We can all agree that VertCoin ($VTC) can be a confusing cryptocurrency to buy, especially for a beginner. There’s no good guide out there explaining everything you need to know. But do not worry; I will walk you through each step of the way so that you, too, can buy VertCoin and start investing today. Also, check out our crypto buying guide to learn how to buy other trending cryptocurrencies.
What is VertCoin ($VTC)?
VertCoin ($VTC) is a cryptocurrency that was launched back in 2014 to make mining cryptocurrency accessible to everyone. Similar to bitcoin, VertCoin uses the proof-of-work consensus algorithm and can be mined to create a source of passive income. However, what makes VertCoin different is that its consensus algorithm is VTC ASIC-resistant, meaning it does not need expensive hardware to mine and can be farmed using standard consumer hardware.
Now, why is this important? Well, as mining coins become more and more competitive, the need for powerful mining rigs has increased, which means small mining operations will be less effective. This takes away the true decentralized aspect of a coin, and it is possible that mining operations will be limited to a handful of miners with the economic means to invest in expensive hardware. VertCoin specifically addresses this issue and creates a truly decentralized coin, as anyone, even with less powerful hardware, can participate in mining operations.
How to buy VertCoin ($VTC)?
Buying any cryptocurrency usually involves three simple steps. You first need to use your debit or credit card to fund your account with BTC/ETH/USDT. Next, you need to find an exchange platform that will allow you to convert your crypto coins into VTC coins. And finally, hold the coins safely in a wallet.
For our example, we will use Coinbase to deposit money using your debit or credit card and convert it into USDT. We will then transfer the USDT to an external crypto exchange like Bittrex that supports Vertcoins. And finally, we will use a hardware wallet to hold the coin safely. Sounds complicated? Do not worry; I will show you a step-by-step guide for you to follow along.
Step 1: Register on Fiat-to-Crypto Exchange
You first have to register in a crypto exchange that allows you to convert your fiat currency to crypto so it can be exchanged to VertCoin ($VTC). Now there are several exchange platforms that you can choose from, but we highly recommend using Coinbase, one of the largest and most reliable crypto exchange platforms crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase, and you will receive a free $10 worth of BTC after buying $100 worth of cryptos.
Signing up for Coinbase is very simple. You can press the signup button above, put in your details like your name, email address, and password, and then verify your email address.
Verify Coinbase Account
Coinbase is a fully regulated platform, so after you sign up, you are required to put a copy of your government-issued photo ID card as part of their KYC (know your customer) process. During the KYC process, you may also be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding your ID card. Once this is complete, you should have successfully registered and can now buy cryptocurrency.
The verification process is usually straightforward; however, if you have any trouble verifying your ID card, contact Coinbase support.
Step 2: Buy USDT with fiat money
After successfully creating a Coinbase account, you can now fund your account and buy USDT. To do that, from the dashboard of your Coinbase account, select USDT and enter how much USD you want to spend. Once you have done that, click on the “BUY” button to confirm your purchase. You should have some USDT in your account, which we will use to buy VertCoin.
Note: If you do not see any USDT on your account, wait for a few minutes; sometimes, it can take up to 5 minutes for the amount to be reflected in your Coinbase account. Also, your bank may incur a small fee of 2.5% when using a debit or credit card.
Step 3: Transfer USDT to a Bittrex Exchange
You may need to transfer your USDT to your Bittrex Exchange. For this, go to your Coinbase account and press the “Send/Receive” button on the top right of the screen.
Here you have to enter the amount of USDT you want to transfer and the address of the account you want to transfer, which in our case is Bittrex Exchange.
So head over to your Bittrex account, and on the top right, find the “Holding” button and press it.
Search for USDT and select the deposit button, as shown in the image above. You should now see a wallet address; copy it and paste that address onto your Coinbase account. Press on done, and your USDT should be transferred.
Step 4: Convert your USDT into VertCoin ($VTC) via Bitcoin
USDT is a stablecoin that can be used to buy most other coins on the Bittrex exchange. However, VertCoin ($VTC) is an exception, and you may need to convert USDT to Bitcoin and then proceed to buy VertCoin with the available Bitcoins. I know it’s one unnecessary step, but currently, VertCoin only has one trading client open: BTC-VTC.
To convert USDT to bitcoin, head over to your Bittrex account and select the “Buy crypto instantly” option from the dashboard, as shown in the image above.
Select Bitcoin on the “I want to buy” option and USDT (Tether is another name for USDT) on “I want to spend”. Your USDT should now be converted to BTC.
Convert Bitcoin to VertCoin ($VTC)
To convert your Bitcoin to VertCoin, first head over to the “explore market” option and search for VTC. Select it and press “Place Buy Order (VTC).” Select the amount of VTC you want to buy and place an order. When your order is fulfilled, your VTC will immediately arrive in the wallet.
Step 5: Storing your VertCoin (VTC)
Now that you have successfully bought some VertCoin (VTC), you will need a place to hold these coins, much like a wallet used to hold your paper money. Fortunately. Bittrex mobile app comes with a built-in digital wallet where you can safely hold your Vertcoin.
You can also download the VertCoin wallet directly from their website and use it to hold your coin. However, digital wallets are considered to be a bit unsafe as they are susceptible to data breaches and hacks.
So, if you wish to invest in VertCoin or any other crypto in general, it may be worth considering a hardware wallet that is significantly safer and less prone to data breaches. The most popular models of Trezor and Ledger support VTC storage and can be used to hold your crypto safe.
Frequently Asked Questions
Can I buy VertCoin (VTC) Coin on Coinbase?
No, VertCoin (VTC) is currently not available on Coinbase; however, popular exchange platforms like Bittrex, Bitvavo, and Etoro can be used to buy VertCoin (VTC).
Where can I buy VertCoin crypto?
There are several platforms from which you can buy VertCoins, including Bittrex, Bitvavo, and Etoro.
Can I mine VertCoin (VTC) instead of buying?
Yes, VertCoin is one of the best coins to mine as it does not require you to invest in expensive hardware and can be mined with general household systems.
Can I buy VertCoin (VTC) through Cash?
No, VertCoin can not be bought with Cash; Stablecoins and Bitcoins are the most popular options to buy VertCoin (VTC).