VeChain Thor cryptocurrency guide advises where to buy and how to buy VeChain Thor. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about VeChain Thor as well its status in the world of cryptocurrencies.
VeChain Thor, Friday, 2021-06-25
- 1 What Is VeChain Thor?
- 2 Beginner's Guide to VeChain Thor
- 3 Where and How to Buy VeChain Thor?
- 4 VeChain Thor Markets
- 5 Where to Spend or Use VeChain Thor?
- 6 How Does VeChain Thor Work?
- 7 VeChain Thor Regulation
- 8 Is VeChain Thor Secure?
- 9 History of VeChain Thor
- 10 VeChain Thor Videos and Tutorials
- 11 See Also
What Is VeChain Thor?
The world of cryptocurrencies is evolving very fast. In about ten years, between 2009 and 2018, the cryptocurrencies that have entered the market are more than 1300. Call it supersonic speed. The newer cryptocurrencies are now diversifying what people can do with blockchain technologies. When Bitcoin pioneered the crypto world, the core focus was facilitating the transfer of value or payment on a peer2peer basis. The second generation cryptocurrencies aimed at enhancing payments but also addressed issues such as scalability and speed.
Another generation of cryptocurrencies is now on and focusing on creating complete ecosystems. For example, TRON aims at becoming a blockchain of blockchains. But the most notable cryptocurrency in this third generation blockchain networks is VeChain. Therefore, what exactly is VeChain? How does it work?
VeChain is a cryptocurrency crafted with a mission of enhancing a trustless and distributed enterprise ecosystem for enabling a free flow of information, high-speed value transfer, and efficient collaboration. Like other cryptocurrencies, VeChain provides users with the opportunity to send cash on a peer to peer basis. Its architecture aims at helping to monitor and track agriculture, retail, auto, hospitality and other sectors' info using its public ledger. It is a great way for verifying products before making a purchase.
Since its arrival in 2015, VeChain has progressively added new products to make its blockchain more valuable and reliable. The inclusion of smart contract templates in the VeChain code’s second update opened the door for businesses to join and use the network to leverage growth. This mode of operation, together with the unique targeting of the Hub Culture helped to catapult VeChain to the top twenty cryptocurrencies in the market by early 2018.
By January 2018, the value of VeChain had grown to reach $4.5 with a market capitalization of $2.5 billion. The emerging interest and growing community have caught the eyes of investors. The cryptocurrency appears to have entered the exponential phase, and its investors can expect reaping more in the coming years.
In February 2018 VeChain rebranded itself to VeChain Thor. VeChain CEO, Sunny Lu, confirmed partnership with BMW (German car manufacturing giant) in the same event.
Beginner's Guide to VeChain Thor
The popularity of cryptocurrencies is growing very fast. Initially, people were skeptical because of the high level of anonymity demonstrated by cryptocurrencies. But things are entirely different today as emerging cryptocurrencies such as VeChain are drawing a lot of attention. VeChain joined the market in 2015 and grown to become one of the leading cryptos by early 2018.
From mid-2017 to early 2018, the value of the native tokens in the VeChain network, VET/VEN, rose from under one dollar to more than $4.5. This explosive growth has aroused huge interest in the cryptocurrency with some people arguing that it could be the next Bitcoin.
Is it a good network to join, invest, and use in advancing a business?
VeChain cryptocurrency is different from other crypto networks because it provides an ecosystem that aims at pooling all sectors together. Its history dates back to 2002 when the Hub Culture was formed to help with information dissemination. After the entry of blockchain technology in 2009, VeChain founder and his entire development team saw the network as a great opportunity to reach more people. The operation of VeChain closely mimics that of Ethereum especially the implementation of smart contracts.
Many people are now seeing VeChain as the ultimate crypto that allows them to join, own, and optimize ROI (Return on Investment). If you are looking forward to joining this high potential cryptocurrency, it is important to start by digging all facts about it. You need the right guide to understand.
This guide is a comprehensive analysis of VeChain network to demystify everything you have heard and needed to know about it. The guide explores the markets, how to buy, where to sell, and the technology involved in the network. It also focuses on security, consumer protection and the probability of the network becoming a major payment network. These are only a few things of what this comprehensive guide details. Welcome to explore more about VeChain to make the right decision when investing in its native asset and joining the network.
Where and How to Buy VeChain Thor?
