How to Buy Verge – Be Completely Anonymous in 2018

Hidden among the plethora of alternative cryptocurrencies on the market today is one that has been catching the eye of investors looking for the next to gain wider acceptance among traders.

Verge has been notable because of its focus on making it possible for transactions to be completely anonymous.

If you’re a long-term investor in cryptocurrencies who thinks it looks like a good bet, we’ve created this guide for you on how to buy it.

What Is Verge?

Verge is a cryptocurrency that is focused on creating a completely anonymous way of conducting transactions. It’s designed to give traders the option to conduct transactions using a public ledger like Bitcoin or to opt for private transactions that mask their identities.

The protocol for choosing a public or private transaction is called Wraith. The private transactions offered by Verge have gotten attention from the community because of recent efforts by governments around the world to regulate cryptocurrencies. The untraceability of its private transactions may well catapult Verge into greater acceptance in the future.

How does Verge make transactions over the internet private?

It’s inherently difficult to be anonymous on the internet because everything you send and receive has your IP address attached to it. Anyone who is determined can figure out your identity by tracing these IP addresses.

However, there are technologies that have been developed over the past decade that cover up those tracks that everyone creates when they use the internet. The Deep Web has used them to flourish as an anonymous space of the internet.

Verge taps into these same technologies to build anonymity into its own transactions. The Verge architecture is built on top of both Tor and I2P to obscure your IP address, making it nearly impossible to discover your identity or location from the data that passes over the internet.

What is Tor?

The Tor Project began in 2002 to create a truly anonymous internet experience. Most users think of the special Tor web browser when they hear its name, but there is also an infrastructure of servers that make it work. Tor is the basis of the Deep Web, which is why you use the Tor browser to access Deep Web addresses.

Tor is not perfect, however, it depends on the integrity of the Tor network of servers and requires users to be very careful what they do while connected to the internet to avoid traceability.

What is I2P?

The Invisible Internet Project is an anonymous network layer technology that has been in development for 15 years. It supports anti-censorship initiatives with private peer-to-peer communications over the internet. It makes private communication possible with end-to-end encryption and a network of over 50,000 servers worldwide.

How are these technologies better than VPN?

Virtual Private Networks encrypt user communications through a third party that provides the VPN connection, but the beginning and end of the communications are not necessarily protected if the VPN provider isn’t trustworthy. Using Tor and I2P technologies takes privacy to the next level.

Verge Is a Grassroots Project

The Verge community has also made sure that the code for Verge is 100% open source. This makes it much more likely that bugs and security weaknesses are discovered quickly and fixed by the community of developers supporting it. Open source projects tend to be more robust and less profit-driven than proprietary projects, and Verge is a good example of this.

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Main Differences

What else makes verge different than the rest of the alt-coin crowd?
  • Verge’s blockchain is public, but meta data about transactions are kept private. This means anyone can see general statistics like how many coins exist and how many users own them without infringing on users’ privacy.
  • Verge’s developers intend to add RSK technology to the cryptocurrency, which will give it even more robust privacy controls than it already has.
  • Transactions are fast with Verge because it has 30-second blocks.
  • Multiple wallet applications exist for every OS and platform, making Verge ready for adoption by the wider cryptocurrency market.
  • Currently, a maximum of 16.5 billion Verge coins that can be created using its mining algorithm. This will ensure plenty of liquidity if demand for Verge spikes in the future.
  • The Wraith Protocol gives users control over whether they want their transactions to be logged in a public ledger or kept private. 

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Verge Wallets

A couple established wallets support Verge, but most have yet to support it because of the technical requirements of its privacy technology. Verge has a selection of official wallet applications for all the various platforms and operating systems that users are likely to have.

Because Verge is still in development, some of these wallets are not very stable yet. Below are the wallets that seem to work best.

Electrum is already a well-established desktop wallet for many cryptocurrencies, and it has added support for Verge.

It’s considered the best wallet to use at this point for Verge transactions.

Electrum has versions that run on Windows, Mac OSX, and Linux. Verge’s website also has Tor versions of the Electrum wallet for Mac OSX and Windows.

Coinomi is an established multi-currency wallet for the Android platform that also supports Verge’s privacy technologies.

Coinomi can be a good choice for a mobile Verge wallet if you aren’t very concerned about anonymity.

If so, Coinomi is a good multi-purpose wallet for storing Verge on an Android device.

For Verge users who want the same anonymous trading on their Android device as they can get on Verge’s desktop wallets, the Verge Tor Android wallet delivers it.

