October 22, 2021

World Trades

Finance Blog

BITANO – What is USDT? Understand USDT to become a clever virtual currency player

3 min read
  1. What is USDT?

Tether coin (USDT) is a Cryptocurrency asset issued on the Bitcoin Blockchain through the Omni layer protocol. Each USDT unit is protected by a USD at the Tether Limited reserve and can be redeemed via the Tether platform.

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Tether USD can be transferred, stored, spent. Like Bitcoin or any other virtual currency, users can transact and save it with any Omni Layer e-wallet like Ambisafe, Holy Transaction, or Omni Wallet.

Similar to Bitcoin, Ethereum, and other cryptocurrencies, users can transact, store and spend USDT. They can transact and keep Tether on any Omni Layer e-wallet such as Ambisafe, Holy Transaction, or Omni.

The purpose of the USDT

Makes the national currency transfer easier. Accordingly, providing users with a stable altcoin instead of Bitcoin and providing an alternative to insecure wallet transactions and audits today.

– The USDT also provides proof of the reserve process (Proof of Reserves Process) instead of proof of solvency (Proof of Solvency). In Tether’s proof-of-reserve system, users can ease check the amount of USDT in circulation on the Bitcoin blockchain using test tools. Meanwhile, the total amount of USD in reserve is proven by exporting the bank balance and through periodic audits by experts.

How USDT works

Step 1: You use cash to buy USDT.

Step 2: At this point, Tether will generate a similar Token. The USDT you buy is priced equal to the $ 1 value you deposit.

Step 3: You can trade freely, buy, sell and exchange comfortably.

Step 4: You do not like to play anymore, so you will sell your USDT to Tether to withdraw real money or sell it to exchange or someone.

Step 5: If you want to sell it back to Tether, Tether will pay you back and permanently cancel that Token.

  1. Is USDT a rival of Bitcoin?

The Tether executive team has confirmed that USDT only complements the technology of Bitcoin.

USDT supports the broader use of Bitcoin, allowing users to be attracted to the blockchain, but volatility becomes an easy entry into the market.

  1. Where should you buy USDT in Vietnam?

If you do not know where to buy USDT reputable in Vietnam, you can refer to the list below:

  • Vicuta
  • Remitano
  • FinanceX
  • Huobi OTC
  • Bitmoon

It is also possible to buy USDT by direct person-to-person transactions. If you know someone who owns USDT and wants to sell, you can contact these people directly to ask to buy if you agree to sell, they will transfer USDT to your wallet.

  1. Is there a fee to use USDT?

Trading via Tether is completely free, although wallets or other exchanges may charge a one-time fee. Convert from USDT to USD or vice versa via Tether.to Platform, users must pay a small fee.

In conclusion, if you are a clever cryptocurrency player, you should use USDT to avoid the risks of Bitcoin. However, if you still have questions about USDT, you should ask the experts or consult your friends who have experience playing cryptocurrency to make the best choice for you.

Cong Ty BITANO Chuyen Mua Ban BTC, ETH, USDT

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