Tether - allows real-world currency to be used on the Blockchain


#1

Anyone heard of Tether? Is this a game changer?

https://tether.to/faqs/

What is Tether?

Tether provides a secure, fast, and low-cost way to store, send and receive money.

For the first time in history, Tether allows real-world currency to be used on the Blockchain, just like bitcoin. This allows businesses and customers to reap the benefits of the Blockchain while using a stable currency they know and trust.

What is Tether’s Vision?

We believe in creating greater freedom, security and access to money. That’s why we built the first real-world currency platform on the Blockchain.

We have revolutionized the way all of us use currency. This gives everyone a secure and fast way to store, send and receive currency as if it were bitcoins.

Wherever bitcoin can be used, Tether can be used. Our agnostic platform gives the Bitcoin ecosystem increased applications, customers and revenue. In addition to the $5.1B bitcoin ecosystem, we also provide a gateway into a currency market worth trillions of dollars.

We offer a platform that delivers world-class security and meets Government compliance obligations. As a fully transparent company, we publish a real-time record of all value held and transferred in and out of our customer reserve account.

How does Tether work?

Tether is the world’s first fiat currency token platform to exist on the Blockchain. With easy integration to Bitcoin businesses, we provide instant use of fiat currency on the Blockchain in the form of Tether. This reduces the volatility and unfamiliarity concerns associated with bitcoin.

Represented by ₮, our innovative platform securely converts fiat currencies and bitcoin deposits into USD₮, EUR₮, and JPY₮ currencies. Tethers can then be stored, sent and received across the Blockchain securely, quickly and cheaply.

Tether currency is backed 100% by actual fiat currency assets in our reserve account and always maintains a one-to-one ratio with any currency held. For example 1 USD₮ = 1 USD. With almost zero conversion and transfer fees, Tether currency is redeemable for cash at any time.

What real-world currencies does Tether support?

Tether initially supports US Dollars (USD), Euros (EUR) and Japanese Yen (JPY).

You can also store, send or receive value in bitcoins.

Who can use Tether?

Anyone can use Tether.

Tether enables bitcoin businesses – including exchanges, wallets, payment processors, financial services and ATMs – to easily use fiat currencies on the blockchain.

How does Tether protect me from bitcoin volatility?

Because they are anchored or ‘tethered’ to real-world currencies.

Tether currencies are new assets that move on the Blockchain just as easily as bitcoin. Tether currencies are essentially Dollars, Euros, and Yen formatted to work on the Blockchain. Tethers always hold their value at 1:1 to the underlying assets.

Every Tether in circulation is backed 1:1 with a matching currency in our customer reserve account and can be redeemed at any time for its original asset. This means that for every USD₮, EUR₮, and JPY₮ in a customer’s wallet, we hold a real Dollar, Euro, or Yen in our bank account as a claim by the Tether holder.

How do I know my Tether is secure?

Tether is built on top of the revolutionary and cryptographically secure Bitcoin blockchain and adheres to strict security and global government laws and regulations.

All Tethers are worth one-to-one with matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by actual assets in our reserve account. As a fully transparent company, we publish a real-time record of all value held and transferred in and out of our reserve account.

Tethers can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying asset) at any time.

I’m interested. When and where can I use Tether?

Tether is currently in Beta. You can request an invitation to join at tether.to. We want to make Tether usable everywhere where you can use bitcoins and in many places where bitcoin is not currently accepted.

Is Tether transparent?

Yes. Tether’s platform is built to be fully transparent at all times and is regularly audited. Every Tether is backed 100% by its original currency, and can be redeemed at any time with no exposure to exchange risk.

Real-time access to an up-to-the-minute balance sheet showing Tether’s reserve account, movement of assets and outstanding Tethers in circulation can be viewed at tether.to.

How much does Tether cost to use?

We are committed to making Tether secure, fast and low-cost. We offer almost zero conversion fees, we charge no commissions and we offer top market exchange rates.

Sending Tether currencies or bitcoin to other Tether wallet holders is always free. When Tether or bitcoins are transferred to a non-Tether address, a bitcoin mining fee is charged.

Do I have to go through the KYC process?

Tether is committed to delivering world-class security and adhering to applicable laws. Going through our know your customer (KYC) form and approval process is required to issue and redeem USD₮, EUR₮, and JPY₮.

You can fund your account with bitcoins and convert to Tethers to stabilize your bitcoins and without having to undertake KYC.


#2

Tether is an Asset on the MasterCoin (Omni) platform…along with MaidSafeCoin which is currently the largest asset on coinmarketcap.com:

The MasterCoin (Omni) platform ( http://www.omnilayer.org/ ) compettes with other BitCoin 2.0 projects -ie: NXT, Ripple, BitShares, NuBits etc.


#3

Looks like MaserCoin , and MaidSafe trade on the groups own exchange (ie: simialar to what NXT does):
https://masterxchange.com/

I noticed that Colored Coins can be exchanged on this one too.


#4

Some Articles:

http://www.coindesk.com/realcoin-relaunches-tether-avoid-altcoin-association/


#5

Did you see the fees they charge, they are ridiculous.


#6

Nope i hadn’t noticed as I have been doing a rapid scan and haven’t dug into details yet. Thx for bringing that up. There’s always a catch - right?


#7

The last Tether company got my wireless service provider to hate me for stealing bandwith for use with my computer and other devices. This product looks promising. I hope that they have a better fate.


#8

Interesting looking idea at first glance, though they’re competing in an ever growing market place.

Thanks for sharing it, bookmarked the page now for further reading :slight_smile: