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The race for the best and most efficient anonymous cryptocurrency has been underways for quite some time now, however, one of the top contenders for the spot has been “Verge”, otherwise known by its ticker symbol of “XVG”. Verge is a cryptocurrency that runs on the Ethereum blockchain that focuses mainly on being a form of payment that can facilitate internet transactions in an anonymous and secure method. While the concept of an optionally anonymous cryptocurrency may seem fairly complex at first, this guide will work to facilitate the understanding of just how Verge currency works and how to extract its max efficiency.
Verge has since its inception emerged to the forefront because of its “anonymity” aspect. The cryptocurrency was originally released under the name of “Dogecoin Dark”, forking off of the popular memecoin “Dogecoin”. Since then, it’s aimed at legitimizing itself as an actual contender for online cryptocurrency.
The aura around Verge has been for quite sometime very mysterious and to an extent even unknown due to its anonymous-focused nature. The cryptocurrency was first released as a fork of Dogecoin underneath the name of “Dogecoin Dark”. Dogecoin is more of a ‘memecoin’; its purpose isn’t necessarily for pure utilization or efficiency but rather as a form of simple internet payments. Despite this, Dogecoin is technologically pseudonymous. This means that while Dogecoin is still relatively a cryptocurrency where it’s fairly difficult to link identities, wallet addresses and identities can still be linked to an entity. It’s rather complex, however, the bottomline is that Dogecoin is trackable; it’s not anonymous. Dogecoin Dark ‘forked’ or split off of the Dogecoin framework to form an anonymous version of Dogecoin. After sometime and extended business development, the cryptocurrency renamed to “Verge”, and implemented what is called the “Wraith Protocol”, separating itself in the world of blockchain making it a unique contender in the overall market.
Verge implements what is referred to as an “optional anonymity protocol”. It’s essentially just a process that makes it so that anyone using Verge can choose to be anonymous in their transaction if they wish to. By simply selecting a quick feature button, the user can choose to rid their presence in any created transaction. However, if they would rather wish to emphasize speed of transaction and do not care at all for anonymity or privacy, they don’t have to turn on the anonymity function. It’s a unique take on cryptocurrency transactions that although not perfect, has served as inspiration for many cryptocurrencies; all which stemmed from a fork of a ‘meme’ coin.
Verge is actively traded on Binance and a few other reputable exchanges, and is also an active payment method on a number of different adult websites as well as merchants. The cryptocurrency came under a bit of controversy when it was subject of a 51% attack, a technological attack where over 50% of the Verge network is controlled enabling the remaining 50%’s funds to be manipulatable at the whim of the attacker.
Verge has stated their overall goal is to establish a safe, secure, and privacy-centric technology on the internet that has never before been possible. Through the “Wraith Protocol”, the cryptocurrency aims to be at the forefront of the online payment methods sector.
Compare Exchanges to Buy Verge (XVG)
The Best Exchanges to Buy Verge
(Step by Step) How to Buy Verge On eToro
eToro is a regulated exchange that enables social trading of a wide variety of different assets, including cryptocurrencies, traditional assets, commodities, and currencies. The exchange is regulated by the FCA, enables contracts for difference trading, and is registered with the Cyprus Securities and Exchange Commission (CySEC); however, at the moment eToro does not support the purchase or trading of Verge or any XVG pairs at the moment.
It’s unclear whether eToro plans to list Verge as a tradeable asset on the exchange, however, considering the large influx of different assets that are being supported and added to eToro, the possibility is definitely not out of the question.
Any claims that Verge can be traded or purchased on eToro are at the time of this writing, incorrect, and can potentially attempt to scam or steal your funds in a form of phishing; keep this in mind and be wary if you receive any inquiries or offers to purchase Verge on eToro.
Binance has for quite some time been very up to date and keen to list any potentially revolutionary or market affecting cryptocurrencies to their platform under the proper discretionary guidance; Binance was one of the first exchanges to list Verge (XVG) pairs when they first propelled themselves to the mainstream.
Binance is a Malta-based exchange ran and founded by Changpeng Zhao, a cryptocurrency and blockchain technology-based activist that has promoted cryptocurrency growth for quite some time. While Binance has remained neutral on their overall stance and opinions towards Verge, they do in fact maintain a listing on their platform.
