Bitcoin ISNT the most used in the CRYPO WORLD
Most of us know that bitcoin takes up seventy percent of the worlds digital market however I recently found out that its not exactly the most used cryptocurrency.
Strangely according deep research of a good few hours I learnt that Tether is. Since April figures shown that even though the value is much smaller it was used more. The trading of tether actually was more than eighteen percent more than bitcoin.
Table below shows the increase of tether
In fact Lex Sokolin global financial technology co-head at ConsenSys Has said and I quote by Bloomberg.
“If there is no Tether, we lose a massive amount of daily volume -- around $1 billion or more depending on the data source. Some of the concerning potential patters of trading in the market may start to fall away,”
It is easier for people to get whose countries ban crypto trade to use or trade. Mainly because tether is pegged to the usd, making it more stable than just a digital coins. However, most tether users I have spoken to had said it fluctuates about less than $0.01. Most people actually are using tether without even knowing due the fact that they think its usd saved in an account overseas . Interesting fact though tether has been sued accused of manipulating the price of bitcoin., defrauding investors knowingly due to a disappearance of $265 billion in cryptocurrency wealth. However I researched more of this and
Tether’s general counsel said that “the lawsuit is meritless and the plaintiffs’ complaint is rife with errors.” The firm “has not used Tethers to manipulate any market”, he added, and operates in “full conformity with applicable laws”.
Another artical argued
Tether issued extraordinary amounts of unbacked USDT to manipulate cryptocurrency prices. Because the market believed the lie that one USDT equalled one US dollar, Bitfinex and Tether had the power to, and did, manipulate the market on an unprecedented scale to profit from boom-and-bust cycles they created.
I than went to the tether website to see what they have to say for themselves stating in simple that its a bogus study . (Article below)
https://tether.to/tether-anticipates-meritless-and-mercenary-lawsuit-based-on-bogus-study/
Another page that you should take a look at is the twitter feed
https://twitter.com/bitfinexed?lang=en
What are your thoughts on this Let me know in the comments below what you think is tether fraud or is it just a way to make it lose it value?
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