Review on Tether by Olugbenga Ajayi
Tether is a stable coin that is stable
If you are a person that believe in gradual move toward digital currency and if you also believe that it could bring about new trend of innovation in finance and beyond, then you are welcome to a stable coin that can acheive that. Infact it has been achieving that for a while now.
Tether is not just a cryptocurrency, it is an hybrid between cryptocurrencies and flat Currencies.
It was designed to bring about stability, transparency and also reduce high transaction fee inherent transaction done with both cryptocurrency and flat currency.
Tether introduced a stable coin that can replace USD although until now dollar cannot be exchanged directly for dollar but in monetary value, the two are the same. Infact 1USDT has been pegged to have the value of $1. As at the time of this review, it is trading at $0.9999325 which can be rounded up to $1.
Recently though, it's transparency has been questioned. Information from reliable quarter has it that they hid some vital information that has to do with wherewithal of users' fund from the public although the leadership of tether project refuted this claim.
Despite all of this, tether has succeeded in becoming a stable coin that can be used for payment. I believe that the current innovations and testing of multiple forms of stable coin could bridge the gap between total governmental control on the centralized currencies and bring about a more efficient and decentralized payment system
Pros
- It charges no fee for making transfer into their wallet
- It is stable and rewarding for investors no wonder it is widely used
- Transaction with tether USDT is very fast. Particularly if it is between cryptocurrency exchanges
- It is fully collateralized
Cons
- Since it was hacked once, users may doubt it's secury
- They need to be more transparent
