When blockchain based projects like Bitcoin and Ethereum came into existence, the idea behind was to have them serve as a decentralised cryptocurrency with no central authority regulating them. This was the case to a certain extent but owing to the large computational power (and financial resources) that is required to mine them, only a select few have been able to mine them successfully, thus giving them profitability over others. In a way, this makes it centralised which defeats the entire purpose. However, there are projects such as Vertcoin which still believe that cryptocurrencies should belong to the people.
What is Vertcoin (VTC)?
In the simplest terms, Vertcoin is a cryptocurrency just like Bitcoin, Litecoin, et cetera. However, what separates it from the rest is that it is absolutely committed to decentralisation. Unlike other cryptocurrencies which have been plagued with the problem of mining centralisation, Vertcoin has been designed such that it can be mined easily by anyone. Furthermore, Vertcoin resists centralised mining by ensuring that specialised mining rigs like ASICs cannot be used to mine Vertcoin.
Therefore, as a miner, you can go about mining VTC tokens on an ordinary system without having to worry investing in specialised mining equipment. Vertcoin believes that mining represents an ownership in the network and therefore, everyone should have equal access to it. To make things convenient, Vertcoin has developed ‘One-Click-Miner’ to help people get started with mining.
Another great thing about the Vertcoin network is that it has been developed by a team of volunteers. The project encourages anyone to donate or volunteer their time for the development of the network. As a result, developers do not maintain large holdings in Vertcoin and cannot manipulate the market capitalisation artificially. In addition to this, Vertcoin community has been pegged as one of the best communities in the cryptocurrency space.
Vertcoin is also working on introducing atomic swap technology on its platform. Using this technology, one can easily swap cryptocurrencies without the need for a trusted third party like a centralised cryptocurrency exchange. For instance, if you are looking to trade your Bitcoin for Ripple or Ether, you can do so conveniently and directly with the help of atomic swap, instead of relying on a third party site like Binance or Changelly.
The total supply of Vertcoin is capped at 84 million of which, a little over 44 million are in circulation. At the time of writing this article, VTC is accepted as payment by many merchants like Geekboxit, Crypto and Proud, Shillshop, Zazzle, et cetera.
Where to buy Vertcoin (VTC)?
If you are looking to buy VTC tokens, you can visit any of the registered cryptocurrency exchanges. Some of the exchanges that facilitate VTC trading are Bittrex, Poloniex, YoBit, Bleutrade, Coinegg, Upbit, et cetera. Needless to mention, Vertcoin is considered to be an altcoin and therefore, it will have to be traded with either Bitcoin or Ether.
Vertcoin wallet can be found on the official website. You can also choose to store your VTC tokens in a hardware wallet like Nano Ledger S or Trezor.
The whole idea behind Vertcoin is to make mining accessible to the general masses. In order to mine VTC tokens, all you have to do is download the ‘One-Click Miner’ from the official site and get started. It possibly cannot get any simpler than this.
Vertcoin Token Price Trends
The price of Vertcoin remained stagnant for the first half of 2017. Up until October, the price remained below the $1 mark. October onwards, Vertcoin started making massive gains driven primarily by the growing speculation in the cryptocurrency space. As Bitcoin and Ether made record gains, people started investing in alternative currencies hoping for them to produce similar results.
Vertcoin is one such altcoin which gained more than 800 percent in a matter of weeks. By mid-December, the price of VTC was inching closer to the $9 territory. However, the bubble collapsed soon thereafter and through the months of January and February, the price was in a free fall. By the end of March, the price was back in $2 territory. At the time of writing this article, 1 VTC token is worth approximately $2.38.
Risks Associated with Investing in Vertcoin
Despite its efforts to prevent mining centralisation, Vertcoin is still a cryptocurrency. Unlike other blockchain projects which have a driving technology behind it, Vertcoin nothing more than a digital currency. Its utility depends on how many people adopt it to conduct day to day transactions. Considering that there are many such coins in the market, the competition is high and buying Vertcoin (from an investment perspective) may not seem like a feasible idea.
Instead, it is suggested that you consider other investment instruments like mutual funds. They significantly less volatile and can generate decent returns in the long run.