Some referred to it as a bubble. Others called it the most significant discovery of the twenty-first century. The most common response is “the crypto revolution.” In 2008, Bitcoin created an empire of hundreds of alternate options for savings, trading, and also payment options.
Further, a CNBC study showed that 1 in 10 Americans had joined the crypto bandwagon. It’s not just investors that participate in it. According to coinmap.org, 15.174 companies worldwide currently accept bitcoin. Furthermore, each year more and more U.S. companies are offering crypto payments to their remote team members, particularly those working as software developers or in the technology industry.
What is USDT (TETHER)?
You should be aware that TETHER (USDT) is a cryptocurrency supported by the Ethereum network.
Ethereum is an open-source and decentralized blockchain that supports smart contracts. The agreement details are stored in a database. They cannot be modified, making it essentially a contract between two entities (or persons) in the form of computer code that runs automatically on the network.
The next thing you should be aware of is that Tether, or USDT, is known as a stablecoin as it was initially intended always to be valued at $1, holding $1 in reserves for every tether released.
Although Bitcoin (BTC) continues to be the most widely used cryptocurrency, it is prone to extreme volatility.
- In March 2020, it was US$ 5.000
- US$ 65.000 in April 2021 and,
- US$ 30.000 in June 2021
Additionally, BTC is not ideal for general public use daily due to this level of volatility.
What is the purpose of Tether?
TETHER and every other stablecoin are used mainly as payment methods and are fixed to an asset like the US $ or the Euro.
And perhaps more significantly, certain stablecoins are centralized. For instance, if you lose money as a result of a hack... You won’t be getting it back. But with stablecoins, this is not the case.
According to Bruce Mizrach, a professor of economics at Rutgers University, USDT (TETHER) is mainly used for payments. Venmo or PayPal are the actual rivals for USDT. The costs they impose for transactions are often low. Thus, the following inquiry would be…
How can I obtain USDT?
Exchanges like Kraken, CoinSpot, Binance, or BitFinex are some well-known ones where USDT can be traded.
Of course, you must pick an exchange that deals in USDT and is licensed to operate in your country. Then create an account (but be sure to research first to decide what’s best), and you’ll need a cryptocurrency wallet as well.
In essence, your newly obtained cryptocurrencies will be kept in the wallet.
It’s common to transition USDTs; however, consider the instance where you’ve just landed your ideal job, and it accepts USDT as payment.
Finding it isn’t that difficult. Since the pandemic’s start, many businesses have given you the option of paying you in cryptocurrency, particularly if you love remote work. How can you convert USDT into money, then?
How can I exchange USD for TETHER (USDT)?
It’s not quite as simple to convert USDT into money as a simple bank withdrawal, but it’s close.
Imagine that you received payment in USDT and had previously registered an account on one of the services mentioned above (Kraken, for instance). How do you convert it into money? Below is the procedure in detail:
- Open a wallet account and register.
You will require a username, an email address, and a secure password.
- Validate your account.
Your name, age, home county, and mobile number are required.
- Transfer USDT to your wallet.
In this regard, we could assume that you have already been paid.
- Trade USDT for money
You must supply proof of identification and residency documentation for this.
It’s that easy!
Switching to Binance, where you may sell cryptocurrencies like USDT on the P2P platform with no transaction fees, is the next platform we’ll visit.
Do you understand what P2P is first, though?
Peer-to-peer is the exchange of assets, data, or information between two or more parties without the assistance of a centralized authority; this method is frequently employed in the trade of virtual currencies.
Once on the website, select “P2P” from the menu and send the cryptocurrencies you like to trade to your P2P account. Navigate to the “P2P trading” tab if you have already done that.
The next step is as simple as choosing “Sell” after picking a coin, for example, USDT. Select “Sell USDT” to submit an order after entering the quantity and choosing a payment method.
The transaction will first show “Pending Payment” before showing “Confirm Receipt” when the buyer has made the payments. To release the cryptocurrency to the buyer, click confirm, after which nothing else needs to be done.