What is Vertcoin Exchange and How Does It Work?
No airdrop, no ICO, no pre-mine. Vertcoin (VTC) is a well-established cryptocurrency that was released earlier in 2014. But the question is, with so many newer competitors, how does Vertcoin set itself apart from the rest? Let’s find out!
What is Vertcoin Exchange?
Vertcoin was launched as a simple blockchain project without an ICO, an airdrop, or a pre-mine on Github. It was and still is open-source, developed on the Bitcoin codebase with one basic difference – Vertcoin is dedicated to staying ASIC-free.
Vertcoin (VTC) is the native cryptocurrency that was established to make cryptocurrency mining accessible to everybody.
Connecting your Vertcoin Exchange Blockchain Address to ZenLedger For Your Crypto Tax Forms
- To import your Vertcoin Exchange Blockchain transactions into ZenLedger for your crypto tax forms, all we need is your public address.
- Select the proper blockchain or wallet from the dropdown list.
- Paste your address into the address field in ZenLedger.
- Select if the wallet is based in the USA or not.
- Then hit ADD COIN button
What is Vertcoin (VTC)?
The token started trading at $0.07 in 2014 when it first started out. However, by the very next day, it had almost tripled its value to $0.20.
Vertcoin, like litecoin and bitcoin, functions solely as a currency/store of value and uses proof of work (PoW) to achieve widespread consensus. However, because Vertcoin is determined to keep its mining activities decentralized, it is ASIC resistant, unlike most PoW coins.
The Vertcoin team says that ASIC resistance will lead to a more equitable and democratized cryptocurrency for consumers as well as miners. In this regard, Vertcoin has its own 1-click miner, a program designed to make mining more accessible to the masses.
Where can you buy and store VTC?
Bittrex leads the market with VTC/BTC trading pairs, but Poloniex and Upbit also see significant volume.
At present, Bitcoin is the only currency that may be used to exchange Vertcoin. There are also some lesser-known exchanges such as Bitvavo and Dove Wallet that offer fiat currency trading such as VTC/EUR, but the volume is very low. So it's definitely best to stick with Bitcoin pairs.
Now when it comes to storing your VTC, Vertcoin does have its own core wallet. However, you can also keep on popular crypto wallets such as Ledger Nano S or the Vertcoin Electrum wallet.
How does the Vertcoin Exchange Work?
Vertcoin's main concept is that it prohibits miners from utilizing ASIC technology to mine on its blockchain. This implies that Vertcoin transports us back to the days when all you required to get into the mining game was a competent graphics chipset or your computer's processor.
When Vertcoin was launched in 2014, it used the Scrypt-N algorithm to achieve PoW consensus. Since then, Scrypt-N-specific ASICs have emerged, forcing the Vertcoin team to build from scratch.
They created the Lyra2RE algorithm and forked Vertcoin on December 13th, 2014 to upgrade the main software.
After adopting Lyra2RE, the community updated to Lyra2REv2 on August 10th, 2015, with another hard fork. A botnet had gained control of half of the network's hashing power, necessitating this update.
Till now, Lyra2REv2 has been effective in keeping ASIC miners at bay. As a result, the only practical mining hardware is a GPU or CPU.
The Bottom Line: Why should you consider Vertcoin Exchange?
But the question remains, how does Vertcoin, with so many younger initiatives, set itself apart from the rest?
- Built on Bitcoin codebase
- Vertcoin 1-click miner
- Merged mining
- Recent developments in Field Programmable Gate Array (FPGA) hardware
Because of its unbiased mining policy, Vertcoin has been labeled a stronger substitute to Bitcoin. It was also suggested that Vertcoin could be one of the cryptocurrencies to gain widespread acceptance.
While Vertcoin's mainstream possibilities may not appear to be promising at the moment, with future sustainability and a dedicated community, it might swiftly rise to the top.