Tether (USDT) Amount: 100 USDT
The auction timer counts down to the end of the auction.
When the auction timer reaches 00:00:00, the auction ends and the winner is the user who placed the last bid.
1. Bidding is placing an offer.
2. Each bid on the previous offer extends the auction time by the time specified in the auction card. Depending on the auction, this can be from 5 to 60 seconds.
3. Each bid increases the item price by a few symbolic cents. Depending on the auction, this can be equivalent to 1 to 10 cents.
You need Bids to place a bid. BIDs are the currency of the service that allows you to participate in all auctions and buy items for pennies. To purchase BIDs, click here.
You can approach the auction yourself using the "Bid" button or use a special Auto-bidder that will help you participate in the auction when you are not at your computer. (read more).
Tether (USDT) is a type of stablecoin, a cryptocurrency designed to maintain a stable value by pegging it to a reserve of assets, in this case, the US dollar (USD). Launched in 2014 by Tether Limited, USDT was created to provide a digital equivalent of traditional fiat currency that could be used for transactions within the cryptocurrency ecosystem while reducing the volatility typically associated with other cryptocurrencies.
For each Tether token issued, there is supposed to be an equivalent amount of USD held in reserve by Tether Limited, providing a 1:1 backing. This peg to the US dollar allows USDT to maintain a relatively stable value, making it suitable for various purposes within the crypto space, such as trading, hedging against market volatility, and providing an easier means of transferring value between different platforms.
Tether is available on multiple blockchains, including Ethereum, TRON, and Omni Layer (a protocol built on top of the Bitcoin blockchain). As an ERC-20 token on the Ethereum blockchain, USDT can be easily integrated with decentralized finance (DeFi) applications and smart contracts.
Although Tether has become one of the most widely used stablecoins, it has also faced controversies and skepticism regarding its reserves and transparency. Despite these concerns, USDT continues to play a significant role in the cryptocurrency ecosystem due to its widespread adoption and utility as a stable store of value.