To get started with purchasing Verge from Binance, you’ll first need to create a Binance account. You can do this very easily by navigating to the Binance official homepage and clicking on the top right of the navigation bar where it says “Log in or Register” and clicking “Register”. Upon clicking the register button, you’ll be asked for simple information including a valid email, username, and password to protect your account. Verification of identification is optional for furthering account limitations, however, it is no way required.
Once you’ve finished registering, verify your account email by clicking the verification link sent to you. This is the furthest level of verification that you’ll need; all further verification is only required for institutional-sized trades or purchases of Verge. The next step is to deposit funds to Binance so that you can use them to purchase Verge. To do this you have 2 main options: Linking a credit card for direct payment, or deposit of Bitcoin or any supported cryptocurrency on Binance. Theoretically if done in a quick manner (Due to the volatility in Bitcoin price), depositing Bitcoin would be the more cost-efficient method for purchasing Verge on the site due to the fees imposed for credit card purchases.
Prior to depositing, however, let’s look at the subsequent process of purchasing Verge for a better understanding of how Binance deposits work: Cryptocurrency is sent to Binance –> If that cryptocurrency is supported via an XVG pair, say for example, “XVG/BTC” then you can immediately exchange it for Verge, however, if not –> Exchange the deposited cryptocurrency for a supported XVG base pair (Ex: USDT, USDC, ETH, etc) –> Use the base cryptocurrency to purchase Verge.
As a result, Bitcoin will be deposited in this example. To do this, navigate to your account and highlight the dropdown selection of “Funds” and then select “Deposits”. On this new page, you’ll be instructed to enter which cryptocurrency you’re looking to deposit. In our case, we want Bitcoin; as a result, Binance will generate a deposit address for you as is shown in the example below (Present underneath the “BTC Deposit Address” section);
By sending Bitcoin to this newly generated address, you’ll then be able to fund your Binance account after the network confirmations are completed. As a result, you’ll then be able to purchase Verge by finding the next XVG pairing with BTC under the “BTC markets” section.
To finally make the purchase for Verge, navigate to the top left of the Binance “Exchange” tab and select “Basic” (This is the easiest UI to navigate on Binance). Once selected, you’ll be able to search for Verge’s ticker symbol which is “XVG” – the process will look as shown below:
Once you select the pair, you’ll be prompted with the trading portal where you can create a buy order; you have 2 options, market order or limit order. A limit order executes only if XVG/BTC crosses a certain price point while market orders simply execute at the next best price. Either will work; market orders are definitely in many cases good for beginners, since you don’t need to do much analysis or due dilligence prior to placing the order, so a market order is recommended for beginners. Plus, XVG is liquid enough where market orders will not put you at a huge loss.
Once at the market order tab, all you’ll need to do is enter in the quantity of Verge you’d like buy (Relative to Bitcoin price), and wait for the order to execute. After execution, you can check your “Funds” account section to move or trade your newly acquired Verge.
- Preliminary audit of each asset listed on the exchange
- Limited verification required to start trading
- Depositing funds can be done via fiat or cryptocurrency, instantly
- Support team sometimes slow to respond
- Fees are subject to “Binance Coin” discounts
Verge is currently not supported by Binance, and at the moment there are no notions or indications that Verge will be amongst one of the assets to be supported by Coinbase. Verge has for quite sometime maintained an uncertainty about itself due to the fact that it was subject to a 51% attack in which funds were essentially stolen from users, and considering Coinbase is an extremely strict exchange as far as regulating assets that are listed under their name, it may be possible that Coinbase never lists Verge. However, the possibility is absolutely not impossible, as we’ve seen Verge pull off some very great accomplishments since the 51% attack, so the hope and possibility that Verge comes to Coinbase is somewhat possible.
Although you cannot purchase or trade Verge on Coinbase, the exchange has infact enabled the feature to check the price movement of the asset; that link can be found here.[/su_list]
Plus500 offers trading and financial services for a plethora of different assets including commodities, currencies, and now more recently cryptocurrencies. The exchange is primarily used in Australia due to the fact that it has been disabled in other parts of the globe (US, UK, and a few others). Plus500 offers a range of different trading vehicles for cryptocurrencies through the form of CFDs, however, at the moment Verge is not supported.
