What is USDT coin?  What you need to know about USDT

What is USDT coin? What you need to know about USDT

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Before deciding to invest in usdt, investors should take the time to learn and carefully study the principle of operation of this currency. The following article will share knowledge to help you better understand What is USDT??

Things to know about USDT

What is USDT?

USDT or Tether coin is a Cryptocurrency asset issued on the Bitcoin Blockchain platform using the Omni layer protocol. Omni is a platform that can help create and trade digital currency or assets. Omni is a software layer created on top of the Bitcoin Blockchain. A single USDT is backed by 1 USD at Tether Limited and can be redeemed through the Tether platform.

USDT aka Tether coin

Tether USD can be stored, transferred and spent in the same way as Bitcoin or other virtual currencies. Investors can store and trade tethers with Omni Layer e-wallet applications such as Omni Wallet, Holytransaction or Ambisafe.

What is the purpose of USDT?

USDT makes it easier to exchange currencies between countries. Accordingly, providing users with a stable alternative to Bitcoin (altcoins) and providing alternatives to electronic wallet audits and unsafe online transactions.

– USDT provides proof of reserve process, helping users to query transaction volume easily with tools. The total amount of USD in the reserve is also audited and proven through a clear and detailed bank balance export.

– The amount of USD in Tether Limited and the amount of USDT in circulation are always the same. Tether Limited through the Transparency website exports bank balances for transparency about the amount in the account. The auditor will confirm and update this report continuously.

How does USDT work?

Users can trade USDT freely through exchanges

The process of how USDT works is as follows:

– Step 1: Users use cash to buy USDT according to their needs.

– Step 2: The user will receive a similar Token and the purchased USDT will be valued at the value of 1 USD user deposited.

– Step 3: Users can trade this coin comfortably.

– Step 4: Users can sell USDT to Tether if they do not want to play anymore to withdraw real money, or can also sell it back to other users or another exchange.

– Step 5: If the user sells USDT to Tether, the money will be returned and the previous user’s Token will also be destroyed forever.

USDT was born causing many people to mistake this as a real Altcoin and a rival to Bitcoin. However, the USDT executive team insists that the essence of USDT is simply to add technology to Bitcoin. Specifically, they support and promote the use of Bitcoin, for users attracted by the blockchain.

Where to buy and sell USDT in Vietnam?

USDT is a popular currency and also an intermediary for many other coins, like ETH and BTC. Therefore, users can trade USDT easily on many different exchanges. Buy USDT through your visa account at reputable exchanges like Huobi, Binance. These are two very large exchanges, although the transaction fees here are also very high.

Can buy USDT via visa account or redeem other users

Or you can refer to exchanges that support transactions in VND with lower fees like Bitmoon, FinanceX… Or you can also buy USDT from other users.

According to the experience of those who have used USDT and experts, the value of this coin is relatively stable. Since USD and USDT are equivalent in value, they are quite stable compared to other cryptocurrencies.

Is there a fee for USDT trading?

When buying, selling and trading Bitcoin or other virtual currencies on Bittex, Poloniex exchanges… users can transfer USDT from one exchange to any Omni Layer e-wallet easily.

Basic Transactions with USDT No Fees

All transactions are free of charge. However, to convert from USDT to USD or vice versa, users will have to pay a small fee. Specifically:

– Tether.to Wallet: Free.

– Blockchain with Tether link: Free. When sending money from a Tether wallet, Tether will bear all Blockchain fees, and fees only occur when Tether goes out of the wallet or gets out of control.

– Bank account: Fee of 10 or 20 USD or more.

Hopefully the article has added more knowledge and helped you understand what USDT is before deciding to invest in them. If you need further assistance on this topic or related issues, contact Makemoney via hotline 0944.31.9963 for fastest support!

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