USDT is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform. USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency, users can transact and store tethers with any Omni Layer enabled wallet like Ambisafe, Holy Transaction or Omni Wallet.
source: https://www.cryptocompare.com/coins/guides/what-is-usdt-and-how-to-use-it
Poloniex and Bittrex are also telling people that every USDT is backed with a USD. It is widely use to safely store your crypto when ever you feel like saving it to a dollar. But did you know that USDT isn't actually backed with anything? So how does a USDT get a value of a dollar? Because of Bitcoins hype almost every alt coins are bleeding and now the fall of Bitcoin is affecting all crypto. Then who benefits from these landslide? Yes, it's USDT or https://tether.to/
PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.
Source: https://tether.to/legal/
So what actually is USDT? This is the main reason why every alt coin is bleeding because of this corrupted fake currency. If we traders continue to support this kind of activity the more we will suffer in the long term see my post here.
https://steemit.com/bitshares/@docmastery/the-tragedy-of-the-commons
Then what are we going to use?
BitAssets unlike USDT that isn't backed with anything. If you don't know what bitAssets are here is a good video that will explain it to you.
credits: BitsharesTV
Now that we know what bitAssets are. I'm suggesting get out of poloniex and bittrex and start supporting the real asset that will safely store our hard earn crypto money. Stop using USDT and start using bitUSD. If we continue this kind of act more will take advantage from us. Support bitAssets and drop your ghost USDT.
If you don't know how get bitUSD. I strongly suggest that you use Blocktrades to convert your assets into smart assets like bitUSD, bitCNY or bitEUR.
Blocktrades is easy to use first you must have a Bitshares Wallet.
https://steemit.com/tutorial/@docmastery/creating-your-own-bitshares-wallet-account
This is how to use Blocktrades.us
Stop supporting fraud money and start supporting smart assets. Together we can make blockchain community a better place.
Please kindly read https://steemit.com/bitshares/@docmastery/my-goal-to-reach-5000-bts
I am currently accepting donations. If you have some Bitshares spare in your wallet you can send them to my Bitshares Wallet: doc-mac18. For steemit SBD and STEEM you can send them directly on this account. Thank you!
Nem Dayao,
Your Bitshares Enthusiast
Thanks to
for the GIF image