What is Vertcoin?
A Beginner´s Guide to Buying, Selling, Using, and Mining Vertcoin:
An In-Depth Vertcoin Guide by True Poker
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The Gettysburg address, one of the most famous speeches ever written, contains this remarkable line: “government of the people, by the people, for the people, shall not perish from the earth.” This statement has been the clarion call of many democracies around the world since it was uttered over 150 years ago.
The emphasis on “the people” is an important one–it is a reminder that central authorities have an obligation not to serve themselves, but rather the sum of the people that they represent. Yet, too often central authorities invade citizens’ privacy and inalienable rights. They try to control every aspect of life, all the way down to the wallet.
Central bankers have long been in the business of manipulating markets in hopes of helping economies. Just recently, the U.S. Federal Reserve announced it would begin unwinding its massive balance sheet, ending a quantitative easing program whose impact is still unknown.
For many, this raises the question about the security of fiat currencies. Because these currencies are at the mercy of a handful of central bankers, how safe are they? These fears help explain the rapid increase in cryptocurrencies over the past several years.
One cryptocurrency that is worth mentioning is Vertcoin. Vertcoin, as a decentralized crypto coin, is not directly influenced by central bankers and monetary policy. Rather, it is a Gettysburg style coin–“of the people.”
What is Vertcoin?
Along with its digital coin counterparts, Vertcoin ($VTC) is a blockchain for digital currency. Blockchains are defined as auditable ledgers that house a history of all transactions that occur on said ledger. This ledger, or database, is accessible to all users–this is the at the very heart of blockchain’s decentralization and transparency. A given blockchain will have hundreds, thousands, even millions of users–this means that a large amount of eyes are watching the database and are able to verify its transactions.
In this regard, $VTC is very similar to other cryptocurrencies. However, what makes it stand out is its unique design to resist decentralization. Plenty of coins tout this as a crucial tenant for their coin. But few practice it like Vertcoin does. The team has written a proprietary algorithm that resists the development of custom mining hardware and multipool mining.
This means that transactions are verified by a vast distributed network as opposed to a few mining powerhouses. Additionally, it helps avoid selling pressure that results when large pools inundate the market with newly mined coins. This is also a huge boost to the individual miner who benefits from a fairer competition.
Additional information about Vertcoin and its features can be found on its Reddit page. Here interested parties can find discussions about the coin’s ongoing development and operations. The development team will also post news updates and offers.
How Do I Buy Vertcoin?
The first step to buy Vertcoin is to create a crypto wallet–a digital wallet that stores crypto coins. Once the wallet is created, the user can register an account with a cryptocurrency exchange and fund the account with cash or with a credit card.
The next step is to purchase a coin that can be quickly turned into Vertcoin. Because Vertcoin cannot be directly purchased with fiat currencies, this extra step is required. Once the user has another coin–typically Bitcoin–in their wallet, they can trade their Bitcoins for the corresponding equivalent of Vertcoins.
How Do I Turn Vertcoin into Cash?
To withdraw Vertcoin as a fiat currency like USD, GBP, or Euros, one must follow the reverse of the process described above. First, Vertcoins must be converted back into Bitcoins or another cryptocurrency. After this, the coins can be turned into a fiat currency of choice.
Once the funds have been transferred to the traditional bank account, they can be withdrawn. The cashout process is very straightforward; even with the additional step of exchanging $VTC for another coin, the total process is quick and easy.
How to Use Vertcoin
Vertcoin’s primary use is for decentralized mining. Described as their “core focus” on their website, this important detail forms the backbone of the coin. They want mining to be fair and easy for all miners, whether beginners or experts.
The leadership team also envisions the blockchain as a way for friends or family to easy send and receive Vertcoins. Vertcoins can therefore be used like traditional fiat currencies–as a means of negotiating for other goods or services. This is done through Vertcoins’ mobile friendly web wallet.
Finally, Vertcoin can be used as an investment vehicle. Vertcoin has seen sizable price appreciation this year in particular, and though continually increasing returns cannot be guaranteed, investors have the opportunity to advantage of its rising value. Holders can also use Vertcoin for other purposes from their wallet, like $VTC poker. With central banks ushering in the beginning of the end of quantitative easing, cryptocurrencies can also be a safe haven that aren’t as easily influenced by monetary policy and changes in exchange rates.
What is Vertcoin Mining?
Cryptocurrency mining is the process of identifying and verifying blockchain’s transactions. Transactions come in groups, or blocks, each with their own set of problems. It is up to miners to solve these problems, validate the transactions, and add the blocks to the blockchain.
Miners are typically paid in $VTC for solving blocks (50 coins per block). They are able to determine their potential profitability by using a mining calculator. Mining calculators can also be used to determine whether or not a job is possible at all. Those looking for more in depth guides on mining can go to this page and select one of the many guides available.
How to Mine Vertcoin
The first step in mining Vertcoin is to download a wallet and optimize the operating system. The Vertcoin blockchain uses a ‘Proof of work’ algorithm, meaning that miners must solve complex equations in order to contribute a block of transactions to the blockchain. In order to do this, would-be miners must download the appropriate software which can be run on a normal computing system with a GPU.
The Vertcoin blockchain is specifically designed to eliminate mining by large pools using ASICs. The goal of Vertcoin is to produce a truly democratized system that makes mining profitable for all miners on the network, and reduces the frequency of pressurized selling when large pools flood the market with coins. As new coins are mined, Vertcoin’s market cap will increase, along with possible increases in its price.
How will Vertcoin Scale?
Many coins, Vertcoin being one of them, have had quite the run up this year. Vertcoin’s price chart shows tremendous gains year to date, jumping from 3.5 cents at the beginning of the year to around $3.70 as of 10/26. Naturally, this has led some to ask about the coin’s scalability. So far, Vertcoin doesn’t have any explicit plans to scale the blockchain; however, developers are open to the idea per recent posts on Reddit. Ultimately, the developers will let the community decide, saying “If it comes down to it we will scale to whatever is needed.”
Vertcoin, the coin of the people, it not a typical crypto coin. Because of its proprietary algorithm, Vertcoin by nature resists centralization–even from other cryptocurrency enthusiasts like miners and mining software creators. By having a system of checks and balances in place, Vertcoin is an excellent investment and cryptocurrency option for the sophisticated trader and average user alike.