This wallet may not be as well-developed yet as an application as older wallets like Coinomi, but it makes use of the private transaction technologies supported by Verge.

  • Verge Paper Wallet

Finally, Verge does offer a paper wallet app that will store Verge coins offline. This app functions like many other paper wallets, consisting of the vital data needed to conduct a transaction on a piece of printed paper.

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Best Exchanges to Buy Verge

Alternative cryptocurrencies are widely available for trading on exchanges that specialize in trading them for the popular cryptocurrencies.

However, these exchanges solve the regulatory and financial headaches that have developed in the last couple years by not allowing users to trade with fiat currencies. So, to trade on these exchanges, you’ll need to acquire at least one cryptocurrency somewhere else, if you don’t already own any.

So what should you use to buy Verge?

Bitcoin, Ethereum, Litecoin, and Tether have become popular cryptocurrencies used to move fiat currencies into the cryptocurrency market and then trade for the more obscure coins. Tether is popular in Asia as a US dollar proxy because it can be pegged to the US dollar and exchanged back into dollars without the fear of volatility.

BitTrex

BitTrex is the leading cryptocurrency exchange in the United States that offers trading in most of the alternative coins that are available today. The exchange doesn’t accept fiat currency trades or account balances.

To trade for Verge coins, you’ll need Bitcoin or USD Tether in the amount you’d like to buy. BitTrex charges a 0.25% commission on all trades.

Binance

Binance is a new Chinese cryptocurrency exchange based in Hong Kong that specializes in trading in alternative coins.

Binance offers trading for Verge in either Bitcoin or Ethereum, so you’ll need to deposit one of these two assets to buy Verge there. Binance charges a 0.1% fee on each trade and will also charge 0.2 Verge coins when you withdraw the balance.

HitBTC

This cryptocurrency exchange is also based in Hong Kong. They have three different options for buying Verge: via Bitcoin, Ethereum, and USD Tether.

Many use Tether because there’s less risk that volatility will steal some of your original value while you trade for alt-coins like Verge.

HitBTC charges 0.1% for each trade and is reported to also charge withdrawal fees, though they aren’t listed on the website.

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Step by Step Buying Guide

Because Verge is generally available only on pure cryptocurrency exchanges, we’ll show you how to buy Verge with another cryptocurrency. Ethereum is easy to buy with fiat currencies like US dollars, so we’ll use it in our example. You could use another popular cryptocurrency like Bitcoin or Litecoin instead.

This step by step guide to buying your first Verge coins is divided into five parts: setting up a Verge wallet, setting up an account and buying Ethereum on Coinbase, setting up an account on Binance, transferring Ethereum to Binance, and buying Verge on Binance.

Set up a Verge Wallet

The first thing you’ll need is a wallet to store the Verge coins in once you’ve bought them. In this guide, we’ll assume you have a Windows PC, but you can follow the instructions for setting up Electrum on other platforms.
  1. Go to Verge’s official website and click on the Wallet section. Choose the Verge Electrum wallet that matches your computer’s operating system and download it. We’ll be using the Windows version.
  2. Once the installation file is downloaded, unzip it into a folder of your choice. Go into the folder, find the executable file, and run it. On Windows, the file to run is “electrum-xvg.exe”.
  3. Electrum will open an install wizard to get you started. Choose the “Create new wallet” option and select “Standard wallet.” Then press the “Next” button.
  4. Electrum will supply you with a generation seed that consists of several random words. As the on-screen instructions say, it’s essential to copy this down correctly and store it in a safe place. If you ever need to restore your wallet, you’ll need it. When you’re ready, press “Next.”
  5. Electrum will ask you to type in the seed you just copied down to make sure you’ve recorded it correctly. Do so, and press “Next.”
  6. The next step is to create a password for logging into the wallet software. Choose something fairly random and secure, and copy it down. This password is also unrecoverable, so make sure you record it correctly. Once you’ve entered and confirmed the password, press “Okay.” 

 

Note that you may need to change Electrum’s default server in “Tools > Network” to “elec2.verge-blockchain.com” after the initial installation of the wallet. Because of a glitch, you’ll need to close the wallet app and run it again to access the “Network” section in “Tools.”

Once you’ve got your Electrum wallet connected to the Verge blockchain server, select the “Receive” tab. Your public wallet address is listed here. Copy it the string of characters found here down for future reference. You’ll need it later when it’s time to send your Verge coins to this wallet.

