During the first week of July, Bitcoin.com’s Wallet added a number of new features including a portfolio breakdown and honestcoin (USDH) swapping abilities. With the latest update this week, Bitcoin.com Wallet users can now store the SLP-based stablecoin tether (USDT) in their wallets as well.
Tether (USDT) is the most popular stablecoin in the crypto ecosystem to-date and Bitcoin.com Wallet users can now store, send, and receive the stablecoin at any time.
News.Bitcoin.com recently reported on how the firm Tether Limited utilized the Simple Ledger Protocol technology in order to issue over 6 million SLP-based USDT. Today there are 6,001,007 SLP-based tethers in circulation according to statistics provided by Simpleledger.info.
So similar to having the ability to hold any SLP token, the Bitcoin.com Wallet now allows users to store, send, and receive SLP-based tether (USDT). It is important to note that tether (USDT) is minted on a number of different blockchains. ETH-based tethers or other types of USDT coins not minted with the Simple Ledger Protocol, will not be compatible with the Bitcoin.com Wallet software.
The Bitcoin.com Wallet offers a method for people to obtain the SLP-based tethers by using the in-app swap features.
The Bitcoin.com Wallet allows users to swap coins by leveraging the Sideshift.ai application. The process is intuitive and it only takes a few minutes to swap coins using Bitcoin.com’s client. Users can swap bitcoin cash (BCH), bitcoin (BTC), honestcoin (USDH), and tether (USDT) using the wallet software.
In order to swap bitcoin cash for SLP-based tethers, simply tap the “swap” button on the bottom of the wallet’s home screen and it will direct you to the in-app swapping window.
From here you can select which coin you want to trade, and the other day our newsdesk swapped $6 worth of BCH for 6 tethers. The swapping feature shows a live exchange rate for BCH and the price per tether as well.
We simply chose BCH and USDT swap and selected the receiving wallet, which displays the wallet’s Simple Ledger Protocol address. The minimum of bitcoin cash (BCH) needed to complete a swap is 0.003934997 BCH. After selecting the amount of tether, simply press “confirm and swap” to initiate the process.
The software lets you know that the swap is taking place on the Sideshift application, and the wallet also sends a message to you via the notifications section. Sideshift gives you an invoice number and the notification lets you know the process started.
After the funds are confirmed on the BCH blockchain, the tokens are sent to the SLP-token address. From here the USDT tokens will be accounted for in the portfolio balance section under stablecoins, and tallied up with the total value of all the crypto assets held in the wallet.
Bitcoin.com has always provided top-notch products and services that give people lots of exposure to the innovative crypto ecosystem. Allowing users to hedge stablecoins and swap BCH or BTC for coins like USDT and USDH with ease, gives users far more control over their investments.
What do you think about the ability to swap coins for SLP-based tether (USDT) using the Bitcoin.com Wallet? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin.com Wallet
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
