VeChain Crypto: VET Price Analysis and Review
Crypto converter VeChain (VET)
VETVeChain
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TRYTurkish LiraVeChain (VET) is a global public platform that aims to connect blockchain technology with the real world. VeChain aims to improve digital collaboration between enterprises by providing them with new tools for efficient data communication and supply chain management.
Further on what is VeChain (VET) and how to buy a coin.
What is VeChain
VeChain (VET) is a blockchain platform for managing logistics and running decentralized applications. The idea of the project arose in 2015, and in June 2016 it started working. Founded by Sunny Lu, who previously served as Chief Information Officer of Louis Vuitton China.
VeChain has two tokens: VeChain (VET) and VeThor (VTHO). The presence of two tokens is necessary to prevent commission fluctuations and network congestion.
The VET token is used for transactions, VTHO is used for fee payments (similar to gas fees in the Ethereum blockchain).
Where to buy VeChain
VeChain can be bought on exchanges, through payment systems, banks like Revolut. Of all the above methods, it is most profitable to buy cryptocurrency on the exchange. This is due to reliability, high liquidity, a large selection of payment methods (bank transfer, payment cards, etc.). In addition, many exchanges have p2p platforms where users can buy cryptocurrency directly from other users without intermediaries.
VeChain Buying Instructions
The VeChain buying guide consists of 5 steps described below.
Decide on the level of risk
Investing in digital assets is associated with high risk and can lead to both profit and loss. Therefore, you need to be guided by the rule – do not buy cryptocurrency with all the money and with funds that you cannot afford to lose.
Choose a crypto exchange
Cryptocurrency exchanges tend to offer similar services, but differ in several key parameters: fees, number of cryptocurrencies available and payment methods. Therefore, when choosing a trading platform, these features must be taken into account. Other factors that may be important for users: good technical support, customers’ reviews, interface simplicity, exchange regulation.
The best exchanges to buy VeChain cryptocurrency:
Register an account
Binance exchange is one of the most reliable and popular, which is why many cryptocurrency holders and newcomers to the crypto market prefer this platform for buying coins. We will show you how to register on Binance (you can choose any exchange). For this:
- Go to the official website Binance;
- Click on Register in the top right corner;
Starting registration on Binance - Select country of residence and click Create Personal Account;
Creating of a personal account - Enter email address, strong password, click Next;
Account details - Pass the verifying process via email and phone number. To do this, enter the activation code been sent to your email and phonee-mail.
After creating an account, you can start working with the exchange.
Top up your account
To buy VET, you need to deposit the funds at your account to buy a coin. The deposit on the exchange is replenished with the help of:
- Other cryptocurrencies;
- Payment card: if it is possible to buy cryptocurrency for fiat;
The choice of depositing method depends on the exchange, so you need to check in which pair VET is traded on the spot market. On Binance, VET is traded in tandem with EUR, so we will make the deposit in this currency on the exchange. The replenishment procedure consists of the following steps:
- Click Wallet in the upper right corner of your personal account → select Fiat and Spot;
- Specify EUR as depositing currency and select Deposit;
Fiat deposit start - Specify payment method, for example, bank card → click Continue;
EUR deposit - Enter buying amount → card details → make a transfer;
- Check money has been transfered to the account.
Buy VeChain (VET)
The easiest way to buy VET on Binance is to place an order to buy an asset at the market price on the spot market. For this:
- Select Trade → Spot;
Trading on the Binance spot market - Select the trading pair VET/EUR;
Selecting a trading pair - Specify order type, for example, Market;
- Enter the amount to buy VET;
- Click Buy VET.
Buying VET
How to sell VeChain
Selling VET includes the same steps as buying, but you should follow them on the left side of the screen. Fill in the selling amount of coins and then click Sell VET.
Where to store VET
Desktop, mobile, exchange, hardware and many other types of wallets have been developed for storing cryptocurrencies. Unlike most altcoins, and VET and VTHO are among them, are not based on Ethereum: they operate on their own VeChainThor blockchain. This means that software wallets such as Metamask are not compatible with VeChain tokens.
You can temporarily store VET in hot wallets, such as the web wallet of the exchange where you trade. However, this method is not recommended due to the risk of site hacking. Another type of hot wallets are mobile: they are also not safe for long-term storage of assets, but are convenient if you often trade cryptocurrencies or make transactions. When using mobile applications, it is important to remember about additional security measures: two-factor verification, storing the password in a safe place, and so on.
For a long-term and secure placement of cryptocurrencies, it is recommended to use “cold” hardware wallets. It is the most secure storage for cryptoassets as the private keys are offline and the wallet is not connected to the network constantly.
The most reliable and secure wallets supporting VeChain:
- Ledger Nano reads one of the most secure storage devices;
Ledger homepage - Atomic Wallet: multi-currency desktop and mobile wallet;
Atomic Wallet homepage - VeChainThor: developed by the company for iOS and Android mobile devices as part of the VeChain ecosystem;
VeChainThor homepage - VeChain Sync is a wallet designed to work with desktop computers, mobile devices and major web browsers;
VeChain Sync homepage - Exodus: multi-currency mobile and desktop wallet which is suitable for beginners and experienced users. Exodus is compatible with hardware wallets.
Exodus homepage
How to withdraw VeChain to my wallet?
Let’s see how to withdraw VET coins from the Binance exchange to a wallet, e.g. Exodus:
- Log into your Binance account;
- Select Wallet → Fiat and Spot;
Starting of withdrawal from exchange - Select VET coin and press Withdraw;
Coin selection - Specify the chain to transfer (BSC, or VeChain);
Network selection - Open Exoduscryptowallet;
- Select VET in the wallet;
VET in Exodus - Click the Receive tab, then the system will display address and QR-code;
VET address in Exodus - Copy the received address and paste it in the Address line in the withdrawal form on the exchange;
Output details - Wait for the transaction to complete and check the presence of cryptocurrency in the wallet.
FAQ
- Select an exchange;
- Register an account or sign in (if an account already exists);
- Top up your account with cryptocurrency or fiat currency (depending on the pair in which VET is traded on this exchange);
- Open spot market;
- Select the desired trading pair, for example, VET/EUR;
- Set up the transaction parameters: enter the amount you want to buy, specify the order type, click the green Buy VET button;
- Wait for the execution of the order and check amount of coins on the exchange account.
- Competition: Improving supply chain logistics is a popular application of blockchain technology, and as a result, VeChain is just one of many projects in this field;
- Partnerships: Adoption rate of VeChain will depend heavily on its corporate partnerships, which in turn will have a huge impact on the success of the blockchain. You can track the VeChain partnership through the website VeChaininsider;
- Usage of tokens: The VeChain platform assumes the use of two separate tokens - VET and VTHO. VET is used as a means of exchange and store of value for the services provided by the blockchain. VTHO is used to pay gas fees (for transactions) on the network. Since VeChain is a proof-of-stake network, users can generate VTHO tokens by staking their VET in a supported wallet.
When deciding to invest in cryptocurrencies, it is important to remember that all crypto investments are highly risky. So do not invest money that you cannot afford to lose.