Joining the cryptocurrencies opens the window to many opportunities. Investing in cryptocurrencies such as VeChain allows you to own the network and enjoy huge ROI (Return on Investment). However, you need to start by acquiring the native tokens. Here is how and where to buy VeChain.
- Ensure you have ample cash to buy the quantities of anticipated VET.
- Acquire a VeChain cryptocurrency wallet. The wallet is very crucial because it is the ultimate destination that will hold your coins.
- Select an appropriate point of purchase. These are platforms that bring together buyers and sellers in the industry to facilitate trading. The best platforms for buying VeChain are the exchanges such as COSS, Qryptos, HitBTC, and Binance. These are the top markets that sell VeChain, Bitcoin, and altcoins based on market demand and supply.
- Consider buying directly from those who already have VeChain. The direct purchase is facilitated by clubs such as LocalBitcoins.com. Note that the clubs link buyers and sellers, and allows them to agree to the terms and conditions of trading.
- Buy VeChain from brokers. These are middle-dealers who acquire VeChain and other altcoins to sell at a profit. Though their trends follow those of exchange platforms, the prices are adjusted upwards to cater for their profits.
VeChain Thor Wallet
A cryptocurrency wallet is a must have for every person who wants to enter the cryptocurrency industry. The wallets are the main storage locations where your altcoins, tokens, and other digital assets are stored. The design of VeChain and most cryptocurrency wallets aims at facilitating holding, trading, and daily management of the coins in the VeChain network. However, the definition of a wallet as a facility for storage is a misnomer. In reality, your coins never leave the VeChain network. Therefore, what do the wallets store?
The VeChain wallets are designed to help store two things; the private keys and the public keys. The private keys are special pass-codes that help users to bring their coins alive in the network. Every time that you want to transact in VeChain, the private keys will be required. As the name suggests, the keys are private and users should never share them.
The public keys, unlike the private pass code, can be shared. The keys help to point at your wallet. They are the codes that you provide to people who want to make payment to your wallet. This implies that you can share the code with other users in the VeChain network or payers intending to make payment using VeChain coins. The public keys are also used when confirming transactions in the network.
When picking the wallet of choice, it is important to appreciate that they are available in various types. You can opt for the hardware wallet, the desktop wallet, web-based wallets, mobile wallets, and even paper wallets. The following are the top four VeChain wallets of choice.
1) Ledger Nano S (hardware wallet)
- Ledger Nano S has won the cryptocurrency community’s heart for being the most secure wallet in the market. The wallet is designed by a US/France-based company that wanted to create a system that users can rely on to invest and relax without worrying about attacks from cybercriminals.
- When you acquire and use the wallet for the first time, it generates the private keys recovery seed phrase. This is a phrase that you should use to recover the private keys should the hardware be lost or damaged.
- All the VeChain coins are stored in the Ledger Nano S special chip located deep in the hardware. The most notable thing about the wallet is that the private keys do not leave the hardware when confirming the transactions. So good is the wallet's safety that users can confirm transactions even when using compromised computers without worrying about attacks.
2) MyEtherWallet (desktop wallet).
- MyEtherWallet is an open-source, client-side, and free cryptocurrency wallet. The wallet allows the user to interact with the VeChain blockchain network and take absolute control of his coins. Note that unlike the Ledger Nano S where the manufacturer takes a lot of focus in securing your coins, MyEtherWallet puts everything in your hands. This implies that you need to be extra careful with the wallet right from the beginning to avoid losses.
- When you visit MyEtherWallet for the first time, a message running on the interface reminds you that all transactions take place inside the computer in the browser. Therefore, you need to ensure that the wallet is up to date and a backup is secured.
3) Trezor (hardware wallet)
- This is another hardware wallet that operates in many aspects like the Ledger Nano S. It is a finger-sized hardware that looks like a standard flash drive. It stores all your VeChain coins offline and only connects to the network when plugged into a computer or phone.
- Many people have come to like the Trezor because it allows them to handle multiple cryptocurrencies. This implies that you can keep Bitcoin, VeChain, Ethereum, and Dash among other coins in the Trezor.
- When you use the wallet for the first time, it generates the recovery seed phrase that you should use in the case of Trezor damage. Besides, it provides multi-factor authentication procedure that requires users to confirm transactions with the button the wallet. This means that even if a hacker manages to break into the wallet, it will still be impossible to siphon the altcoins without the physical wallet.
