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Verge (XVG): A Privacy Coin Worth Considering, Or Just Another Crypto?
2020 has been a smashingly successful year for the cryptocurrency space’s larger “privacy coins.” Consider how Dash (DASH) just became the second crypto ever behind Bitcoin to reach the $1,000 USD price point, or how Monero (XMR) is now above $300 in its own right.
Not bad at all, we say. But where there’s a lot of chatter really picking up right now is around privacy coin underdog Verge (XVG).
Underdog, in the sense that XVG just underwent a rebranding and so is aiming to gain serious ground in the upcoming year with new users and a newly honed mission.
So let’s get into Verge, and the things you should consider with this particular coin as we go into the new year.
What is Verge?
Verge was originally launched as DogecoinDark, a cryptocoin that forked from PeerCoin back in 2020. So it’s safe to say Verge isn’t a new kid on the block, as it were.
XVG aims to protect users’ privacy while sustaining an open blockchain, a necessary dynamic for businesses wanting to use a given cryptocurrency. How does Verge protect privacy, then?
By connecting users’ to its blockchain via TOR – the anonymizing router network. But it’s already possible to connect to Bitcoin through TOR, which is a common complaint against XVG, but we’ll speak more on that later.
Furthermore, Verge is in the process of implementing its new Wraith protocol. This protocol will allow users to choose between a public or private distributed ledger at will when transacting – an apparent first-mover functionality for the entire cryptocurrency space.
Details on Wraith in the XVG whitepaper – Image via Vergecurrency.com
How does XVG compare against other privacy coins?
When it comes down to privacy, the other top privacy cryptocurrencies take the cake.
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For instance, Monero doesn’t have a public blockchain like Verge does. It’s impossible to know how much XMR any given address holds. That’s airtight privacy.
Verge, on the other hand, wants to try and hide IP addresses which helps with privacy. This is possible given that Verge transactions take place over the TOR network. There have been questions as to whether IP leaks were indeed occurring in the past.
But you don’t even have to get into technical details to make an argument for why Dash and Monero are inherently wiser investments than Verge.
That’s because, as coins that are already in the top 10, Dash and Monero are already dominant and have name recognition. That means they will continue to siphon the majority of new users and money that settle into privacy coins in the cryptocurrency space.
It’s the same dynamic as investing in altcoins vs. Bitcoin. You can invest in altcoins and try to “win big.” But sometimes, the charts end up proving that you would’ve made a lot more by just sitting tight in Bitcoin instead.
This kind of dynamic could materialize in the privacy coins marketplace. Will Verge see gains in 2020? Surely! But it’s possible you might make more just by betting on Monero and Dash for now.
That’s up for you to decide.
Just so you know what you’re dealing with, if you peruse the online crypto forums, you’ll see many common complaints against XVG.
These complaints are good to keep in mind so you can make a critical judgment that’s not overpowered by FOMO (“Fear on missing out”). There are many people who are critical of the cryptocurrency but there is also quite a dedicated community pushing the prospects of the project.
Of course, which side is right will eventually be determined. The marketplace will speak for itself in 2020, and it would be surprising if the XVG price didn’t go up to some degree in the coming year.
Your best bet with Verge is to keep an eye on it. It’s not the sexiest project ever right now, but let’s see how they continue development in the months ahead.
Featured Image via @Verge
- Posted in: Analysis, Review
- Tagged in: Dash, Monero, Privacy coin, Verge, XVG
Posted by Editorial Team
Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.
Verge Review: Latest Overview of the Anonymous CryptoCurrency
Verge (XVG) is a privacy focused cryptocurrency that has been through a great deal of ups and downs over the past 2 years.
While privacy was the main focus of the project, speed and transaction costs are also particular goals of the project. Verge also has quite a history and is one of those polarising projects that has a strong community following but many detractors and skeptics.
Is this skepticism warranted or is it merely “FUD”?
In this Verge review, I will attempt to answer that. I will also take an in-depth look at the use cases for XVG and its long term adoption potential.
Verge was created back in 2020 and was originally called DogecoinDark. The rationale for creating the new blockchain and coin was that the Bitcoin blockchain was too transparent. The creator felt that by making wallet addresses freely open to public inspection people were at risk of government agencies or other users tracing a wallet’s history and learning the balance held.
