Vertcoin Cryptocurrency Review: Basic Information to Know About (+ VIDEO)
Vertcoin claims to be a “people’s coin” by being a decentralized currency that the users own. Developed by members of the community that volunteered their time, Vertcoin is distributed fairly without using ICOs, pre-mining or airdrops, running entirely on donations and volunteer efforts.
Vertcoin, like gold, is a finite resource that lets investors keep their money safe while benefitting from minimal transaction fees.
Vertcoin has its own wallet that can be downloaded from the official website. There also used to be a web wallet but it is no longer available due to DDOS and other issues. The wallet can be downloaded on Windows, Mac, Ubuntu, and Linux.
How do you send and receive Vertcoin?
After you have downloaded and set up your Vertcoin wallet, you are ready to start sending and receiving Vertcoins.
All that you need is an address which begins with a V and has a total of 26 to 36 alphanumeric characters. The funds take no more than five minutes to be relocated into the wallet. There is a minimal transaction fee added which will be used to support the network upkeep. For example, transferring 100VTC will generate a fee of 0.001VTC.
How do you buy Vertcoin?
If you want to purchase or trade Vertcoins, the simplest way to do that is to pay for them by using Bitcoins. There are also many exchanges that include VTC such as Bittrex, Bleutrade, YoBit, Poloniex from the English market, the Chinese exchange Jubi and the European LiteBit.
The easiest way to buy VTC with fiat currency is first to buy Bitcoin or Ether through your trusted cryptocurrency exchange and then acquire your VTC, which then you can withdraw into your Vertcoin Wallet.
This process will be simplified in the future as atomic-swaps will become possible, enabling crypto owners to swap between Bitcoin, Litecoin, and Vertcoin.
Vertcoin makes use of the Lyra2RE (v2) algorithm, which generated 84 million blocks. Block time is 2.5 minutes, with a reward block of 50 coins. The subsidy will halve every 840,000 blocks, which happens around every four years. Pre-mining is nonexistent, and the mining difficulty retarget time is set to retarget with every block by using Kimoto’s Gravity Well.
SegWit was activated in May 2017, which increases the block size limit while enabling the developers to implement second-layer solutions to contribute to the improvement of Vertcoin.
Developers are working on the Atomic Cross-Chain, a decentralized way of seamlessly exchanging Vertcoins with Bitcoins or Litecoins on the network. They are also working on stealth addresses, which is a privacy feature that only displays “Stealth Addresses” on the public ledger instead of more personal details.
How do you mine Vertcoins?
You use your system’s computing mining power as a way to validate network transactions. Afterward, you will be rewarded by receiving additional Vertcoins. Vertcoin’s algorithms stop hardware manufacturers from creating custom ASICs, ensuring the network will validate each transaction.
To get started for GPU mining, you need to download and set up the correct mining software for your AMD Cards and Nvidia Cards.
Vertcoin is a very fair way in which all miners can profit, without them needing to purchase expensive hardware.
Vertcoin is currently ranked 142nd on CoinMarketCap, having a value of $0.645159 USD and a market cap of $29,630,814 USD.