Tether, the cryptocurrency of the stablecoin type that affirms that each of its tokens is backed by one US dollar, it is issued by the company Tether Limited and since its origins it has been involved in various controversies.
Tether it was the first stablecoin to exist. It was launched in 2014 by businessman Reeve Collins; bitcoin investor Brock Pierce; and the developer, Craig Stellers. Since then it has become the most important by market capitalization.
Originally tether was available through the Omni Layer, but now they can be accessed in various blockchain. With the approval of Tether Limitedyou can switch between USD and Tether, a mechanism that helps keep the stablecoin anchored.
The Tether Limited network is in turn controlled by the owners of the Bitfinex cryptocurrency exchange, which was accused by the New York Attorney’s Office of using Tether funds to cover 850 million in missing funds since mid-2018.
Investors and regulators of cryptocurrencies have also joined the debate by pointing out that the stablecoin is not fully guaranteed, a situation that has taken it to court because its users have no guarantee that their tokens can be exchanged for dollars. On April 30, 2019, the company’s lawyer confirmed that the token was tied to a change of $0.74.
In 2018, the Bloomberg media revealed that the tether company was under investigation by the United States Federal Prosecutor for an alleged manipulation of bitcoin; the following year this crypto surpassed the most popular in trading volume per day and monthly.
While the debate is heating up every day about the convenience or not of its use, Tether is trading today at USD 1.0004356, which represents a change of 0.01% with respect to the last 24 hours and a variation of 0.0% with reference to its value reached in the last hour.
Regarding its market popularity, it has maintained the position number 3 between digital currencies.
Cryptocurrencies emerged in 2008 as an alternative to the devaluation of various currencies as a result of the economic crisis of that year.
The first digital asset created was the bitcoins and over time others emerged like litecoin, ethereum, bitcoin, cash, ripple, dogecoinsome of the most popular.
Cryptocurrencies work through a cryptographic encryption that guarantees the security of transactions, as well as the control of the generation of your coins .
To make transactions, cryptocurrencies use a decentralized database, blockchain, or shared ledger.
It is worth mentioning that cryptocurrencies are digital currencies that do not physically exist and, unlike currencies such as the dollar, the euro or the peso, are not regulated by any institution and do not require intermediaries in transactions.
The latter has caused cryptocurrencies to be frowned upon by the formal market, accusing them of being unreliable, volatile, promoting fraud, not having a legal framework that supports their users, allowing the operation of illegal activities, among others.
Even so, little by little the passage has been opened to such a degree that companies, millionaires and even governments have encouraged or authorized its use.
One of the richest men in the world, Elon Musk, has made comments in favor of cryptocurrencies such as bitcoin and dogecoin, temporarily allowing their use in the electric car company Tesla, which has triggered an increase in their price.
In The Savior, President Nayib Bukele legalized bitcoin, being the first country to do so. In the case of Mexicoone of the wealthiest businessmen in the country, Ricardo Salinas Pliego, has made public his intentions to accept cryptocurrencies in his companies, one of his main ones -the Elektra store- already does so.
For his part, the President of Argentina, Alberto Fernández, has suggested using its use to combat inflation. Even in Peruthe Central Reserve Bank warned that it was working on its own digital currency project.
