USDT: My Lifeline in the Stormy Sea of Cryptos

Oh my God! I can't count the times the crypto market has given me panic attacks. One morning I wake up and my Bitcoin is worth a fortune, and by the afternoon I can barely buy a coffee with it. In the midst of this chaos, I discovered my lifeline: USDT.

USDT, or Tether for friends, is basically the US dollar but in crypto version. Unlike those crazy roller coasters like Bitcoin or Ethereum that have kept me awake so many nights, USDT maintains its value equal to one dollar. A damn dollar always! And believe me, when everything crashes, you appreciate having something stable to hold on to.

How does this wonder work?

The idea is simple and brilliant: for every USDT that is circulating out there, supposedly there is one dollar kept in the coffers of the company Tether Limited. I say "supposedly" because, let's be honest, there have been some controversies... but we'll get to that.

USDT lives on several blockchains:

• On Ethereum as an ERC-20 token ( although the fees bleed my wallet )
• On Tron as TRC-20 (my favorite because of how cheap it is to transfer)
• On Solana (very fast, but sometimes the network goes down)

The best part is that I can choose the network that best suits me according to the current fees. It's wonderful not to leave my money in the hands of those traditional banks that charge me even for breathing!

What the hell do I use it for?

Personally, USDT has become my refuge when I sense a storm is coming in the market. When I see that my favorite chart starts to turn red like a tomato, I sell everything to USDT and breathe easy.

It is also great for:

• Trade without having to go through the damn bank every time
• Save profits without worrying about volatility
• Send money to my cousin in another country without being robbed by ridiculous fees
• Have funds ready for when that investment opportunity I've been waiting for appears

Not everything is rosy...

Now, I cannot talk about USDT without mentioning its dirty laundry. Transparency has not precisely been its strong suit. They have had their run-ins with regulators, and many wonder if they really have all those millions of dollars stored.

In 2021, they paid a fine of 41 million to American regulators for basically lying about their reserves. And they have been quite elusive with the full audits, which raises an eyebrow for me... or both.

And to be honest, if Tether ever collapses, the entire crypto market would probably go to hell with it. It's too big, too widely used. It's a bit scary to think about.

Getting Started with USDT

If you want to start using USDT like me, you need a platform where you can buy and store your tokens. Personally, I use a secure platform where I can deposit funds by choosing from several networks (I prefer TRC-20 for the low fees).

The process is quite simple:

1. You create an account on an exchange
2. You verify your identity (yes, the KYC thing is a hassle but necessary)
3. You choose to deposit USDT
4. You select the network (! BE CAREFUL WITH THIS! If you make a mistake, you can say goodbye to your money )
5. Copy the address and send from your other wallet

My personal opinion

After years in this field, I can say that USDT has saved my skin more times than I can count. However, I don't put all my eggs in one basket. I have my USDT spread out and I always keep a critical eye on the news about Tether.

It's like that friend who helps you when you need it but whom you know has a shady past. You appreciate him, but you wouldn't trust him with all your fortune.

In this wild west of cryptocurrencies, USDT is my loaded gun to defend myself against volatility. I use it, I respect it, but I never forget that it could also fail me one day.