DogecoinDark Announcing Move to Verge. Image Source
The creator of DogecoinDark claimed that this made Bitcoin no better than traditional fiat currencies held in a bank account. And that prompted the creation of a fully private blockchain to protect financial privacy which would eventually be known as Verge.
Verge was started by an initially anonymous developer called “Sunerok”. However, his identity was later revealed in order to be build more trust in the project (covered below).
Verge and Financial Privacy
Our traditional financial organizations such as banks, insurance companies, and other lenders regularly infringe on the financial privacy of citizens. They keep constant track of how much you have in your accounts, your incoming and outgoing funds, where you spend your money, what the money is spent on and so much more.
Increasingly there are people who believe that financial privacy should be a basic human right and that no one should have the ability to spy on your financial activities. No other person or entity should be able to track and store financial information about others.
Verge was created to solve these problems, allowing anyone on the planet to use its currency as an untraceable medium of exchange.
Verge is also impeccably democratic, with an open-source code base upon which anyone can suggest improvements. Those suggestions are voted on by the development team, and if a majority of Verge holders support the change it is implemented.
Verge Technical Details
One area in which Verge was intended to improve on Bitcoin is in transaction speed, and it has accomplished this. Bitcoin transactions take a minimum of 10 minutes, but Verge transactions are processed within 30 seconds.
Verge is also far more scalable when compared to Bitcoin. Currently, Bitcoin is capable of processing just 7 transactions per second, while Verge has the capability of processing 100 transactions per second. This scalability makes Verge more acceptable as a useful currency.
Verge Comparing itself to Other Privacy Coins
Vendors are able to receive payments quickly enough to make Verge useful as an everyday currency. Scalability also avoids the issue of miners being able to pick and choose which transactions to process, thus delaying some transactions by hours, or causing users to pay unreasonable transaction fees to push their transactions through.
All of this makes Verge more suitable as a transactional cryptocurrency, useful for everyday needs.
But there’s more. Verge also differs from Bitcoin (and most other cryptocurrencies) in its use of 5 mining algorithms. Unlike Bitcoin, which uses SHA-256 as its mining algorithm, Verge uses all of the following five mining algorithms:
Using five different mining algorithms leads to increased decentralization for Verge and better security for the blockchain. Of course, there are risks that come with this as is illustrated in the miner attack we discuss below.
The way this increases centralization is by increasing the ways in which miners can use their computer hardware to mine successfully. By increasing the size of the mining pool, Verge also increases the decentralization of its network.
We all know that centralisation of mining on the Bitcoin network is a concern. Powerful ASIC machines are deployed into massive mining farms and pools that centralize hash power.
Bitcoin Mining Pool Centralisation. Image via blockchain.com
Just consider how Bitcoin is facing a huge problem due to ASIC mining. Because the hardware is expensive and most people can’t afford to buy it, let alone pay for the electricity and cooling to run it, ASIC mining has ensured centralization in the mining of Bitcoin.
Verge mining is carried out by all types of computer hardware, from ASICs to GPUs and CPUs, which ensures it will remain decentralized.
Now that you’re more familiar with the technical details behind Verge let’s have a look at its privacy features.
How Verge Ensures Financial Privacy
Because Verge was created as a solution to the lack of privacy in Bitcoin I’ll be making comparisons with Bitcoin as I explain how Verge improves privacy on the blockchain.
Remember that when you send a Bitcoin transaction your name isn’t transmitted, but your wallet address is. And along with your address, your internet service provider will also share your IP address with the blockchain, and this gives clues to your location.
While this might not cause an issue, and in most cases, it doesn’t, there is a possibility that someone could intercept this information, and link your Bitcoin address to your location. This presents the potential for a severe loss of privacy if a hacker can use this information to focus in on you individually.
Verge has improved on this by including 2 methods to hide your IP address, making your transactions untraceable.
The first method is known as TOR or the Onion network. TOR works by standing in between the Verge blockchain and your internet service provider and using its many servers to change you’re the IP address being sent from your internet provider to the Verge blockchain. This hides your location effectively, making it increasingly difficult for a bad actor to trace your location.
