What is Vertcoin (VTC)?
Vertcoin is an open-sourced decentralized cryptocurrency. It is made to be sent from peer to peer. To send and receive VTC one can use a digital wallet on the phone or computer. All the transactions are being published on a distributed public ledger. Then users verify a transaction. As a reward they receive VTC coins. To reach the consensus this system uses Proof-of-Work protocol.
Vertcoin follows the originals of digital money. It is a cryptocurrency that is owned and run by the users.
Vertcoin keeps mining accessible. It is easy and profitable. The most important is that users don’t need more than usual PC to get profit. The idea is to protect users from mining with special equipment.
Where did Vertcoin come from?
Although Vertcoin uses original Bitcoin principals, it definitely has some differences from other cryptocurrencies in its history.
Vertcoin appeared in 2014. One of the developers is David Muller. Vertcoin system was created as a volunteer based project. And the whole idea of the development is not similar to what we are used to seeing. So unlike other digital currencies, there was no ICO. It was not even planned. Developers of Vertcoin believe in the actual network for people. They see development in spreading this network to different areas.
What are the advantages of VTC?
- No third party.Vertcoin is called people’s coin. It’s truly decentralized, only users control their funds, and only users verify transactions.
- The mining algorithm is ASIC resistant.That makes mining decentralized. A lot of cryptocurrencies demand special equipment to mine coins. So regular users are left out of this process. To protect users’ right to mine coins, Vertcoin’s mining algorithm is made resistant to ASIC.
- Users can make a profit by mining Vertcoin from their home PC.
- Constant development.The team is working non-stop on making the VTC network better.
- Low transaction fees.
- Lightning network.The lightning network makes it possible to send funds from peer to peer. No bank needed. This should help Vertcoin to increase network capacity.
- Segregated witness.SegWit allows to solve problems connected with the block size limits and helps to improve network faster.
- Official digital wallet.Official digital wallet is an easy way to use Vertcoin. Users control their private keys. They can access their wallets from PC or phones.
What are the disadvantages of VTC?
A lot of users believe that Vertcoin doesn’t have any disadvantages. Nevertheless, there are some not that common ones:
- Nothing newVertcoin doesn’t have any feature that other cryptocurrencies don’t.
- Stealth address was removedStealth addresses allow users to publish one address that can be used to receive funds. It is the way to solve the anonymity problem.Vertcoin added it in 2014. However, recently it was removed. It is said that Lightning network has built in features that cover stealth addresses functions.
How to buy Vertcoin?
Let's say you want to buy Vertcoin. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select VTC in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Vertcoins will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
This is everything you need to know to buy Vertcoin.