If you think Bitcoin is the world's most widely used cryptocurrency,you're wrong

[sarabanda]

If you think Bitcoin is the world's most widely used cryptocurrency, you're probably wrong.

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong.

While concrete figures on trading volumes are hard to come by in this often murky corner of finance, data from CoinMarketCap.com show that the token with the highest daily and monthly trading volume is Tether, whose market capitalization is more than 30 times smaller. Tether’s volume surpassed that of Bitcoin’s for the first time in April and has consistently exceeded it since early August at about $21 billion per day, the data provider says.

With Tether’s monthly trading volume about 18% higher than that of Bitcoin, it’s arguably the most important coin in the crypto ecosystem. Tether’s also one of the main reasons why regulators regard cryptocurrencies with a wary eye, and have put the breaks on crypto exchange-traded funds amid concern of market manipulation.

“If there is no Tether, we lose a massive amount of daily volume -- around $1 billion or more depending on the data source,” said Lex Sokolin, global financial technology co-head at ConsenSys, which offers blockchain technology. “Some of the concerning potential patters of trading in the market may start to fall away.”

https://www.bloomberg.com/news/articles/2019-10-01/tether-not-bitcoin-likely-the-world-s-most-used-cryptocurrency

[mk4]

If this is really the case, shouldn't it be worded as "most traded cryptocurrency" rather than "most widely used cryptocurrency"? Because as far as I know, though Tether is being widely traded for sure, not only for BTC, but for other alts, but I'm pretty sure Tether is very rarely being used as a method of payment and as a store of value, which actually people use bitcoin for. There's a quite significant difference between "most widely used" and "most widely traded". It really depends on user intent.

[amadorj76]

If you think Bitcoin is the world's most widely used cryptocurrency, you're probably wrong.

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong.

While concrete figures on trading volumes are hard to come by in this often murky corner of finance, data from CoinMarketCap.com show that the token with the highest daily and monthly trading volume is Tether, whose market capitalization is more than 30 times smaller. Tether’s volume surpassed that of Bitcoin’s for the first time in April and has consistently exceeded it since early August at about $21 billion per day, the data provider says.

With Tether’s monthly trading volume about 18% higher than that of Bitcoin, it’s arguably the most important coin in the crypto ecosystem. Tether’s also one of the main reasons why regulators regard cryptocurrencies with a wary eye, and have put the breaks on crypto exchange-traded funds amid concern of market manipulation.

“If there is no Tether, we lose a massive amount of daily volume -- around $1 billion or more depending on the data source,” said Lex Sokolin, global financial technology co-head at ConsenSys, which offers blockchain technology. “Some of the concerning potential patters of trading in the market may start to fall away.”

https://www.bloomberg.com/news/articles/2019-10-01/tether-not-bitcoin-likely-the-world-s-most-used-cryptocurrency

Having a higher volume trading in the market does not mean that it is the most used cryptocurrency. Bitcoin has much more used than that Tether, Bitcoin is the only cryptocurrency that can be converted to fiat, Tether is just another altcoin, bitcoin is still the most used cryptocurrency.

[hatshepsut93]

I don't remember ever seeing "Tether accepted here" sign, I never saw someone posting their Tether address on their site for donations, I don't know about any company that accepts Tether as a payment method, I never saw anyone accepting Tether for trades on this forum. Meanwhile I saw all those things done with Bitcoin many times. So, your whole argument is wrong, because crypto's usability is absolutely not measured with its trading volume. Bitcoin isn't the king just because of its price, or marketcap or volume, it's also by far the most used cryptocurrency as a payment method. This isn't even because Bitcoin is very popular, it's just that all other cryptocurrencies are even more unpopular.

[DooMAD]

I'm actually pleased to hear that the speculators have a new favourite plaything.  Daytraders are just victims-in-waiting, so when they invariably get burned through hacks, market manipulation or exit scams, hopefully the negative headlines might get attributed to USDT instead, heh.  It also doesn't surprise me in the slightest that they'd pick such a poor "coin" (doesn't meet my definition of the word cryptocurrency, anyway) with serious doubts over the legitimacy of its backing.  I'm suspicious of so-called stablecoins in general, but Tether seems to be by far the shadiest of them.  Ultimately, USDT lives primarily on exchanges and has little utility outside of them.  That's not how crypto was designed to be used and confers none of the benefits of being in control of your own funds.