Plus500 has been pushing the boundaries for assets that it has listed for quite some time, so the possibility that the exchange adds Verge to this list of growing cryptocurrencies that can be traded on the platform is definitely not out of the question.
Buying Verge in Your Country
Purchasing Verge if you’re in the UK is fairly easy. You can do just this buy logging into Binance and buying Verge through either of the deposit methods enabled. None of them are restricted for UK residents, so you shouldn’t have an issue making a deposit or buying Verge on Binance.
The current top liquid exchanges for Verge are at the moment are enabled in the UK; so at least at the moment, you shouldn’t have an issue purchasing Verge from the UK. All deposit methods are also enabled on Binance, there are no restrictions (Unless you’re looking to make institutional-sized transactions).
Binance is enabled in the US and Canada, and also has no limitations as far as which deposit methods are limited in the US. There aren’t many restrictions as far as exchanges that support Verge pairings that also prohibit US customers. Buying Verge in the US should be a fairly straightforward process, and can be done rather easily by following the aforementioned instructions.
Verification processes on Binance can also be completed as a US citizen, so doing this for Verge can be quick.
Differences Between Buying and Trading Verge (XVG)
- Buying Verge means you own the actual asset and can dispose of it as you wish
- Buying Verge is many times associated with longer term holding (Years)
- If you purchase Verge you can utilize its functionality as an optionally anonymous cryptocurrency, while you cannot do so when trading
- When buying, you can use Verge as a form of payment
- When trading Verge, you are reliant only on its price movement
- When you are looking to trade Verge you’re moreso looking for short-term price movements (Days) in certain directions rather than long-term growth (Years)
- When trading Verge, you are typically incurring a form of margin (Borrowing of funds) so that you can achieve a price goal faster than if you were to hold Verge.
- Trading Verge does not allow you to use it as a payment method or extract its computational functions
Alternative Methods to Buy Verge (XVG)
Verge is most liquidly available on Binance, which is an exchange that as mentioned in our previous section, can link a credit card in order to make purchases. As a result, by linking your credit card to Binance, you’re then able to make a purchase for Verge.
In order to buy Verge with a credit card, you’ll first need to ensure you’re registered with the exchange; once done, you’ll need to navigate to “Funds” on the top right section of the exchange’s navigation bar, and then select the drop down option of “Buy with Credit Card”. The following image demonstrates the drop down and highlighted in yellow is the option you need to select.
Once you’ve selected this option, you’ll be prompted with a new page where you’re able to specify which cryptocurrency you’d like to purchase and how much of it you’d like to buy. Here, you’ll have two options. You can select Verge straight from the dropdown to purchase Verge directly with a credit card, or you can purchase a base pair that Verge is traded at and exchange it for Verge. The following image demonstrates a purchase of 1 Bitcoin, equivalent (Plus fees) to Binance’s rate of $4099.31.
In order to purchase Verge with a credit card, all that’d be required is to swap the drop down of “BTC” for “XVG”. Then, when prompted, validate you’re on the correct Binance site and not a phishing site. Enter in your credit card information and you can proceed with purchasing Verge.
After you’ve entered in the information and completed the purchase, you should be able to navigate back to your portfolio or funds in your account and see that Verge has now been added to your account.
In order to buy Verge using PayPal, you’ll need to first sign up and register for an exchange that supports PayPal purchase of Bitcoin. At the moment there is no exchange that enables for the direct transaction of PayPal to Verge, so in order to purchase Verge using PayPal you’ll first need to buy Bitcoin using PayPal and then exchange that Bitcoin for Verge.
Exchanges that support PayPal purchase for Bitcoin include Paxful, however, you’ll need to be extremely careful as there are a plethora of scammers on the platform. There are also a few exchanges that support direct Bitcoin (Asset wise) purchase with PayPal, and the process is generally the same: buy Bitcoin using PayPal, transfer the newly acquired Bitcoin to an exchange that supports XVG/BTC pairing and swap the Bitcoin for Verge.
To buy Verge with Bitcoin you’ll first need to acquire Bitcoin and register for an exchange that utilizes Bitcoin as a deposit method. The best, and most likely easiest example of this is to link a credit card to Binance, use the credit card to purchase Bitcoin and then use that Bitcoin to exchange directly for Verge on the Binance platform.
