This is a comprehensive article on Vertcoin, It include every possible detail that you want to know about VTC, Vertcoin 1 Click Miner, How to mine VTC, How and where to buy Vertcoin, Vertcoin vs Litecoin and much more.
What is Vertcoin?
Vertcoin (VTC) is an Open Source, community governed coin that is mined without and ASIC mining equipment, Created on Jan 10, 2014, Vertcoin is not controlled or funded by any entity, They had no ICO to attract investors, Vertcoin is just an open source network that mirrors BTC development, but it’s mining is based on GPU.
As mining can be improved with special and expensive mining hardware (ASIC), it is no longer possible for the normal user to mine major coins with computing power. You need a lot of expensive equipment if you want to make mining profitable. At Vertcoin they counter this issue and ensure that mining can be profitable for everyone again.
Vertcoin distinguished himself from other mineable cryptocurrencies that require ASIC mining equipment’s, that result in decreased decentralization as now cryptocurrency mining is only possible for big firms with large capitals. But Vertcoin can be mined by anyone by using GPU’s.
Despite three hard forks, the Vertcoin coin community is committed and loyal to this dominant characteristic of Vertcoin, and has ensured that Vertcoin mining stay away from ASIC mining. Because of this key attribute, Vertcoin is also known as “The People’s Coin”.
It ensures that voting power of the network remains with individuals and everyone can mine and earn mining rewards.
See a short video below about what Vertcoin is all about:
As there was no funding of the project, so Vertcoin depends upon community. Many developers have left Vertcoin because they were not well paid.
There is a need to make Vertcoin Foundation. This will help Vertcoin to file trademarks and copyrights, attract investors and better pay developers to continue providing service to Vertcoin and not go for other projects because of attractive payments.
Maintaining a professional team, offering them market competitive salaries is the biggest need of Vertcoin, if they want to compete in this aggressive and very competitive crypto market.
When it comes to Vertcoin community, they are doing extremely good. Active Community is always encouraging for any project. Vertcoin twitter has 56.5K member, Vertcoin Reddit has 33.8K members and Vertcoin discord has 2123 members.
How Vertcoin Works
What is ASIC?
ASIC stands for application-specific integrated circuit. An ASIC is a chip that can be set for mining Cryptocurrencies. These ASIC’s are used to mine BTC, LTC and other mineable coins. In the beginning, this mining was done with CPU, using your computing power.
In early days of mining, it was discovered that mining is faster with GPU, that is mining with the help of a graphics card. But these days, almost everything is mined using a specific ASIC for each Cryptocurrency.
What is ASIC resistant?
Vertcoin wants to counter ASICs, so that everyone can mine again using their own computer (CPU or GPU). It is therefore not possible to use ASIC mining equipment on the Vertcoin network, this is called ASIC-resistant.
The developers do everything they can to keep it that way. They believe that everyone should be able to mine to keep mining fairer. When companies invest a lot of money in mining equipment’s, they earn a lot of cryptocurrencies by mining. If they decide to sell their stocks, they can influence the price.
This is the reason that VTC strives to have the transactions checked (mining) by as many users as possible. This way it remains fair, and the price is influenced as little as possible.
Vertcoin Hard Forks
Vertcoin use Proof-of-work consensus method like other mineable crypto coins, but the script Adaptive N used in mining algorithm of Vertcoin keep VTC mining ASIC resistant. After one year of launch, Vertcoin has to undergo a hard fork and switched to Lyra2RE algorithm to keep himself away from ASIC mining.
Another hard fork was forced to come in when VTC team found that Botnet has taken control of over 50% of Vertcoin mining capability, so the team moved to Lyra2Ev2 algorithm, again with the principal focus on keeping the network away from use of ASIC’s.
Vertcoin had to go for a compulsory third hard fork when in 2018, China made an ASIC that was capable to mine crypto using Lyra2REv2 algorithm. To avoid such ASIC mining VTC, the team launched a third hard fork that used Lyra2REv3 algorithm.
Fourth hard fork of Vertcoin is coming on Jan 30th, 2021. In this hard fork, Lyra2REv3 algorithm will change to Verthash.
Forth hard fork is the because of the development of Field Programmable Gate Array (FPGA) hardwares. These FPGA hardware’s are GPU equivalent of ASIC mining, These devices can easily take over GPU mining in Lyra2REv2 algorithm.
As FPGA mining devices are becoming more powerful, they could also easily take down Lyra2REv3 algorithm, which will cause unfair mining and could easily push all GPU miners away from VTC coin.
