Again the Stablecoin Tether (USDT) manages to attract a lot of attention after it was already a few weeks ago, in the context of the current discussion on Bitfinex in the spotlight. In the Case of Bitfinex, it is mainly about market manipulation and alleged that the Exchanges of money from illegal transactions to be washed. Now, Bloomberg reports that Tether as a means of payment, for gambling sites, or (online) medical marijuana boomed Shops just.According to the Bloomberg report Tether to a means of payment. The Stablecoin that is used in the context of Trading, for example, to Secure the profits that will be used – especially in comparison to Bitcoin more and more often for payments, the report said.
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Tether Boom in gambling and Cannabis, primarily
To do this now on two examples: The company CoinPayments, which provides solutions as Payment Provider for Kryptwährungen, for example, that the Stablecoin Tether now account for 30% of the total volume. And the trend is rising! The current share of 30% of the total is already in the volume of all transactions, a whopping 3000% up on the previous year’s level. In the case of other companies it looks similar.So Ievgen Iugrinov, who works as a product Manager at the Moscow company B2BinPay said that, even if you Tether and are meanwhile contributing 20% to the total volume. Here, the value has ‘only’ doubled compared to the previous year.Trading crypto-currency CFDs, in the case of Skilling. Bitcoin and Crypto CFDs with competitive Spreads, transparent pricing, and ultra-fast order execution. Most Skilling today and see for yourself.Get started now!
Why does the Stablecoin as much appeal as a means of payment?
Even if there were always Controversies on the actual coverage of Tether, is the principle of stable coins, he is linked to one (or more) Assets. As a result, he receives a ‘fixed’ value, which makes him, in turn, a less-volatile, and thus more stable Asset. And this is exactly what both customers and merchants benefit.Sean Mackay, who heads the operative business of CoinPayments, explains the charm of the Tether straight in comparison to other crypto-currencies, as follows:
In the past, most merchants accepted only in Bitcoin, Ethereum and maybe Litecoin. This had to be it currencies either directly into Fiat, and then, a little later, in a Stablecoin convert, against the exchange rate fluctuations (=volatility) hedge. Today, we can observe that the payments can be done easily directly in the Tether.
Another point lies also in the fact that the transaction costs associated with Tether (but also with other crypto-currencies) simply to be considerably lower than with credit cards. In particular, in the case of ‘high-risk sites, such as Gambling sites, or Cannabis-Shops it is more difficult to provider for processing credit card payments. The success of this project successfully, you’re then also in the form of higher fees as the other dealers. Tether creates here remedy!Tether trumps Bitcoin as a means of payment in the area of High-Risk Sites. Can you imagine that Tether does in the future, the role of the electronic cash system? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)