Bitcoin and Ethereum pairs (BTC & ETH) are the two main pairs that are the most liquid when trading or buying Verge. As a result, buying Verge using Bitcoins is very simple.
Verge is a cryptocurrency that has demonstrated a focus on delivering a level of anonymity and privacy through an optional function called the “Wraith Protocol”; as a whole, it seems that the Verge cryptocurrency is looking to adopt financial freedom through the form of their anonymity protocol. Verge suffered an attack on its network just this past year, however, it has since announced an increased effort and push for higher security, more emphasis on privacy, and large influx of safety-related functionality within the Verge ecosystem.
Verge started out as a fork of the Dogecoin cryptocurrency, and to the cryptocurrency community, it was at first seemingly just a “meme”; however, since its adoption to the general mainstream of blockchain and cryptocurrency, Verge has emerged as a viable contender as a validated financial payment mechanism.
Both Verge and Bitcoin have very substantial differences in a multitude of ways that puts them into 2 completely distinct categories. Bitcoin’s emphasis is not targeted towards the same general field as Verge is. Although they are both cryptocurrencies and they both have intentions to decentralize the internet and subsequent online payments, they have very unique qualities. One major thing to note is that Verge and Bitcoin both attain a certain level of accomplishment due to what they need to give up. In a more simplified term, Verge enables an optional form of anonymity in transactions, while Bitcoin does not offer this incentive. However, it comes at a cost. Bitcoin processes in a more decentralized and in terms of some processes, a more cost efficient way than Verge does. Verge, adversely however, offers the anonymity protocol, which is a feature Bitcoin currently lacks.
Bitcoin transactions are only pseudonymous; this means that they are not entirely anonymized when sent and received, and can still be linked back to an identity if analysis is meticulous. Blockchain analysis companies have found that piecing together missing components in this sector is fairly easy, however, when it comes to Verge, there is an additional level of security/privacy enabled that brings anonymity to a newer, higher level.
In this regard, Verge is not necessarily better than Bitcoin; it does possess capabilities that Bitcoin does not, however. At the same, though, Bitcoin possesses details that Verge does not as well. It’s a double sided sword.
The single acclaimed developer of Verge is, in addition to the core development team of course, Justin Sunerock, who is an entrepreneur. The aim of creating Verge was to enable a better cryptocurrency that was more anonymous than Bitcoin’s protocol, which didn’t truly offer full anonymity. The company is still ran by Sunerock, but now features a more developed and extensive team.
It might seem as if Verge is in a bit of a grey area because of its anonymity aspect, however, Verge is completely legal as of the time of this writing. Verge has never been mentioned by any regulators as well as being a potential threat to the public safety, or warned that its usage could be deemed as illegal. As it stands in current day situations, Verge is legal and available via open source development. It’s not necessarily a closed-door operation as many would expect.
Verge enables a higher level of privacy through what is called the “Wraith Protocol”. Verge offers more anonymity than cryptocurrencies such as Bitcoin or Ethereum, whose technologies do not offer true decentralized anonymous processes.
Verge is also a tradeable asset on cryptocurrency exchanges and has over a billion dollar market cap. The daily volume for Verge trading has succeeded to reach over billion dollar/daily levels.
This question is very subjective and depends on your own personal preference/hypothesis and analysis. Verge price has previously performed exceptionally well, obtaining thousands of percentages of levels worth of growth in just a very short time period. However, just because Verge has performed exceptionally well in the past does not mean it will and can continue to surge upward.
Verge can potentially be a good addition to your portfolio, it just requires individual due dilligence and analysis. Then, assess whether or not you believe it’d be a good fit.
- 1 How to Create a Verge Wallet
- 2 Compare Exchanges to Buy Verge (XVG)
- 3 The Best Exchanges to Buy Verge
- 4 (Step by Step) How to Buy Verge On eToro
- 5 Buying Verge in Your Country
- 6 Differences Between Buying and Trading Verge (XVG)
- 7 Buying
- 8 Trading
- 9 How to Trade Verge with a Trading Robot
- 10 Alternative Methods to Buy Verge (XVG)
- 11 How to Sell Verge
- 12 FAQ