So the Vertcoin team had to come up with a new algorithm that can protect users from unfair mining, The new algorithm is know as Verthash, which is scheduled on Jan 30th, 2021, for block 1,500,000. Verthash, which is like Ethash algorithm used in ETH blockchain, it will make sure that mining remains for everyone and will also provide extra security features for Vertcoin network.
The key problem for Vertcoin is that there are platforms that sell hashing powers to individuals. By buying hashing power, a single person can easily launch a 51% attack on Vertcoin.
Vertcoin community is made-up of committed users and miners that are fighting hard to keep the network away from ASIC mining giants. It only time that can tell that for how long such a dedicated community can continue to progress and keep themselves safe from all attacks.
The other dominant feature of Vertcoin is that it is Lightning Network compatible. Vertcoin blockchain allows atomic swaps. That’s a lot of hard work from Vertcoin team that had no no ico, no investment and is open source GPU Bitcoin variant.
Vertcoin 1 Click Miner
To make mining even easier for users, the developers are working on a desktop miner. This is a program that people can install on their computer to earn VTC or any other coin. This is the easiest way to mine any cryptocurrency.
The one-click miner is easy to install and uses your computer power to help with the calculations (mining). The one-click miner can be downloaded from the GitHub or Vertcoin website. Vertcoin 1 Click Miner is only available for windows, and it requires a wallet that can store Vertcoin and its Vertcoin mining pool.
To keep going with Vertcoin 1 Click Miner, you need to select CPU or GPU mining; you need to specify the wallet address that can receive your mining rewards and which mining pool to use, By providing these three factors you are good to go for mining Vertcoin and collect your rewards in shape of VTC coins.
How To Mine Vertcoin:
To mine Vertcoin, you need to do very easy steps.
- Go to GitHub or Vertcoin website and download Vertcoin 1 Click Miner.
- After downloading Vertcoin 1 Click Miner, open the software. It will ask you to create a password, so create a strong password.
- After creating a password, Click on Start mining, and your VTC mining will start.
Yes, it is as simple is that your computer will start mining VTC coin and you will start earning it. No mining equipment’s or complex setting, a simple three step Vertcoin mining process. If you face any problems visit Vertcoin Discord for help.
Vertcoin mining comes with a feature of merged mining, meaning that you can mine more cryptocurrencies on your computer along with Vertcoin. But the problem here is that there are not enough coins that can be merged with VTC. Some coins that you can mine along with Vertcoin are Unitus, Parallaxcoin and Monocle.
It always better to save your coins in wallets, rather than saving them on exchanges. Crypto exchanges are always favorite targets of hackers, and you don’t want to lose your funds by exchange hack.
For Vertcoin wallet you van go to Vertcoin website and download their wallet for windows, Mac and Linux.
Hardware wallets like Ledger Nano S and Trezor also support Vertcoin, You can purchase these hardware wallets from their official website. Never purchase wallets from other sources. The best thing about these hardware wallets is that they are away from internet so they are not exposed to hackers.
You can also use Vertcoin Electrum Wallet. This wallet is easy to use and the best thing is that you don’t have to download the entire blockchain to use this wallet.
Where To Buy Vertcoin
Unfortunately, Vertcoin is not available on many exchanges, nor has many trading pairs. The primary reason behind this is that Vertcoin is a community driven coin and didn’t have any fundraising or ICO to capture any investments.
Because of lack of investments Vertcoin is not listed on multiple exchanges because crypto exchanges demand a lot of money for listing any coin, The better the exchange the more money it will demand to list any coin.
In very rare cases, cryptocurrency exchanges list coins with sizeable communities and many people’s interest in trading them demanding no fees. This has happened with coins, Even Binance listed defi coins like Sushi, UNI, Dot, CRV, YFI with no fees, just to earn trading fees as there was an extreme interest of crypto community to trade DeFi coins.
Coming to our chief topic where to buy Vertcoin, the answer is Bittrex. 99% of Vertcoin trading volume comes from Bittrex. Bittrex offers Vertcoin trading pair with BTC only. You can buy and sell VTC against BTC on Bittrex.
Other exchange Dove Wallet offer four trading pairs of Vertcoin, VTC/BTC, VTC/EUR, VTC/USDC, VTC/KRW. But there is no trading volume, mean that your buy or sell order will not get filled on Dove Wallet.