Tor Transaction vs. an I2P Transaction. Image via Verge blackpaper
The second method is called I2P and while it is similar to TOR, it is also considered to be more efficient because it uses multiple paths rather than a single path like TOR. Using multiple paths allows I2P to break up your transaction into several parts, making it much more difficult to trace a transaction since only part of the information is accessible from any one path.
Verge released the Wraith Protocol on January 1, 2020, which allows Verge users to choose between sending their transactions in an open environment, or behind the veil of the closed doors created by the wraith protocol.
The wraith protocol works by Verge running both public and private ledger. Users can decide whether they want to transact transparently on the public network, or in stealth mode on the private network. Also called stealth addresses, Verge is the only platform to offer this feature.
The wraith protocol doesn’t hide the fact that the transaction occurred. The transaction can be seen on the public blockchain ledger, but the sender and recipient cannot be seen with the wraith protocol being used.
The Verge Team
As mentioned earlier, Verge was created by an anonymous individual known only as Sonerok. Well, he isn’t completely anonymous any longer, and it is now known his name is Justin and he lives in Florida.
He released his identity because cryptocurrency projects with anonymous development teams aren’t trusted within the cryptocurrency community. He remains the leader of Verge, along with Marvin, or “Marpme”, a software engineer from Berlin. The core development team has six additional members, who span the globe from India to Russia and Australia to Switzerland.
The Verge Development Team
Verge had no ICO and no pre-mine of the XVG currency, therefore no cash grab involved. It remains completely open-source and all the contributors are unpaid volunteers, even the core Verge Team.
This has to be one of the strong points of the Verge project. Verge is well known for having a very active, passionate and engaged community.
“Vergefam” is the moniker adopted by the group.
A strong community is great for the adoption of a cryptocurrency as it leads to more awareness from those outside of the project. It could also spur more merchant adoption and partnerships.
In terms of the Verge following, they have a pretty large Telegram group with over 19k members. I decided to jump into the Telegram to get a sense of the discussions that were taking place.
Extract from the Chats in Verge Telegram
As you can see, it is currently comprised mostly of memes and other banter. There was unfortunately not that much technical discussion amoung the members.
Over on their social media accounts, Verge has a pretty sizable following on Twitter with over 300k followers. This is more than we have seen at other projects and it all appears to be organic.
On their Twitter, they regularly keep their community updated with the latest to come out of the project. This includes new features, partnerships or community engagements (of which there are quite a few)
Moving on, they also have a Reddit account as well as a Facebook, Discord and YouTube. I jumped into their Reddit and they have about 53k members. There is less discussion here than there is in the Telegram.
In terms of the community engagements, Verge has held quite a number of them around the world. For example, they held their most recent one in Rotterdam which seemed to be well attended.
Verge has taken the view that adoption by merchants is key to growing out the broader ecosystem. Hence, they have been quite active in forming a number of different partnerships.
Perhaps one of the most notable was the partnership that they formed with Mindgeek. For those that do not know, MindGeek operates the largest Porn sites in the world (PornHub, Brazzers etc.).
The partnership would see Pornhub offering verge as a payment method on their websites. This was indeed quite a fitting partnership given that Verge is a privacy coin and people can purchase Porn anonymously.
Of course, this was just the most notable of the partnerships. The Verge community has been quite active engaging a number of online merchants and encouraging them to accept Verge.
There is quite an impressive selection of vendors including gyms, vape stores, hosting, vpn providers and even cleaning agents. You can find out more about these on the Verge Website.
It has not been all plain sailing for Verge over the past few years. One of the most noticeable events that overshadowed the project was a miner network attack that happened in April of 2020.
In this attack, a malicious miner was able to exploit a loophole in the mining algorithms whereby they would “Spoof” timestamps in the blocks. This would then allow the attacker to mine blocks with really low levels of difficulty.
$XVG @vergecurrency is once again under attack, someone is 51%’ing the chain and invalidating all legit blocks. All pools and miners suffer from this, the attacker is getting all blocks currently.
The Verge devs scrambled to try and find a fix to the exploit and they implemented a minor patch. However, the attacker was able to find a hack around the patch and exploit the code again.
When all was said and done, the attacker was able to mine 35m XVG which was about $1.7m at the time.
The Verge developers were eventually able to release an update that closed the loophole. Since then, there have not been any more miner exploits on the chain.
Whether it will stand the test of time is hard to tell. Verge does use a more complicated mining algorithm and mining power can easily be rented these days in order to carry out attacks.
