Verge Pros and Cons – Verge Explained

What is Verge?

Verge (XVG) is a cryptocurrency designed by its developers to be a common currency centered around user privacy. The project revolves around a decentralized currency in XVG, which functions to be an utility token on the open source platform called the Verge network. One thing to note is that there is no central control over the currency. The goal of the project to bring blockchain currency into everyday life for potentially millions of users. The effort seeks to provide a secure and anonymous medium in hopes it will gain broader acceptance overtime.

Verge began as the DogeCoinDark in 2014; it was one of the early anonymous coins among other privacy cryptocurrencies currently like Monero, Zcash, and Dash. The community rebranded the currency to Verge in 2016 in hopes to garner greater market share from re-branding efforts. There is currently a set cap of 16.5 billion tokens in circulation; the volume determination was set to keep the volume relatively low to maintain value over time. In recent memory, Verge has experienced one of its biggest bull rushes and rose from a low of $0.00019 to $0.0039 in 2017.

How Verge works

The owner of the project is a group rather than a for-profit company.  The community at large play a big role in contributing to Verge’s overall development, marketing, and support. The core group of developers stays in close contact with the community as they design and add new features according to its overall mission statement of protecting user privacy. Verge utilizes anonymity-centric networks such as, Tor and I2P, to mask the personal financial information of the user by making transactions untraceable. The security and preventative measures from Verge would obstruct or mask a person’s personal information like their IP address, location, and browser history.

Verge uses the proof of work consensus to confirm transactions. Even Verge’s wallets have enhanced security and buffers to protect anonymity. Additionally, Verge uses five sets of algorithms to authorize mining in similar ways to Bitcoin; the coin is among one of the few along with Zcash in which early adopters can earn value by partaking in mining.

Recent major developments

The coin rose on a dramatic scale in 2017. As a result, Verge was among the fastest growing cybercurrencies in the marketplace. The currency currently has listings on many prominent exchanges including Binance, Bittrex, C-CEX, and Coinspot.

The developers have made many improvements in terms of speed, accuracy, and protecting private information. A typical sale, purchase, or exchange of XVG takes about five seconds. Additionally, a major step forward came when Tor allowed Android users to use XVG on Tor enabled wallets on mobile devices. Mobile anonymity is a unique feature at this current place and time. The market for mobile users is enormous, which may play a key role in expanding Verge’s growth as a privacy coin.

How to buy Verge

Verge’s coin is mostly bought and sold on Binance. You can’t buy it with fiat currency yet (USD), so here is a quick guide on how to buy Verge starting with fiat:

1. Buy Bitcoin or Ethereum at an exchange that uses your fiat currency on Coinbase.
2. Transfer your BTC or ETH to an exchange that supports Verge. Currently, Binance is the best choice. (Tip: if you bought BTC/ETH on Coinbase, look into using GDAX to avoid transfer fees)
3. Buy Verge by trading your BTC/ETH for their coin, and you’re done!

Alternatively, you can purchase your desired cryptocurrency from fiat (starting with USD) with a credit card at Changelly.

Fun fact

The Verge network is not run by a traditional private company, rather an open source community in which each member of the community contributes in shaping the product. In other words, the Verge community determines the present and future course of the coin.

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