About Tether ( USDT )
Tether coin uses blockchain via the Omni Layer protocol.Tether is a token backed by actual fiat currency assets, including USD, Euros and, soon, Japanese Yen. One Tether equals one underlying unit of the currency backing it, e.g., the U.S. Dollar, and is backed 100% by actual assets in the Tether platform’s reserve account. Being anchored or “tethered” to real-world currency, Tether provides protection from the volatility of cryptocurrencies.
Best Wallet For Storing Tether ( USDT )
MyEtherWallet is an online wallet that allows you to buy and sell both Ethereum and Ethereum Classic tokens. The unique characteristic of this specific wallet is that you can connect the Trezor and Ledger Nano S hardware wallets with your Ether account.The application is free of charge. However, you need to pay a small fee per transaction to support the platform development.
OmniWallet is a hybrid web wallet, you have the option to host it on your own computer, or use their hosted online version, both of which work in the same way. Omni wallet doesn’t have a lot of other features it is purpose-built to store the Omni currency. This wallet will only develop as the popularity of the currency develops.
Which type of USDT do I have?
There are several methods to check which type of USDT you have in your account.
Check the withdrawal address
- ERC20-based USDT will begin with a “0x”
- Omni Layer-based USDT will begin with a random string of numbers or letters, most often starting with either “1”, “3” or the new SegWit prefix “bc1”.
Check with the exchange
- Contact the customer support of the exchange you wish to withdraw from and check which type of USDT they host.
Test the wallet with a small amount
- You should only use this as a last resort since it may result in a loss of funds (albeit a small amount). If you cannot confirm the type of USDT you have, you can always send a very small amount to a USDT wallet to figure out if you have the type that wallet supports. If the funds arrive, then you have the same type of USDT supported by that wallet. If they are lost, then you may assume you have the other type and should perform the same check with the other wallet type to be sure.
- Transaction Times USD deposits and withdrawals to and from foreign exchanges are often a time-consuming process. On average, they take 1 to 4 business days to complete. If the transaction occurs after banks have closed for the night, weekend, or holiday, wait times may be considerably extended.