Give me BTC in a wallet that I control any day.  

[bitmover]

If this is really the case, shouldn't it be worded as "most traded cryptocurrency" rather than "most widely used cryptocurrency"? Because as far as I know, though Tether is being widely traded for sure, not only for BTC, but for other alts, but I'm pretty sure Tether is very rarely being used as a method of payment and as a store of value, which actually people use bitcoin for. There's a quite significant difference between "most widely used" and "most widely traded". It really depends on user intent.

People just see as bitcoin as a quick money scheme... The guy who wrote this probably is thinking that the only use of bitcoin is for trading.
Bitcoin is a mean of payment, as we can see in this forum for example. I doubt that there are many people working for USDT. It is possible and it would be interesting, ofc, but it is not common.

Additionally, USDT uses bitcoin or ethereum blockchain. So, if you are using USDT for payments or trading, you are using the bitcoin network.

[audaciousbeing]

If you think Bitcoin is the world's most widely used cryptocurrency, you're probably wrong.

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong.

While concrete figures on trading volumes are hard to come by in this often murky corner of finance, data from CoinMarketCap.com show that the token with the highest daily and monthly trading volume is Tether, whose market capitalization is more than 30 times smaller. Tether’s volume surpassed that of Bitcoin’s for the first time in April and has consistently exceeded it since early August at about $21 billion per day, the data provider says.

With Tether’s monthly trading volume about 18% higher than that of Bitcoin, it’s arguably the most important coin in the crypto ecosystem. Tether’s also one of the main reasons why regulators regard cryptocurrencies with a wary eye, and have put the breaks on crypto exchange-traded funds amid concern of market manipulation.

“If there is no Tether, we lose a massive amount of daily volume -- around $1 billion or more depending on the data source,” said Lex Sokolin, global financial technology co-head at ConsenSys, which offers blockchain technology. “Some of the concerning potential patters of trading in the market may start to fall away.”

https://www.bloomberg.com/news/articles/2019-10-01/tether-not-bitcoin-likely-the-world-s-most-used-cryptocurrency

This is surely an eye opening one for the way things are being seen but and its about giving another angle to it. However, concluding that its wrong that bitcoin is mostly used would be self contradictory. From the above, it's stated that bitcoin occupies 70% of the entire crypto market, I don't know any other explanation on the contrary that could flip that position. Again Tether is one unique one in its own way and it has been an avenue that people have used to ensure they keep their funds in a stable currency and they can invest back easily without the hassle of transferring in and out of their bank account. Its simply a vehicle to me and not a crypto.

[chaoscoinz]

If you think Bitcoin is the world's most widely used cryptocurrency, you're probably wrong.

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong.

While concrete figures on trading volumes are hard to come by in this often murky corner of finance, data from CoinMarketCap.com show that the token with the highest daily and monthly trading volume is Tether, whose market capitalization is more than 30 times smaller. Tether’s volume surpassed that of Bitcoin’s for the first time in April and has consistently exceeded it since early August at about $21 billion per day, the data provider says.

With Tether’s monthly trading volume about 18% higher than that of Bitcoin, it’s arguably the most important coin in the crypto ecosystem. Tether’s also one of the main reasons why regulators regard cryptocurrencies with a wary eye, and have put the breaks on crypto exchange-traded funds amid concern of market manipulation.

“If there is no Tether, we lose a massive amount of daily volume -- around $1 billion or more depending on the data source,” said Lex Sokolin, global financial technology co-head at ConsenSys, which offers blockchain technology. “Some of the concerning potential patters of trading in the market may start to fall away.”

https://www.bloomberg.com/news/articles/2019-10-01/tether-not-bitcoin-likely-the-world-s-most-used-cryptocurrency

Stable coins like Tether, USDC, etc, are a godsend. It makes day trading much easier to get into for a newbie like me. If it weren't for stable coins, I would avoid trading period due to the volatility of the market. I still haven't really earned anything trading, in fact, I've lost more than I've initially invested, but I'm getting better with each trade thanks to stable Tether, for now I only trade pairs with stable coins, so I guess I still have on my trading pull-ups, still a junior  .

