USDT or INR? Which one to use in the Indian Crypto Market: Today, we discuss how to buy cryptocurrency. Will it be USDT or INR in the current scenario in the Indian market? What are the points that make the other better than the first? Let us know more about this comparison.
What is USDT?
Tether (USDT) is a stable coin, a form of cryptocurrency aimed at keeping the value of the currency stable. It is used by many in order to avoid the volatility of other cryptocurrencies losses during the trade. It serves as a stable medium of exchange between cryptocurrencies, unlike Bitcoin and Ethereum.
Tether is specifically designed to offer transparency, stability and minimum exchange charges to users. It runs on a 1:1 ratio with the US currency, though it cannot be exchanged for real money. It belongs to the category of Fiat collateralized stable coins.
How to Buy Cryptocurrency?
We shall now discuss the points of differentiation of each currency to establish which is the most fitting for trade options today.
1- Faster transaction.
No other currency can match the speed of USDT trade. You can directly skip the peer matching process and match with any order on open trade book. Any sell or buy order can be easily completed instantly as t does not require any conversion from INR.
If you cannot find the equivalent amount of your order, just break it into parts and sell efficiently without any conversion.
2- Direct buying and selling
to buy any cryptocurrency, you will have to deposit INR in your wallet first. Consequently, this leads to delay in buying and selling. After you have INR balance in your wallet, you can surely buy any cryptocurrency with it. But with USDT, this process becomes a lot faster, because it’s direct.
When you deposit INR using P2P, you get USDT. when you sell USDT using P2P you get INR in your bank account again. When USDT is used directly, you can purchase maximum currencies in a flash.
3- USDT investing options
USDT is the best way to grow your money in this dwindling economy. Like fiat currencies, USD and INR are very secure and safe. Therefore, investing and saving can prove to be quite beneficial as it runs on a 1:1 ratio.
4- Lend your USDT
Let us take an example. If you invest in policies and mutual funds, what is the ROI on it? 9%, 12%? By converting your assets, you can easily lend the currency by margin lending and earn up to 20% of interest annually.
As USDT is on par with USD, its value is approximately almost equal to it most of the time. If you are not an active trader, you can easily hold some USDT till it reaches the level where you can sell it to get gains. Let us understand this with the help of an example.
If you had brought 1000 USDT at INR- 65 and USD- 70 and sold it when the price jumped up to USD 75, you could have made a profit of INR 10,000 when you had sold it at a high price of USD.
Your wealth is exponentially multiplied when you store it in USDT. The value of INR is decreasing every day with the economy becoming unstable due to the pandemic.
Conclusion-
Tether is no less than a revolution in the world of cryptocurrency. In 2021, USDT can prove to be a very significant profit medium for those who invest with it rather than with INR, which is slowly depreciating with the economic instability. With its abovementioned advantages, it also carries the advantage of safe storage, stability and exchange rate with other cryptocurrencies which INR is lacking in. For the future, USDT is the way to invest and trade rather than choosing INR as an option.