As numerous other cryptocurrencies, VeChain was also based on Ethereum network. This block chain platform was established in Chinese being in the project since 2007. Now, it offers Blockchain-as-a-Sevice for businesses, which has been operating and working for 2 years already. Another way supporting the platform is VeChain Foundation based in Singapore.
The whole system is concentrated on distensible solutions. Several projects powered by the blockchain have already been released even. Also, analyzing the activity, you can notice that they focus on a totally different things. For instance, the spotlight is authentication platform and tracking of wine bottles. Moreover, they deal with API gateway service that is used for goods import in China.
Another way of the usage is ‘third party service’ for some companies. Looking for the token on the appropriate platform, you can find it under VEN title. However, they say there is going to take place a rebrading in 2018, let us see. All VEN coins are going to be converted to VET ones and there will be an accreditation of the consensus model. Also, in order to understand the idea of the crypto better, check the table with pros and cons below.
| Pros | Cons |
|---|---|
|
|
|
|
|
|
|
Purchase VEN with Cash, E-Wallets, Bank Transfers
As numerous new and young cryptocurrencies, this one is also not available for direct purchases. At this stage, there is no opportunity to own VEN for any fiat currency (Dolar, Euro, Pound), electronic wallet or bank transfers. The only mean to become an owner of the token is buying another digital money for fiat or any other mechanism and exchanging it for VeChain.
Besides the fact that this option is the cheapest one for you, it is also the simplest. All you need is to get Litecoin, Bitcoin, Ethereum or any other coin and pick a relevant online exchange market in order to complete the operations. That is when, you will meet much lower fees for transactions, which will be made in the fastest way possible.
Get VeChain with Bitcoin or Ethereum
And as this is the only mean to acquire VeChain, let us discuss the item in details. To put it shortly, you are to buy ETH or BTC, transfer the tokens to another platform, for instance Coinbase, and exchange it there for VEN (Comodo is also usable in this case). And here is a more comprehensive manual.
First of all, form a new profile at Coinbase unless you have none. For immediate transaction, use a credit card. And in case you want to avoid fees, link your bank account then. Also, you need a profile at Binance site in order to pass all the steps.
Now, enter GDAX thru your Coinbase page, confirm your identity and wait for 24 hours to get verified. Enter the sum you want to get and press Deposit button to receive your ETH. Confirm the input and enter Binance to search for your Ethereum Deposit Address. Copying it, go back to GDAX and withdraw.
As the Ethereum is taken to Binance, you can easily buy VEN with the tokens purchased. This guide is a bit long, yet, cheap. You can use other instructions, including some different exchanges, paying fees for speed and easiness. The choice is up to you, as they say.