Buy Ethereum with US Dollars on Coinbase

The next step to get us closer to buying Verge is to buy some Ethereum to trade for it on Binance. We’ll be buying it with US dollars and assume that you’ll be doing the same. If you happen to have a major cryptocurrency on hand like Ethereum or Bitcoin, you can safely move on to the next section of this guide.

  1. We’ll use Coinbase to buy our Ethereum. Go to Coinbase.com and click on the Sign Up button in the top right corner of their homepage.
  2. Fill out the form that you’re given, making sure your name appears exactly as it does on the photo ID you plan to use for verification. Coinbase will need to verify your identity with documents like your driver’s license, so it’s best to make sure everything matches. Fill out the email you’d like associated with the account and the rest of the information required.
  3. Before you can make any purchases on Coinbase, you’ll need to complete their verification process. This is because Coinbase is regulated like a US bank. They need to comply with anti-money laundering regulations and laws. You’ll need to supply your name, phone number, address, and a photo ID. 
  1. Coinbase tries to make the process as painless as possible. Follow the instructions you get when you attempt to provide a payment method. For this guide, we chose to use a debit card since it’s a small transaction. Coinbase will charge us a higher service fee for using it, but they also offer instant purchases with debit and credit cards. So, we’ll opt for that convenience in this case.

 

  1. Once Coinbase has verified your identity, and you have a payment method linked to the account, click the “Buy/Sell” button on the menu that appears when you login.
  2. Choose Ethereum and how much you want to buy (in US dollars in our case). Once you’re sure about the amount to buy, click the “Buy” button.

 

  1. Coinbase will ask you to confirm the purchase by clicking a “Confirm Buy” button. You’re now the owner of Ethereum coins, which Coinbase will hold in your account for you. Leave this tab open in your browser. We’ll be coming back to it when it’s time to transfer the Ethereum to Binance.

Set Up an Account at Binance

For the last leg of our journey to buying Verge, we’ll be using Binance, which is one of the biggest cryptocurrency exchanges based in Asia. Now that we’ve acquired the Ethereum we plan to use to buy Verge, we can get set up on Binance for the transaction.

  1. Open up a new browser tab and go to Binance.com and click on the “Register” button on the top right of their homepage. Fill out the registration form that appears with the email you’d like to link to the Binance account and a strong password. Then click the “Register” button.
  2. You’ll get a confirmation email. Click the confirmation link in the email.
  3. The link opens a tab in your browser to let you know that the email address has been confirmed. From here, you can login by pressing the “Login” button at the top of the webpage. Fill in your login credentials and press “Login.”
  4. Binance will encourage you to set up two-factor authentication for future logins, and we advise you to follow their suggestion.

You’ll need your cellphone handy to receive a login code by text message, but it makes it difficult for anyone else in the world to attempt to break into your account through the login page. They would need to change the cell number the text message is sent to or steal your phone.

If you choose not to use two-factor authentication, someone can break into your account if they get the credentials for your email address, which is easier than it sounds these days, given all the ways hackers can put malware onto one of your devices.

  1. Once you’ve registered and set up your account, it’s time to get ready to buy Verge. First, you need to transfer the Ethereum you have waiting in your Coinbase account to your new Binance account. Select “Deposits/Withdrawals” from the drop-down menu under “Funds” on your account page.
  2. You’ll see a list of wallets that you can use to store cryptocurrencies. Type “Ethereum” in the search box that is provided and select it.
  1. Press the “Deposit” button. Binance will give you a wallet address for you to use to send Ethereum to this account. Copy and paste the string of random characters to Notepad or another text editor you prefer.

Make sure that you’ve selected the Ethereum wallet for your account before continuing. If you send your Ethereum to the wrong address, you may not get them back.

Transfer Ethereum from Coinbase to Binance

Now that you have Ethereum bought and stored in your account at Coinbase and the Ethereum wallet address for your account at Binance, you can transfer the Ethereum over to Binance.
  1. Go back to your Coinbase tab (or login again if you closed it). Go to “Accounts” and find the Ethereum stored in your account. Click “Send” to start the transfer process.
  2. A transaction form will appear. Find the wallet address you saved from your Binance account for receiving Ethereum and copy it. Return to the Coinbase form and paste the address into the “Recipient” box. You can send a portion of the Ethereum you have at Coinbase, but we’ll choose “use max” to send all of it. When the form is filled out, double-check it, and click “Continue.” Coinbase will ask you to confirm your identity with your password. Follow any instructions you are given until the transfer is confirmed.
  3. Wait for the transfer between your Coinbase account and Ethereum wallet on Binance to complete. It may take around an hour or more, depending on network traffic.

