Review on Tether Gold by Stephen Toluwani
A stablecoin pegged to Gold
Tether Gold is a stablecoin pegged to in a ratio of 1 Tether Gold to a real Gold which are held in safe storage in Switzerland as per the information made available on its website. The reason why many will always choose Tether Gold is due to the safety and assurance many have given to the company behind Tether who have been in the business of minting stablecoins in different denominations and now includes Gold in it's treasury. According to information from the company, the gold is stores secured in a vault
But why choose a virtual Gold over the real Gold?
1 You don't have to pay storage fees
2 The gold can be carried about in your wallet
3 Smaller ounces of Gold can be purchased up to 6 decimals
4 It can be redeemed for the real Gold at anytime
With Tether Gold trading in quite a number of exchanges, users can get their hands on this virtual representation of Gold at fees only applicable to trading it and withdrawing. To redeem the Gold can be tedious as one needs to do some verifications and other things. But if you are bullish on Gold, buying Tether Gold is your best cheap option
Pros
- Tether Gold is pegged 1:1 to Real Gold stored in safe Storage
- Users can buy small amounts even up to 6 decimals of Gold which is not possible in the conventional ways
- No fees for holding the Tether Gold token as it can easily be held on ERC supporting wallets
- Tether is a big name in holdings. So they are quite reliable as they are well regulated
Cons
- Tether has had a huge issue with regulatory bodies that has given it many a cause for concern
- Verification to redeem your virtual gold for the real one is very strict and can be tiresome