It can sometimes be hard to determine exactly how much work is being done on a project. There are many moving parts and some of the work can sometimes be taking place behind the scenes.
However, there is a quick and easy rule of thumb that I like to use and that is their public code commits. This can give me a reasonable idea of how much work a project has been doing on their protocol.
Hence, I decided to head on over to the Verge GitHub to get a look for myself. In the below we the commits from the top 3 most active repositories.
Commits for Select Repos over Past 12 months
As you can see there has been quite a bit of activity in these repos over the past year. It is also worth pointing out that there are an additional 49 repos with varying degrees of activity.
This is more than the average level of activity that I have seen on other projects that are at similar stages in their life. You can even compare this developer activity to other crypto projects on coincodecap. Here, Verge is positioned at 68.
Perhpas all of this development activity will make sense when viewed in conjuction with their public roadmap.
You can view the Verge Roadmap over here. Below are some of the most important technological updates that have taken place over the past year:
Verge Roadmap updates over the past year
Some of the most notable achievements for the devs over the past year was their release of their Core Wallet 4.0 with Tor integration as well as their official iOS wallet.
However, what is most exciting is what they are currently working on. Below are some of these updates:
- Desktop Wallet: They are working on an Electron based wallet that will have better performance than the current one and a more intuitive UI. This is currently 85% complete.
- RingCT Integration: Ring Confidential transactions are privacy enhancing features that are currently used with great effectiveness in Monero. The Verge devs say that they are about 45% complete.
- RSK Smart Contracts: The devs say that they are busy looking into the integration of RSK smart contracts. Currently, it looks more like research at this stage as they are only 25% complete there.
- Android Wallet: Fresh off the release of their iOS wallet, the devs want to spruce up their Android wallet. They want to redesign the user interface so that it will match the new corporate identity. This is still in the early stages and is about 30% complete.
Unfortunately, no timelines were given for the release of these updates. Therefore, I will keep a keen eye on their GitHub as well as their other social media channels for any updates on these milestones.
The currency associated with the Verge blockchain has the ticker symbol XVG. Unlike Bitcoin’s limited maximum supply of 21 million BTC, Verge created a maximum supply of 16.5 billion XVG.
This has had the fairly predictable and expected effect of keeping the price of XVG far lower than BTC. One other notable aspect of XVG is that it was created without an ICO or pre-mine, so there was no cash grab motivation in the creation of Verge and XVG.
Verge also may be one of the most profitable coins for early investors because it didn’t have an ICO or pre-mine. After its creation in 2020 (as DogecoinDark), XVG hit an all-time low of just $0.000002 each in February 2020. That means in 2020 a $10 investment would have bought 5,000,000 XVG tokens.
XVG Price Performance. Image via Coinmarketcap
And that would have been $10 well spent, since XVG hit an all-time high of $0.300588 in December 2020. Anyone smart, or lucky, enough to buy $10 worth of XVG in February 2020 could have sold it for just over $1.5 million in December 2020. And just think if it would have been a $100 purchase of XVG in 2020.
While it’s too late to buy XVG at just $0.000002 each, you can still buy it for under $0.01 each as of June 2020.
Buying & Storing XVG
If you are looking to trade XVG, there are a number of exchanges that it is currently listed on. It is trading on Binance, Upbit, Huobi and Bittrex among others. You can also use a non-custodial exchange such as Changelly for example.
When it comes to trading volume, over 60% currently being traded on Binance with about 10% being traded on Bittrex. The turnover on Binance is quite sizable which implies that there is a decent level of liquidity for the tokens.
Register at Binance and Buy XVG Tokens
Given this liquidity, large block executions of XVG won’t lead to much slippage. Having said that, it is quite susceptible to news flow and as such is more volatile than coins of similar market cap.
Once you have your XVG, you will want to move your coins off the exchange as this is the most prudent thing to do. We are all aware of the risks that come from storing coins on centralized exchanges.
The team at Verge have created secure and private desktop wallets for Windows, OSX, and Linux as well as mobile versions for Android and iOS. And while there isn’t any hardware wallet support for Verge, you can create a paper wallet.
If you are looking for a more extensive overview of XVG wallets, we have covered it in our list of best Verge wallets.
