How to Buy Verge Coin

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What is Verge (XVG)?

Verge was launched in 2014 under the name DogeCoinDark. In February 2016, company managers changed the cryptocurrency's name to Verge.

Verge (XVG) is a cryptocurrency whose main priority is payment and user privacy. Verge is written using the source code of the Bitcoin network. The main difference of XVG is that it uses TOR, i2P networks and RingCT protocol for end-to-end encryption and IP changes. This ensures complete confidentiality and anonymity for transactions.

Verge uses Proof of Work, which is one of the most advanced on the crypto market. The network provides five algorithms: Scrypt, Groestl, X17, Blake2S, Lyra2rev2. Such a complex system is needed so that the network can adjust to the consumer. Depending on the computing power of the user's computer and its settings, one or another algorithm is applied. Flexibility makes it possible to speed up the network by reducing or optimising the load as much as possible.

Another reason for introducing so many different algorithms is the unique Verge blockchain system. The idea is that each successive block has a different algorithm from the previous one. For example, block N used the Scrypt algorithm. Then the next N+1 block after it will use the Lyra2rev2 algorithm.

This system optimises the creation of a new block, which takes 30 seconds, and also increases the reward for a solved block.

Price and capitalisation of Verge

The original price that was set for XVG after its emergence in 2016 was $0.000053. Over the year, the rate changed downwards and was $0.00002 at the start of 2017. However, 2017 was an extremely successful year for the Verge. In just five months (by the end of May), the rate had risen 50 times. The minimum rate that was set during the coin's existence was $0.0000022.

Price and capitalisation of Verge

The XVG peaked on 23rd December 2017. The coin rose to $0.3 at that time. After that, the coin showed no signs of life for a long time.

The new peak of activity happened in 2018, when it became known that XVG will cooperate with Brazzers, Nutaku studio and PornHub. Thanks to this news, the value of the coin rose to almost $0.12 (from $0.02). At the end of 2018, the currency stood at $0.0058.

In 2021, amid a general bullar of cryptocurrencies, Verge showed another strong growth spurt, which almost reached the price set in 2018, but not even close to its historical high. On May 6, 2021, the XVG price was momentarily at $0.068.

Is it worth buying the Verge?

The Verge cryptocurrency ensures the confidentiality of transactions. That is its main advantage. But there are other advantages to XVG as well. For example, Verge is a fully decentralized system. And we all know how big of a plus that is in the cryptocurrency world.

And Verge also has a relationship with its community. Any user can put his idea to the developers, and his message will be considered. The technical support in Verge is also good - almost all users' problems have been solved very quickly. The community is the backbone of Verge. The developers integrate the multi-language environment into their own services as well as create official social pages in different languages in order to expand their community. Verge uses the usual trump cards of cryptocurrencies - privacy, security, decentralisation.

Without offering any revolutionary changes, Verge is unlikely to make it into the top 10 cryptocurrencies, but in the long run it is an excellent investment option.

Where to buy Verge (XVG)?

XVG is available for purchase on many exchanges, including Binance, HitBTC, Bittrex. Trading pairs include both fiat currencies such as the US dollar and euro; cryptocurrencies such as Bitcoin and Ethereum (ETH); and Tether Stablecoin (USDT)

Binance

Binance

Binance is one of the most popular cryptocurrency exchanges. On Binance you can trade more than 100 popular coins and tokens.

One of the disadvantages of Binance is that there is no credit/debit card deposit option. This means that you will need to fund your account with cryptocurrency.

Trading fees on this exchange are very low, you will only be charged 0.1% each time you make a trade. You can reduce this by 50% if you use Binance Coin (BNB) to pay the commission. If you need to withdraw Verge, it will cost you 0.1 XVG, which is about 1 pence.

If you decide to use Binance to buy a Verge coin, you can exchange it for Bitcoin (BTC) or Ethereum (ETH).

Binance takes security seriously. Every time you log in or withdraw coins, you will be prompted to double authenticate with Google Authenticator, which increases the security of your account.

