How to store Verge coin

How to store Verge coin

Robert McDougall 

September 15, 2022

Cryptocurrency

BTC and ETH might be the biggest and most popular cryptocurrencies, even in today’s era, and they were created for different purposes, specifically, making the financial industry safer, secure, and fast. But the thing is, better alternatives than these two are now gaining popularity, and people are getting to see why they are more efficient and better in what they aim to provide. For instance, sure, Bitcoin enables users to have free control over their finances and send money to different people over the internet. However, every detail about your Bitcoin transaction is available on the internet to be accessed by anyone. Literally, anyone can see from which wallet address the asset was sent, the amount, and the receiver’s address.

To counter these types of problems, coins like Verge (XVG) were created in order to provide users with privacy and anonymity when sending funds from one address to another. With anonymity, you can rest assured that your info will not be tracked by anyone that could create unfortunate scenarios for you. Even if some organizations or governmental institutes tried to track down your financials, they would not be able to do so, thanks to coins like Verge. Is it a good idea to have some Verge in your crypto wallet and enjoy its benefits? It surely is! Let’s take a detailed look into the history and technology of the Verge coin and see how to store it.

   Key Takeaways

  • Verge coin was created to bring anonymity, allow users to transfer funds without revealing important information about themselves, and improve the transaction times of the network
  • Although Bitcoin was designed with transparency in mind, Verge coin, while still having a public ledger, was designed to keep your information private and inaccessible
  • Verge coin transactions are fast and take only around 30 seconds to complete
  • You can purchase Verge coins from centralized exchanges like Binance, or DeFi exchanges, but be sure that you are buying the real Verge cryptocurrency
  • If you purchased Verge coins from a decentralized exchange you can keep them there as long as you want, or you can move them to a decentralized crypto wallet: Verge Electrum Wallet or Trezor Hardware Wallet

When and why was Verge Coin created?

Verge has a pretty interesting history as the coin was named after a popular memecoin known as Dogecoin. Verge was previously called DogeCoinDark, and things didn't turn out quite well, so they came up with the new name Verge, which sounds promising and revolutionary.

As for the origins of the Verge coin, it was designed back in 2014, the era when cryptocurrencies were still not very popular but had started to gain attention from all over the world. The best thing about Verge coin was that it was created with a vision and an aim that they had to follow, unlike meme coins like Dogecoin, which practically had no purpose.

The main reason for the creation of Verge coin was to bring anonymity to the crypto industry and allow users to transfer funds without revealing important information regarding themselves. Not only that, but the team behind the creation of Verge coin also wanted to improve the transaction times of the network, as Bitcoin was and still is quite slow compared to other assets and networks. They also made it possible to make the Verge coin network cheaper and enable low-fee transactions for users willing to use Verge coin.

How is Verge coin different from Bitcoin?

You might be thinking why you should leave the most popular cryptocurrency and go with a coin like Verge in the first place. What is the significant difference between them, and even if there is, does it matter at all in the world we are living in? The answer is yes! It matters quite a lot when you look at the difference between Verge coin and Bitcoin.

To put it simply, assets like Bitcoin were designed with transparency in mind. Unfortunately, that transparency can violate your privacy and allow pretty much anyone to go through your transaction details. On the other hand, Verge coin is an asset that was designed with privacy in mind. Verge coin still has a public ledger where you can explore every single transaction initiated on the network, but that ledger does not consist of crucial details, location, or identity.

The real-world use of Verge coin

All right, Verge coin has proven to be useful, but what is its real-world use? It has the potential to replace traditional banks and financial institutions if you are willing to shift to the digital world. The banking industry keeps track of every single transaction that has taken place through your bank account and provides each detail when asked by a governmental institution or organization. 

However, this won’t be possible when if you shift to the Verge network, as all of the data regarding your transactions are private and inaccessible. Moreover, you will not have to worry about being tracked, traced, or penalized by any organization and can freely use your funds however you want. 

Technical analysis of Verge coin

If we take a little look at the technical aspects of Verge coin, it is nowhere as big as cryptocurrencies like BTC or ETH. Firstly, the Verge coin has a very low price as it is being traded for about $0.003 as of the 11th of September 2022. It comes with a maximum supply of 16.5 billion coins, which is unquestionably massive and plays an important role in keeping the price of the asset low. But this is what makes Verge coin affordable for everyone, and pretty much anyone can enjoy its benefits by using it for their day-to-day transfers.

Verge coin transfers are pretty fast, too, as they only take about 30 seconds to complete. On the other hand, BTC or ETH transfers can take minutes or even hours in specific scenarios. This is due to the mining algorithms used in the Verge coin blockchain, allowing the network to work faster and process transactions efficiently. 

Where can you buy Verge coins?

Considering the benefits of the Verge coin and the potential it carries, if you have finally decided to buy some Verge coins, you might be thinking about where you can buy them. If you are looking for the easiest experience possible and want to avoid network fees, then it is best to opt for centralized exchanges like Binance.  Binance has listed Verge coin, and you can directly buy the asset from the exchange with your fiat currencies. Read our Binance review here.

If you can’t seem to find a suitable centralized crypto exchange to buy Verge coins from, you can go with DeFi exchanges and connect your wallet with them to purchase Verge coins. But make sure not to fall into a trap, buying fake Verge coins with a similar name.

How to store Verge coins?

If you have bought your Verge coins from a decentralized exchange, you can keep them there for as long as you want. But make sure that the platform you have opted for does not have any kind of security flaws and has a proven record.

But if you do not want to take any kind of risk, you might want to go with a decentralized crypto wallet, offering you full control over your assets. There are many crypto wallets that support Verge coin, but the following can be the best ones out there to consider.

Verge Electrum Wallet

The reason why this wallet is on this list is that it was created officially by the team behind Verge coin. It is also recommended by the Verge coin developer team to anyone who wants to keep their assets safe. The simple and sound user interface allows users to easily send and receive Verge coins without facing any troubles.

Trezor Hardware Wallet

Hands down, a hardware wallet is the most secure way to store your Verge coins, and there is no other way that comes close to what a hardware wallet can provide in terms of security. If you are willing to invest a little in a hardware wallet, you can get a Trezor hardware wallet and store your funds in cold storage. This means they will not be available online, making it impossible for anyone to access them. Trezor hardware wallet supports Verge coins, and you can store as many coins as you want without the fear of hacking, breaching, or any other unauthorized activity.

Conclusion

Verge coin is not a useless cryptocurrency that holds no value or benefit to the community. With their innovative security features, seamless privacy encryption, and fast transactions, there is a chance Verge coin will be adopted by many in the coming years. In short, it is not only a good investment, but it can also solve a lot of your problems.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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