What Tether blockchain really does is attaches blockchain functionalities to your everyday currency. This way you will get the benefits of the blockchain including decentralization and security along with the stability and simplicity of your regular currency.
Interesting Facts about Tether
You can think of Tether as a hybrid of cryptocurrency and real world money which is also called stablecoin. Its value is associated with the US dollar and other real world currencies. The primary objective of Tether is to enable liquidity and an insurance against volatility of the markets.
Since the tokens are tied to real world currencies, it means that there won’t be any loss in value in the event of volatile price swings. This makes stablecoin less risky as compared to other cryptocurrencies.
Benefits of Tether
• Mirrors the value of real world currencies such as US dollar
• Comparatively stable as coin value is not prone to market volatility
• Can act as a replacement of dollar on a number of popular exchanges
• The coin is backed by US dollar reserve to bring stability and trust
• Brings high liquidity to cryptocurrency exchanges
How to Buy Tether
Step 1 – Choose Your Tether Exchange
An overwhelming majority of USDT is traded on OKEx and Binance. The rest of the volume is traded on Bitfinex, HitBTC, and Huobi. Some exchanges also offer cryptocurrency pairs featuring Tether. The recommended exchange to buy Tether, especially USDT, is Binance. It is a well-established trading platform where you can purchase other cryptocurrencies as well.
If you are not sure that Binance fits your requirements, you can look up other exchanges as well. However, just ensure that you carry out your research before making your decision.
Step 2 – Choose Your Tether Wallet
Tether can be stored on a variety of digital and hardware wallets. If you are looking for a hardware or cold wallet, then Ledger Nano S is the best option in terms of security and performance. It is not exactly intuitive but highly secure. If you in search for a relatively easier to use and secure mobile wallet, then you can go with the Nexo Wallet which can store both Omni and ERC-20 tokens. Lastly, if you are looking for an exceptional desktop wallet, MyEtherWallet is a good choice for storing ERC-20 based USDT.
Step 3 – Take Precautionary Measures
• Before you purchase any coin or begin trade on a cryptocurrency exchange, make sure you have followed the steps mentioned below:
• Use a dedicated email ID to register on Binance or any other cryptocurrency exchange
• Use a strong password consisting of upper and lower case letters, numbers, as well as special characters
• Ensure your computer and mobile devices are secure and have been scanned to get rid of any vulnerabilities
• Use different passwords exchange account and email ID
• Ensure you’ve enabled two-factor authentication for additional safety
Step 4 – Choose the Payment Method
When you want to buy Tether, it’s a bit different process compared to the other cryptocurrencies. You can use your credit card and other cryptocurrencies to buy directly from Tether Limited. If you are using other coins to purchase Tether, then Binance is a good option. Try to use a popular coin such as Ethereum or Bitcoin since they’re comparatively liquid and stable.
Step 5 – Make the Purchase and Store Tether in Your Wallet
Once you have jumped through the steps, it’s time to purchase. Pick the sum of Tether coins you want to buy and your exchange will do the rest for you. Once the currency is in your account, you can transfer it to your digital or hardware wallet to keep them accessible and secure.