4) MetaMask (web-based wallet)
- This is one of the leading web-based wallets in the market today. Unlike the hardware and desktop based wallets, this wallet allows users to manage their VeChain coins right from the browsers. The wallet runs like an extension that helps users to access the decentralized applications right from their Chrome browsers.
- As a web-based application, you are likely to become an easy target for web criminals. To address this, MetaMask provides users with a secure interface for managing your VeChain account without worrying about exposure to third parties.
- To operate safely on the MetaMask wallet, it is important to ensure it is always up to date. You should carefully secure the private keys and recovery seed stored away from the main computer. It is also advisable to ensure that you only access the wallet from the same computer to keep the risk of attack low.
Where to Buy VeChain Thor with Credit Card?
Credit cards are some of the most preferred methods of payment because of their acceptability. Unlike cash, the cards are accepted both in conventional and online marketplaces. Now, you can even buy VeChain coins using credit cards. Here is the process of buying VeChain using credit cards.
- Start by loading credit card with ample cash to buy the preferred quantities of VET.
- Open a cryptocurrency wallet of choice. This is the most important step because the wallet is the digital location that will hold the coins after the buyout.
- Select an exchange such as CEX.io and Coinbase that accepts credit cards.
- Visit the purchase section on the exchange dashboard and select pay with credit card.
- The selected VeChain coins will be credited to your account. Depending on the selected exchange, it might be possible to move the coins directly to your wallet.
Where to Buy VeChain Thor with PayPal?
There is no way to buy VeChain coins directly with PayPal. PayPal discourages users from making direct payments to cryptocurrency networks. The company sees these crypto networks as direct competitors and, therefore, takes every initiative to discourage their growth. If your cash is in PayPal, the best way to buy VeChain coins is converting to fiat or loading to the credit card. Though this could take longer and cost more, you will be able to buy directly from the bank or using credit cards.
How to Buy VeChain Thor with Wire Transfer?
Almost every person has a bank account. It is the principle financial component that conventional institutions such as credit reference bureau, mortgage companies, and insurance firms used to gauge your financial capabilities. Banks are also the primary sources of advice on investment. Now, if your cash is in a bank account, it is possible to purchase the preferred VET directly. Here is the process of buying VeChain through wire transfer.
- Start by reviewing the cost of VeChain to establish the amount of cash that will be required. Then, make sure there is ample cash including the funds for paying the transaction charges.
- Open a VeChain crypto wallet. The wallet will be your central location for holding the native assets on the VeChain network. The wallet will also be used to manage the transactions done using the native coins.
- Select a cryptocurrency exchange that accepts payment in wire transfer. These exchanges include COSS and CEX.io. Note that they charge more and also take longer because they have to verify all the personal and bank details.
- Remember that you will need to open an account with the exchange platform using personal details such as name, address and phone number.
- On the cryptocurrency exchange dashboard, navigate to assets trading section and select the VeChain coins you want to purchase. Then, select pay with a wire transfer. Here, you will be required to provide bank details and authorize the exchange to make a claim.
- The moment you hit the complete transaction button, the processing will automatically enter the pending status. It will remain this way for the next couple of days until the cash hits the exchange.
- Note that the cash will go to your cryptocurrency trading exchange account. To store them in the wallet, you need to visit the account and withdraw to the wallet using the right public address.
Where to Sell and Trade VeChain Thor?
If you have been in the VeChain network for some time, the chances are that you have some native coins. Though you can opt to hold the coins waiting for the value to go up, a better way to earn more is through trading. Cryptocurrencies are traded in crypto exchanges that operate just like the standard forex markets. However, they deal with cryptocurrencies as opposed to fiat currencies.
As you decide to join the crypto trading community, it is very important to select the platforms with extra caution. This is because the cryptocurrency exchanges are the easiest targets by attackers. To pick the right VeChain trading platforms, here are some useful tips to consider.
- Look for the trading platforms with a good reputation.
- Only go for the exchanges without a hacking history.
- Identify only the trading platforms with low transaction fees.
- The best platforms should provide users with the opportunity to trade in multiple cryptocurrencies.
- Your selected platform should accept multiple payment options.
Since 2009 when cryptocurrencies entered the market, the number of cryptocurrency exchanges has been growing rapidly to keep pace with the fast-growing crypto networks. Here are the top five cryptocurrency exchanges on the market today.
How Much Are the Transaction Fees of VeChain Thor?
