All about Tether
Tether is a blockchain-based cryptocurrency whose coins in circulation are backed by an equivalent amount of traditional fiat currencies, such as the dollar, euro or Japanese yen, held in a designated bank account. Tether tokens, the Tether network’s own tokens, are traded under the symbol USDT but use different protocols: OMNI, ERC20, TRC20.
The cryptocurrency Tether, which has a ticker symbol USDT, is a low-latency token ranked in the top 10 on the Blockchain market, which is currently being released on the Ethereum platform.
This digital currency was launched in 2015 by Starbucks vice president Stanley Hainsworth under the name “Real Coin. At that time, the asset was developed using the Bitcoin system code based on the “Omni Layer” protocol, some time later the creators of the cryptocurrency decided to switch to the more flexible and modern project to create decentralized p2p applications Ethereum Foundation, and also rename their own coin to “Tether”.
The main feature of the Tether token is the formation of a kind of stable hybrid of fiat and electronic currencies, backed by real money and having reduced volatility. This cryptocurrency works on the principle of “Proof-of-Reserve” algorithm, which confirms that each USDT coin is backed by real money.
The main currencies supported by Tether Limited – USD and EURO (in the future it is also planned to release assets backed by the Japanese yen JPYT). Here, each e-coin USDT is equal in value to one fiat currency. Based on this, the developers of Tether provided the Blockchain market with a unique cryptocurrency that is fully backed by cash reserves and has a stable rate. This type of digital currencies are called “stabelcoins.
The issue of Tether cryptocurrency is not limited by the system code, the developers create new coins in their system based on the market demand. Mining in this system is impossible.
At the time of writing, more than 2.75 billion USDT have already been issued, and the number of tokens will only grow in the future.
Depositing a Tether account on the Cryptex.net site
To replenish your personal account on the Cryptex.net exchange in the form of Tether cryptocurrency, you need to go to the “Balance” section on the main page of the site, go to the information block labeled “Other cryptocurrencies” and, using the “Select currency” function, find and select “USDT” at the bottom of the list. After that, you will see a block with the corresponding Tether coin.
Press the “Enter” button in this window, the system will generate a unique USDT address for you, which you can use to deposit your personal balance. To simplify the task of copying your USDT address and make sure you don’t make a mistake, use the “Copy” button.
Besides the standard input through Blockchain, Cryptex cryptocurrency exchange gives its users an opportunity to deposit Cryptex code to their account, instantly and without commission. More details about Cryptex code are described here.
In some time after the funds transfer you will be able to see the full information about the deposit in the section “Deposits”.
Withdrawal of Tether cryptocurrency from the exchange
In order to withdraw USDT asset from Cryptex.net trading platform, you need to go to “Balance” section on the main page of the exchange, find “Other cryptocurrencies” block, select “USDT” in the drop-down window and click “Withdraw” button. After that, two windows “Address” and “Amount to withdraw” in the equivalent of USDT will appear just below.
- In the “Address” field enter the USDT address, to which you would like to withdraw funds from the exchange.
- In the “Amount to withdraw” section specify the necessary amount of Tether cryptocurrency, which will be deducted from your personal account of Cryptex.net trading platform.
After filling necessary details pay attention to the commission fee. Exchange commission for a Tether transaction is fixed – 10 USDT per transaction, withdrawal limit is not limited. More details about all Cryptex.net transaction, deposit and withdrawal fees can be found in the “Fees” section.
Like in the case of deposit you can withdraw funds from your account using Cryptex code and then transfer it to the addressee for activation on cryptex.net.
If you agree with all conditions then press “Withdraw” button. After you meet all the requirements for the transfer, the system will start processing the transaction of sending Tether cryptocurrency from your exchange account. You can find detailed information about withdrawals in the “Withdrawals” section.
