How To Buy Verge in Australia
Alright, so you want to buy some Verge. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Exchanges are platforms you need to sign up for (like forums/apps or any other website with user accounts). Once you’ve signed up, you can log in, deposit credits/money (preferably AUD) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
Buying Verge in Australia has become pretty easy since Coinspot came onto the crypto scene. It used to be the case that you had to buy either BTC or ETH, then transfer that to another exchange like Binance or Bittrex, and then trade them for Verge. To cash out, you’d have to do the whole process in reverse. With Coinspot you can buy Verge with AUD, no need to go through BTC or ETH, very handy!
We’ve laid out the steps on how to get started below!
How To Get Started
Setup Your Account
As mentioned above, Coinspot is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is Enable 2FA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you should see the message below at the top of your page while on the dashboard.
Verify Your Account
Before you do anything on CoinSpot you'll have to verify your account.
Click top right on Account > Verification
First, you'll have to verify your email and mobile number before continuing with the verification process.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
Connect Bank Account
You'll need to connect up your bank account if you want to buy coins on the platform.
Click top right on Account > Bank Details
Fill in the required bank information.
Once your account is verified and you've added your bank account details you can start buying and selling cryptocurrency.
Go to Buy/Sell
This page lists all the coins that CoinSpot has available (which is a lot). Simply click on "Buy" and input the amount of the coin you want to purchase or the amount of AUD you want to spend.
We highly suggest paying with POLi as it allows for near-instant transactions.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the CoinSpot platform.
Where To Buy Verge
We highly suggest using CoinSpot to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for Australians to use and CoinSpot clearly deserves the top spot, you can see our full CoinSpot review here.
CoinSpot is by far our most recommended exchange for Australians. They have an easy to use platform and an online wallet that makes trading simple for new users. They have a strong sense of community and are constantly posting updates and adding new coins to their portfolio. This is the most trusted exchange in Australia and arguably the best exchange globally.
What is Verge?
Many enthusiasts appreciate cryptocurrency because of the promise of anonymity in transactions and decentralization. But while many cryptocurrencies claim privacy, more and more ways are uncovered to find the users behind transactions.
Verge, however, has found a way to change all of that. Rather than relying on traditional cryptography to provide a level of privacy, Verge is able to completely obfuscate IP addresses and secure its users’ identities. Verge is a cryptocurrency with a heightened emphasis on privacy and anonymity.
Utilizing Tor and I2P architectures, rather than relying on cryptography like most blockchain-based currencies, it allows for transparent transactions while completely veiling its users’ IP addresses, protecting both their identities and locations. To date, it is the only cryptocurrency to take protecting privacy this far, and it is definitely a pioneer in the realm of true anonymity.
Additionally, Verge has created a multi-algorithmic mining system that allows a wider variety of hardware to be used for mining and maintenance. This has opened up mining to a larger number of people.
Other unique features that Verge offers include:
- Purported faster sync and transaction speeds
- Atomic Swaps: a system that allows its users to trade in different cryptocurrencies without having to use a third-party exchange
- A peer-to-peer instant messaging system that allows completely private and encrypted communication between users
- Verge uses the Wraith Protocol, which allows users to choose whether they want to use the public ledger or the private ledger that fully protects anonymity
The currency does have a cap of 16.5 billion XVG.
History of Verge
Verge was originally created as DogeCoinDark in 2014. However, in 2016, it was rebranded as Verge Currency. Its currency symbol is XVG.
One of its claims to fame, and what attracts many to it, is that it was not created by a centralized team or a coin-offering. It emerged from the combined efforts of literally thousands of interested community contributors. For many who value the concepts of decentralized cryptocurrencies, this is a major plus.
Verge has actually seen a lot of growth in recent months, more than doubling in cost per token in December of 2017. This recent rise is largely due to the launch of the Wraith Protocol, which just occurred in January.
Pros/Cons of Verge
Some of the pros and cons have both already been touched on, but we will lay some additional ones out here:
- Because of Verge’s use of I2P and Tor architectures, and because of their Wraith Protocol, it is the only really anonymous cryptocurrency available
- It is outpacing other cryptocurrencies, including Bitcoin, at performing 5 to 10 transactions per second
- Fees are staying pretty low thus far, coming in at 0.1 XVG (approximately $0.06) per transaction
- There is a planned upgrade for December of 2018 that will increase capacity to 2,000 transactions per second
- It has developed to the point of enabling wallet access via smartphones, and trading abilities through social media and communication platforms like Twitter, Telegram, and Discord, and soon Slack, Reddit and Steam
- As a whole, the currency still lacks a more formal structure that would act as a solid foundation for future development, making its future very much a mystery
- While it is introducing a lot of great, even revolutionary technologies, these have yet to be really tried and tested by outside parties, so their long-term viability is untested
- Verge is still quite young and has very few resources in way of collaborators in comparison to its major competitors
Though it had a somewhat slow start, Verge has seen a doubling in value in recent months. It is gaining increased attention, and it is in the top 30 cryptocurrencies in the world. Especially as word gets out about its superior privacy features as well as its increasingly easy to use and practical applications, it is bound to rise higher still.
Verge, then, has a great deal of potential, but because it is still in many ways in its infancy, caution should be used when investing. Its success is by no means promising.