Verge has indeed had quite a rocky ride. At one point it was in the top 40 cryptocurrencies in the world, and even though it has been punished by the 2020 crypto bear market, it remains in the top 100 of all cryptocurrencies comfortably, sitting at the #66 spot as of June 2020.
I like the fact that the project was launched without a pre-mine or any ICO. Moreover, there is a large community of adherents that are pushing adoption of the privacy coin. The numerous partnerships that Verge has entered into are also likely to increase awareness and use cases.
Of course, the miner attack of 2020 was a cause for concern. This illustrates the risk that new cryptocurrencies face from sophisticated attackers who are able to rent hash-power to attack a chain.
Moreover, Verge does face stiff competition from larger and more entrenched rivals. These include the likes of Monero and Zcash in the privacy coin front as well as Litecoin or Bitcoin Cash on the payments front.
Either way, the cryptocurrency space is still extremely young…
So we will all have to wait and see if Verge eventually grows to become the top payments privacy coin, or if it drifts to the wayside.
Featured Image via Fotolia
- Posted in: Review
- Tagged in: I2P, Monero, Privacy coin, Tor, Verge, XVG, Zcash
Posted by Steve Walters
Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies.
Verge (XVG) price prediction 2020
What affects the value of Verge (XVG) and what might the future hold for this popular privacy cryptocurrency?
Last updated: 5 March 2020
Verge (XVG) is a privacy cryptocurrency developed with a focus on secure and anonymous transactions. Originally founded as DogeCoinDark in 2020, Verge adopted its current name in February 2020. As of February 2020, XVG is one of the top 50 cryptocurrencies by market capitalisation.
The success of other privacy coins has shown that there is market demand for anonymous cryptocurrencies, but is Verge well placed to take advantage of those potential opportunities? Let’s take a closer look.
At a glance
|Algorithm types||Scrypt, x17, groestl, BLAKE2s and lyra2REv2|
Verge price prediction
Cryptocurrencies have a reputation for volatility and are capable of experiencing both rapid price rises and falls in relatively short timeframes. They’re also highly complicated assets, and there are several factors that can have an impact on the value of any coin or token.
With this in mind, it’s crucial that you carefully consider all the risks and potential benefits associated with any cryptocurrency before buying. So if you’re thinking of buying Verge, remember to consider the following:
What could drive Verge’s growth?
- Demand. Ever since the creation of bitcoin, it’s been clear that there is a demand among some cryptocurrency users for a coin that offers private and anonymous transactions. This is also reflected in the growth of other privacy-based coins such as Monero (XMR) and Dash (DASH).
- Accessibility. The more exchanges a cryptocurrency is listed on, the more legitimacy and credibility that coin may have in the eyes of potential buyers. A large number of listings also makes it easier to buy the currency, so take a look at the number of exchanges that currently list Verge.
- Regulation opportunity. As legislators attempt to keep pace with the rapid growth of digital currencies, we see and hear frequent media reports about potential crackdowns on cryptocurrency trading. Increased regulation, should it occur, may create increased demand for coins like Verge among people looking to find a way around legal and tax barriers.
- Acceptance. The level of adoption and acceptance Verge achieves will be crucial to its value. You can find a list of real-world vendors who accept XVG on the Verge website.
- Future projects. Future developments and upgrades could potentially impact the usefulness of a coin. For example, Verge’s Rootstock project is designed to add a sidechain to Verge for the processing of smart contracts. It’s scheduled for completion in Q1, 2020.
What could hold Verge back?
- Competitors. Verge isn’t the only privacy coin competing for market share. Monero, Dash, PIVX (PIVX), Zcash (ZEC) and Nav Coin (NAV) are just some of the other coins which could potentially limit the adoption of Verge.
- Potential for illegal use. Any coin that focuses on privacy runs the risk of becoming associated with illegal activities. For example, some commentators have pointed to the potential for privacy coins to be used in money laundering by countries looking to evade international sanctions, while there has also been plenty of media coverage of the links between privacy coins and online criminals. Such links could potentially have a negative influence on the public perception of a crypto like Verge.
- Regulation threat. While regulatory changes could offer an opportunity for Verge, they could also present a threat. If prospective buyers fear that privacy cryptocurrencies could be targeted by tough legislation, they may be more hesitant to buy into those currencies.
