什么是Tether？
What's Tether?
Tether是一种混合体，它是一个加密的“稳定币”。它的价值拴在法定货币的价值上。USDT是Tether发行的数字货币。Tether被认为等于世界官方储备货币：美元。更具体地说，1美元?也等同于1美元，而不是更多或更少。它也可以说是一个加密美元。Tether使用的另一种货币是欧元，欧元形式。据报道，Tether将很快以日元的形式使用日元。值得注意的是，Tether用户受到加密货币波动的保护，但他们仍然受到钉住法定货币价格波动的影响。例如，如果美元一夜之间价值突然减半，那么USDT也将跟着受到相应影响。
Tether is a hybrid, an encrypted “stabilized currency” whose value is tied to the value of the legal currency. The USDT is a digital currency issued by Tether. Tether is considered to be equivalent to the world’s official reserve currency: the United States dollar. More specifically, the dollar is equal to one dollar, not more or less. It can also be described as an encrypted dollar. Another currency that Tether uses is the euro, the euro.
Tether是如何运作的？
How does Tether operate?
从技术上讲，Tether基于Omni平台。该平台用于各种数字资产，这些资产固定在比特币区块链上。当然，只有政府支持的中央银行才有权创建他们宣称为持有价值的资产（例如，通过法定货币）。Tether只是声称他们的代币价值1美元，但他们却没有一些可证明的依据。换句话说，如果USDT确实持有任何价值，远低于稳定价值，它必须由实际美元储备支持。1个USDT等同于1美元，必须可以随时兑换1美元的法定货币。目前，USDT只能通过Kraken交易所直接兑换成美元。同样，经批准的客户向Kraken银行发送的任何美元必须以每1美元的比率兑换成USDT。这种机制由美元兑美元汇率维持。通过以1：1的比例间接将美元转换为美元（通过中间加密货币，主要是比特币），进一步促进了这一挂钩。总而言之，1 USDT实际上价值1美元的唯一原因是交易所保留美元储备以支持现有的每一美元。但是，Tether网站上的一些说法值得怀疑。
Technically, Tether is based on the Omni platform. The platform is used for a variety of digital assets, which are fixed on the Bitcoin block chain. Only government-backed central banks, of course, have the right to create assets that they claim to hold value (for example, through the legal currency). Tether merely claims that their tokens are worth $1, but they have no proven basis. In other words, if the USDT does hold any value, well below stable value, it must be supported by a real dollar reserve.
上述机制要求Tether不可避免地完全集中，该系统依赖于Tether的能力和维持货币挂钩的意愿。例如，如果Kraken用完了已经分配给希望出售美元客户的美元，Tether必须在合理的时间范围内向Kraken承诺或提供美元。Tether最终依赖于良好的财务关系，以及法律机构的持续许可。风险较高的模型涉及与法定无关的常规加密货币。换句话说，Tether（或多或少）不需要许可，也不能被审查。相反，Tether用户需要提供客户验证。
The above-mentioned mechanism will inevitably require complete concentration, and the system depends on Tether’s ability and willingness to maintain a monetary link. For example, if Kraken runs out of the United States dollar already allocated to customers wishing to sell the dollar, Tether will have to commit or provide it to Kraken within a reasonable time frame.
