Tether Holds Steady in Value Amid Other Cryptocurrencies Falling. A vast majority of cryptocurrencies have been going down in value among ongoing international worries about how such currencies could be traded or accessed. But there is one currency that has not been impacted substantially by the market. Tether is a popular currency that is linked to the American dollar and may be used for simplifying transactions among other groups.
Tether has been growing in value amid the ongoing decline in the market. The currency has not declined in value and has remained consistent for the most part. Its market cap value has been increasing as well.
Tether has a value of about $1.03 per coin. About 1.62 billion of the 1.65 billion coins that can be produced in this currency have been mined and are circulating now.Advertisement
Tether has remained around the $1 value for the most part. It went up to around $1.07 in the middle part of December. It has hardly ever gone under the dollar mark. The market cap has also gone to $1.68 billion thanks to ongoing mining efforts and the currency not suffering from any substantial declines or damages.
This comes as Tether’s trading volume has increased in value just like many other cryptocurrencies on the market. But what makes Tether popular is that it is a currency linked to one of the most powerful fiat currencies in the world.
Tether has become one of the most interesting cryptocurrencies in recent time. This is thanks to the currency being tied to the American dollar, thus making it one of the few digital currencies to be connected with a fiat currency.
The general goal of the currency is to support transactions online through a rate that is fixed with what the American dollar uses. This could work to keep government intervention and regulation from being a serious problem.
Tether was originally based off of the bitcoin blockchain when it was introduced in 2015. It would switch over to the Litecoin blockchain in 2017 and continues to work under that setup.
The currency is also associated with Bitfinex, a prominent exchange. The firm that is behind Tether is incorporated in Hong Kong although it does have an office in the United States.
The general concept of the currency is to hold the American dollars in reserve. It could potentially be useful in the event that the American dollar cannot be used as a legitimate currency for any intention. This could include cases of insolvency or if there are liquidity concerns over that fiat currency. Tether ensures that people can use this currency without having any actual fiat currency on hand. There is no need to bear with banks or other third parties when trying to get transactions with Tether utilized.
Tether has also been carefully organized to follow various legal points. It cannot be traded in countries that do not recognize cryptocurrencies, for instance. Tether does not utilize any contracts or legal claims over ownership either. Any person who owns Tether cannot be guaranteed any protection from losses that may occur while using the currency.