Verge cryptocurrency is a decentralised, open source digital currency. The privacy coin aims to make all transactions untraceable and anonymous.
Verge started life as DogeCoinDark back in 2014 before rebranding to Verge in 2016. This makes it one of the older anonymous coins available today. Much like Dash, Verge wasn’t originally built for privacy, meaning its core protocol simply hides transactions through transaction mixing and IP addresses through multiple layers of routing.
Like other cryptocurrencies, Verge can be used to send and receive funds between different wallets and exchanges. The coin’s ultimate goal is to be used as a global payments system. If a user were to transfer funds using Verge, the transfer would only take 30 seconds to reach the receiving end.
XVG
Verge is also known by its ticker name, XVG. There will only ever be a maximum supply of 16.5 billion XVG coins. This is a considerable amount more than its rival Bitcoin, which can only ever have 21 million coins in circulation. The XVG token utilises anonymity-centric networks such as Tor and i2P to make sure the IP addresses of its users are obfuscated and transactions are completely untraceable. XVG is mainly used for its cheap transaction fees and quick transaction speed times.
What makes Verge different?
Verge is different from Bitcoin as it is faster, cheaper, and more private. It is also much more scalable than Bitcoin as it can process a maximum of 100 transactions per second, whilst Bitcoin can only manage seven.
As Verge is private, users don’t need to give anyone their name or show any form of identification when sending money. This is similar to using fiat currencies such as coins or notes, but instead, the money is virtual.
Another reason why Verge is used and loved by many is that it is also an investment asset. This only applies if its value keeps on rising, but when people first bought the coin in 2014, it was worth just $0.000005. The price then rose to $0.29 in 2017, its highest point of value. This means if someone bought Verge in 2014 and held onto it until 2017, they would have made a massive profit of more than 5 million percent.
Like most other cryptocurrencies, Verge coins are extremely safe as long as they are stored in a secure Verge wallet. The safest way of getting hold of this wallet is to download it straight to a computer. Because Verge is only compatible with a few wallets, most people that want better convenience download the Electrum wallet as it will take up less space on a hard drive and is more user friendly.
Downfalls
One of the main criticisms of the Verge cryptocurrency is that it is used mainly by criminals who want to commit crimes anonymously. This was one of the main reasons it changed its name from DogeCoinDark to Verge as the previous name sounded ideal for the dark web.
One possible illegal activity the coin could be used for is money laundering. This is because if a criminal was to put their money into the Verge coin, it would be almost impossible for any law enforcement or government to trace it or where it came from.
Verge cryptocurrency is also an ideal coin for ransomware attacks. This is when criminals send viruses to computers saying the computer is locked until ransom money is sent. Because Verge is anonymous, it means that it would be very difficult to find out where the virus has come from and where the money is going.
Conclusion
Privacy is becoming an increasingly important parameter for global users, with privacy coins becoming more and more popular. If Verge cryptocurrency can adapt to suit the evolving market, it will be known for complete privacy worldwide.
Of course, this is the cryptocurrency market, and all investors should be advised to do their research before taking the plunge and investing a lot of money. However, if privacy is where you want to be, then Verge is a good place to start.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.