Many people will automatically assume Bitcoin is the sole currency in circulation, but there are many currencies on the rise. Verge is among them, especially in offering anonymous transactions through blocking user IP addresses and location.
What is Verge?
This cryptocurrency uses I2P and Tor networks instead of central financial institutions for regulation. Designed for everyday usage, it enhances its operations using the Bitcoin blockchain technology as a base, and it aims to give businesses an efficient and fast way of doing transaction while keeping their privacy.
It was initially DogeCoinDark during its creation (2014), but later rebranded to Verge Currency in 2016.
Why is Verge different?
Standing as a unique currency, Verge offers certain features that other currencies do not. These include:
Privacy – certain cryptocurrencies will offer their users privacy, though they do not have the same approach. Verge uses I2P and Tor networks to hide the identities and geographical locations of the users, even though it has a ledger that anyone can use to view transactions.
Wraith protocols – unlike other currencies, Verge does not use cryptography to regulate its affairs. This is because the developers believe open ledgers are important for users to verify the transactions on the platform. Other features that supplement this are fast transactions and atomic swaps (ability to cross-trade different currencies without third parties).
Alternative coins to use
Verge has the potential for increasing popularity with time. However, other coins provide viable alternatives, and we have put a list of some of them.
Litecoin/LTC – is among the highly sought after currencies together with Bitcoins. Formed based on promoting open source payments without control from central authorities.
Bitcoin/XBT – the most famous cryptocurrency, from 2009. It is similar to Verge because of blockchain application system.
Ripple/XRP – based on open-source internet protocol currency, and formed in 2012.
Cardano – thought to be an open-source digital currency, and constantly evolves itself from research and scientific philosophies.
Ethereum/ETH – this is a 2015 decentralized software platform allowing smart contracts to operate without interference from third parties.
NEM – this is another blockchain currency from 2015, and utilizes Java script in its coding.
How Verge works
The platform uses Wraith protocol technology, which enables the user to switch quickly and effortlessly between private and public ledgers (where recording of transactions occurs). This means you have a choice regarding the ledger you want.
Verge also gives you complete blockage of IP address details in both public and private ledgers, and this because TOR-advanced versions are in the Core Wallet. This makes Verge to become the sole untraceable currency.
Trading Verge currency
You cannot purchase or store XVG (Verge) without the digital wallets. Here are the steps to follow when setting up the wallet.
Head over to the official Verge wallet page, download the file that is compatible with your computer, unzip the folder and run the file.
Select the wallet creation option, and make sure you choose the standard wallet option. Press next.
A ‘seed’ generates, and it is vital to note this in a safe place and back it up. Press next and retype the seed then press next.
Enter your password.
Press Receive and note down the wallet address.
The main issue with the Verge currency is its current low supply. Due to this, it is more advantageous to acquire Bitcoin or Ethereum first, and then use them to acquire Verge coins at currency exchanges, like Coinbase and CEX.IO. The transaction fees are however, higher than using bank transfers.
Verge prices and trading history
Verge is among the newer currencies in existence, so the trading history is not extensive. Before its rebrand, it struggled to raise its value above a cent. However, it has since experienced extensive growth, thanks to a tweet from John McAfee.
However, because Verge is a cryptocurrency, its value will always be volatile. Its advantage is that it offers users privacy in transactions, something that other currencies will not have.
Is it worth trading in the coin?
This question is complicated, since even experts generally see cryptocurrency as a risky venture with low returns. The reasons given usually cite the highly fickle nature, and the unpredictable rises and falls in value. Other voices however, point out to you the increasing value of investments in Verge (and cryptocurrency generally) – emphasizing if you do not take chances, you will rue missed opportunities to make money.
Some of the pros in the currency include:
It has interesting innovations in protection of privacy (combines I2P and TOR)
Has high transparency levels
Has low transaction costs in general as well as high supply
The risks are great, but you can handle them if you prepare yourself to bear losses in investments.
The rise of Verge mirrors the increase in popularity of digital cash because people want to spend money without the bottlenecks of financial institutions. The benefits are many if you invest well and prepare yourself for changes in value, but it is best to do this wisely.