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What is USDT

USD Tether
Tether USD (USDT) - a pioneer in the exchange of fiat money (dollars) between exchanges, the so-called stable coin. The Tether refers to cryptocurrencies, the functionality of which is based on the Bitcoin blockchain (Omni) and recently moved to Ethereum (ERC20).

The issue of USDT tokens is laid on Tether Limited, registered in the British Virgin Islands in 2014 by Philip Potter and Giancarlo Devasini. The company has close ties with the Bitfinex exchange whose CEO Louis Jean van der Velde is also the CEO of Tether Ltd.

Tether Cryptocurrency

Initially, 1 USDT = 1 USD, but with different intervals, the exchange rate rises or falls by several percent. This mainly depends on the news background and statements of the management of Tether Limited, as well as on the current market situation in general.

The USDT token is not a cryptocurrency in its essence, as it is completely controlled by one centralized company, which can print as many USDTs and sell them for real dollars. This is due to many scandals at the beginning of 2018, as well as the keen interest of the SEC. The crypto community also does not approve the activity of Tether and there is an opinion that the USDT simply does not have real reinforcement in the bank account. There were several attempts to audit the Tether’s bank accounts, but not a single authoritative audit company was allowed; in exchange, the USDT conducted an audit and posted their report on their website but its real source is not verified by any authority.

All printed tokens go through the address:

1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz Omni

0xC6CDE7C39eB2f0F0095F41570af89eFC2C1Ea828 ERC20

USDT Wallet

A cryptocurrency application that supports Omni Layer can be a wallet for USDT based on Omni and any wallet that support Ethereum can keep USDT based on ERC20.

Other methods of storing Tether USD are reduced to registration on exchanges that accept this currency Bitfinex, Bittrex, HitBTC, Binance and others.

Legal component

After the SEC request for a Tether, the lawyers technically divided it into 2 independent ones:
  1. Tether Limited, which works with US citizens.
  2. Tether International Limited, which does not cooperate with American citizens.
By analyzing the User agreement, posts in the mass media, Twitter, you can come to certain points that should at least alert users of this cryptocurrency:
  • tokens can be withdrawn at any time through the Tether platform, but it is immediately indicated that USDT are not monetary instruments.
  • Tether Limited and Tether International Limited are not required to redeem their tokens for fiat currencies.
  • Tether does not guarantee protection against losses in the exchange of tokens on other platforms Tether recognized that USDT tokens are provided not by US dollars, but by other cryptocurrencies
  • Tether is trying hard to postpone the audit by reputable auditors, although in fact, in order to check the balance of the company and say that it has a sufficient reserve, it does not take much time
  • presumably at the moment, the Tether cryptocurrency is backed by real dollars by less than a half.

How to buy USDT

Buying USDT is possible in several ways. If you are in Ukraine, it is possible to buy USDT through Privatbank. You can also buy USDT for dollars in Kiev. For any other country buying USDT with western union or MoneyGram is available.

How to Sell Tehter USDT

Selling is available in similar direction as USDT purchasing.
For any country is available sell usdt for western union or any other payment syste, VISA, Mastercard (if your bank supports direct payments to card). If you are situated in EU SEPA transfers are available or bank wire (SWIFT) for other countries.
In Ukraine you can sell usdt for cash.

Of course Tether Limited should process any request of its customers who wants to exchange usdt to bank account by own efforts. But they require additional verification which costs 120$ and doesn't depend on you pass it or not. As well direct withdrawal takes too long and many declines in these operations were discussed on forums. So the best way we think is to find safe and affordable USDT exchanger as Casherbox is.
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