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Buying Vertcoin is a simple process, but it’s not always easy to know exactly how to do it. There are some common misconceptions about how Vertcoin works that can lead people astray. That’s why we’re going to break down the process of buying Vertcoin into 3 steps:
- Finding a cryptocurrency exchange;
- Setting up an account on the chosen exchange; and
- Buying your Vertcoin (We recommend Bitvavo exchange to buy Vertcoin)
What is Vertcoin?
Vertcoin is a decentralised digital currency that can be sent between people over the internet. Vertcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and issuing money are carried out collectively by the network. It’s similar to Bitcoin , but it has one major difference - mining difficulty (the amount of processing power required) reverts back every block, instead of getting more difficult as time goes on like in Bitcoin.
What you should know before buying Vertcoins
There are some common misconceptions about how Vertcoin works that can lead people astray. That’s why we’re going to break down the process of buying Vertcoins into three steps: finding a cryptocurrency exchange, setting up an account, and actually buying Vertcoins.
Finding a cryptocurrency exchange: The first step is finding an online marketplace for cryptocurrencies like Coinbase . You can find these exchanges by searching the web with keywords like “best crypto currency exchanges” or “crypto-exchanges”. These sites act as marketplaces where buyers and sellers of cryptocurrencies meet to trade coins. This means you’ll need to sign up in order to buy from someone else’s balance on the site.
We have looked at the top places to buy Vertcoin and Bitvavo is our editors top pick.
Is Vertcoin worth mining?
Vertcoin has a simple mining process so it is attractive to miners. You can download the one click miner here and mine Vertcoin using GPU and FPGA devices.
Do Vertcoins have any advantages? If so what are they?
Vertcoin has one advantage: its ASIC-resistance which means that it can’t be mined by specialised hardware called “ASICs” or Application Specific Integrated Circuits. This makes the entire process fairer for everyone else who wants to invest their time into mining coins instead of buying them on an exchange like Coinbase or GDAX.
Start here with our beginner’s guide for how to buy Vertcoin. You’ll need a crypto wallet first before you start investing your money.
Is Vertcoin dead?
No, it is not. In fact Vertcoin has been steadily growing in popularity and value over the past few months while many other cryptocurrencies have taken a hit from this year’s bear market.
Vertcoin was founded in 2014 by James Lovejoy who developed the idea of designing a cryptocurrency for mining on GPUs instead of ASICs to be more decentralised and fairer among users that want to mine coins with their computers rather than buying them off an exchange like Coinbase or GDAX.
The coin started out at $0.50 per unit but now one Vertcoin costs about $11 which means you could make back your initial investment if you buy enough coins up front (check our guide). If you decide later upon research that you want to invest in Vertcoin, you can buy it on an exchange like Binance.
What happened to Vertcoin?
Vertcoin continues to grow in popularity and has a dedicated community of users. In fact, the Vertcoin Foundation is building an open-source blockchain explorer for the coin called Orvium.
The project just launched on December 29th with their public testnet live and forthcoming updates coming soon.
What can I do with Vertcoins? What are its uses?
Buy or sell goods online using LitePay Direct, which converts VTC into USD so you don’t have to convert at exchanges like Coinbase before your purchase.
Create new coins from scratch using Scrypt mining algorithm (also known as ASIC resistant); Store value outside traditional financial institutions who may restrict access based on geography or interest.
What exchange can I buy Vertcoin on?
We would recommend using Bitvavo to purchase Vertcoin on. It support a variety of altcoins including Vertcoin. Bitvavo is also the largest exchange in the Netherlands.
Official Website https://vertcoin.org/
Reddit Mining of Vertcoin: https://www.reddit.com/r/VertcoinMining/
Vertcoin Statistics: https://bitinfocharts.com/vertcoin/
Vertcoin Medium https://medium.com/vertcoin-blog