What is Verge?
Verge is a privacy-focused cryptocurrency created in 2014, initially under the name of DogeCoinDark. While it isn’t as popular as Bitcoin or Ethereum, for example, Verge poses some unique advantages. It makes use of networks such as TOR and I2P for route trafficking through thousands of addresses, disguising the initial IP from which the transaction was made.
Verge also processes transactions faster compared to the market’s bigger coins. It performs much better than Bitcoin, price and time wise. To put things into perspective, a Bitcoin transaction takes 10 minutes to be confirmed, while a Verge transaction takes 30 seconds.
Also, Verge can process more transactions at the same time. While Bitcoin can handle 7 transactions per seconds, Verge can perform 100 in that exact time.
The coin’s privacy feature combined with its fast processing speed has landed then numerous real-world partnerships. Particularly, several websites and platforms from the adult entertainment industry.
Moreover, while Bitcoin has to be mined only by using expansive ASICS hardware, Verge can be mined with the use of CPUs, as well as some GPUs and ASICs hardware, as Verge’s proof-of-work algorithms enable the mining community to make use of different devices.
If you are also interested in acquiring this coin, continue reading our guide on how to buy the Verge cryptocurrency.
Step 1: Get a Verge Wallet
Before purchasing the coin, you need to first have a wallet in which you can store your coins. The two most common Verge-compatible wallets are the Verge Electrum and Verge QT, both developed and supported by the Verge team.
The Electrum wallet is an open-source wallet, originally designed to be used for Bitcoin but altered by Verge to support XVG. The Verge QT wallet is more complex, as it requires the entire chain to be downloaded. This enables a wider range of privacy features.
While these two wallets can only be used to store VXG, Coinomi is a popular mobile wallet which can support over 500 digital assets. Coinomi is an ideal option for those that want to store XVG along with other cryptos.
Step 2: Sign Up for an Exchange
Now that you have your wallet set up, you have to look for an exchange that supports Verge. To find exchanges that offer this trading option, look up XVG on CoinMarketCap, and hit the “Markets” tab. This will list of all the exchanges and trading pairs available for XVG.
First, you have to sign up for an account on Binance. Their interface is easy to use, and the registering process doesn’t take up much in comparison with the rest of the exchanges.
Once your account has been verified, you can make some deposits. For this, you must go to the top menu and click on “Funds”, then “Deposits”.
Select the coin with which you want to make the trade, and Binance will supply you with an address to which you can send them to. Make sure you send only the specified coins to this address, as other coins might be lost.
The other option would be to buy Verge by using fiat currency. While there are not many exchanges that have available the option of purchasing XVG with fiat currencies, there are a few that support XVG/EUR and XVG/USD pairings for those looking to buy with fiat currencies.
Step 3: Withdraw XVG to Your Wallet
When you sign up for an exchange, the platform will generate a wallet for you. You can keep your XVG in this wallet, but it is always recommended for security reasons that you withdraw as soon as you’re done trading.
Since we used Binance as our example for buying Verge, go to “Funds” and click on the “Withdrawal” button.
This screen will feature the total amount kept in your XVG wallet on Binance, the amount of coins pending to be processed, and the total amount which you can withdraw.
Now just enter your Verge Wallet address, the amount you want to withdraw, and then click “Submit”. A confirmation link will be sent to your email, and then all you have to do is click on it and your Verge will be sent from Binance to your own wallet.
And with this concludes our guide of how to purchase Verge, one of the most promising digital currencies in the emerging privacy coin sector.
Verge could see a major increase across an exceptionally broad user base, especially after its Rootstock smart contracts will be implemented.
The value of XVG will most likely see a surge after the atomic swap functionality will be introduced, as this will enable fast swaps between XVG and other chains.