Want to jump straight to the answer? You can buy VeChain on Crypto.com.
The VeChain network has 2 tokens. VET, whose market cap surpassed $1 billion in early 2021, is intended, for investment purposes and transfers of value. Additionally, the VTHO token exists for transaction processing on the VeChain Thor blockchain.
By separating the tokens, VTHO keeps transaction costs to a minimum, while VET allows for market speculation on the outlook of the platform. VET holders receive VTHO daily which they can use to interact with the VeChain Thor blockchain. Looking to get into this top-50 market cap crypto? Here’s how you can.
What is VeChain?
VeChain is a business-facing blockchain aimed at creating “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transfer”.
The VeChain network launched in 2016 and aims at enterprise adoption. VeChain provides blockchain as a service (BaaS) through their ToolChain platform. ToolChain offers applications for carbon reduction, increasing consumer confidence, automobile supply chain and many other problems facing the world today.
In 2018, VeChain rebranded to VeChain Thor and announced the Thor Blockchain. The Thor blockchain aims to serve more than just supply chain with smart contract support for additional enterprise applications.
The VeChain Thor blockchain uses a proof of authority consensus model. Transactions are verified by 101 “trusted” masternodes across the world.
Brief History of VeChain
VeChain was created by Sunny Liu to create transparency in the supply chain process using blockchain technology. Sunny was the CIO for Louis Vuitton China before leaving to create VeChain in 2015.
How to Buy VeChain (VET)
- Open an online account.
Depending on where you live you’ll have a few different options for purchasing VeChain. If you’re based in the United States, consider using Binance.US. If you’re outside of the US, try using Binance. Depending on your local regulations you may or not be able to access this coin on a centralized exchange.
Be careful and don’t enter personal information into any websites that you don’t trust.
- Buy a wallet (optional).
You’ll need a wallet to hold your VET and VTHO tokens. Binance has a wallet built in that can hold both tokens, however it’s best practice to move any funds that aren’t meant for trading to a cold storage wallet.
A cold wallet never touches the internet, keeping your crypto the most secure. The Exodus ecosystem is a wallet interface that works on mobile or on desktop. It features a built-in exchange and offers support for over 150 cryptocurrencies.
- Make your purchase.
All that’s left to do now is to purchase VET and send it to your chosen wallet for safekeeping. You can purchase VET through Binance exchange similarly to how you would buy another cryptocurrency or stock.
You can either place a market buy or a limit buy. With a limit buy, you determine the price you are willing to pay, and your order gets filled once the token price reaches your limit price. If you want to get your hands on the token quickly, you can place a market order, where you agree to pay the current price and have your order filled almost immediately.
VeChain Wallet Options
Here are the best software and hardware wallets for VeChain. Choosing the best wallet for your cryptocurrency ensures that you can secure your investments and easily access them in the future.
Most Versatile Option: Exodus Wallet
Staking Crypto + Earning Rewards
The Exodus Wallet ecosystem is a great option for beginners and experts alike. It offers exchange and mobile features to make trading accessible wherever you go. Exodus also has hardware options if you’d prefer to personally HODL your bag for the long run.
VeChain’s Software Wallet: VeChain Thor Wallet
The VeChain Thor wallet was created by VeChain for their tokens. This wallet has apps for both iPhone and android.
Unlike most altcoins, VET and VTHO aren’t Ethereum-based. Instead, they run on VeChain’s native blockchain, Thor. This means that popular software wallets like metamask are incompatible with VeChain tokens.
Remember that you earn VTHO each day you hold VET tokens!
Trade, Sell or Convert your VeChain tokens
If you want to actively trade your VET or VTHO, you’ll need to hold it on your exchange wallet for quick access to liquidity. This presents a risk as exchange wallets are less secure than cold storage. Crypto prices are subject to extreme volatility, especially in the short term. Trading also exposes you to risks in price volatility.
If you’re looking to sell your VeChain tokens and cash out, there are a few options available. Binance.us offers ACH withdrawals up to $1000/day. If you want to move more that at once, your best bet is to sell your tokens into a stablecoin like Dai or USDC. Once you’ve realized your gains in a stablecoin, you can transfer Dai or USDC to a coinbase account capable of $25,000 daily limits for fully verified accounts.
Because VeChain tokens are not Ethereum-based, your options for converting are not great. Ethereum-based tokens such as Uniswap or Wrapped Bitcoin can be interchanged easily through an automated market maker such as Uniswap or Sushiswap. This is not the case with VET or VTHO.
Current Crypto Prices
VET surpassed a $1 billion market cap for the first time in 2021. However, the crypto crash of 2022 haas stunted the growth of many crypto assets, even if they are still gaining value on some level. This is the case with VET. The tokens are still growing, but they may not reach the projected prices that once colored the fervor behind them. Remember to factor in risk-adjusted returns when considering the current crypto prices.
Is VeChain a Good Investment?
VeChain offers a unique suite of business facing products and services, and is expanding into new areas constantly. With it’s Thor blockchain and team of industry experts, it’s not entirely surprising that VET has cracked into the top 30 cryptocurrencies by market capitalization.
If you think that VeChain’s products and services are genuinely useful, then investing in VET may be wise. VET is the token designed for market speculation, and has no governance power on the network. Because of this, you should remember that the tokens may not work for you. Compare their functionality to your investment style and if that will give you the diversity you’re looking for.
If you are a business who could benefit from the Blockchain as a Service products that VeChain offers, then an investment in VET will net you VTHO daily that your business could use. You can also purchase VTHO directly from Binance to pay for access to VeChains proof of authority blockchain, Thor.
Remember, all crypto investments are speculative, even Bitcoin. You shouldn’t invest anything you aren’t comfortable losing.
Frequently Asked Questions
Questions & Answers
What does VeChain aim to do?
VeChain aims to improve efficiency, transparency, and traceability of supply chains.
Supply chain is the series of processes involved in the production and distribution of a product.
This news is republished from another source. You can check the original article here.
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