Where to buy Vertcoin (VTC) in Australia
Coins for the people, mined by the people.
Vertcoin was designed to be a truly decentralised currency. Its main goals are to be resistant to ASIC mining and to be profitable when mining with a GPU.
GPU/CPU vs ASIC mining
- GPU/CPU. These stand for graphics processing unit (your computer’s video card) and central processing unit. They are what you’ll find in a home computer.
- ASIC. This stands for application-specific integrated circuit. It is purpose-built hardware designed to excel at a specific task, such as bitcoin mining.
When bitcoin was first created, it was minable by GPUs. But today bitcoin mining is dominated by networks of ASIC mining computers set up in areas with exceptionally cheap electricity.
You can still mine bitcoin with a GPU, but it’s so outclassed that you’ll end up spending more on energy than you get back from bitcoin.
As ASIC mining took over bitcoin, many people felt that it was no longer a decentralised currency. ASIC-resistant cryptocurrencies like Vertcoin are meant to be more egalitarian, so anyone can profitably mine them on their home computer.
Where to buy Vertcoin
What kind of wallet do I need to hold Vertcoin?
How does Vertcoin work and what makes it special?
Vertcoin is specifically designed to be decentralised, with mining kept in the hands of its users rather than mining conglomerates.
It does this with an ASIC-resistant design. It’s not the first coin to attempt this, but it might be one of the most successful.
Unlike other coins, Vertcoin has introduced an adaptive mining algorithm that can update to stay one step ahead of ASIC miners.
The same algorithm also gives an extra edge to GPU mining in order to actively incentivise users to mine with their home computers or with over-the-counter video cards.
Other than that, it’s a fairly standard cryptocurrency, much like Litecoin. It has the same 84 million coin supply limit and 2.5-minute block-creation time. You can probably expect quick and cheap blockchain transactions.
Considerations before buying Vertcoin
Vertcoin was created in 2014, making it a veteran by cryptocurrency standards. This has given it a lot of time to prove its functionality and the dedication of its team, although you might get more use out of it as a miner than as an investor.
However, it’s not entirely clear what kind of value GPU minability holds for a currency or whether true decentralisation is even possible.
At the time of writing, 70% of all VTC is held by only 0.3% of wallet addresses and in order for you to mine it profitably, you will probably need to invest heavily in GPUs.
Ask an Expert