The rise and fall of tether: what is its value today

Tether, the cryptocurrency of the stablecoin type which claims that each of its tokens is backed by a US dollar, it is issued by the company Tether Limited and since its origins it has been involved in various controversies.

Attached it was the first stablecoin to exist. It was launched in 2014 by businessman Reeve Collins; bitcoin investor Brock Pierce; and developer, Craig Stellers. Since then, it has become the largest by market capitalization.

Tether was originally available through Omni Layer, but now it can be accessed in various block chains. With the approval of Limited tetheryou can switch between USD and Tether, a mechanism that helps keep the stablecoin pegged.

The Tether Limited network is in turn controlled by the owners of the Bitfinex cryptocurrency exchange, which has been accused by the New York Attorney’s Office to use Tether funds to cover 850 million missing funds since mid-2018.

Cryptocurrency investors and regulators also joined the debate pointing out that the stablecoin is not fully guaranteed, a situation that has brought it to court because its users have no guarantee that their tokens can be exchanged for dollars. On April 30, 2019, the company’s lawyer confirmed that the token was linked to a change of $0.74.

While the debate heats up every day on the convenience or not of its use, Tether is trading today at USD 1.0001824, which represents a change of 0.0% compared to the last 24 hours and a change of 0.0% with reference to its value reached in the last hour.

Virtual currencies were born in 2008 as an alternative to the devaluation of various currencies following the economic crisis of that year.

The first digital asset created was the bitcoins and over time others have emerged like litecoin, ethereum, bitcoin, cash, ripple, dogecoinsome of the most popular.

Cryptocurrencies work through a cryptographic encryption that guarantees the security of transactions, as well as the control of the generation of your units .

To make transactions, cryptocurrencies use a decentralized database, blockchain or shared ledger.

The latter has made cryptocurrencies frowned upon by the formal market, accusing them of being unreliable, volatile, promoting fraud, not having a legal framework that supports their users, allowing the exploitation of illegal activities, among others.

However, gradually the passage opened up to such an extent that companies, millionaires and even governments encouraged or authorized its use.

One of the world’s richest men, Elon Musk, has made comments in support of cryptocurrencies such as bitcoin and dogecoin, temporarily allowing their use in electric car company Tesla, sparking a surge of their price.

In The Savior, President Nayib Bukele legalized bitcoin, being the first country to do so. In the case of Mexicoone of the richest businessmen in the country, Ricardo Salinas Pliego, has made public his intention to accept cryptocurrencies in his businesses, one of his main ones – the Elektra store – already does so.

For his part, the President of Argentina, Alberto Fernández, suggested using its use to fight inflation. Even in Peruthe Central Reserve Bank has warned that it is working on its own digital currency project.