Coins for the people, mined by the people.
Vertcoin was designed to be a truly decentralized currency. Its main goals are to be resistant to ASIC mining and to be profitable when mining with a GPU.
GPU/CPU vs. ASIC mining
- GPU/CPU. These stand for graphics processing unit (your computer’s video card) and central processing unit. They are what you’ll find in a home computer.
- ASIC. This stands for application-specific integrated circuit. It is purpose-built hardware designed to excel at a specific task, such as bitcoin mining.
When bitcoin was first created, it was minable by GPUs. But today, bitcoin mining is dominated by networks of ASIC mining computers set up in areas with exceptionally cheap electricity.
You can still mine bitcoin with a GPU, but it’s so outclassed that you’ll end up spending more on energy than you get back from bitcoin.
As ASIC mining took over bitcoin, many people felt it was no longer a decentralized currency. ASIC-resistant cryptocurrencies like Vertcoin are meant to be more egalitarian, so anyone can profitably mine them on their home computer.
What kind of wallet do I need to hold Vertcoin?
You can find the official Vertcoin wallet here, although a range of other wallets, such as Electrum and Coinomi, can also support it, as can hardware wallets like the Ledger Nano S.
How does Vertcoin work and what makes it special?
Vertcoin is specifically designed to be decentralized, with mining kept in the hands of its users rather than mining conglomerates.
It does this with an ASIC-resistant design. It’s not the first coin to attempt this, but it might be one of the most successful.
Unlike other coins, Vertcoin has introduced an adaptive mining algorithm that can update to stay one step ahead of ASIC miners.
The same algorithm also gives an extra edge to GPU mining in order to actively incentivize users to mine with their home computers or with over-the-counter video cards.
Other than that, it’s a fairly standard cryptocurrency, much like Litecoin. It has the same 84-million-coin supply limit and 2.5-minute block creation time. You can probably expect quick and cheap blockchain transactions.
How to sell or trade VTC
- Go to the exchange platform where you hold VTC, or else if you have it in a digital wallet: choose a platform from the list above to complete your sale or trade on.
- Follow the instructions within the platform to complete the sale or trade.
Should I buy VTC? What’s the future of its price?
Vertcoin was created in 2014, making it a veteran by cryptocurrency standards. This has given it a lot of time to prove its functionality and the dedication of its team, although you might get more use out of it as a miner than as an investor.
However, it’s not entirely clear what kind of value GPU minability holds for a currency or whether true decentralization is even possible.
At the time of writing, 70% of all VTC is held by only 0.3% of wallet addresses, and in order for you to mine it profitably, you will probably need to invest heavily in GPUs.