how to buy vexchain

The VeChain network offers real solutions to the world’s economic problems. By utilizing a powerful and adaptive framework, VeChain can bring progressive changes to struggling industries. Due to the potential of VeChain, many crypto beginners have started asking questions like “how to buy VeChain (VET)” and “where to buy VET.”

If you want to buy VET but don’t know where to start, you will learn a lot from this article. We’ll cover the fundamental steps of buying VET, as well as some essential topics about the token.

VeChain (VET) Buying Guide

Step 1: Find An Exchange That Supports VET

To start buying VET, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support VeChain.

Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

  • 500+ Cryptocurrencies Available for Trade
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  • 1000+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • Sign-up bonus : Up to $500 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa
  • 1000+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • 10% reduced trading fees & up to $170 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying VET, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy VET Officially?

Learning how to buy VET is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the VET ticker. You can also look directly for VET trading pairs to save time. Afterwards, just enter the amount of the VET tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About VeChain (VET)

VeChain (VET) is an enterprise-level blockchain network that offers effective and scalable features backed up by a three-fold consensus system. Unlike other blockchains, VeChain applies real problem-solving metrics to handle big issues like data vulnerability, persistent inefficiency, outrageous entry barriers, and multi-chain slowdowns.

These are some of the essential features of VeChain:

  • Three-fold Consensus – VeChain processes transactions based on technical, business, and governance working models.
  • Proof of Authority 2.0 – This advanced POA consensus protocol guarantees the speed and stability of the VeChain network.
  • Authority Masternodes – The Authority Masternodes are responsible for validating big transactions, and their duties are divided among sectors or industries.
  • Dual-token system – VeChain ensures market stability by introducing the VET and VTHO tokens. VET is the primary token while VTHO is the complimentary token for settling transaction fees.

The VeChain platform is currently being used in top industries like finance, medical, environment, big business, logistics, and data privacy. In the future, experts believe that VeChain will be adopted by more industries.

How Does VET Work?

VET, the native token of VeChain, is primarily used for staking, in-platform activities, enterprise solutions, and complex financial systems. Users can also stake VET to gain token rewards over time.

VeChain also has a complimentary token known as VTHO. This token functions as gas for transactions and smart contracts. Plus, users can earn VTHOs easily by holding VETs in their wallets.  

What Makes VeChain (VET) Unique?

The typical blockchain operates with one or two consensus protocols. With these protocols, the blockchain network can achieve many things such as transaction validation, block creation, and progressive upgrades. What if a blockchain can deliver three inter-connected consensus protocols? Such is the capability of the VeChain Thor.

The Vechain Thor or simply VeChain’s consensus protocols are responsible for keeping the network stable and scalable. The technical consensus handles the VeChain platform development. Next is the business consensus that connects business and financial systems to other off-chain platforms. Lastly, the governance consensus is the community-side aspect, allowing users to work together for the improvement of VeChain.

VeChain also relies on Proof-of-Authority 2.0 – an upgraded consensus framework connected to Authority Masternodes. Under this system, the VeChain ecosystem runs with impressive speed, efficiency, and reliability. Proof-of-Authority 2.0 is also the main reason why VeChain is useful for large, complex industries.

Who Are the Founders of VeChain (VET)?

The founder of VeChain is Sunny Lu – the previous Chief Information Officer of Louis Vuitton China. Lu’s experience with business systems, data, and transactions allowed him to create the framework for VeChain Thor. Now, Sunny Lu is working with the VeChain Steering Team in order to deliver the best services and features for all users.

What Are the Use Cases of VeChain (VET)?

VeChain is an innovative, high-level blockchain that has numerous use cases for different industries. Understanding these use cases will help you determine the long-term value and potential of VeChain (VET).

Here are the common use cases of VET:

  • Speculative trading
  • Startup support
  • Blockchain creation
  • DApp development
  • Enterprise solutions
  • Logistics and manufacturing systems
  • Payments and medium of exchange
  • Food safety
  • Anti-counterfeiting systems
  • Medical records
  • Carbon emission tracking

Who Builds on VeChain (VET)?

The VeChain blockchain is meant for project developers, startup founders, blockchain creators, and decentralized event organizers. Any project has the real potential to grow on VeChain because of its detailed consensus phases, advanced governance options, and upgraded Proof-of-Authority protocol. VeChain also offers tons of solutions for business owners operating on the platform. 

Official website: https://www.vechain.org/

Essential Points of the VeChain (VET) Whitepaper

The VeChain Whitepaper discussed the operating framework of the VET blockchain. More importantly, the paper outlined the key solutions offered by VeChain.

These are the strong points of the VeChain (VET) Whitepaper:

  • Multiple consensus phases (technical, business, governance)
  • POA 2.0 (Proof-of-Authority 2.0)
  • Unique governance (community endorsement and block finality)
  • TX (transaction) uniqueness solution
  • VET and VTHO tokenomics
  • Smart contracts implementation
  • Specialized VIPs (VeChain Improvement Proposals)
  • Stakeholder structure
  • Authority Masternode system

The Best Cryptocurrency Wallet for VET

After knowing how to buy VET, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for VET?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of VET wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade VET right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors

Now that you already know how to buy VET, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for VeChain (VET)

Do you want to learn more about VeChain (VET) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!

Additionally, here are some important topics in our blog:

  • Trading speculation about VeChain (VET)
  • The current market prices of cryptos
  • Detailed price charts with comprehensive histories
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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