|Circulating Supply||86,712,634,466 VET|
|Max Supply||0 VET|
Whether you are new to cryptocurrencies and looking for your first currency to invest in or an experienced trader that is looking for another coin to add to their portfolio, you might want to check out VeChain.
This cryptocurrency hit the exchanges in the latter part of 2016 and since then it has performed very well. In fact, it can regularly be found among the top 20 cryptocurrencies with regard to market caps. VeChain actually has a market cap of just over $2 billion and there are 466,191,394 of its coins currently in existence.
Each one of those coins today is worth $4.40 which when you consider they were worth less than 10 cents when launched, would mean that early investors would have made plenty of profit from their investment.
What is The VeChain Coin (VEN)?
VEN is the cryptocurrency of VeChain, a concept that was designed by Sunny Lu in China. Lu previously worked as a computer specialist in his homeland before he created the BITSE company which owns the VeChain concept.
Designed to improve supply chain management processes, VeChain uses Ethereum-based blockchain technology that allows them to streamline the supply and logistics between customers and businesses.
Each is able to track their orders and their status far more efficiently and therefore resulting in far fewer errors or instances of items getting lost. With all information being kept on a ledger, anyone that has the private keys for an order will be able to access the information in a particular order.
There is also the ability to set some of the information as public which means that anyone can view this information without the need for the private keys.
Whats Special About VeChain (VEN)
What we like about VeChain is that it is not just an idea on a piece of paper like so many other tokens are. It is actually something real and a technology that is actually being used by a small number of companies already.
One such company saw the potential in VeChain being a good solution to preventing the distribution of imitation wines.
Here are some of the key benefits of VeChain:
- Unique Blockchain solution that aims to alleviate the common problems in today’s merchandise logistics systems.
- Makes use of its own software that communicates and works alongside the Ethereum Virtual Machine.
- Has shown to reduce product imitations or forgeries through information such as source materials, servicing history and spare parts being easily checked.
Where to Buy VeChain (VEN)
As VeChain is regularly among the top twenty traded coins at the exchanges, there will no short supply of these exchanges that will support and allow you to trade the cryptocurrency. We have found a few and listed them below but you may be able to find others too. We do suggest that you do research on any cryptocurrency exchange you are considering using, however.
Despite being launched just last year, Binance has quickly become one of the most popular cryptocurrency exchanges among traders. It has low fees, a wide range of currencies to trade and requires no account verification.
Gate.io is also known for being a popular exchange and having plenty of different currencies that can be traded. Not quite as good as Binance in our opinion but a good cryptocurrency exchange nonetheless.
Another good option to have is Liqui, a cryptocurrency exchange that has a good variety of trading pairs and currencies to work with. This exchange was launched in 2016 and seems to be another with a good reputation.
HitBTC is a good choice for those of you that want to be able to use USD, GBP and EUR fiat currencies to buy your VEN cryptocurrency. No credit cards are accepted though, so you will have to use one of the other payment methods.
Huobi is an exchange that has some low fees, allows depositing using the CNY fiat currency and has dozens of different cryptocurrencies that can be traded. Based from China, this cryptocurrency exchange is one that we have heard good things about.
Investing in VeChain (VEN)
VeChain has already gained a lot of value since being a token on the cryptocurrency exchanges and many feel that this is just the beginning for this innovative merchandise and logistics solution.
They have already announced that they have a number future components to release in 2018 which will improve their technology even further. They have also announced that they will officially go 100% live by the second quarter of 2018.
Do I Need a VeChain Wallet?
The world of cryptocurrencies is currently an unregulated one, so it is always best to give yourself as much protection as possible. You have to remember that cryptocurrency exchanges are always a big target for hackers and even more so than fiat currency exchanges because there is far more anonymity in the crypto world.
The last thing you want is for your cryptocurrencies to be stolen through no fault of your own. So make sure you find a wallet that you feel you can trust and store them all there. You essentially have two options, hard wallets which are hardware-based or online or downloadable wallets which are classed as software wallets.
If security really is your top priority, hard wallets are what you should be getting for your portfolio of cryptocurrencies. These can connect to your PC whenever you need to make transactions but when they are not connected, your cryptocurrencies and all the keys associated with them, are kept in this device in whichever safe place you want to put it.
Trezor was the first hard wallet ever developed and to this day it is still recognized as one of the very best. It does cost a little more than most others but the quality of build and the security that it offers will no doubt make it more than worth it for many of you.
- Ledger nano S
The Ledger is arguably the most popular hard wallet and this is mainly down to it being considerably cheaper than the above Trezor. It also has some good features and can store a number of different cryptocurrencies.
Software-based wallets should really only be a consideration if you do not want to pay upfront for a hard wallet or they do not support your favoured currencies. These are not anywhere near as secure as hard wallets simply because their servers are still accessible online. They do offer a better option than what the exchange servers do though.
MyEtherWallet is a downloadable client-side wallet that can store all ETH-based cryptocurrencies and even the USD and EUR fiat currencies as well. This client is available for Windows, Apple, Android and iOS operating systems.
- Ethereum Mist DApp
The Ethereum Mist DApp wallet is an open-source wallet that can be run as an app or through the browser on platforms such as Windows, OSX, Linux, Android and iOS. It can store a number of ETH-based cryptocurrencies including VEN.
Pros & Cons
VeChain already has what so many tokens do not and that is a working concept rather than just a vision that does not actually exist yet. They also have some impressive corporate backing already and have announced some updates in the coming year.
If only they were to market their coin a little more to inform investors of what they are doing. It can be difficult to find much information unless you really go digging.
An already working concept
Timeline clearly set out
Big updates planned
Not much in the way of social marketing
Not much info on the team on the website