Advantages

Disadvantages

  • Over 100+ different coins and tokens
  • Never been hacked
  • Low trading and withdrawal fees
  • Both basic and advanced platform
  • No fiat deposits

HitBTC

HitBTC

The most important advantage of HitBTC is that this exchange allows you to use fiat money for both deposits and withdrawals. This means that instead of making a deposit using cryptocurrency, you can use your bank account. Customers located in Europe will be routed to SEPA, and everyone else will use SWIFT.

There are two things to consider if you decide to make a deposit into your bank account. First, before you can do so, you need to identify yourself by uploading identification documents. This can take several days before the account is verified. Second, it will also take 1 to 3 business days before your bank transfer reaches HitBTC.

If you're in a hurry, you can also make a free deposit using cryptocurrency. HitBTC allows you to buy Verge for Bitcoin (BTC), Ethereum (ETH) or Tether (USDT). Each transaction will also only cost you 0.1%.

One drawback to using HitBTC is that its servers were hacked in 2015. Many people lost their coins, which is troubling.

So never keep your coins on an exchange longer than necessary. It is always better to withdraw them to your personal wallet, where XVG cryptocurrency is stored, where they are safe.

Advantages

Disadvantages

  • Fiat deposits
  • Low trading fees
  • Lengthy verification of fiat deposits
  • Exchange was hacked in 2015

YoBit

YoBit

The next exchange is YoBit. Established in 2015 and based in Russia, YoBit offers over 400 different cryptocurrencies. A big advantage of using YoBit is that this crypto exchange uses third-party payment processors such as Perfect Money and AvdCash, which means you can make a deposit using real money.

You can do this using a debit/credit card, a bank account and, depending on which country you live in, a money voucher. If you deposit in pounds sterling, most currency methods are free, but you will have to pay a withdrawal fee. For example, PerfectMoney withdrawals cost 7%, which is quite high.

If you decide to buy Verge on YoBIT, you can exchange it for Bitcoin (BTC) or Tether (USDT). Trading fees are 0.2% (the XVG rate is taken into account) per transaction, but it is reduced if you trade larger amounts.

YoBit offers two-factor authentication for added security, but in 2017 Russian regulators investigated the exchange for possible fraud.

It's always important to remember that no matter which exchange you use, your funds will never be 100% safe. Always keep a large amount of coins in a private Verge coin wallet.

Advantages

Disadvantages

  • Many different ways to deposit real money
  • Over 400 different coins
  • Simple trading platform
  • High fiat currency withdrawal fees
  • Investigated in 2017 for possible fraud
  • No online chat or phone support

Bittrex

Bittrex

Bittrex is a cryptocurrency exchange established in 2014 and headquartered in Las Vegas. It is one of the largest exchanges by trading volume and offers many different cryptocurrencies, including the Verge coin.

Unfortunately, it is not possible to use fiat currency to make a deposit on Bittrex, but the team at the exchange has announced that it plans to add this feature in the future.

The commission for trading on the exchange is 0.25%, and withdrawals are free (except for the blockchain transaction fee). You can exchange Bitcoin (BTC) or Tether (USDT) if you want to buy Verge.

Bittrex takes security very seriously. While this means that the exchange is one of the most secure, it also means that account verification is quite time-consuming.

Advantages

Disadvantages

  • Good selection of coins
  • Excellent security
  • No withdrawal fees
  • Lack of fiat deposits
  • Slow verification and customer support time
  • Some US states are not allowed to use the exchange

Buying and exchanging Verge - setting up a cryptocurrency wallet

Buying and exchanging Verge - setting up a cryptocurrency wallet

An Electrum-specific cryptocurrency wallet, called the Tor Electrum Wallet, can be downloaded from the official Verge website. It is available for Windows, Linux and MacOS operating systems.

Be careful if you already use Electrum - Tor Electrum Wallet will install on top of the existing wallet version, which may lead to loss of access to your data!

Once the installation process is complete you will be shown the main Tor Electrum Wallet window. Under the 'Receive' tab you will find the recipient's address, which you will need to enter when purchasing the XVG.

