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How to Purchase USDT

Currencies / cryptocurrency Jul 13, 2022 - 08:32 PM GMT

By: Sumeet_Manhas

Currencies

Tether, also known as USDT, is the world's leading stablecoin as far as market capitalization is concerned. Theoretically, stablecoins are a stable alternative for altcoins and bitcoin since their value is pegged to a fiat currency, e.g., the United States dollar. Therefore, those purchasing USDT and other stablecoins are more interested in the decentralization and anonymity they offer rather than price upsurges and falls.

The United Kingdom government is currently working on a strategy to recognize stablecoins as an official state payment method. However, this year, stablecoins have been hit by a wave of volatility; this made Tether lose a 1:1 tie with the US dollar in June.


If you are interested in buying USDT, this article will guide you on how to, offering essential tips along the way. Let's get started.

Pick an Exchange

The purchase of USDT is just like that of any crypto currency. You can purchase the asset using a fiat currency from crypto exchange platforms or exchange it for another crypto such as Bitcoin for Tether. Most crypto exchange  platforms offer similar features, and it's therefore recommended to be keen on the following details of any exchange platform;

  • Payment options available
  • The cost per transaction
  • Transfer of assets
  • Wallet availability
  • Private and public keys

Remember, you must choose a crypto exchange platform that trades in Tether.

Pick a way to pay

The best way to purchase crypto is through bank transfers. This is because exchanges usually do not impose any fees on them. You can also buy crypto currencies using a debit card. However, debit card payments attract a cost of approximately 3% of the total amount spent. It is important to note that using a credit card to buy crypto is not advised.

Purchase

On the exchange platform's website or application, you picked, navigate to the USDT page. The next step is to enter the amount in cash you wish you spend to buy USDT. You will be shown how much USDT you will receive after entering the amount. USDT price is currently at £0.82. Press confirms. Your USDT assets will be credited to your account within a few minutes.

Decide on a storage method.

Many exchange platforms today usually offer a hosted wallet, which means that the exchange platform will store your keys. The advantage of this method is that you will not be charged any storage fees.
Another storage method is using a non-custodial third-party wallet. This method gives you full command of your keys. However, you will have to pay for it. In addition, you will assume full responsibility for your seed phrases to access keys. You will not be locked out of your USDT holdings if you forget them.

Cold wallets are the third option available. A cold wallet is simply a physical storage device that isn't connected to the net. A cold wallet keeps your keys safe from cybercriminals as they can't gain remote control over it. Cold wallets' most significant threats are malware or viruses. The cold wallet might be destroyed if plugged into a computer with viruses. Remember to take good care of the seed phrases to access your public and private keys.

Conclusion

As we have already mentioned, stablecoins such as the USDT offer a less volatile option for altcoins and bitcoin. Their price is pegged to the United States dollar and therefore doesn't suffer significant price surges. It is recommended for individuals who value decentralization of finance than price speculation for profit-making. Finally, it is essential to remember that the United Kingdom government does not regulate crypto currency trades, and therefore you face some significant risks while trading in crypto.

By Sumeet Manhas

© 2022 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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