There is an elephant in the room, and the world of cryptocurrency isn’t talking about it enough. It goes by the name of Tether, a not-so-impressive coin. For those who do not know, Tether is a coin which has its price pegged (or tethered) to that of the US dollar. It shows this fact off by having its ticker (or initials) as USDT. It’s clear value is that it is meant to always be equal to the dollar. And looking through their price history shows that for the most part this is true. Whereas there have been fluctuations over the past thirty days it seems to still keep close to the 1USDT = $1 mark. After every price change its price quickly gets returned to the $1.00 per coin mark. The appeal of Tether comes from the fact that it is supposedly a safe coin to hold your savings in as it is never meant to rise or fall. For instance, say you make a $500 profit from XRP (Ripple) but don’t want to exactly withdraw it yet as you’d like to day-trade with your profits. The idea is that you would convert your $500 worth of XRP into Tether on an exchange so that you would have 500USDT which you could still easily trade with for other coins. It is a safe way to keep profits without withdrawing to fiat (real world money like USD/GBP/EUR). It is also a way of avoid taxation; although I am not encouraging this.
I attempt to offer clients a wide range of payment methods when they work with me as a means of giving them as much freedom as possible, but this does come with its pitfalls. One of the best and yet riskiest decisions I ever made was offering clients the ability to pay for work via Bitcoins.