A beginner’s guide to buying, selling and trading Veritaseum in Australia
Veritaseum builds blockchain-based peer-to-peer capital markets for the global market. Based on the Ethereum blockchain, Veritaseum aims to offer an autonomous software platform that allows businesses and individuals to trade digital assets without third-party intervention.
The platform uses the ERC20 Veritas token (VERI). Read on to find out how the system works and how you can buy and sell VERI tokens.
Where to buy VERI
VERI is only available on a limited range of cryptocurrency exchanges, so you’ll need to search on one of the exchanges below if you want to purchase this token:
A step-by-step guide to buying VERI
At the time of writing, it’s not possible to exchange fiat currency (Australian dollars) directly for VERI. Instead, you’ll first need to use your AUD to purchase a cryptocurrency that’s available in a VERI pairing, such as Ethereum (ETH) or bitcoin (BTC), and then exchange that crypto for VERI tokens through a cryptocurrency exchange.
Don’t own bitcoin or Ether? Read more about how to buy either:
Here’s an example of how you can buy VERI:
Step 1. Create an account with a cryptocurrency exchange that supports VERI
You’ll need to register for an online account with your chosen exchange by supplying your name, email address, contact details and, in some cases, proof of ID. You should also add two-factor authentication (2FA) to ensure an extra level of security for your account.
Step 2. Deposit funds into your account
The next step is to deposit your chosen cryptocurrency (such as ETH) into your account. This is typically quite simple to do, but the exact process varies depending on the exchange you use.
For example, on HitBTC, you’ll need to head to your “Account” page and then click the green “Deposit” button.
Step 3. Buy VERI
The final step in the process is to exchange ETH for VERI. Once again, the process varies slightly between exchanges, so you’ll need to check the exchange’s FAQ or help section if you need detailed instructions.
For example, on HitBTC, you’ll need to click on the “Exchange” tab and then search for VERI. You can then click on your desired currency pair (such as VERI/ETH) and enter the exact amount of VERI you wish to buy with a market or limit order. Click “Buy VERI” and then review the cost of your transaction before placing the order.
How to sell VERI
If you need to sell your VERI holdings, the process you’ll need to follow is very similar to the steps for buying VERI outlined above. Simply look for the “Sell VERI” link on the trading page of your cryptocurrency exchange and then follow the prompts to exchange your tokens for another cryptocurrency.
Which wallets can I use to hold VERI?
As Veritas tokens are based on the Ethereum network, you’ll need to store your VERI in a wallet capable of holding these types of tokens, such as the following:
How Veritaseum works
Launched in 2013, Veritaseum is headed by entrepreneur Reggie Middleton. The main aim of the project is to eliminate the middleman in financial services and markets.
According to the company, it does this by offering two major software components:
- Centralised solutions. This software platform is designed to help existing financial institutions connect with distributed capital markets systems. Run on servers controlled by the financial institution, it aims to offer a centralised digital asset exchange and a “smart arbitrage” software component that provides cross-platform liquidity.
- Distributed solutions. These analysis-based solutions are designed to create deals that are of financial value to clients and then put them on the blockchain as Veritas sub-tokens. Veritaseum's stated goal is to help Individuals, entities and institutions to buy and sell those assets without the need for a middleman.
What to consider before buying VERI
Cryptocurrencies are complicated and speculative, and buying or holding any cryptocurrency comes with a certain level of risk. Before purchasing VERI, make sure you consider the following crucial factors:
- Hacking. In July 2017, the Veritaseum system was reportedly hacked and $8.5 million worth of VERI tokens were stolen and exchanged for Ether. With this in mind, you may want to review the security protocols Veritaseum has in place before you buy.
- Consumer scepticism. Even the most basic Google search turns up a range of conflicting information about Veritas, including plenty of scepticism about the coin’s value. It’s worth conducting your own in-depth research into the pros and cons of VERI so you can make an informed decision.
- Circulating supply. Although VERI has a maximum total supply of 100 million tokens, 98% of those were reportedly retained by founder Reggie Middleton.
- Availability. At the time of writing, VERI was only available on a relatively small number of cryptocurrency exchanges, so it may not be as easily accessible as some other cryptocurrencies.
- Ability to rent out tokens. Veritaseum also offers a token rental facility that allows VERI holders to rent out their tokens via peer-to-peer transactions. A beta of the rental app is available for download from the Veritaseum website.
- Future developments. It’s worth monitoring the Veritaseum website as well as cryptocurrency news websites and forums for details of any new technological developments or corporate partnerships that may affect the value of VERI.