Hello EOSLocally Community!
Today, we have a big announcement to make! EOSLocally has been growing strong and it is why we decided to make an important expansion to our platform! As of today, a light version* of Tether (USDT) is now available to trade on EOSLocally! Users can now enjoy using the unique perks of using our platform to trade one of the most important “stablecoin” in the cryptocurrency market!
*Only EOS-based USDT is available at the moment on eoslocally.com, we will update this feature in a few weeks with the possibility to trade on our platform using TRON-based USDT addresses!
EOSLocally and Tether — How does it work?
EOSLocally is the first decentralized and secure peer-to-peer EOS — Fiat gateway. With the inclusion of Tether as a tradable cryptocurrency, users will be able to take advantage of a variety of features that differentiate EOSLocally from other platforms when trading USDT.
EOSLocally users can enjoy a number of different features that make our platform stand out from other cryptocurrency trading platforms. For example, our platform is non-custodial, meaning we never hold your funds on our platform. No deposits are needed, you always keep control of your keys. Furthermore, thanks to the EOS chain, users can enjoy instant transactions without prior trading skills being necessary.
Our platform has been primarily focused around EOS so how does one sell or buy EOS-based USDT? It’s exactly the same as when trading EOS, the only step you have to do is “switch” EOSLocally to USDT, which is the simple press of a button on the top right of your screen (see the gif below).
It is important for users to know that we are only supporting a “light version” of USDT at the moment.
This means that when trading Tether on EOSLocally, users cannot enter any USDT address (Omni-USDT, ERC20-USDT etc…). They can only use their EOS address, or a USDT address based on the EOS Chain to buy or sell Tether on our platform (see example on gif below)
As mentioned earlier, we are planning to update this feature within the next few weeks. Users will also be able to use their TRON-based USDT address to trade Tether on eoslocally.com!
If you want to know more about Tether and why we decided to add it to our platform, you can keep reading the paragraphs below.
What is Tether?
Tether is a cryptocurrency in which its coins are backed by an equivalent amount of traditional fiat currencies such as the dollar, maintaining a 1-to-1 ratio with the dollar in terms of value. The Tether coins are traded under the USDT symbol and are held in a bank account designated for such coins. Tether differentiates itself from other coins such as Bitcoins and Ethereum as it belongs to an emerging group of cryptocurrencies called “stablecoins”, which aims to keep their value stable as the name implies.
Why use Tether?
Tether fills the gap that is necessary to bridge cryptocurrencies and fiat currencies, all the while offering stability, transparency, and minimal transaction charges. Not only this but Tether is an extremely important player in the trading of cryptocurrencies. According to CryptoCompare data cited by the Wall Street Journal, 80% of all bitcoin trading is done in Tether making it extremely relevant in the cryptocurrency market.
There are 4 main factors regarding Tether that make it particularly attractive for cryptocurrency traders. These are: Stability, Market Acceptance, Growth, and Risk Resistance. Tether has shown its stability as it has been consistently trading at 1 USD since its inception in 2014. Furthermore, as stated previously, Tether has seen a very high trade volume indicating a very high market acceptance, ranking at number 1 among other cryptocurrencies within the “stablecoin” group. Tether has also shown impressive growth, reaching a market cap of over 3 Billion, far larger than any other stablecoin. When it comes to the final metric, Risk Resistance, this can be measured by seeing the distribution of the stablecoin across various exchanges. Coins concentrated in a limited number of exchanges raise the risk level, and when compared to other stablecoins, Tether is the least concentrated thus increasing its resistance to risk.
We’re planning to add new cryptocurrencies on the platform in the next few days, stay tuned for another update!
You can join our telegram group if you have any questions regarding our new feature.