I came across Tether accidentally while trading Bitcoin on the Bittrex exchange. Tether describes itself as digital money for a digital age.
One Tether is pretty much always worth one dollar; it can therefore be used as a safe coin during periods of bitcoin instability.
Tether is also known by its trading symbol USDT, it is the closest thing to cash you can get without leaving the Bittrex exchange.
I regularly trade between coins on Bittrex but recently I decided to see what would happen if I sold my Bitcoin in to dollars. What surprised me was that the money seemed to have disappeared. After a few minutes I noticed that I had a new coin in my Bittrex wallet.
I remember reading about tether a while ago but ignored it, now I was suddenly a holder of 16 tether so decided to investigate.
The website has the usual ICO statements, Stable, fast and secure, 100% backed, transparent, best of both worlds, etc and provides a good if not biased overview of Tether.
Tether as a digital token appears to be heavily entrenched in several large exchanges. It therefore comes under a degree of scrutiny.
According to the Guardians article “What is Tether, what is its link with Bitfinex and why should Bitcoin investors be worried?” Tether’s coins have become a popular substitute for dollars on cryptocurrency exchanges worldwide, with about $2.3 billion of the tokens outstanding as of Tuesday.
It is said by some that if Tethers value drops from $1 to $0.97 then it is the end for the exchanges such as Bittrex, Poloniex and Bitfinex who use it in replace of fiat and could even potentially take down Bitcoin in the process.
While Tether has said all of its coins are backed by U.S. dollars held in reserve, the company has yet to provide conclusive evidence of its holdings to the public or have its accounts audited.
According to Hackernoon Tether Will Fail eventually based on questionable promises over money that doesn’t exist.
How to buy Tether and how to sell Tether on Bittrex
To buy Tether sign in to Bittrex and sell some Bitcoin. You will receive Tether in a Tether wallet that will be created for you.
To sell Tether go to Bittrex, login and on the home screen scroll down to USDT markets. Click on the Bitcoin link and you will be able to sell your Tether.