One area that VeChain has lagged behind when it comes to anchoring its position in the crypto world is the transaction fee. VeChain does not have a clear transaction fee structure. Users in the network report that they are charged between 0.1% and 1% of the trading volume. Besides, the cost of trading VET in the top crypto exchange has been very high. At Binance, VET traders have been paying up to 5 VET per transaction. Many people have indicated that this is a loophole that could be exploited to raise the fees anytime on the network.
VeChain Thor Markets
Cryptocurrency markets are the platforms that provide crypto asset owners with an opportunity to meet and trade. The markets have been growing rapidly to keep up with the emerging demand and growth in cryptocurrencies. One thing that users should carefully note when looking for or using cryptocurrency markets is that they are an easy target for hackers. Here are the main markets to consider when trading VeChain.
- Binance is a Hong Kong-based cryptocurrency platform started in mid-2017 by Changpeng Zhao. The exchange was created after a successful ICO that also saw the exchange release a token referred as BNB. Since July 2017, Binance grew rapidly to become one of the leading exchanges by early 2018.
- The cryptocurrency exchange is a crypto-to-crypto trading platform. This implies that you cannot trade on the platform using fiat currencies. This model of operation is used by exchanges to circumvent the need for advanced verification when fiat currencies are involved. However, it is a great disadvantage especially for new traders who want to buy with fiat currencies.
- One of best things about using Binance is its low transaction fee. By charging only 0.1% of the transaction volume, it means that the exchange is one of the cheapest in the industry. You can, therefore, keep the bulk of the profits.
- Both pro traders and new VeChain enthusiasts prefer the exchange because it provides many trading pairs. This allows you always to have a chance to jump to the most profitable options. Besides, the exchange provides users with regular discounts on the transaction fee.
- Huobi is a Chinese based cryptocurrency trading platform started in 2013. It grew rapidly in the subsequent year to reach over 260,000 transactions worth over one billion Yuan. Initially, the exchange was charging a fee of 1% to 2% before the Chinese authorities cracked on mining pools and exchanges. By early 2018, the exchange was charging 0% on deposits and a maximum of 0.2% for all transactions.
- The exchange allows users to trade in multiple cryptocurrencies. It also provides advanced analytics on every trading pair to assist users make the right trading decisions. Besides, the user interface is very easy to use for both new and experienced crypto traders.
- COSS is an abbreviation for the company called Crypto One Stop Solution. The platform was launched in April of 2017 with the main aim of offering all crypto operations solutions. It provides a payment gateway, a crypto wallet and crypto exchange. The exchange’s extra focus on security through 2-factor authentication and moving clients’ VeChain to cold storage has won it approval great approval from users.
- To make trading more appealing and profitable, COSS accepts a very large number of crypto assets. This is a great opportunity for VeChain traders to ensure they are always trading profitably. If one trading pair is not profitable, you can easily shift to a different one.
- Unlike other exchanges such as HitBTC that insists on holding traders assets for sometime before releasing them to users, COSS is different. Users are allowed to make prompt withdrawals to their wallets. This implies that you do not have to leave VET in the exchange where they are highly vulnerable. Simply put them in your secure wallet when not trading.
- HitBTC is a leading crypto trading exchange that has won the hearts of traders for its extra reliability. It has a very large number of the tradable digital assets. This implies that you can trade VET for other digital assets and tokens.
- Like Binance, HitBTC has a very low trading fee. Traders only pay 0.1% of the transaction volume to the exchange. The fee is very small when compared to other platforms that charge as high as 1%. Even those who move a lot of VET in the exchange are sure of keeping bulk of the profits or converting them to preferred digital asset.
- The main disadvantage of using HitBTC is that it has a hacking history. In many cases, traders are encouraged to avoid exchanges that have a hacking history. Though the exchange has done a lot to improve its operations, the history appears to progressively taint its image. The other shortcoming is that it takes time before withdrawals can be effected.
Value of VeChain Thor
Between 2015 and early 2017, the value of VeChain remained below the one US dollar mark. However, it took an upward shift towards the end of 2017 and early 2018. By the close of January of 2018, the value of VeChain had grown to reach $4.5 with a market capitalization of USD 2.5 billion. It appears that more people are just starting to discover the potential of VeChain and moving in to take the opportunity. If the trend continues, the value could surpass other top cryptos in the market.
Is It Profitable to Invest in VeChain Thor?
The main aim of moving to the blockchain networks is optimizing profitability. Whether aiming at short-term or in the long-term prospecting, investors want to see their investment portfolios growing over time. VeChain has become the new attraction to investors targeting making high returns cryptocurrencies. But some people have been asking whether it is a great idea. Here are four reasons why VeChain is the way to go when investing in cryptocurrencies.
