Are you interested in purchasing VeChain (VET)?
It’s an increasingly popular cryptocurrency for investors because it’s a project that intends to disrupt the massive supply chain management industry and business management industry as a whole.
Anyway, this article will cover where you can purchase VeChain, why it’s a good investment, and other important information about VeChain.
Where to buy VeChain online?
Some major cryptocurrency exchanges offer VeChain, but it’s not available on Coinbase nor Kraken. Some exchanges that offer VeChain include the following:
- BC Bitcoin
- Change Now
Of all those options, we recommend BitFinex or Binance. Both of those are large and popular exchanges, so you will not have any problems with scams.
Plus, you likely already have a Binance account if you have any interest in altcoins.
Of the two top choices, we recommend Binance if you want to purchase VeChain because Binance has the lowest fees if you use Binance Coin for your transactions.
Where to buy VeChain in the USA?
Again, we recommend purchasing VeChain on the Binance cryptocurrency exchange if you live in America. You might be able to do with fiat currency depending on the state you reside in. But you can still purchase it with other cryptocurrency no matter the state.
Where to buy VeChain with fiat?
Unfortunately, VeChain is not readily available to purchase with fiat currency. The only exchange that has a VET/USD trading pair is Binance US. And even that is not available to all Americans because Binance US cannot sell cryptocurrency for fiat in certain states.
With that in mind, we recommend purchasing VeChain with Bitcoin, Ethereum, or a different cryptocurrency. It’s simply easier to do it that way.
Will VeChain ever get listed on Coinbase?
Probably. Coinbase has stated that they are considering adding VeChain to its exchange, so it’s likely that it will be added at some point in 2021 when the price surges a little more.
It’s important to note that the price of a cryptocurrency increases after it is added to Coinbase. This is because Coinbase is the most popular cryptocurrency exchange in America and attracts a lot of “dumb” money.
What is the difference between VET and VTHO?
If you research VeChainThor (VET), then you will likely encounter the acronyms VET and VTHO in reference to the tokens, which can be confusing to beginners to VeChain.
Basically, VET is the token that is used for transactions and exchanging value on the blockchain. VTHO is the token used for gas on the network.
For investment purposes, you will want to purchase VET. No one purchases VTHO as an investment.
Where to store VeChain?
You have a few options for storing your VeChain:
If you purchase VeChain, then you will likely do so on a cryptocurrency exchange. This means that you can simply keep the VeChain on the exchange itself.
We strongly recommend against doing that, though. Exchanges get hacked all the time and are not particularly secure compared to the other options we will list below.
VeChain has an official wallet available on desktop, iOS, and Android. We recommend storing your VeChain on the official wallet rather than a cryptocurrency exchange. Just make sure that you keep the private key to your VeChain wallet in a place you remember.
The most common reason for lost cryptocurrency is users losing access to their wallet.
Finally, if you have a hardware wallet, then you can store VeChain on it. We recommend this option if you already have a hardware wallet – it’s easy, secure, and you will likely not forget the private key to your hardware wallet.
What is VeChain?
VeChain is a blockchain platform that exists on its own platform. The stated purpose of VeChain is to use the blockchain to seamlessly integrate data related to the supply chain.
It does this by using RFID sensors to transmit data about various aspects of the supply chain to the blockchain. This allows real time tracking of the supply chain for authorized viewers of that segment of the blockchain, which is a huge advantage compared to the current supply management technology.
What are the goals of VeChain?
The VeChain project has a few major goals. They are the following:
- Integrate the blockchain into the supply chain management system.
- Offer dApps and ICOs on the VeChain platform.
- Launch an Internet of Things (IoT) platform.
Right now, VeChain is doing an excellent job at its primary purpose – integrate the blockchain into the supply chain management system. In fact, many companies, mostly in China, are already using VeChain to help with supply chain management.
As for the other goals, VeChain moved away from the Ethereum platform and launched its own platform in 2018. That is also when they rebranded as VeChainThor (VET).
Is VeChain a good investment?
The current price of VeChain is approximately $0.10 on most major exchanges – that’s an extremely low price.
However, the problem with VeChain is it’s more of a utility token than an actual token meant for transferring value.
This means that investing in it can be a little more risky than cryptocurrency used primarily for transferring value (Bitcoin, Ether, Litecoin, Monero, etc.).
However, VeChain does have some good things going for it. For one, it’s one of the few blockchain technologies that has been adopted by many large businesses. The reason for this is clear – VeChain is a valuable asset for the archaic supply chain management industry.
The other benefit of VeChain is that it has an excellent team. The co-founder and CEO of VeChain is Sunny Lu. Lu was the CIO of Louis Vuitton China for 15 years, which means he’s the perfect person for the job of ensuring that VeChain sees wide scale adoption.
Final Thoughts on VeChain
That’s it for buying VeChain and a brief summary of the project itself. It’s not a difficult altcoin to purchase, but you will most likely have to purchase it with cryptocurrency on one of the exchanges listed earlier in the article.
As for whether VeChain is a sound investment, that depends on your risk tolerance. We have noted that the price is only $0.10, which does leave a lot of room for a price increase. Remember, a price increase to $1.00 is a 1000% increase in the price – a very large profit. And we do find an increase to a price of $1.00 reasonable given the increasing adoption of VeChain by large companies for supply chain management and the eventual launch of dApps and ICOs on the VeChain platform.