Comparison and Review: Filecoin vs Tether
Filecoin
- Symbol: FIL
- Name: Filecoin
- Asset Platform: N/A
- Categories: @DePIN, Alleged SEC Securities, Infrastructure, Storage
- Market Cap Rank: 33
- Price Change Percentage (30d): 33%
- Website: https://filecoin.io/
- Listed Exchanges:
- DigiFinex
- Gate.io
- Binance
- BitMart
- Bitget
- LBank
- BingX
- OKX
- WOO X
- CoinTR Pro
- XT.COM
- BTSE
- Deepcoin
- Bitrue
- Coinbase Exchange
- Crypto.com Exchange
- Huobi
- Bitfinex
- KuCoin
- Kraken
- Bybit
- Biconomy
- WhiteBIT
- Bitvavo
- Phemex
- CoinW
- QMall
- Upbit
- AscendEX (BitMax)
- Gemini
- FameEX
- CoinEx
- Trubit
- BtcTurk | Kripto
- BigONE
- Tarmex
- Coinlist
- FMFW.io
- HitBTC
- MEXC
- CITEX
- Nominex
- Toobit
- Bitforex
- TokoCrypto
- Pionex
- CEX.IO
- CoinCatch
- Bilaxy
- BYDFi
- Poloniex
- Coinzix
- BIT
- WazirX
- Oceanex
- Bibox
- Upbit Indonesia
- 4swap
- Tokenize
- Description:
The Filecoin network achieves staggering economies of scale by allowing anyone worldwide to participate as storage providers. It also makes storage resemble a commodity or utility by decoupling hard-drive space from additional services. On this robust global market, the price of storage will be driven by supply and demand, not corporate pricing departments, and miners will compete on factors like reputation for reliability as well as price.
Tether
- Symbol: USDT
- Name: Tether
- Asset Platform: Ethereum
- Categories: @Mantle Ecosystem, Stablecoins, USD Stablecoin, BNB Chain Ecosystem, Arbitrum Ecosystem, Solana Ecosystem, Gnosis Chain Ecosystem, Avalanche Ecosystem, Moonriver Ecosystem, Harmony Ecosystem, Near Protocol Ecosystem, Fantom Ecosystem, Polygon Ecosystem, Moonbeam Ecosystem, Tezos Ecosystem, Cronos Ecosystem, Metis Ecosystem, Velas Ecosystem, EthereumPoW Ecosystem, Optimism Ecosystem, Ethereum Ecosystem, Canto Ecosystem
- Market Cap Rank: 3
- Price Change Percentage (30d): 0.10792%
- Website: https://tether.to/
- Listed Exchanges:
- DigiFinex
- Gate.io
- Binance
- BitMart
- Bitget
- LBank
- BingX
- OKX
- WOO X
- CoinTR Pro
- XT.COM
- BTSE
- Deepcoin
- Bitrue
- Coinbase Exchange
- Crypto.com Exchange
- Huobi
- Bitfinex
- KuCoin
- Kraken
- Bybit
- Biconomy
- WhiteBIT
- Bitvavo
- Phemex
- CoinW
- QMall
- Upbit
- AscendEX (BitMax)
- Gemini
- FameEX
- CoinEx
- Trubit
- BtcTurk | Kripto
- BigONE
- Tarmex
- Coinlist
- FMFW.io
- HitBTC
- MEXC
- CITEX
- Nominex
- Toobit
- Bitforex
- TokoCrypto
- Pionex
- CEX.IO
- CoinCatch
- Bilaxy
- BYDFi
- Poloniex
- Coinzix
- BIT
- WazirX
- Oceanex
- Bibox
- Upbit Indonesia
- 4swap
- Tokenize
- Azbit
- Tidex
- P2B
- Coinsbit
- C-Patex
- DIFX
- LATOKEN
- Fastex
- Description:
Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called "stable coins." Tether is the most popular stable coin and even acts as a dollar replacement on many popular exchanges! According to their site, Tether converts cash into digital currency, to anchor or "tether" the value of the coin to the price of national currencies like the US dollar, the Euro, and the Yen. Like other cryptos, it uses blockchain. Unlike other cryptos, it is 100% backed by USD (USD is held in reserve). The primary use of Tether is that it offers some stability to the otherwise volatile crypto space and offers liquidity to exchanges who can't deal in dollars and with banks (for example, to the sometimes controversial but leading exchange Bitfinex).
The digital coins are issued by a company called Tether Limited that is governed by the laws of the British Virgin Islands, according to the legal part of its website. It is incorporated in Hong Kong. It has emerged that Jan Ludovicus van der Velde is the CEO of cryptocurrency exchange Bitfinex, which has been accused of being involved in the price manipulation of bitcoin, as well as tether. Many people trading on exchanges, including Bitfinex, will use tether to buy other cryptocurrencies like bitcoin. Tether Limited argues that using this method to buy virtual currencies allows users to move fiat in and out of an exchange more quickly and cheaply. Also, exchanges typically have rocky relationships with banks, and using Tether is a way to circumvent that.
USDT is fairly simple to use. Once on exchanges like Poloniex or Bittrex, it can be used to purchase Bitcoin and other cryptocurrencies. It can be easily transferred from an exchange to any Omni Layer enabled wallet. Tether has no transaction fees, although external wallets and exchanges may charge one. In order to convert USDT to USD and vice versa through the Tether.to Platform, users must pay a small fee. Buying and selling Tether for Bitcoin can be done through a variety of exchanges like the ones mentioned previously or through the Tether.to platform, which also allows the conversion between USD to and from your bank account.