Crypto Academy Week 6 Homework Post for [@yohan2on]

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Hello..!!
My Dear Friends,
This is @eh-shohag from 🇧🇩Bangladesh

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Source

Tether (USDT)

Tether's position in the current cryptocurrency marketplace is after Bitcoin and Etherium. Its trading is increasing day by day. So in terms of quality, it is not less important at all. So friends, let's start our criteria without delay.

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What is Tether?

Tether may be defined as a controversial cryptocurrency with tokens issued by Tether company. It convers cash into digital currency to anchor the price of national currency viz US or Canadian dollar. It integrates fiat currencies with cryptocurrencies. Now it is a most popular stable coin.

Tether specifically belongs to the Fiat Collateralized Stablecoins category, which - the Fiat currency such as the US dollar, euro or yen - supports the circulation of each cryptocurrency. Other stablecoin categories include crypto-collateralized stable coins that use cryptocurrency reserves as collateral, or non-collateralized stabilcoins, which have no collateral but depend on a reserve bank to maintain the required supply of tokens.

"What are Stable Coins?"
Stable coins refer cryptos meant to keep a lasting price or value. These cryptocurrencies are basically stabilized to $1 USD. They aim to manage distrust by tracking the values of more stable assets, such as fiat currencies.

"Commencement"

It was disclosed and issued in the Bitcoin blockchain via a platform used for creating and trading digital assets on top of Bitcoin. History tells us, it began with the realcoin project. In 2014, its whitepapers was disclosed in the market as entering realcoin. In it, tether mentioned a list of co-founder ; Reeve Collins, Craig Sellars & Brock Pierce.

The company introduced Tether in three categories as stablecoin. Firstly they introduced as UST (United State Tether). The token characterized 1 : 1 ratio with US Dollar. Secondly they stabilized tether's price with Euros. After that they tried to peg with Japanese Yen. The targeted coin is know as Yen Tether. Now it's one of the most trending cryptocurrency.

Condition of Marketplace

Screenshot Source

As per site's aforesaid , Tether converts digital currency into cash, converting the value of the anchor or "Tether" currency into the value of national currencies such as the US dollar. As it facilitates real cash into digital cash, it has occupied its priority in some region of the world. People has taken it as a smart alternative.

Screenshot Source

It's Teather Chart. The chart shows us overall market condition. We can see the chard according to 1Day, 1Week, 1Month, 3Month, 1Year & following. It's a overall view. The line tells us price ups & downs. In left side, we can see $1.8, $1.04, $1, $0.96, $0.92 & $0.88. The base price in beginning was $1 & it was unchanged till 2016. The price downed at $0.91 ever. From 2018 to present, the price range of Tether is $1.04 to $0.96. Price level is so stable.

Advantages/Merits of Tether

• Stability : Main point can be noted that its price is stable. Actually, its value is 1 USDT equal to 1 $ USD.
• Lower cost : Comparatively others option it has lower fees. In case of tether wallet, there is no fee to transfer.
• Ethereum Blockchain : It's great scope that tether exists on this blockchain as an ERC20 Token.
• Easy To Trade : Crypto trading at Binance & Huobi is easy and intuitive. We can purchase Tether in just a few steps.
• Protection of Fund : In case of traders, they get more protection of their fund with these currencies. Since it is stable. They can instantly convert the currency while they purchase.
• Acceptance : Tether provides exchange opportunity directly with fiat currency & increased liquidity.

Disadvantages/Demerits of Tether

• In fact, there are doubts about whether the Tether company actually keeps a one to one ratio collateralization between the USDT tokens and their bank reserves.
• In case of risk bearing, the company tells us they don't guarantee some claims 100%. There are many contradictions.
• This cryptocurrency is controlled by Tether Company & It is not decentralized. All functions are run by the company.
• The only thing known is its smartcontracts on Ethereum and EOS, the rest is not clear. It's a bad side.

In gratitude I would like to thank @yohan2on for disclosing the informative chapter. Thanks a lot.

Cc :
@steemcurator01
@steemcurator02
@yohan2on