Vertcoin (VTC) is a peer-to-peer digital currency that works like bitcoin or litecoin. It uses the foundation of bitcoin and made some adjustments like its major resistance in the usage of Application-Specific Integrated Circuit or most commonly known as ASICs.
You can buy vertcoin using cryptocurrency exchanges such as Abra or other trading platforms. In this article, we will teach you how to buy vertcoin in the Philippines using different kinds of crypto exchanges.
Table of Contents.
What is Vertcoin?
Vertcoin is almost similar to bitcoin. It serves as a peer-to-peer cryptocurrency that can be transferred digitally. Since bitcoin mining can be “centralized” by big mining pools mostly located in China, dominated by Bitmain, and other large mining companies, the company believes that these selected few can “manipulate transaction fees, force protocol changes, and block others”.
Vertcoin’s founders want to make a token that is completely decentralized this is why it is ASIC resistant. This means people can mine vertcoin by just using GPUs and CPUs that are readily available in laptops and PCs.
“We believe everyone should have the opportunity to mine the currency, not just a select few.” – Vertcoin Blog
If you’re interested in mining vertcoin, it has available miners for both NVidia and AMD graphics card (GPU).
- Ccminer (Nvidia): https://github.com/tpruvot/ccminer/releases
- sgminer (AMD): https://github.com/nicehash/sgminer/releases
Where to buy VTC in the Philippines?
Since vertcoin (VTC) is not directly available in the Philippines, you can buy in cryptocurrency exchanges such as Abra and traditional trading platforms.
Step 1: Getting BTC
In order to buy VTC in cryptocurrency exchanges, you will need to have BTC in your wallet first. This will be your main cryptocurrency. The good thing is, bitcoin is readily available in the country. Although VTC is available on different trading pairs, for the sake of this article, we will choose a BTC/VTC pair in trading platforms.
How to Buy Bitcoin using Coins.ph
Coins.ph is one of the leading cryptocurrency wallets in the Philippines because of its convenience. Aside from having a bitcoin wallet, users can also convert their PHP to other tokens such as ether, bitcoin cash, and ripple. (As of October 2, 2018).
- Sign up and Register for a Coins.ph account (Register here!)
- Verify your account and complete necessary KYC (know-your-customer)
- Have your Philippine fiat ready and cash in your account via:
- 7-Eleven Cliqq Kiosk
- Palawan Pawnshop
- UnionBank or other bank accounts
- Once you have PHP in your Coins.ph wallet, convert it to BTC
- Transfer this BTC to your cryptocurrency exchange of choice.
How to Buy Bitcoin using Credit Card / Debit Card If you want to buy BTC using your credit/debit card, you can choose Changelly. It is a cryptocurrency broker that will also let you purchase litecoin, bitcoin cash, and ether using your card. Steps: Sign up and register to Changelly (Register here!) Choose as to whether you want to purchase crypto using USD or EUR Choose what token you want to purchase. It can be bitcoin, bitcoin cash, litecoin, or ethereum. Put your correct token address. For the sake of this article, put your BTC address. Complete the KYC requirements. Input your credit card or debit card information. Verify if all the information is correct. Receive your tokens.
Step 2: Trading your BTC to VTC
Abra is a cryptocurrency wallet and exchange app that lets its user exchange different cryptocurrencies and fiat currencies within its app. As of this writing (October 2, 2018), it has three natively supported coins bitcoin, litecoin, and bitcoin cash; and can exchange 25 cryptocurrencies and 50 fiat currencies.
- Register to Abra (Register here! Don’t forget to start with +63 for Philippine numbers.)
- Verify your account and complete the necessary KYC.
- Have your Philippine fiat ready and add money to your wallet by using
- Union Bank account
- Abra teller
- Tambunting Pawnshops and other affiliated pawnshops
- Bitcoin transfer
- Litecoin transfer
- Bitcoin Cash transfer
- Once you have your account funded, you can now exchange it to *vertcoin (VTC).
*Since VTC is not a natively supported token, in order to withdraw the token, you will need to exchange it first to either bitcoin, litecoin, bitcoin cash, or any fiat currencies.
Traditional Cryptocurrency Exchanges
Traditional cryptocurrency exchanges are your traditional open book trading platforms. By using the traditional crypto exchange, users have the ability to set the buy/sell price of a token or use its market price. In VTC, there are variously available trading pairs such as VTC/BTC, VTC/KRW, VTC/USDT, VTC/PLN, VTC/GBP, VTC/EUR, VTC/USD, and VTC/DOGE. For the sake of this article, we will use VTC/BTC pair.
- Bittrex – Beginners Guide on How to Buy Altcoins from Bittrex
- Poloniex – How to Buy Altcoins Using Poloniex From the Philippines
Steps in Buying VTC using Bittrex
- Register and verify your e-mail address
- Fund your Bittrex account by going to Wallets > BTC > +
- Use your BTC in your cryptocurrency wallet such as Coins.ph, Abra, Bitbit.cash, etc and then transfer it to your Bittrex wallet.
- Go to Trading and search the BTC/VTC trading pair
- Put the amount of VTC you want to buy and you can either set the price or buy using the market price.
- After completing the purchase, go to Withdraw > VTC.
The steps shown above are almost the same in other traditional cryptocurrency exchanges.
Vertcoin (VTC) Wallet
Vertcoin has its own wallet called Vertcoin Core, according to its official website it is “forked from upstream bitcoin core”. In addition, the site also included third-party mobile wallets and hardware wallets.
- Vertcoin Core (Windows) (MacOS)
- Electrum-VTC (Windows) (MacOS)
- Mobile Wallets
- Hardware Wallets
Lifetime VTC Price Chart
According to CoinMarketCap, vertcoin initially traded at 0.072872 USD on January 20, 2014. It suddenly reached its first spike a couple of days later on February 5, 2014 that got it up to 9.67 USD per token. Because of the abrupt spike, the price went down and continued to be around 0.01 to 0.09 USD from September 2014 to April 2017. By May 2017, its price was slowly picking up until it reached its peak again on December 6, 2017 at 9.99 USD a piece. As of this writing (October 2, 2018), the token is back below 1 USD and is dancing around 0.6 to 0.7 USD.
VTC – Difference from other Coins
Although VTC is almost the same as bitcoin and litecoin as it offers peer-to-peer digital currency, its movement to ban ASICs in mining is completely different. With this ban, mining VTC is now made available to anybody who has a GPU or CPU.
Vertcoin Key People
Vertcoin is similar to bitcoin and litecoin in terms of being a peer-to-peer cryptocurrency that can be transferred digitally. It believes that banning ASICs in mining will make the token more decentralized as mining is made available to anybody who has a GPU or CPU. It is currently not available directly in the country but interested parties can buy vertcoin in cryptocurrency exchanges and Abra.