[target]

You are not holding USDT in hopes for its price to spike do you?

Of course USDT is paired to most coins we regularly trade which is why its the widely use but I personally wouldn't consider this USDT a crypto though, they were even just created by bitfinex for the trading purpose so whenever we can move out funds to USDT when btc price is about to dive.

[cr1776]

A bunch of garbage. If the headline is "most widely used" then it does NOT include merely trading.  Bitcoin is obviously more widely used (however you define that) given the market cap is much larger.  Just because you don't move your bitcoins daily doesn't mean you aren't using them.  You may be using them for investment gains, protection of governments, purchases, savings or anything else.

Of course, what do you expect from Bloomberg, they like fake news.

If you think Bitcoin is the world's most widely used cryptocurrency, you're probably wrong.

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong.

While concrete figures on trading volumes are hard to come by in this often murky corner of finance, data from CoinMarketCap.com show that the token with the highest daily and monthly trading volume is Tether, whose market capitalization is more than 30 times smaller. Tether’s volume surpassed that of Bitcoin’s for the first time in April and has consistently exceeded it since early August at about $21 billion per day, the data provider says.

With Tether’s monthly trading volume about 18% higher than that of Bitcoin, it’s arguably the most important coin in the crypto ecosystem. Tether’s also one of the main reasons why regulators regard cryptocurrencies with a wary eye, and have put the breaks on crypto exchange-traded funds amid concern of market manipulation.

“If there is no Tether, we lose a massive amount of daily volume -- around $1 billion or more depending on the data source,” said Lex Sokolin, global financial technology co-head at ConsenSys, which offers blockchain technology. “Some of the concerning potential patters of trading in the market may start to fall away.”

https://www.bloomberg.com/news/articles/2019-10-01/tether-not-bitcoin-likely-the-world-s-most-used-cryptocurrency

[Coyster]

So many people do not even know what Tether is, I doubt if there is anyone who is not an enthusiast that has heard about tether, there are even question marks about whether we should call tether a cryptocurrency in the first place, because it's more or less like a fiat currency.

Tether is not the most used cryptocurrency, if it can be called one, in fact it's only used by day traders who simply want to make profit off it, the bitcoin doesn't guarantee immediate profits, with all its volatility, but it is the main driving force behind the blockchain technology as its most widely used and accepted for diverse purposes, not just for 'trading'.

[Twinkledoe]

So many people do not even know what Tether is, I doubt if there is anyone who is not an enthusiast that has heard about tether, there are even question marks about whether we should call tether a cryptocurrency in the first place, because it's more or less like a fiat currency.

Tether is not the most used cryptocurrency, if it can be called one, in fact it's only used by day traders who simply want to make profit off it, the bitcoin doesn't guarantee immediate profits, with all its volatility, but it is the main driving force behind the blockchain technology as its most widely used and accepted for diverse purposes, not just for 'trading'.

Exactly! And honestly, I have never used Tether up until this time. I am familiar with Tether but haven't had the chance to trade nor use it. That article should rectify the usage of the phrase most widely used to most widely traded. They are misleading non crypto users also by publishing that article. Bitcoin still remains the most widely used crypto. How many shops, merchants, companies are using bitcoin vs tether as means of their payment method? I guess tether is trailing behind bitcoin.

[squatter]

While concrete figures on trading volumes are hard to come by in this often murky corner of finance, data from CoinMarketCap.com show that the token with the highest daily and monthly trading volume is Tether, whose market capitalization is more than 30 times smaller. Tether’s volume surpassed that of Bitcoin’s for the first time in April and has consistently exceeded it since early August at about $21 billion per day, the data provider says.

Emphasis on murky. 95% of reported trading volume is fake. Tether markets are more likely to include fake volume because it's often listed on unregulated exchanges with lax KYC standards.

[BitcoinPanther]

If this is really the case, shouldn't it be worded as "most traded cryptocurrency" rather than "most widely used cryptocurrency"? Because as far as I know, though Tether is being widely traded for sure, not only for BTC, but for other alts, but I'm pretty sure Tether is very rarely being used as a method of payment and as a store of value, which actually people use bitcoin for. There's a quite significant difference between "most widely used" and "most widely traded". It really depends on user intent.

