged to fiat currencies and based in Hong Kong. Hence the name Tether.
It uses Bitcoin blockchain with the Omni layer technology (the first project ever to launch an ICO). And the team has been testing the Omni protocol on the Litecoin blockchain for more efficient transaction fees and confirmations.
For example, if you buy USD pegged tethers then you will have the ticker symbol USDT. Or if EUR then EURT. So, to maintain the value for Tethers, the company maintains an equal reserve of corresponding fiat currencies.
Support for more currencies will be coming soon. GBP and JPY are expected to be added. And a KYC verification is required to purchase the tokens from the official site.
No conversion fees are applicable while purchasing. Also, there are no transaction fees for the transactions between the officially provided wallets. But blockchain fees shall be born when sending a transaction to an external tether wallet that is not issued by the website teher.to.
One benefit of tethers comes with the use in Cryptocurrency exchanges. Individuals can move their money more smoothly and efficiently, and can cold store without any issue of volatility.
Tether.to, the official website, provides mobile wallets for IOS and Android platforms. Also, the site itself gives web wallet, where you can buy and sell tethers.
Tether is not at all a minable Cryptocurrency. The only way to get them is to purchase.
Currently, the Taiwanese bank partner used by the Tether team is refusing the international wire transfers sent for purchase orders. But the customers having a Taiwanese bank account as well as the ones doing blockchain transactions are not facing any delays.
And it is intimidating to see banking partners creating troubles even though Cryptocurrency based companies are doing everything according to the rules and regulations.