- The cryptocurrency value has demonstrated unique affinity for progressive growth
- Between mid-2017 and early 2018, the value of VeChain has grown from less than one US dollar to about $4.5. But it is the enthusiasm and buzz that VET is creating in the market that have made many investors head to VeChain. Experts are indicating that the design VeChain has the potential to become the next Bitcoin.
- The cryptocurrency interweaves well with daily ideals of the society.
- While the core target of investors is to make a profit, many people in the community today want to feel they are advancing towards a noble course. The Hub Culture members and VeChain Foundation have directed their efforts towards green lifestyles. This noble focus is making the cryptocurrency to attract a lot of interest, especially from corporate entities.
- VeChain is venturing into a niche that its developers understand very well
- While other cryptocurrencies start from scratch, VeChain had already covered many miles in the target route. This means that the approach and target are well understood by the development team. This assurance has been the main reason that many top multinational giants such as Pricewaterhouse Coopers (PWC), DNV GL and BMW are confident of working with VeChain. If such multinationals have confidence with VeChain, you should not shy away from investing there.
- The entire VeChain team comprises of experts
- If you want to get a lot of profit, it is advisable to start by seeking expert advice. However, it will be a more fulfilling option when you target joining a niche that comprises of experts only. The VeChain platform is crafted and run by top professionals who will steer the investment to profitability. They have demonstrated this by helping the cryptocurrency operate profitably and without fear of attacks.
- No matter the angle you look at VeChain from, the indicators are all positive. It is time to make a move as the cryptocurrency embarks on a long journey to becoming the best network in the industry. However, it is important to appreciate the risks that come with investing in cryptocurrencies. You should especially follow the rule of the thumb that indicates investors should only invest what they can afford to lose.
Where to Spend or Use VeChain Thor?
- The acceptability of a cryptocurrency can be assessed by the number of stores that allow it for payment. VeChain has been working extra hard to craft partnerships and ensure that its native coins can be used for making direct payments. This approach appears to be bearing results because of the growing list of partnerships from corporates that want to use the VeChain network. These include the Renault Group, BMW, DNV GL, D.I.G, China Unicom, and Pricewaterhouse Coopers. With these corporates working towards accepting payment in VeChain coins, it is a matter of time before it becomes the top payment method.
- It is important to point that even with these partnerships, VeChain still lags behind regarding the total outlets that holders of its native tokens can walk into and make a purchase. It is important that the development team and the VeChain Foundation put extra effort into ensuring that VET is accepted in more online stores. Remember that even if a store only accepts another crypto such as Bitcoin, you can simply convert at the crypto exchanges.
Can VeChain Thor Grow to Become a Major Payment Network?
VeChain is already on the route to becoming a major payment network. The design of the cryptocurrency and its operations targets taking the blockchain network to every sector. This means that it could become a must have thing for most traders. Here are additional reasons why VeChain could become a major payment network.
- The cost of sending funds in the VeChain network is relatively small. As one of the upcoming cryptocurrencies, it means that the payment as a percentage of VeChain value remains higher compared to a similar charge in other top networks.
- VeChain has come from the supply chain niche that gives it a huge client base. By working with most companies to assist them track products in the shipping niche, VeChain is likely to ride on the same popularity to become a major payment network.
- VeChain offers latest solutions to real-time issues. By using advanced Internet-Of-Things products such as QR Codes and NFC Chips, it implies that businesses using the blockchain technology can follow their products through the supply chain to delivery. This is the assurance that traders want at a time when the problem of counterfeits has become a serious threat success.
- The VeChain team has been working very hard to form partnerships with top brands. For example, it has penned a partnership with international brands such as PWC and DNV GL that have a lot of followers. For example, the DNV GL is a petroleum company that supplies oil, gas, and renewable energy supplies across the globe. These partnerships have demonstrated VeChain in good light and made a lot of businesses to trust it as a means of payment.
How Does VeChain Thor Work?
VeChain, like other blockchain networks, is designed to help remove trust in centralized systems and allow users to operate on a peer-to-peer basis. The blockchain network allows users to scan smart chips on their products and follow their products using the public ledger. Because the blockchain is an immutable blockchain, it means that details added to it can be used to check a specific item or cargo by different parties spread across the globe.
