Vertcoin is an open-source, fully decentralized digital currency that can be transferred through a peer-to-peer (P2P) network across the internet, essentially cutting out any middlemen's involvement.
VTC is a cryptocurrency that uses the Proof-of-Work (PoW) consensus system. This means that for new VTC coins to be added into circulation, miners need to compete in solving complex cryptographic puzzles.
Suppose you are a cryptocurrency enthusiast curious about investing in the VTC coin yourself. In that case, you must do some research about it first to make a well-informed decision.
On this page, we will go over just about everything you need to know about Vertcoin, from how it works to the platforms you can use to invest in the coin.
Best Way To Invest in Vertcoin in 2023
There are different ways to invest in Vertcoin (VTC). Some methods will fill your specific needs better than others, and to make this process a bit easier for you, we've created a list of some of the best providers that you can pick from.
What Is Vertcoin?
Vertcoin is one of the first altcoins that used an ASIC-resistant structure to prevent specialized computers using application-specific integrated circuits from performing quicker transactions than just average computers.
Vertcoin was created on January 8, 2014, by Poramin Insom, who is also the Founder and Core Developer at Zcoin.
The maximum supply of VTC coins that can ever be released in circulation is capped at 84 million.
Vertcoin was first valued in January 2014. Its price has increased more than 707% since the coin got listed.
- A well-established coin that has been on the market for quite a long time.
- It has an ASIC-resistant structure which keeps things fair.
- Fast block time of just 2.5 minutes.
- Not eco-friendly as it uses proof-of-work (PoW).
How Does Vertcoin Work?
Vertcoin stands out in terms of its functionality because it stops miners from using ASIC hardware to mine on its blockchain network. This means that Vertcoin allows anyone to mine it, no matter what kind of hardware they have.
When it initially started in 2014, Vertcoin used the Scrypt-N algorithm, which was how its PoS consensus was reached. Years later, ASICs specific to Scrypt-N were developed, so the team had to re-think this strategy. The team then created the Lyra2RE algorithm, which became live after a fork of Vertcoin in December of 2014.
According to its whitepaper, the new algorithm allowed the team to essentially change the memory usage and time cost independently, giving them leverage against ASICs. In other words, the coins could now be mined by average computer hardware again, and ASIC users didn't have an advantage anymore.
After that, Vertcoin saw another upgrade to Lyra2Rev2 in August of 2015. This is its latest algorithm, and it has done a solid job at keeping things fair.
Ways to Buy Vertcoin
When you decide that you want to buy Vertcoin (VTC) and complete the process, you will have complete ownership over all of your VTC coins stored in your cryptocurrency wallet. This essentially allows you to use them for anything that you want to, and it is recommended that you store them in an off-exchange wallet for the highest level of security.
Vertcoin (VTC) can be bought through multiple methods.
You need to look out for the primary methods such as exchanges, peer-to-peer (P2P) marketplaces, and in-person trading.
Cryptocurrency Exchanges: Cryptocurrency exchanges give you the option to buy VTC on the open market. In order to buy the VTC coin, all you have to do is find a cryptocurrency exchange that fills your needs and supports the coin and has fair fees and has a high level of liquidity so you can make the purchase seamlessly.
Peer-to-Peer (P2P) Marketplaces: Within these marketplaces, you can directly buy VTC coins from another cryptocurrency user that is selling them.
In-person Trading: This is a type of trading process where you essentially arrange a meeting with a seller of the VTC coin at a physical location and conduct the trade on the spot.
When you are ready to buy Vertcoin (VTC), you will need to follow a set of steps.
Step 1: Find a cryptocurrency exchange, like Binance, where the VTC coin is listed.
Step 2: You will also need to complete the Know-Your-Customer (KYC) checks. This is done by submitting a copy of your ID, such as your passport, alongside proof of your home address, such as your utility bill.
Step 3: Once your account has been verified, you will have to fund the account with fiat currencies.
Step 4: Buy your VTC coins and put them in a secure cryptocurrency wallet.
How to Trade Vertcoin
When you decide that you want to trade Vertcoin instead, you will need to be aware of the differences when it comes to doing so. Trading Vertcoin is a process where you buy the underlying assets to profit out of them. All of this is directly linked to the market's movements; however, you need to keep in mind that you do not have direct ownership over the VTC coins directly this way.
The goal here is for you to buy the VTC coin while it's at a lower price and sell it when its value goes up in the market.
To do this efficiently, you can implement short-term and long-term trading. Advanced users can use margin and leverage trading strategies and can set entry orders, stop losses, profit-limit orders, and risk-management methods.
You can trade Vertcoin (VTC) through a cryptocurrency brokerage.
To trade Vertcoin, you'll need to follow a different set of steps, and we are here to guide you throughout each one.
Step 1: Find a broker that lets you trade Vertcoin assets.
Step 2: Complete all of the Know-Your-Customer (KYC) checks successfully and verify your account.
Step 3: Fund your account using your preferred payment method.
Step 4: Choose how you want to trade.
Step 5: Buy the VTC assets on the brokerage.
Is it safe to invest in Vertcoin right now?
Vertcoin (VTC) is a cryptocurrency that is available in reputable platforms, so as long as you use one of those, which are fully regulated, audited, and have security measurements in place, you have little to worry about.
However, keep in mind that cryptocurrencies can be a popular target for cybercriminals. So, knowing what to look out for and what you can do to protect yourself is crucial.
That said, you can achieve this by following these steps:
Enable Two-Factor Authentication (2FA): You can enable two-factor authentication on many platforms. This additional layer of protection will prompt you to enter another piece of information alongside your password. This means that you can receive an additional code through an SMS or a phone call, or in some instances, you might even find biometric verification, assuming the application and device you are using supports it.
Research Common Scam Types: There are numerous scams out there, so knowing what to look for in each project is essential so you can differentiate the good ones from the bad ones. That said, doing some research and figuring out how to identify potential scams will protect you in the long term.
Read Platform Reviews: One way through which you can get a perspective about the platform you plan on using is to read user reviews. Each platform out there will have its own community as well, so you can also visit forums and read what real people have to say about it.
Store Your Coins in a Private Wallet: One of the best ways through which you can store your VTC coins is by using a private wallet. This is essentially a wallet where you have full access to your private keys and have full control over the coins in it. This wallet is not directly connected to the platform you are using but is external.
Be Careful Where You Request Assistance: There might come the point where you require assistance with some of the systems or strategies that come with buying VTC coins. Always ensure that you ask for information on reputable and official websites, and remember to always double-check links before you end up clicking on them.
