What is VeriCoin?
A Beginner´s Guide to Buying, Selling, Using, and Mining VeriCoin:
An In-Depth VeriCoin Guide by Americas Cardroom
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Money has evolved over centuries from the old barter system to paper currency and now from electronic forms of payment to cryptocurrency. Although crypto is a new and less mature concept, it is gaining popularity with every passing day.
Cryptocurrency is attracting the attention of people due to its ease of use and ability to serve as a store of value. Almost every cryptocurrency ensures privacy and security using cryptography. The term means validating a transaction by everyone in the network. This way no one can alter the transaction. VeriCoin is run on binary-chain protocols which are proof of work and proof of stake. These dual blockchain protocols make it more secure and immutable.
VeriCoin is a Cryptocurrency with proof of stake protocol and Verium VRM is a digital reserve with proof of work protocol. The pair runs by two independent separate types of blockchain systems. These two blockchain systems combined to form a new system called a binary chain ecosystem.
What is VeriCoin?
VeriCoin is an open-source cryptocurrency denoted by VRC. Dr. Tom Holden (Ph.D. in Macroeconomics Oxford) claimed that VRC would challenge Bitcoin someday. Are you wondering why? Every cryptocurrency aims to act as fast and efficient digital money while being secured and protected at the same time. VeriCoin emerged as a problem solver to these issues.
VeriCoin is a digital currency backed by its protocol, proof of stake. VeriCoin is 10 times faster than Bitcoin. Instead of traditional mining in Bitcoin, with VeriCoin you are rewarded coin even when you are not supplying the processing power of your computer. This is a new form to mine digital tokens and coins. Miners validate transactions in the network based on their stake in the network.
It is a fully protected and secured digital ecosystem. Two independent distinct chains (PoS and PoW) make it decentralized. Once data is written, it is immutable. VRC is fast and has nearly zero transaction fees.
How secure is VeriCoin?
VeriCoin emerged as the most unique crypto coin because it has a dual blockchain protocol called a binary chain. Verium is an independent protocol to reserve digital assets. Are you worried about security? Well you should be, as it’s the key issue in making cryptocurrencies widely acceptable.
VRC has its proof of stake protocol that lets you write on the protocol based on the share of VRC in total coin reserve. The PoS protocol lets miners validate the transaction and get rewarded with more blocks. It works on the principle that being a stakeholder in the system you would not be willing to let the network compromise its security. This blockchain protocol ensures the protection of VeriCoin.
Is VeriCoin a private Cryptocurrency?
The VeriCoin project started in 2014 and completed in 2016 introducing a unique digital coin. The idea behind the innovation was to develop a secure fast coin with a very low transaction fee. Further, open-source, fairness and decentralization were ensured. Hence it is a private currency with no central authority controlling the network.
This ensures that when you buy, sell or do any transaction through your VRC wallet, it is kept confidential. You can keep the sender and recipient private. This way your personal information stays secure.
What is backing VeriCoin?
VRC is mined using proof of stake while Verium is run on proof of work protocol. Verium is difficult to mine and, as a result, could carry more value in the future. The binary blockchain technology (PoS and PoW) combines the VeriCoin and Verium. The system provides efficiency, fast processing, and transparency.
PoS and Pow are the network technologies that run the VeriCoin and Verium system into a single blockchain model. Hence VRC runs on the system of the binary-chain blockchain system.
How will VeriCoin gain value?
The coin’s total price is the product of each coin price and the total VRC supply in circulation. VRC will gain value if any of the factors increase. Moreover, its unique features such as being 10x faster than Bitcoin, its nearly zero cost, secure protocol, and binary-chain protocol could help VRC gain value over time. The VeriCoin system provides paper and virtual wallets to store digital coins.
Market capitalization = Individual coin price * Total circulation supply
How to mine VeriCoin
People are often asking about how to mine VeriCoin. Is it easy and possible to mine at home? The answer is addressed here.
Mining on Apple phones is prohibited as it may damage the device. However, Android mining is simple and easy. You just need to install MinerGate from the Google Play Store. Create your account and you are good to go with your VRC mining.
Likewise, you can mine on PC as well but using an ASIC mining system is recommended. This is the best and most practical way to mine VRC.
Where to buy VeriCoin Cryptocurrency
You can buy cryptocurrencies from numerous crypto exchanges. The same is the case with VeriCoin. The mentioned digital token is traded with the VRC symbol on major crypto exchanges. VRC can be bought with major cryptocurrencies such as BTC and ETH. Additionally, fiat currency such as the US dollar or Euro can also be exchanged to buy VRC.
Below is the description of how to buy VeriCoins.
How to buy VeriCoin Cryptocurrency
There are numerous exchanges such as BITTREX, POLONIEX, and BLEUTRADE where you can buy, sell, and trade VRC. Although the exact instructions vary by exchange, you should follow the general steps below.
- Step 1: Click on the Buy VRC option on the exchange portal.
- Step 2: You will be directed to the exchange layout.
- Step 3: Sign up if you are a new user or else log in.
- Step 4: Check out the currency that exchange supports (fiat or crypto).
- Step 5: Deposit the supportive currency and buy VRC.VRC will be deposited into your digital wallet.
Some other ways to buy VRC are mining through staking their coins and VRM merge-mining that rewards free VeriCoin.
How to set up a VeriCoin wallet (MAC and PC version)
VRC team provides digital and paper wallets for its users to store, send and receive VRC coins.
Are you looking to set up your VeriCoin wallet to store, send and receive VRC coins? Below are the steps to set up your VRC wallet.
The Cryptocurrency wallet acts as a fiat currency wallet but in a digital manner.
- Step 1: Go to the vericoin.info website for setting up your VRC wallet.
- Step 2: Select the device you are using (MAC or PC).
- Step 3: Choose the wallet that matches your requirement.
- Step 4: Download and install the VRC wallet
- Step 5: Populate the required information to set up your wallet. It might take some time for synchronization.
Once your wallet is set up you can store your coins there.
How to send VeriCoin to a Verium wallet?
- Step 1: Enter the wallet you want to send money from.
- Step 2: Select File > Export /send the private key.
- Step 3: Choose the address you wish to send to.
- Step 4: Now open the wallet to import the private key and the address.
- Step 5: Select File> Import and input the private key.
- Step 6: The wallet will restart.
- Step 7: The funds will be sent to your Verium wallet.
VeriCoin is an open-source, decentralized cryptocurrency that was developed to ensure very low transaction costs and fair treatment with no prior mining or central control. If you’ve read this guide, you now have the knowledge and confidence to understand, buy, and use VeriCoin digital currency.