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What Is Verge?

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Nov 23, 2022
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4 min read
what-is-verge

This blog post will cover:

  • About Verge (XVG)
  • Where did Verge (XVG) come from?
  • What are the advantages of Verge (XVG)?
  • What are the disadvantages of Verge (XVG)?
  • How to buy Verge (XVG) on SimpleSwap?

About Verge (XVG)

Verge is a cryptocurrency that is based on the initial code of Bitcoin, however, XVG has an intention of improving its results. The Verge coin claims to be a digital currency created for everyday use, with built in data protection. Privacy is the central focus of use here thanks to its own privacy support system. Verge is a multi-algorithm cryptocurrency based on PoW (Proof of Work). It works in the way to make it possible for people with different mining devices to have equal access to earn coins.

In addition to the private and secure transaction environment, XVG also offers high information processing speed as well as a fair mining system where the award is assigned based on the total number of mined blocks. Verge is one of the small numbers of cryptocurrencies that supports five hash functions united in one blockchain. Here are these 5 algorithms supported by the XVG network: X17, Lyra2rev2, Scrypt, blake2s and myr-groestl. It was originally created with the intention to hide (distort) the identity of the end user. Verge uses I2P and TOR technologies to provide privacy for its users. Verge currency is almost invisible and can not be tracked so users can make immediate private transactions.

Where did Verge (XVG) come from?

The Verge project was launched in 2014. XVG had neither ICO nor pre-mine. In the beginning, the cryptocurrency was called DogecoinDark, however, later it was decided to rename the coin as a part of the rebranding and from the year 2016, the project changed its name to Verge. The XVG project has the main team that is involved in its creation and development. The lead developer’s name is Justin - Sunerok. At the same time, Verge is an open-source product where any active and ambitious user can offer their idea related to the development of the project. If the idea is endorsed by the majority of participants, it becomes accepted and integrated to the project.On April 17, 2018, it was announced that the quite well-known website Pornhub has started accepting XVG as a payment option. Users can pay for any Pornhub services including a Premium subscription using Verge. The privacy of Verge makes it the perfect cryptocurrency to be used by Pornhub. There are some other entertainment sites like Nutaku and Brazzers that also accept the Verge crypto. MindGeek does it as well and even more, it offers the employees payments in XVG.

What are the advantages of Verge (XVG)?

  • Complete privacy of all transactions in the network
  • Wallet apps
    
    Verge has its wallet applications developed for every operating system, both mobile and desktop.
  • Verge has a high transaction speed
    
    The allowed maximum is 100 transactions per second.

What are the disadvantages of Verge (XVG)?

  • It is worth noting that the shift of block generation algorithms does not always help to fully secure the network
    
    In April 2018, the system was hacked by attackers.
  • Low ratio of liquidity
  • Verge is not the only confidential cryptocurrency
    
    It has several serious competitors by this characteristic.

How to buy Verge (XVG) on SimpleSwap?

There is no need to register an account on SimpleSwap, to get some XVG just follow the steps below:

  • For example, you want to swap BTC for XVG. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select XVG in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. XVG will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to XVG exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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