Hmm.. isn't tether is there to store value because it is almost resistant to fluctuation in terms of USD value?  I believe it is more used than Bitcoin in this case but that aside, I agree with you.

[darkangel11]

I'd like to know what used means to these people. To use bitcoin means to spend it, to give it to someone as a gift, to save it. Tether isn't used it's only tradade. Analogically you could say that a stock or a bond is being used. This is a play on words and nothing more. Most people in the world don't even know what tether is. Ask a random person if they know what bitcoin is and then ask them about tether. You'll see that more people heard about bitcoin that tether!

[lobat999]

Recently these kind of misleading information were spread on multiple threads of bitcointalk.

High traded crypto is not the same as most used crypto.

Absolutely! How come they have the guts to spread misinformation not only to the community but to the entire financial industry as well! Also, I find it quite ridiculous since Bloomberg.com is one of the leading online site catering to the finance industry and yet didn't review that article's title and revised it a little bit to clarify things out. Was this a FUD directed to discredit Bitcoin which might be lobbied by financial giants from wall street? Maybe it is or maybe not!

I'm sure the Bitcoin community would immediately react to this kinds of misleading news since the phrase "The worlds most used cryptocurrency" could be easily misinterpreted where in fact it could have been " The worlds most used in trading cryptocurrency"! and I guess Bloombergs editor isn't doing his or her job exactly! Another thing is that Tether's trading volume did surpassed against Bitcoin's volume but I guess it will not be consistent in the long term and is just temporary so BTC will likely take that position again in due time. Imho.

[rdluffy]

This is not the true, this is wrong information, if you really understand the use of Tether you'll realize that you can't confirm this stated on thread
Tether is used to trade, to have your money stable during some time to trade
BTC is the most used crypto nowadays

[jseverson]

With Tether’s monthly trading volume about 18% higher than that of Bitcoin, it’s arguably the most important coin in the crypto ecosystem. Tether’s also one of the main reasons why regulators regard cryptocurrencies with a wary eye, and have put the breaks on crypto exchange-traded funds amid concern of market manipulation.

Ignoring the half-truth tidbit used by the article as clickbait, I would actually argue that Tether isn't all that important for the crypto ecosystem. It's true that the role it plays is vital to crypto trading, but it's also disposable in that there are a lot of other stablecoins that can take its place should it collapse. Sure Tether collapsing would be a big deal, but Bitcoin collapsing would mean the end of crypto as we know it; which is the most important coin in the crypto ecosystem now?

[mk4]

If this is really the case, shouldn't it be worded as "most traded cryptocurrency" rather than "most widely used cryptocurrency"? Because as far as I know, though Tether is being widely traded for sure, not only for BTC, but for other alts, but I'm pretty sure Tether is very rarely being used as a method of payment and as a store of value, which actually people use bitcoin for. There's a quite significant difference between "most widely used" and "most widely traded". It really depends on user intent.

Hmm.. isn't tether is there to store value because it is almost resistant to fluctuation in terms of USD value?  I believe it is more used than Bitcoin in this case but that aside, I agree with you.

Sure. Temporarily and mostly only for the short-mid term though, while waiting for better prices to buy bitcoin. Because remember that one of the reasons why bitcoin was created so we wouldn't be needing to hold constantly inflated US dollars. I'd say if you want something that's resistant to fluctuations in terms of USD value, then it'd make more sense to actually hold USD not USDT. Because as most of us know, Tether is quite a shady coin.

[Murat]

You are making me confused after all, I just read your thread and start thinking about what is going in the cryptocurrency platform, Am I saw it really? I think your perception is a little bit wrong, I am sure that Bitcoin is the most widely used without no doubt, It's number one and mother of all crypto, not only that but also Bitcoin is the most popular crypto in the current context, no doubt about this. But honestly, saying that I never found anywhere Tether is being accepted or traded more than Bitcoin, maybe it's my limitation of knowledge about the crypto world but it might not be the Tether is making any impact on this market so far you know, I think Bitcoin has the capability to make impact on this market when the price goes up and downs, so it can be said that easily Bitcoin is the most influential coin in this platform. forget about the widely used.