The price of the Tether cryptocurrency today. (Infobae/Jovani Pérez)
Tether, the stablecoin-type cryptocurrency that claims that each of its tokens is backed by one US dollar, is issued by the Tether Limited company and has been involved in various controversies since its inception.
Tether was the first stablecoin to exist. It was launched in 2014 by businessman Reeve Collins; bitcoin investor Brock Pierce; and the developer, Craig Stellers. Since then it has become the most important by market capitalization.
Originally tether was available through the Omni Layer, but now they can be accessed on various blockchains. With the approval of Tether Limited, you can switch between USD and Tether, a mechanism that helps keep the stablecoin anchored.
The Tether Limited network in turn is controlled by the owners of the Bitfinex cryptocurrency exchange, which was accused by the New York Prosecutor’s Office of using Tether funds to cover 850 million in missing funds since mid-2018.
Investors and cryptocurrency regulators have also joined the debate by pointing out that the stablecoin is not fully guaranteed, a situation that has taken 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 tied to a change of $0.74.
Physical representations of various cryptocurrencies. (REUTERS/Edgar Su)
The value of the Tether cryptocurrency for today is $1,0001201. This means that the digital asset had a change of -0.0% in the last 24 hours, as well as a movement of 0.0% in the last hour.
Physical representations of various cryptocurrencies. (REUTERS / Banco Santander)
Virtual currencies emerged in 2008 as an alternative to the devaluation of various currencies as a result of the economic crisis of that year.
The first digital asset created was bitcoin and over time others emerged such as litecoin, ethereum, bitcoin, cash, ripple, dogecoin, some of the most popular.
The cryptocurrencies work through a cryptographic encryption that guarantees the security of the transactions, as well as the control of the creation of their currencies.
To carry out transactions, cryptocurrencies use a decentralized database, blockchain, or shared ledger.
Juan Mayén, CEO of Honduran firm TGU Consulting Group, demonstrates how to use a cryptocurrency ATM in Tegucigalpa, Honduras. (REUTERS/Freddy Rodriguez)
The latter has caused cryptocurrencies to be 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 operation of illegal activities, among others.
Even so, little by little the passage has been opened to such a degree that companies, millionaires and even governments have encouraged or legalized its use.
One of the world’s richest men, Elon Musk, has made comments in favor of cryptocurrencies such as bitcoin and dogecoin, temporarily allowing their use at electric car company Tesla, which has caused their cost to rise.
In El Salvador, President Nayib Bukele legalized bitcoin, becoming the first country to do so. In the case of Mexico, one of the wealthiest businessmen in the country, Ricardo Salinas Pliego, has made public his intentions to accept cryptocurrencies in his companies, one of his main ones -the Elektra store- already does so.
For his part, the president of Argentina, Alberto Fernández, has suggested using it to combat inflation. Even in Peru, the Central Reserve Bank warned that it was working on its own digital currency project.
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