How To Buy Vertcoin
At the time of writing, you can buy Vertcoin only on Bittrex because Bittrex has 99% of VTC trading volume. To buy Vertcoin go to Bittrex exchange and make an account. Verify your account if you want to increase your daily withdrawal limits.
After signing in to your Bittrex account, go to trading. Go to VTC/BTC. You must have BTC to buy Vertcoin on Bittrex.
Select the amount of VTC coin you want to buy. Enter the price at which you want to buy Vertcoin and click Buy.
Your order will be placed and once get filled you will own Vertcoin. Your Vertcoin will start showing in your Bittrex wallet.
Vertcoin Vs Litecoin
Let’s see some details on Vertcoin Vs Litecoin
- Vertcoin launch date was Jan 11, 2014, where as Litecoin was launched in Jan 3, 2009.
- Market cap of Vertcoin is $11,363,054, and Litecoin market cap is $9,371,890,485.
- Both Vertcoin and Litecoin are open source platform.
- Both coins have total supply of 84,000,000.
- Vertcoin uses Lyra2REv3 mining algorithm which is changed to Verthash on Jan 30, 2021. Where as Litecoin uses scrypt mining.
- Both coins have block time of 21.5 minutes.
- Time of transaction for both coin is appx 2.5 minutes.
- Vertcoin blockchain size is 6.24 GB, whereas Litecoin blockchain size is 39.23 GB.
- Vertcoin initial block rewards is 50 VTC, Litecoin initial block reward is 12.5 LTC
- Next halving for Vertcoin is Jan 30, 2021, where as next halving for Litecoin is 15 Aug, 2023.
- CPU mining is outdated for both coins.
- Vertcoin can be mined with GPU mining but it is outdated for Litecoin.
- Vertcoin cannot be mined by ASIC as it is ASIC resistant, whereas Litecoin can only be mined by ASIC’s.
- Vertcoin has kept mining decentralized, so that anyone can mine Vertcoin but Litecoin mining is no more decentralized, only large firms can earn profits from mining Litecoin with the ASIC miner.
- Transaction fee for Vertcoin is appx 0.01 usd, where Litecoin transaction fee vary from $0.15 to $0.75.
Vertcoin Price Prediction
Vertcoin was launched in Jan 2014 at the price of 0.07234 USD the infant crypto community of 2014 loved the idea behind Vertcoin, so VTC price exploded and touched $6 in Feb 2014. After such a high price increase, a fall was expected, so the price of Vertcoin kept on falling and maintained an average of $0.051 to $0.045 from 2014 to 2017.
In the end of 2017, like all other cryptocurrencies, the Vertcoin price sky rocketed ad reached $10. Then it kept on falling in 2018-19 and came as low as $0.020. At the time of writing, VTC price is $0.194.
In the past, crypto community made many Vertcoin price predictions from twitter influencers, YouTube videos, telegram gurus and more.
Our Vertcoin price prediction for 2021 is around $0.20 and $0.49.
The Vertcoin price prediction for 2022 varies around $0.39 and $0.81.
The Vertcoin price prediction for 2025 is above $4.10.
Please remember that these are just our predictions, we are not at all financial advisors and no one knows where the price of VTC will go in future. Also, Vertcoin is a small community of miners and users that are fighting against giant ASIC mining firms, so it is possible that may lose that fight and VTC coin and its mining become centralized.
if you want to invest in Vertcoin, invest in moderation, and only what you can afford to lose. Investing in cryptocurrency is always a bit of a gamble. And it is up to how much you want to invest or loose. We think that Vertcoin is an interesting coin for anyone’s portfolio, but do your own research before investing in any kind of financial instruments.
Vertcoin Reddit is an authoritative community of 33.6K Vertopians. Vertcoin Reddit is always busy discussing ideas for making Vertcoin better and fighting ASIC mining. Vertcoin Reddit is confidant that they are going to crush ASIC mining once gain by VertHash update.
Vertcoin Reddit comes with some rules. Anyone is free to join Vertcoin Reddit, but you may not post any low-quality content. You cannot post anything in Vertcoin Reddit that has been posted already.
There is no requirement of post or comment karma, minimum account age for posting in Vertcoin Reddit. That makes it very easy for everyone to join and post on Vertcoin Reddit.
They share all Vertcoin new releases on their Reddit account, plus the enormous advantage of Vertcoin Reddit is that freelance or interested developers when code something new that is beneficial for Vertcoin mining, wallets or its core programming they share it on Reddit.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.