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Tether when first introduced into the cryptocurrency market suddenly became a go-to currency for several investors. Tether is a stable coin which means its value is directly pegged on another asset. In this case, the value of Tether is linked with the US Dollar and its price does not fluctuate with that of the cryptocurrency market. In this article, we will be discussing what is Tether and what some of the controversies surrounding Tether are and how to buy Tether in Canada.
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Tether when first introduced into the cryptocurrency market suddenly became a go-to currency for several investors. Tether is a stable coin which means its value is directly pegged on another asset. In this case, the value of Tether is linked with the US Dollar and its price does not fluctuate with that of the cryptocurrency market. In this article, we will be discussing what is Tether and what some of the controversies surrounding Tether are and how to buy Tether in Canada.
What makes Tether valuableTether is the third biggest cryptocurrency by market value. Tether is also extremely widespread and is listed at various big exchanges which makes it more accessible. Tether’s block chain-enabled technology ensures robust security while meeting international compliances and standards. Tether was specifically designed to build a bridge between fiat currencies (standard currencies like Dollar, Euro, Pound, etc.) and cryptocurrencies and offer stability, transparency, and minimal transaction charges to users. It is directly linked with the price of the U.S. dollar and maintains a 1-to-1 ratio with the U.S. dollar in terms of value.
What are the controversies surrounding Tether?On the surface, Tether seems like a perfectly reasonable innovation that looks to fill in the gaps that exist within the market. Dig a little deeper than the surface and the problems start to appear. The company had issued a statement saying that every tether token was backed by the company reserves. However, this statement was extremely flawed. The scam surrounding tether started to emerge as people started to discover that the company started to issue more coins that could actually be backed by corresponding dollars.
The extra tether tokens would then be used to buy other cryptocurrency assets thereby causing a major increase in demand for Bitcoin and other coins which caused rapid inflation in their prices.However, no one knows for sure whether these allegations are true or not but the constant mounting of evidence might soon present a valid case.
How is Tether different from any other Cryptocurrency? • Tether belongs to a breed of cryptocurrencies called stable coins which aim to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular cryptocurrencies like Bitcoin and Ethereum. That would allow it to be used as a medium of exchange and a mode of storage of value, instead of being used as a medium ofspeculative investments.
Now that you have all the information you need, what is to be done? • Tether has been surrounded by a lot of controversies for a while now, one should constantly stay updated with any latest developments or news surrounding the future of the cryptocurrency before making any investment. There are several other cryptocurrencies to make investments in like Bitcoin and if you want to know how to buy bitcoin in Canada then all you need to do is log on to the Netcoins app and follow these instructions.
First, you need to provide your personal information to open an account. Then, you need to get your details verified. After this is done, you can transfer money into the wallet and begin trading. • SOURCE CREDIT: • https://netcoinscanada.wordpress.com/2021/07/14/all-you-need-to-know-about-tether/
