VTC Price $0.22822 Change (24H) -2.01% Volume (24H) $88.66K Market Cap $10.79M

Vertcoin

What is Vertcoin?

Vertcoin is a decentralized, peer to peer cryptocurrency wherein the users themselves own the currency. It works in similarity with most of the other cryptocurrencies.

Vertcoin uses the Proof of Work method to reach the distributed consensus and uses decentralized mining methods, unlike other cryptocurrencies. Vertcoin also comes with resistance to ASIC mining, and this makes mining Vertcoin much fairer.

The main aim thus is to allow Vertcoin to be mined by a wide variety of people rather than people with high-end mining systems. The mining process in Vertcoin is a much more democratic process. Vertcoin thus seeks to establish itself as a fully decentralized cryptocurrency.

The History of Vertcoin

The inception of Vertcoin lies in the hands of a community of volunteers who came together to develop Vertcoin, and it was launched in 2014. Vertcoin was launched with the aim of becoming a fully decentralized cryptocurrency that was owned by the users themselves. \

The currency could be exchanged among users who formed a part of the blockchain using the peer to peer network. Vertcoin was designed as a financial system wherein it would be owned by the owners, and thus, Vertcoin came to be known as The People's Coin.

Vertcoin is not controlled by traditional financial institutions such as banks which tend to be centralized, but by the users themselves. Vertcoin also comes with ASIC resistance, and as such, there is no need to invest in expensive hardware to mine them. Vertcoin also provided its users with tokens wherein the users can use it for making further investments and also engage in exchanges to reap benefits.

How to use Vertcoin

To use Vertcoin, a digital wallet called Vertcoin wallet is required which is used for the storage of Vertcoin, and also for engaging in transactions, i.e. the sending and receiving of Vertcoin.

The wallets act as safe storage places which provide you with the platform to perform transactions with cryptocurrencies of many kinds. Your wallet will have its unique address, and as such, this address will be used for any form of transactions using Vertcoin.

Vertcoin can be acquired from exchanges using other popular cryptocurrencies such as Ethereum, and it should be known that Vertcoin cannot be directly bought with fiat money. Once you have the required Vertcoin in your Vertcoin wallet then you can use it to pay for goods, services, send and receive payments, invest further and even buy other types of cryptocurrencies. As such using Vertcoin is quite easy and hassle-free.

The Features and Benefits of Vertcoin

Vertcoin comes with many useful features, some of which are unique to Vertcoin itself. Let us take a look at some of its features.

  1. Decentralized Mining: The first standout feature of Vertcoin is that it comes with decentralized mining. What this means is that Vertcoin allows anyone with a decent mining rig to mine their coins. Unlike other cryptocurrencies wherein, only expensive rigs can mine for coins, Vertcoin does not allow for ASIC type mining rigs. ASIC mining rigs are much more powerful and more expensive than normal mining rigs, and this creates an unfair advantage. Vertcoin thus tackles this issue by incorporating ASIC resistance to its mining algorithm. Hence, almost anyone in possession of a decent graphics card can mine for Vertcoin and be able to make small profits. As such, this makes the process of mining a decentralized process in Vertcoin.
  2. 1-click Vertcoin Miner: To further make mining an easy affair Vertcoin features its mining program known as the 1 Click Miner. After you have downloaded and installed the program, it will require a wallet address for storing the mined coins and then will prompt users to select a mining pool. After setting this up, just as its name suggests you will be required to give the program a single click and then it will start mining for coins.
  3. Stealth Address: This is another unique feature that comes with Vertcoin, and this feature aims to provide complete anonymity to transactions that are performed on a public ledger. As such with this feature in effect there is no trace or any trail of the coins that have been a part of the transfer. Whereas if we look at other cryptocurrencies, if investigations are carried out thoroughly, then the coins can be traced to the sender.
  4. Lightning Network: With the Lightning Network feature blockchains in Vertcoin can easily be made scalable. As a result, this will allow for a huge increase in network capacity, and transactions can be completed in an instant. This means that millions and even billions of transactions are processed in an instant. This feature thus aims to cut down transaction intervals and improve transaction speeds.

These are a few of the many powerful features that Vertcoin possesses, and now let us look at some of the benefits that Vertcoin has.

  1. Decentralization: Decentralisation is seen as a benefit of many cryptocurrencies but what makes it unique in Vertcoin is the fact that the decentralization includes not only in transactions but also in mining as well. Decentralized mining is not seen in other cryptocurrencies, and hence this is a major benefit of Vertcoin.
  2. Ease of Use: Vertcoin's ease of use is also sometimes underrated; however its ease of use should also be appreciated because it comes with features such as the 1 Click Miner, which makes the process of mining extremely easy.
  3. Low Transaction Fees: Compared to the other significant cryptocurrencies out there, Vertcoin charges a significantly lesser amount of transaction fees. And this is another benefit in a world where transaction fees are getting much higher.

How to buy Vertcoin

Before you go on to buy Vertcoin, you will are required to have a Vertcoin Wallet which will be used for storing and trading your cryptocurrencies.

You can create your Vertcoin wallet through the Vertcoin website, after which you will get your Vertcoin wallet address and a private key. To buy Vertcoin you need to be in possession of Bitcoin which is another cryptocurrency since Vertcoin cannot be exchanged with real currency. Bitcoin can be bought from many exchanges such as Coinbase, Bittrex, and, etc. using either your credit or debit card.

After purchasing Bitcoin, now you can use it to exchange for Vertcoin through Exchanges. The most popular Exchanges for purchasing Vertcoin are Bittrex and Poloniex.

Technical Stats

Supply 84 Million
Genesis Date January 10, 2014 (about 4 years)
Hashing Algoritm Lyra2RE
Block Time 2.5 Minute
Hashrate 1.4 TH/s

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