- Still in development. The technology behind Verge is still being developed and updated, so this creates some uncertainty about what the future will hold for the value of XVG. And while many modern crypto projects are backed by a foundation, Verge is an open-source project supported by anonymous developers.
- Supply. According to CoinMarketCap, at the time of writing (23 February 2020) Verge had a circulating supply of 14,628,427,635 XVG. The total supply is 16,555,000,000 XVG.
Where to buy Verge (XVG)
What’s coming up in Verge’s roadmap?
When attempting to predict the future price movements of any cryptocurrency, it’s important to take a look at the future upgrades, improvements and releases planned by the development team. The Verge project roadmap reveals the following upcoming milestones, all scheduled for the first quarter of 2020:
- I2P Android Wallet. This is designed to allow anonymous mobile transactions over the I2P network.
- Mining update. The roadmap describes this update as follows: “XVGui Miner, Official Mining Pool, Mining Guide”.
- RSK smart contracts. Known as the Rootstock project, this will add a sidechain to Verge designed to process smart contracts.
- New website. A website redesign that will include new how-to guides, an updated roadmap, a list of official core members and a blog with official Verge news.
Verge faces stiff competition from a number of other coins designed to offer privacy and anonymous transactions. These include the following:
- Monero (XMR). This is an open-source, decentralised currency designed to be secure, private and untraceable. It features in the top 20 coins by market capitalisation.
- Dash (DASH). Designed to allow instant and private payments, Dash is regularly listed in the top 10 coins in terms of market capitalisation.
- PIVX (PIVX). Built on the Zerocoin protocol, PIVX aims to offer security, privacy and low transaction fees.
- Zcash (ZEC). ZEC is well established in the list of the top 50 coins by market capitalisation.
- Nav Coin (NAV). A bitcoin-based cryptocurrency designed for fast transactions, minimal fees and the option for private transactions.
You can find out more about how some of these currencies work in our comparative analysis of privacy coins.
Beyond 2020: What does the future hold for Verge?
In the emerging world of cryptocurrency, accurately predicting the future is impossible, so it’s extremely difficult to say with any certainty what lies in store for Verge beyond 2020.
On the plus side, there is undoubtedly demand within the cryptocurrency community for privacy coins, and if Verge can achieve a higher level of acceptance then there’s certainly plenty of potential for growth.
However, there are two major factors causing uncertainty around where the price of Verge will be headed in the years ahead. The first of those is the double-edged sword of regulatory changes, which, depending on your point of view, could offer benefits or serious risks to all privacy coins.
The second factor is market competition. The privacy coin sector is a crowded one and there are several currencies in direct competition with Verge, so it’ll be interesting to see how the landscape changes in the next 12 months.
Verge is a project that has potential and a number of factors in its favour, including the popularity of privacy coins, listings on several exchanges and ongoing development. However, currencies that provide anonymity always run the risk of becoming associated with illicit transactions. Verge also faces stiff competition from several other privacy coin projects.
With this in mind, it’s essential that you carefully research all the pros and cons of Verge as well as the factors that could influence its price moving forward before deciding whether to buy any XVG.
When is the maximum supply of Verge expected to be reached?
Why is the total XVG supply so high?
How is the development of Verge funded?
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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What Is Verge (XVG): Should You Invest in this Coin?
If you are looking to invest in an altcoin that is not too expensive, the Verge (XVG) coin is an option worth considering. Read our review an find out if this crypto is worth investing or not.
What is Verge?
Verge is a cryptocurrency which resulted from a Dogecoin fork which was launched back in 2020. Originally called DogecoinDark (DOGED), the crypto was later rebranded to Verge Currency in 2020, but it still uses the same currency as DogeCoinDark.
Verge is a digital currency that was created to protect user anonymity while using an open blockchain. Verge protects privacy by running secure protocols such as TOR – the anonymizing router network, I2P and, the Wraith.
The Wraith protocol lets users choose between a public or a private distributed ledger when transacting on the Verge blockchain.
Why invest in Verge (XVG)?
First, let’s look into some aspects of XVG:
The coin saw its last major increase between December 12th and December 19 th , recording an 800% rise in value. However, it went down immediately after that. But even a good coin is expected to experience such a correction after such a sharp growth.