To operate in the VeChain network, you need to start by joining as a node. The VeChain network uses proof-of-importance algorithm to classify the nodes spread in the network. This means that you can join the network to either send payments, receive payment, check specific product info or become a node for confirming transactions. Note that sending and receiving cash in the VeChain network can only be done through the native asset, VET/VEN.
The network also allows traders to run smart contacts plugged into the VeChain network. Smart contracts help traders to diversify their products and run specific projects based on individual terms and conditions. This implies that the terms and conditions of the contracts can be different from the VeChain network’s requirements. All the payments for smart contracts have to be made in VET.
Does VeChain Thor Use Blockchain Technology?
Yes, VeChain uses blockchain technology. VeChain operates as a public ledger that is used to manage information in a chronological order. The architecture of VeChain aims at ensuring that all transactions are captured and permanently added to the public ledger. The blockchain facilitates storage and access of information for confirmation by respective users. Whether your transaction was agri-based or in the logistics among other areas, the details in the public ledger can easily be accessed to confirm, follow cargo, or authenticate special applications. Note that only those with access to the public ledger such as nodes and smart contracts can access the ledger.
When a user in the distributed network flags off a transaction, the details are encrypted at the node before being taken by the nodes spread in the network. The nodes are users spread in the network and assist to drive the VeChain ecosystem. They pick the details of the transactions and confirm that the user's account details are correct. Once the nodes confirm transactions, they add them into the public ledger and get rewarded with part of the charges paid by users.
Unlike the common cryptocurrency networks such as Bitcoin that use proof-of-work consensus model, the VeChain system employs proof-of-importance algorithm. This is an advanced form of proof-of-stake because the nodes have to demonstrate their importance in the network. It is only the most important nodes that include Strength Nodes, Thunder Nodes, Mjolnir Nodes, and Thrudheim Nodes that confirm and add new blocks into the VeChain public ledger. In March 2018 VeChain also brought VeThor X Nodes to certain group of users who had at least 6,000 VET tokens on their account.
Mining VeChain Thor
There is no mining in the VeChain network. The VeChain employs the latest proof-of-importance algorithm that puts a lot of weight to those who hold greater value in a network. This means that when you join the network to run as a node, it will only operate as a standard node. You can only send and receive payments but cannot verify transactions.
To start verifying transactions in the network, you need to increase your importance in the network. This is achieved by increasing the amount of VET you hold, using the network intensively, and running smart contracts in it. You need to do everything possible to demonstrate that you are an important node in the network. Note that this could take time.
What Are the Advantages of VeChain Thor?
VeChain has entered the market at a time that the problem of Big Data has become very serious to both to individual businesses and governments. By creating an ecosystem for prompt analytics and access to information, more stakeholders can now rely on VeChain to get the best info about their enterprises. Here are additional benefits you will get from using the VeChain network.
- The cryptocurrency network is a great method of sending value on a peer2peer basis without involving third parties.
- This means that you can now invest and send money from one point to another without involving third parties like banks or other financial providers. It also implies that the transactions are cheaper, more reliable and extra convenient.
- The blockchain allows users to operate without worrying about third-party seizures.
- If you have some savings in a bank account, they can easily be frozen through a court order. Whether you found yourself on the wrong side of the law or a case has whirled into your doorstep, the funds saved in the VeChain cannot be reached. No one can know about it or even freeze it.
- It provides solutions for growth and success to both businesses and governments.
- While many cryptocurrencies mainly focus on individuals and businesses, VeChain also targets to assist administrations address issues related to big data. This means that the network has a huge potential for growth and success.
- It is a great investment opportunity.
- For years, the main focus of investors has been real estates and bonds that promised huge returns. However, it has emerged that there are new opportunities that guarantee higher returns. VeChain has demonstrated its potential for generating high ROI (Return on Investment). The value of VeChain has grown to reach $5 by early 2018, and it is expected to continue growing in the coming months.
- The cryptocurrency has everything you need to catapult a business to success.
- A closer look at the VeChain network reveals that it is more than a simple system for sending and receiving cash. The network is crafted to help enterprises easily source for funds through ICOs (Initial Coin Offering) and even run decentralized apps for growth. This means that an enterprise in the tech niche such as gaming, finance, and others can thrive entirely on the VeChain network.
- The network is the latest model that focuses on creating a holistic ecosystem for all sectors.
- While other cryptos have maintained their focus on specific niches such as finance, music, and gaming among others, VeChain has broken the trend. It aims at ensuring that all the sectors including the auto, agriculture, e-commerce, and insurance among others are covered.