Tether的目的
由于加密货币的大多数主流利益是由于它们的价格波动，人们可能会质疑加密的目的，这是以维持固定价格为基础的。由于通货膨胀，美元（及所有法定货币）的购买力随着时间的推移逐渐消退。因此，Tether肯定不能算是一项投资。拥有Tether更像是（有点风险的）银行账户中的存款，支付0％的利息。 Since most of the mainstream benefits of encrypted currency are due to their price fluctuations, one may question the purpose of encryption, which is based on the maintenance of fixed prices. As a result of inflation, the purchasing power of the United States dollar (and all legal currencies) fades over time. 因此，如果Tether比普通的加密货币更具风险并且不提供经济收益的可能性，那么为什么要使用它呢？事实上，Tether对交易者和投资者来说非常有用，可以替代法定货币。其中的好处是，交易时间美元存取款往返外汇往往是一个耗时的过程，平均而言，他们需要1到4个工作日才能完成。如果交易发生在银行关闭的夜晚，周末或假日之后，等待时间可能会大大延长。相比之下，Tether交易时间以分钟为单位完成，因为加密货币交易者通常需要快速转移资金，并利用套利机会。 So, if Tether is more risky than the ordinary encrypted currency and does not offer the possibility of economic gain, why use it? In fact, Tether is very useful to traders and investors, and can replace the legal currency. The advantage is that the transaction time dollar access to foreign exchange is often a time-consuming process, which on average takes one to four working days to complete. 交易费用 transaction costs SWIFT （全球银行间金融电信协会）转账非常昂贵。它们的费用高达20美元，平均约30美元。如果您使用的货币不是交易所支持的法定货币，银行将收取额外的外汇转换费和转账百分比。相比之下，Tether 在Tether钱包之间收取零交易费用。 SWIFT (Global Interbank Financial Telecommunication Association) transfers are very expensive. They cost as much as $20, an average of about $30. If the currency you use is not the legal currency supported by the exchange, banks will charge additional foreign exchange conversion fees and percentage transfers. 价格稳定 加密货币以易变性而臭名昭着。因此，稳定的基础货币非常有用，特别是对于没有流动市场的小型山寨币交易商而言。将一种不稳定的货币换成另一种货币会产生大量的复杂性和额外的风险。下面给出一个例子让你们理解，涉及交易比特币的以太坊（ETH）：交易员使用他们的BTC买入ETH，然后上涨10％。交易者希望获利，因此将其ETH卖给BTC。然而，在交易正在处理时，比特币令人震惊地下降了15％。 Encrypted currencies are notoriously volatile. So a stable base currency is very useful, especially for small-scale money traders who do not have a mobile market. The exchange of an unstable currency into another currency carries a great deal of complexity and additional risks. The following example allows you to understand that the Ether (ETH) dealing in bitcoins: traders use their BTC to buy ETHs and then increase it by 10%. Dealers want to profit and sell them to BTC. However, when transactions are being processed, Bitcoins drop by an alarming 15%. 尽管对于ETH的方向是正确的，但由于BTC的下跌，交易者将承担亏损。通过使用美元?，交易者唯一关心的是以太坊的价格。当然，美元是一种相对稳定的基础货币。但是，许多山寨币仅适用于仅限加密交易的交易; 他们接受Tether，但拒绝任何形式的命令。此外，美元?受益于前两点（交易时间和费用）。但是，税收更像是一个灰色地带。 Although it is the right direction for ETH, because of the decline in the BTC, the traders will bear the loss. By using the dollar, the sole concern of the traders is that the price is in Tai Jin. Of course, the dollar is a relatively stable base currency. 留在场边 stays on the side 通常，进入市场根本没有什么最佳时机。假设交易者认为加密的价格不可持续地高，但不希望冒险做空。因此，他们最好的举动就是“兑现”，然后等待下跌或者崩溃买回来，从数据上看来，信任交易所存钱是有风险的。因此，交易者将其头寸转换为USDT并将其撤回个人钱包进行保管是正确的。如果感觉是个好时机进市场时，交易者可以快速将其美元兑换回交易所以利用它，而不是等待银行电汇清算的日子。 Assumptions that encrypted prices are not sustainablely high, but do not want to risk being empty. So, their best move is to “pay” and then wait to fall or collapse to buy back, and there is a risk in the data that trust exchanges save money. So it is right for traders to convert their positions to USDT and withdraw them to their personal wallets. 支付通道也使用USDT交易 The payment channel also uses USDT for trading. 值得一提的是，由于USDT的种种好处，国内已经出现了不少使用USDT作为交易的支付通道公司。一样的，使用USDT，当你去到其他国家都可以直接以美元相应（微小的汇差）的价值兑换当地法币，而不需要像传统方式跨国转账被收取昂贵手续费。 It is worth mentioning that, as a result of the benefits of the USDT, a number of payment channels have emerged in the country using the USDT as a transaction. Similarly, using the USDT, when you go to other countries, you can directly convert local currency to the equivalent value of the dollar (a small difference in remittances), without the need for costly fees to be charged for cross-border transfers in the traditional way. USDT支付通道还可以搬砖呢，欢迎大家前来讨论 The USDT can still move bricks. Welcome to the discussion.
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