The best coins to invest in are those that have limited supply cap. Verge has a supply cap of 16.5 billion coins, out of which14 billion have already been issued. This means that in the long run, the demand for XVG will keep on growing in relation to its supply. This will result in a price rise, which will turn out to be a profitable investment for those that bought the coin now while it’ still low.
Buying big cryptos such as Bitcoin and Ethereum right now will not bring you much profit now unless of course, you dispose of the necessary capital. That’s why many investors turn to low-cost altcoins that can be purchased in large amounts. Verge is currently priced at $0.05, being a really cheap buy. Any small price rise will translate to great profits if you happen to own it in large numbers.
One of the reasons why cryptocurrencies are so popular is because of its anonymous nature. Verge works to obfuscate the user’s IP address, and while this helps with privacy, but it’s not a full-proof security. When it comes to privacy, there are other cryptocurrencies that fare much better. For example, Monero doesn’t have a public blockchain like verge does, offering more privacy. It does, however, offer more privacy than Bitcoin, but if you really are set on true anonymity, there are better options out there.
XVG is relatively stable against other major cryptos and USD. This means that the technical aspects of verge have a solid foundation. This removes any doubts that the coin might be a pump and dump scheme like a wide majority of coins. Its stability also makes it a long-term investment with concrete fundamentals protecting it from negative price movements.
A very important aspect that should also be taken into consideration is the number of exchanges that the coin is listed on. The more exchanges that list the token, the better. That’s because it has more exposure and it gets traded more, which raises its price, merely on the basis of demand and supply.
The development of Verge currency waned significantly after the Founder was accused of owning most of the XVG coins kept in multiple accounts established by him.
PROs of Verge Currency (XVG)
- Simple Payment Verification (SPV) ensures fast transfers.
- Easy payments.
- Anonymity during transactions.
- Can be traded with other cryptocurrencies on many exchanges.
CONs of Verge Currency (XVG)
- Low liquidity ratio.
- Volatile Value.
- Not 100% anonymous.
When evaluating potential cryptocurrencies such as Verge (XVG), it is not always a good idea to look at it from one angle, the price. Wise investors will look for technological developments that will boost the value in the future. Most of the news around XVG point towards having long-term potential.
Meet Verge: A Little-Known Cryptocurrency That’s Risen As Much As 861,000% This Year
The promise of anonymity and quick-processing transactions has this blockchain developer in the spotlight.
The year isn’t over yet, but I feel it fair to say that 2020 absolutely belonged to cryptocurrencies.
The stock market, traditionally the greatest long-term creator of wealth, has nicely surpassed its historic average gain of 7% a year, inclusive of dividend reinvestment and adjusted for inflation, in 2020. By comparison, the aggregate value of all virtual currencies combined has catapulted from $17.7 billion on Dec. 31, 2020, to as high as $654 billion on Dec. 21, 2020. That represents an increase of nearly 3,600% — a lifetime’s worth of gains for some folks in less than a year’s time.
Image source: Getty Images.
Why virtual currencies have soared in 2020
The motivation behind this optimism appears to be a combination of blockchain excitement, virtual-coin acceptance, news-driven events, and emotions.
Think of blockchain as the infrastructure that underlies most virtual coins. It’s a digital, distributed, and decentralized ledger responsible for logging all transactions without the need for a third party. Though the advantages of blockchain are numerous, the excitement revolves around its ability to potentially speed up transaction settlement times (especially involving cross-border payments), lower transaction fees since there’s no third party, and improve security since there’s no data center where information is stored and could potentially be stolen by cybercriminals.
We’re also seeing a pretty steady acceptance of virtual coins as tender by merchants. A handful of brand-name merchants jumped aboard the crypto train in 2020 and began accepting bitcoin, including online home-goods retailer Overstock.com, which currently accepts six popular cryptocurrencies. As more merchants join in, the validity of cryptocurrencies as an asset class grows.
News-driven events have also pushed most virtual currencies higher. For instance, Japan announced that it would treat bitcoin as legal tender earlier this year, while both CBOE Global Markets and CME Group have begun trading bitcoin futures on their respective platforms. News like this adds validation that digital currencies like bitcoin are becoming more mainstream.
And lastly, “FOMO,” as the news networks call it, or the “fear of missing out,” has been behind this rally. Some investors can’t bear the thought of missing out on the big gains and have blindly jumped in, whether they truly understand cryptocurrencies or not.
