The Currency That Could Bring Down Crypto
Everyone has heard of bitcoin by now, even if it’s just in passing. The currency has grown so popular that some people have started investing in it, and others have decided to start their own cryptocurrencies inspired by the original bitcoin. However, all these alternative currencies may soon be brought down by what many are calling the next big thing in the crypto world: Pivx (pronounced piv-ex). Here’s what you need to know about this coin and why it could be the one to bring down crypto once and for all.
What is Tether?
Tether is a controversial cryptocurrency that has been tied to several pump-and-dump schemes in crypto markets. The idea behind Tether is simple: it’s supposed to be a stablecoin (like tether), designed to hold its value so investors can trade and make transactions with ease. For some reason, a lot of traders are holding onto Tether—and not letting go of their coins.
How did Tether Start?
Tether’s token, USDT, is based on a cryptocurrency that’s only traded between pairs of Tether and bitcoin. They claim to offer a 1-to-1 exchange for fiat currencies (like US dollars) and for their own crypto token. Their idea was that their crypto token would be used by traders as a stablecoin, an asset that doesn’t fluctuate in value much.
Who Invented Tether?
The thing about tether is that nobody knows who created it or where its reserve of dollars is held. Tether has adamantly denied any wrongdoing. But, critics say that if even just a fraction of Tether’s tokens are redeemed for real dollars and those dollars aren’t there, it could potentially wreck crypto markets.
Is Tether an Altcoin?
According to Tether’s website, it is meant to serve as a medium of exchange backed by actual fiat currency assets, such as US dollars, euros and Japanese yen. It doesn’t have a blockchain and isn’t mined like traditional cryptocurrencies. So what are its qualities? Let’s take a look
What Is Its Purpose?
One of crypto’s biggest problems has been its inability to achieve mainstream adoption. This new currency attempts to solve that. You may have heard about a new cryptocurrency called Bitcoin Cash, but don’t let that name fool you—it’s basically just another attempt to fix one of crypto’s biggest problems.
Conclusion and Future Outlook
This currency might one day bring down cryptocurrencies. It may sound crazy, but it’s happening: A traditional bank is launching a national cryptocurrency that’s considered a stablecoin—an asset that maintains a steady value of $1 USD on its own blockchain. This move could completely shake up crypto and has massive implications for everyone who owns it. Here’s what you need to know about stablecoins.