Tether: this is the price of the cryptocurrency today

The price of the Tether cryptocurrency today. (Infobae/Jovani Pérez)

Tether is a cryptocurrency issued by the company Tether Limited. Born as a stablecoin, it was initially stated that each token was backed by one US dollar, however, several controversies have put this point on the table.

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.

In 2018, the Bloomberg media revealed that the tether company was under investigation by the United States Federal Prosecutor for an alleged manipulation of bitcoin; the following year this crypto surpassed the most popular in daily and monthly trading volume.

Physical representations of various cryptocurrencies. (REUTERS/Dado Ruvic)

The cost of Tether cryptocurrency for today is $1,000169 per unit.

This means that the digital currency suffered a change of 0.01% in the last 24 hours, as well as a variation of 0.03% in the last 60 minutes.

Currently, Tether is in the #3 place of popularity in the digital market. It is worth mentioning that the all-time high that this digital currency has reached is $1.21549 per unit.

Cryptocurrencies are digital currencies that do not physically exist and, unlike currencies such as the dollar, the euro or the peso, they are not regulated by any institution and do not require intermediaries in transactions.

Physical representations of various cryptocurrencies. (REUTERS/Edgar Su)

Consequently, they are regularly not viewed favorably by the formal market and are accused 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 they have opened the way to such a degree that companies, millionaires and even States have encouraged or authorized their use.

These cryptocurrencies work through a cryptographic encryption that guarantees the security of the transactions, as well as the control of the creation of their coins. To carry out transactions, virtual currencies use a decentralized database, blockchain, or shared ledger.

Currently there are different cryptocurrencies in this unregulated market, however, the pioneer was Bitcoin, created in 2008, with it came others such as litecoin, ethereum, bitcoin cash, ripple, dogecoin, some of the most popular.

One of the world’s richest men, Elon Musk, has made comments in favor of cryptocurrencies such as bitcoin and dogecoin, even temporarily accepting the digital currencies at his electric car company Tesla, which has triggered a rise in their price.

In El Salvador, President Nayib Bukele legalized bitcoin, being 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.

To acquire any of the cryptocurrencies that exist in this unregulated market, you have to go to specialized websites.

Presentation of a bitcoin ATM in San Salvador, El Salvador, on June 24, 2021. (REUTERS/Jose Cabezas)

It is worth mentioning that the value of each cryptocurrency varies depending on supply and demand, as well as the commitment of the users themselves, which can cause abrupt changes.

This means that the more people are interested and want to get a certain cryptocurrency, the higher its price will be and vice versa.

However, whoever invests in this type of digital currency must be very clear that this form brings with it a high risk to capital, as there may be an increase, it may also unexpectedly crash and wipe out the savings of its users.

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