Image source: Getty Images.
Move over bitcoin: Verge has run circles around you this year
But as you might imagine, bitcoin tends to get most of the glory. It’s the most traded digital currency in the world by average daily dollar value, and it was the first cryptocurrency to be regularly traded. It also has the highest number of merchants who accept its coin as a form of tender, and it comprises around 44% of the aggregate cryptocurrency market cap.
However, when the year ends, it won’t be bitcoin standing at the top of the pack. Though the face of the crypto craze rallied from $967 per coin to nearly $20,000 during the year, its percentage increase pales in comparison with some of its peers. One digital currency that’s absolutely run circles around bitcoin this year is Verge, a little-known cryptocurrency that’s burst onto the scene with a market cap that recently topped $2 billion.
Verge’s coin, XVG, began the year at just $0.000019 (not even two-thousandths of a penny) and a market cap of just $246,300. On Wednesday, Dec. 20, XVG hit $0.1637 per coin, representing a market cap of $2.41 billion, and a year-to-date return of 861,479%. If you had invested just $117 in Verge’s XVG at the beginning of the year, you’d be a millionaire.
What exactly is Verge, and why has it caused jaws to drop with its recent rally? Let’s take a closer look.
Image source: Getty Images.
What is Verge?
As you’ve probably (and correctly) surmised by now, Verge’s blockchain is the reason behind its recent surge. Verge’s blockchain incorporates some of the components that’s made bitcoin’s blockchain successful, but it makes changes that beef up privacy and anonymity, as well as capacity and transaction settlement times.
According to Verge, it uses “multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable.” The anonymity of transactions has been a major positive for the crypto craze, which first began with libertarians cheering bitcoin as their new dream currency.
Verge’s blockchain also offers quick transaction settlement times. For context, slower transaction processing times is probably the biggest complaint of bitcoin’s blockchain. The use of Simple Payment Verification technology allows most transactions processed through Verge’s blockchain to be completed in around five seconds.
In addition, Verge maintains a community feel since it’s not a private company. The members of its community are responsible for the direction its technology and coin heads next. And make no mistake, Verge is pushing for greater adoption of its token. It’s currently offering a number of secure mobile wallets, including the Tor Android Wallet, which offers mobile anonymity, says Verge.
Image source: Getty Images.
Why is Verge skyrocketing?
Now that you’ve got some background on Verge, let’s look at the three primary drivers of XVG of late.
First, there’s growing interest in transaction anonymity. Investors have recently learned that cryptocurrency transactions aren’t as anonymous as you’d think, since they’re recorded (in an encrypted fashion) in a digital ledger. Recently, the Internal Revenue Service won a court ruling that required Coinbase to turn over information on 14,355 users who’d conducted more than $20,000 worth of bitcoin trades between 2020 and 2020. In those years in question, just 800 to 900 taxpayers noted capital gains from their bitcoin trades, so the tax agency appears to be targeting tax evaders with this push. Verge’s blockchain offers beefed up measures to protect the identity of peer-to-peer and business-to-business transactions, which is clearly hitting home with investors.
Second, the outspoken CEO of MGT Capital Investments, John McAfee — yes, the same John McAfee who was behind McAfee antivirus software in the 1980s and 1990s — recently put Verge on his buy list, via a tweet:
I am inundated by people asking me for recommendations on cryptocurrencies. If you would use your heads you would figure out that the privacy coins (anonymous transactions) will have the greatest future. Coins like Monero (XMR), Verge (XVG), or Zcash (ZEC) cannot lose.
McAfee believes that privacy coins like Verge offer more potential than popular coins like bitcoin, sending XVG skyrocketing in the process.
The third and final price driver of late is the implementation of the Wraith protocol, which allows users to alternate between public and private ledgers on Verge’s blockchain.
Of course, the big question is: Can XVG continue heading higher? To that end, I’m not so certain. While it’s had plenty of positive PR of late, it’s going to take more than emotions to sustain this rally in cryptocurrencies. Further, investors have a long history of overestimating how quickly new technology could be adopted, which may very well be the case with cryptocurrencies like Verge.
For the time being, I’d keep Verge on your radar, but out of your investment portfolio.
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