- The best opportunity to use and own the network.
- When people join the VeChain, they do not simply use the network to send payments; they also own it. This means that you have the opportunity of joining the nodes for consensus building. Note that you also get rewarded for confirming transactions and adding new blocks to the VeChain public ledger.
What Are the Risks of VeChain Thor?
When people join the cryptocurrencies networks such as VeChain, the risks that come with them are very many. While the potential for investment growth in crypto assets is very high, the risks are equally many. The most notable of these risks include the threat of the looming danger of oncoming laws. Other risks of using VeChain include.
- The danger of getting lost
- When you use a bank to send money, it checks the details of both the sender and recipient. This means that you are sure beyond reasonable doubt about the recipient. The transaction can even be canceled to prevent losses. However, you are at great risk of losing VET if you send them to the wrong address. After a transaction has been confirmed and added to the public ledger, you cannot reverse the transaction even if they VET went to the wrong address.
- The looming laws
- Since 2009 when cryptocurrencies debuted, many governments have harbored the feeling that their powers are getting usurped. Because of this feeling they have threatened to pass harsh laws to limit growth and success of cryptocurrencies such as VeChain. For example, Russia has already drafted a bill that targets to define and limit all cryptocurrency related activities.
- Risk of getting involved with criminals
- The ultimate focus of VeChain is providing businesses with a platform to run smart contracts. This means that they can run their enterprises based on individual terms and conditions while plugged into the VeChain network. However, this can also be a great threat because clients have no way to verify the authenticity of these enterprises. If a trader indicates he has a product and a client makes payment using VET, there is no redress if the items turn out to counterfeit. Because such transactions are irreversible, you can neither complain nor get the money back.
- High volatility
- Cryptocurrencies are highly volatile. They are greatly affected by occurrences in the crypto niche as well as other sectors. This volatility is expected to affect the value of VET and investors' profitability over time. For example, the value of VET shifted downwards when a South Korean crypto exchange was attacked late in 2017. Other factors that are likely to affect the volatility include looming regulations and entry of new cryptos.
- The threat of cyber attacks
- When you join a cryptocurrency network, it is important to appreciate that the threat of cyber attacks always looms. It is not uncommon to hear people saying they have lost crypto coins after hacking attacks. Though the VeChain development team is always working on lowering the risk of attacks, it is crucial that you also do your part. You need to make sure that the computer used for VET transaction is always up-to-date and only select secure cryptocurrencies.
- The VeChain system is too broad
- While the VeChain concept is appealing, there are concerns that the mandate is very broad. The focus of bringing every niche into VeChain network could proof to be a tall order. It would have probably been better if the VeChain team started with a smaller niche before expanding to the bigger.
What Happens if VeChain Thor Gets Lost?
For many people joining the VeChain technology, one of the core objectives is investing. The native VeChain coins' value is expected to continue growing over the years and generate high ROI (return on investment). However, you should be cognizant of the risk of loss. Here, it is important to understand what happens when VeChain gets lost.
One thing you need to appreciate about VeChain is that the native coins only reside in the blockchain network. Unlike the standard coins and notes that can be lost through physical destruction or literally getting stolen, loss of VeChain coins means a different thing.
If you lose VeChain coins through hacking or sending to the wrong address, it means that the coins have changed hands. It is a transaction completed and immortalized in a public ledger. This implies that the coins will still be in the VeChain network but under a different person. What is stressful about this type of loss is that you cannot know the actual person who has the coins and the transaction is irreversible.
The second type of loss occurs when you forget or misplace the private keys. Because the private keys provide the access to your account and stored coins, losing them means you are locked out completely. In this case, the VeChain coins will remain in the network in a dormant state.
The last type of loss happens when the wallet gets damaged or lost. The selected VeChain wallet operates like an app. It can get damaged through attacks by malicious codes or the computer’s hard drive getting formatted. Your computer can also be lost or stolen together with the VeChain wallet in it. In such a situation, it means that the native coins are still in the network but in a dormant state. You cannot access them unless the wallet is restored.
VeChain Thor Regulation
Since cryptocurrencies debuted in 2009, their relationship with governments has been full of suspicion. Many administrations hold the view that cryptocurrencies are out to cripple their operations. The main focus of cryptocurrencies is eliminating third parties so that users can cut costs and enjoy greater convenience.
