Since its inception in 2009, cryptocurrency has made great strides towards becoming a viable form of trade. The technology combines the best of the cyber-world, to provide a payment register that is set to become one of the leading techs of the 21st Century.
The register, known as ‘blockchain’ provides a universal platform that crosses borders, putting buying and trading power back in the hands of the people. Most cryptocurrencies are decentralised, meaning that there is no need of trusted third party in the transactional process. Each transfer is made directly from peer to peer.
But cryptocurrency has morphed and evolved since its early days, having become not only a viable trade platform but a commodity investment platform as well, especially if you are dealing with the likes of Bitcoin, the mother of all crypto. Up to now, Bitcoin has been the most dominant e-currency of them all, setting the trends for the market in all aspects. But things seem to be changing on the digital money front.
Tether has recently taken over from Bitcoin as the top-performing cryptocurrency in the world, at least as far as usability is concerned. While Bitcoin maintains the World’s largest crypto by market cap and is still the most expensive e-currency around, Tether dominates in trading volume by $3.5 billion.
Tether is used for more practical purposes than the previous world leader. It is not unreasonable to think that they might even pull further ahead in the future, as Tether offers one thing that Bitcoin cannot and will not ever offer – centralised value.
Tether, in reality, is a stablecoin, which is “tethered” to the value of the US Dollar. One of the advantages of doing this to a Blockchain currency is that it remains far more stable in value and becomes more usable, which of course the stats mentioned confirm.
It’s a little unfair to compare Bitcoin with Tether though, as they are really not the same product at the root.
CRYPTO VS STABLECOIN
Bitcoin is decentralised, which means that it is not tethered to anything except its popularity. Because of this, it is very volatile, making it a little less conducive to practical usability in the market place. Of course, it is a high stakes investors dream, because it can climb in value tremendously quickly.
Centralised coins, such as Tether, are not as profitable in the investment arena as decentralised ones are, but they are usually far more conducive to trade in all sectors, including the retail and service industries.
True crypto, however, cannot be affected directly by political policies, whereas tethered currency can be. As the dollar is affected by state policy and world economic factors, so is Tether. Tether is a digital hybrid currency, which runs on blockchain technology, but is operated and has the nature of fiat currency. It does, however, make international buying and selling far more convenient and cost-effective, as exchange rates do not have to factor into any trade, at all.
Bitcoin provides a better break away from world economic power and provides us with the best alternative currency to fiat money. It can be used to hedge against economic issues, should another recession hit the world at any time in the future. Tether will be affected by recession in the same way the dollar will be.
CAN BITCOIN HEAD THE RACE AGAIN?
The trick to Bitcoin securing the lead in the usability race would be for it to become a bit more stable than it is. It is already leaps and bounds ahead of the third-placed rival, Etherium, and only needs to close a small gap on Tether.
In order to do this, Bitcoin must market itself more for everyday use. People must be forced to get away from the idea that it is only an investment commodity. The more stores and services that offer Bitcoin trading, the more constant demand there will be for Bitcoin, therefore stabilizing the currency massively.
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