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Vertcoin to Australian Dollar Exchange Rate
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Historical Rate chart of VTC and AUD
When it was first released back in January 2014, Vertcoin (VTC) sought to fulfill bitcoin’s earlier promise of a decentralised currency that can be mined using ordinary computers. Dubbed the “people’s coin”, Vertcoin prevented big-time miners using application-specific integrated circuits (ASICs) from monopolising the market with its innovative Scrypt-N hashing algorithm.
When ASICs capable of mining this algorithm came out and threatened the Vertcoin team’s commitment to make the coin accessible to everyone, the team forked Vertcoin by changing its hashing algorithm. When a botnet threatened to control more than half of the Vertcoin network, the team changed the algorithm yet again.
Historical pricing of Vertcoin
Soon after its January 2014 release, Vertcoin breached the AUD$6 mark. Its price then dipped, reaching a low of AUD$0.10, before climbing back up again in May 2017. It peaked again after the coin’s block rewards were halved from 50 to 25 in December 2017, when its value reached AUD$12.72. In January 2018, the price of Vertcoin is hovering just above AUD$6.
The peak price achieved in December 2017 mirrors the performance of altcoins prior to block reward halving events.
Things to consider before buying Vertcoin
You will need to decide whether the recent halving of block rewards might bring a decline to the profitability of Vertcoin, although in the cases of bitcoin and Litecoin, which have already halved their own block rewards, this did not seem to be a long-term problem.
Another thing to consider is the commitment of Vertcoin’s team to keeping the coin away from big-time ASIC miners. With Vertcoin, anyone with a computer is a potential miner. Thus, Vertcoin lowers the entry barriers to cryptocurrency mining (ASICs are far more expensive than CPUs/GPUs available on ordinary computers). The recent release of a new version of its GUI-enabled mining software further makes mining Vertcoin easier. As more people go into mining, there could be a corresponding demand for more powerful GPUs able to handle increased mining loads.
Another factor in that “segregated witness” has been enabled on its blockchain since May 2017, making the cryptocurrency compatible with the Lightning Network (note that the price of Vertcoin increased during that month). Segregated witness allows blockchains to handle even greater transaction volumes. This innovative approach has gained almost universal approval in the crypto community.
The Lightning Network will enable the instant transfer of Vertcoin to the bitcoin and Litecoin blockchains. Traders will need to decide is this will be advantageous to Vertcoin, given the increased attention it might bring to the coin from people who have purchased the two other cryptocurrencies.
Litecoin and Vertcoin developers are also working together to make atomic swaps between the two coins possible. Traders will need to consider whether the higher price of Litecoin will drive up demand for Vertcoin as people look for a cheaper gateway to the Lightning Network.
Just like every other cryptocurrency, the price of Vertcoin is volatile and there is no guarantee that the price will maintain its current stable trend. It could rise up or plummet down.
Market rate for common transfer amounts VTC to AUD
|Vertcoin (VTC)||Australian Dollars (AUD)|
A short history of Vertcoin prices
Vertcoin was introduced in January 2014 and the very first Vertcoin transaction took place on 20 January. Price at the start of trading was AUD$0.07 and it closed at AUD$0.25.
Vertcoin didn’t break the AUD$1 barrier until February, peaking at AUD$6.85 that month. The price would not go down to less than AUD$1 until June. By the end of the year, the price of Vertcoin had dropped below its release price.
The price of Vertcoin didn’t make much headway this year. It would remain under AUD$1 and hover between AUD$0.02 and AUD$0.10 for much of the year.
The story for much of 2016 was almost the same as 2015. Prices hovered between AUD$0.01 and AUD$0.10 for much of the year.
The past year would prove to be the breakout year for Vertcoin, with technology improvements driving much of the coin’s growth. However, the coin would not break past the AUD$1 barrier until June. It fluctuated between AUD$0.60 and AUD$1 in July, then breached the AUD$1 barrier again a month later. By 18 December, a few days before the block reward halving event, it had reached AUD$12.07, its highest price since February 2014.The price dropped again soon after 22 December, when it halved its block rewards.
As of 11 January 2018, Vertcoin is priced at AUD$7.14. Traders will need to decide whether the price might drop again based on the coin’s past performance.
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