Sunday, June 16, 2019

What is Vertcoin (VTC)?

Vertcoin (VTC) is a digital currency with a peer to peer form of exchange which can be done over the internet. Vertcoin is not a utility coin like most of the cryptocurrencies that have been launched in the past couple of months; instead, it is a financial system designed to be owned solely by its users.

What Makes Vertcoin Unique?

Seemingly similar to the popular Bitcoin in quite a number of ways, VTC has a little difference which makes it stand out, and this is no other than its ASIC-resistance property. For a coin to be ASIC resistant, as in the case of Vertcoin, it means no ASIC has been developed to mine this coin. Instead, consumer CPUs and GPUs of personal computers are used for mining the coin.

Simply put, an ASIC is a chip designed specifically for a particular operation and nothing else. In this case, cryptocurrency mining is the operation in view. ASICs mine algorithms of the coin they are designed for and none other. This firmware equipment is usually very powerful, energy efficient and very fast in terms of hashes.

Vertcoin is not willing to change its stance on being ASIC resistant because, in reality, that is the best way to control its supply and distribution hence keeping the cryptocurrency DECENTRALIZED. The consumers or end-users do not mine coins like Bitcoin and Litecoin which have dedicated ASICs developed for them in sizeable quantities.

Because of the large volume of the hashes mined at any moment and the amount of these coins in circulation, many ASIC manufacturing companies perform mining operations on behalf of the users and in turn, focus more on making more profits than decentralization.

ASIC resistance property gives altcoins more flexibility, freedom, and equitability in mining and access. The users have more control and trust in their investments when using their machines to mine and give them all the same opportunity at securing the coin ensuring it grows exponentially. This ASIC resistant property is what makes VTC stand out from other existing and established coins in the cryptocurrency market.

Vertcoin VTC

 

Buying Vertcoins (VTC)

With Vertcoin’s core property established, there is need to analyze the requirements as to the acquisition of the VTC tokens. Just like other digital currencies, Vertcoin is stored in a wallet, and Wallets are used for storing, receiving and sending coins with the use of private keys or some address which are usually strings of alphanumeric characters. Vertcoin has its own core wallet which can be used for transactions with Vertcoin and also storing it. Other wallets can be used for storing Vertcoins, and they are listed below:

  • Vertcoin Core Wallet which can be downloaded here
  • VTC Electrum Wallet (It does not support Peer-to-peer transactions)
  • Vertcoin web wallet (Also does not support Peer-to-peer transactions)

Before Vertcoin can be stored, it definitely needs to be bought. Due to varying crypto regulations in different countries, the buying process might be quite different. Generally, the VTC token can be purchased with Bitcoin (BTC) on the following exchanges:

Mining Vertcoin (VTC)

Apart from buying bitcoin, another process by which Vertcoin can be acquired is by mining. Mining Vertcoin can be done on regular GPUs and CPUs, but GPUs are much preferred and efficient. Although virtually every Personal Computer has a GPU in it, NVidia 10 series are the most preferred GPUs for mining. Support is underway for AMD’s optimization, but as of now, Nvidia 10 is the more profitable GPU for mining. Having a PC with a Nvidia GPU is not enough though, a miner program, and a Vertcoin wallet are also needed.

Listed below are miner programs that can be used to mine Vertcoins:

Conclusion

Vertcoin is believed by the founders to be a better alternative to Litecoin and Bitcoin due to its ASIC resistance property. The aim is to “return power” to the hands of the people by making the coin decentralized fully by eliminating ASIC farms and securing the network by giving each end user a shot at doing so.

Enjoyed this article?
Subscribe to our mailing list and receive the hottest news directly to your inbox!
 

More Articles