Buy Verge on Binance and Transfer It to Your Electrum Wallet

Once your Ethereum has arrived in your Binance account, it’ll show up there on the “Deposits/Withdrawals” page. You’re ready to trade the Ethereum you bought at Coinbase for Verge coins.

  1. Go to Binance’s exchange market and find the XVG/ETH (Verge/Ethereum) trading pair. You’ll see a busy trading window with a candlestick chart and lists of open orders and trade history on either side. Below the trading chart, there’ll be a form for buying Verge labeled “Buy XVG” and another for selling Verge labeled “Sell XVG.”
  2. On a professional trading exchange like Binance, there are two ways to execute a trade: by placing a limit order or a market order.
A limit order lets you set the price you want to buy Verge at, above or below the current market price. There’s no guarantee that order will ever execute. It’ll wait until the market price matches it. If the market never reaches the price you asked for, it’ll remain open.

A market order is what you used when you bought Ethereum at Coinbase. It’s simply an order to buy a specific amount at the price the market is at right now. It’s executed immediately if the amount you want to buy is available.

For this guide, let’s keep it simple and enter a market order to buy Verge with your balance of Ethereum. Click the “Market” tab above the buy and sell forms to select that type of order.

  1. You can specify an exact quantity of Verge to buy or use the easy percentage buttons to set the amount of your Ethereum you want to spend. When you’re satisfied with the amount you’ve entered under “Buy XVG,” click the “Buy” button.
  2. The buy order should fill immediately since you aren’t buying a large amount of Verge. Switch to the “Deposits/Withdrawals” page on your Binance account to verify that you’re the new owner of Verge coins. You can quickly find the Verge wallet by searching for “XVG.”
  3. The last step of this odyssey of cryptocurrency trading is to transfer your Verge coins from Binance’s wallet to your personal Electrum wallet that you set up at the beginning of this guide. Unless you plan to continue trading for more Verge or to trade the Verge coins for another type of cryptocurrency, it’s best to store the Verge in a personal wallet until you’re ready to trade again. Click the ‘Withdraw” button for your Verge wallet on Binance. You’ll see a withdrawal form appear where you specify a Verge wallet to send your coins.
  1. Find your Electrum wallet’s public address that you copied down or open the wallet and find it there. It may be more convenient to copy and paste it from within Electrum. Fill in the Electrum wallet’s address in the withdrawal form in Binance along with the amount you want to send. Double-check that everything is correct and click “Submit.”

Binance may ask you to confirm the transaction with a two-factor authentication code. Enter the code you receive and click “Submit.” Next, you’ll receive an email asking you to confirm the transaction. Open your email and click the confirmation link. Binance will deduct a small withdrawal fee and send your Verge to your wallet.

That’s it! You’re now an owner of Verge.

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Verge Price Predictions

There’s been plenty of speculation given current trends and Verge’s unique strengths that this cryptocurrency may rise dramatically in value in the next year or two.

As of this writing, Verge is valued at just pennies (USD) per coin, but some experts are predicting that we may see Verge priced in the $1 to $10 range sometime in the next couple years, depending on who is making the prediction.

At this point, most think a truly parabolic rise like we have seen with Bitcoin is unlikely because of the amount of supply of Verge that already in circulation (over 10 billion coins). Bitcoin’s price and volatility is caused largely by the lack of supply and the difficulty of mining more.

John MacAfee said Verge was headed higher?

Yes, even the infamous John MacAfee, who is a follower and advocate of the cryptocurrency movement, has weighed in on a possible price target for a coming rise of Verge on the markets, suggesting on Twitter that it could reach $15 per coin by the end of 2018. If it did reach that price, it would be roughly a 1500% gain from its current price range below $0.10.

Despite the excitement that Verge has been generating lately, it’s important to keep in mind that these predictions depend on this alt-coin achieving a level of acceptance that demand for its ample supply will rise dramatically. Otherwise, it’s likely to remain below a $1 per coin.

It’s also important to understand that Verge is intended to be less susceptible to the kind of dramatic volatility that we’ve seen with Bitcoin. This was why mining its supply was made a fast process and the maximum number of coins quite large at over 16 billion.

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Important Recommendations

Verge is looking like a cryptocurrency positioned for an increase in value in the future. That optimism has to be tempered with the reality that cryptocurrencies are a new technology whose future is still unclear.

Given the inexpensive price of Verge today, it certainly looks like a good bet for small investments. The high-risk nature of cryptocurrencies in general, though, should restrain investors from placing all their eggs in one basket.

We will be happy to hear your thoughts

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