Buying Verge (XVG) for euros on a cryptocurrency exchange

Buying Verge (XVG) for euros on a cryptocurrency exchange

If you suddenly want to buy Verge in euros, you can use the services of the cryptocurrency exchange LiteBit.eu

  • Register on the LiteBit.eu exchange
  • Open the page https://www.litebit.eu/en/buy/verge in your browser intended for the purchase of the XVG.
  • At the bottom right you will find the fields to go to the Verge purchase page. Open it.
  • You will be taken to a page with fields for entering data. Enter there the number of Verge coins you want to buy or the amount in Euros you want to spend to buy this cryptocurrency.
  • In the "Receive Address" field, enter the recipient address that you created when you set up your wallet.
  • You then need to select one of the payment methods and start the acquisition process.

Depending on the payment method selected, the coins will appear in your wallet in a few days.

Where to store the Verge

On the project's official portal, under Wallets, you can find a complete list of wallets for different devices and operating systems. Each wallet has a tooltip in its name. Thanks to it you can understand, for what this or that purse is intended.

For example, you can choose a wallet XVG class hard. With it you will be able to download the entire blockchain to your computer. Also, you can install the light version of the wallet on your phone. All of the wallet types listed on the website effectively hide the transactions being made. This means that regardless of the choice, all transactions will be anonymous.

How many Verge (XVG) coins are in circulation?

The total maximum supply of Verge is limited to 16.5 billion XVG. According to Verge, the supply limit is intentionally inflated to ensure that the value of each individual token remains low, allowing users to avoid fractional denomination payments. It also makes it more difficult to take control of large amounts of XVG for market manipulation.

This cryptocurrency has not had an initial public offering (ICO) or token pre-mining. The Verge development team has assured that it does not have a significant amount of XVG either. All of the currently circulating XVGs have been obtained through Verge's proof-of-work blockchain mining process. The process itself is multi-algorithmic and supports Scryppt, X17, Lyra2rev2, Myr-Groestl and Blake2s.

Verge undergoes periodic halving, which reduces the rewards per block received by miners by 50%. Under the current issuance schedule, rewards are halved every 500,000 blocks.

How is the Verge network secured?

The Verge network is secured by a consensus proof-of-work algorithm, similar to the Bitcoin algorithm on which the Verge code is based. At least 51% of all full nodes in the network must agree that the transaction is valid in order to be added to the blockchain, and new blocks are created through a mining process in which users compete against each other to solve complex energy-intensive problems. Unlike Bitcoin, Verge supports five different mining algorithms. According to the developers, this makes the network more secure as more people can participate in mining.

In April 2018, Verge came under attack on the network. Through a vulnerability in the Scrypt algorithm, attackers managed to generate 20 million XVGs. In response, the project initiated a hard-fork to fix the problem. Although it was often referred to as a 51% attack, founder and lead developer Valo denied it, saying it was actually a timewarp attack, which involves manipulating block timestamps to reduce mining complexity.

FAQ

Can I buy an XVG with cash?

There is no direct way to buy XVG for cash. However, you can use trading platforms such as LocalBitcoins to buy BTC for the first time and later you can exchange your Bitcoins for Verge.

Are there any quick ways to buy an XVG in Europe?

Yes, Europe is one of the easiest places to buy cryptocurrency. There are even online banks where you can just open an account and transfer money to exchanges like Coinbase and Uphold.

Conclusion

Various sources agree that the value of the coin will steadily increase. However, experts advise caution with predictions.

The popular Wall Street resource predicted back in 2019 that the value of the Verge would become £0.0837 in the next five years. And that prediction almost came true, as the cryptocurrency already reached a price of £0.068 in 2021, and if bitcoin continues to rise, it could do so again and even set new records.

Fans of the cycle theory in 2019 argued that the coin would rise by a maximum of £0.4500 until 2020, and after that it would go down. However, there was a lull in the market in 2020, so these goals were not met by XVG.

One of the reasons why the Verge cryptocurrency has yet to renew its all-time high in 2021, as some cryptocurrencies have done, is the hacking attack that led to a massive reorganisation of blocks - transactions were replaced with empty blocks. Analysts noted that this is the largest block reorganisation in history among the top 100 coins. The developers have released updates to address the problem.

There are also reports that the project experts want to integrate the ability to create anonymous smart contracts into the system. If this happens, the coin will become the first cryptocurrency with such technology. The introduction of such an innovation will provide the potential for the rapid development of Verge and set it apart from its competitors. This means that it will remain in demand for a long time to come.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
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