In 2010, the United States Federal Bureau of Investigation (FBI) indicated that cryptocurrencies presented great platforms for illegal activities. Because most transactions are done anonymously, cybercriminals and terrorists could easily take advantage. But the thorniest issue about VeChain and other cryptos is compromising the governments’ capability to collect taxes.
Despite the threats that come from cryptocurrencies, it is very interesting to note that no administration has passed laws to regulate them. Even in countries that have been hitting cryptocurrencies very hard, only direct orders are issued. It is now apparent that crafting cryptocurrency related laws is a mammoth task. Here are the reasons why many countries are finding it difficult to draw regulations.
- Most administrations are playing catch-up when it comes to blockchain technologies. In many cases, the administrations only learn about these technologies after the blockchain networks are released.
- The technologies are molting too fast. Even if a government regulates one blockchain technology, it will easily molt into a more complex model. New technologies are also likely to merge.
- No single party owns the blockchain networks. Unlike banks or companies that have known owners, VeChain and other networks are owned by users spread across the entire globe. Therefore, if you limit them in one country, they will still blossom in other nations.
- The technologies are gaining popularity very fast. Because of the ease of sending cash, reliability, and affordability, many administrations fear losing their popularity. The focus is slowly shifting to enhancing towards countering VeChain and other networks with similar blockchains technologies as opposed to blocking them.
- The issue of cryptocurrency regulation is slowly taking a political dimension. While the current administrations are upbeat about drawing regulations, the opponents are opposed. In Russia, the opposition has strongly differed with the proposed cryptocurrency bill.
The threats and dangers that VeChain and other crypto networks pose to central administrations are the main driver of the current agitation for a regulatory framework. Though these laws might have taken long enough, the truth is that they are on the way. It is also important to anticipate hard-hitting laws that could alter the course of cryptocurrencies in the globe.
Is VeChain Thor Legal?
VeChain is legal in most countries. By early 2018, very few countries had passed clear regulations to guide the application of VeChain and other cryptocurrencies. From complexities to uncertainties involved in regulating cryptocurrencies, most countries have crafted taskforces to study and recommend the best directions in regulating cryptocurrencies.
One notable thing about the cryptocurrency related laws is that many countries are holding on to see the direction they will take. For example, the United States, Hong Kong, and Australia have appreciated they will benefit a lot from cryptocurrencies. Experts have indicated that they are studying the blockchain technologies to ensure that the regulations can help to catapult the jurisdictions right ahead of others.
When it comes to technical things such as cryptocurrencies, many are the countries that look at what the top giants do. Therefore, once jurisdictions such as the US, the EU, China, Canada, and Japan among craft crypto regulations, many other nations are likely to follow the trend. To understand more about the VeChain regulation, here is a closer look at individual jurisdictions.
- The European Union. The EU had not passed any laws guiding design or application of cryptocurrencies in its jurisdiction. Since cryptocurrencies debuted, the EU has given mixed reactions about its commitment to regulating them. The EU Central Bank was the first to caution its users that VeChain and other cryptocurrencies are highly volatile. But the EU Parliament appears to have a different viewpoint.
- The EU Parliament has indicated that the benefits from cryptocurrencies are evident and it wants to understand them before crafting relevant laws. Some reports indicate that the parliament is considering its own blockchain to understand the operations of cryptos.
- South Korea. South Korea is one country that has seen huge growth in cryptocurrencies. A lot of crypto exchanges prefer to base their headquarters or run branches from South Korea because of the unique receptiveness. However, there are no laws regulating the application of and use of cryptocurrencies such as VeChain. The only order on cryptocurrencies was passed after the hacking attack on a South Korean exchange that made it file for bankruptcy. The order required all trading accounts to implement know your customer strategies so that no one trades anonymously.
- Russia. VeChain is legal in Russia. Just like South Korea, Russia appears undecided about the route to take with cryptocurrencies. Initially, Russia indicated that it was opposed to cryptocurrencies regulations. The finance ministry took a hands-off approach with clarifications only indicating that cryptocurrencies were not legal tenders. But this approach has now shifted.
- In the last quarter of 2017, the finance minister pointed that the Russian authorities could not define whether operations in cryptocurrencies are legal or not. In January of 2018, the Russian Central Bank released a draft law that targets guiding most components of cryptos in Russia. The Digital Financial Assets draft law aims at defining crypto tokens, drawing ICO procedures, and creating a legal regime for mining.
- China. China is one jurisdiction that has not had kind words about cryptocurrencies. The country’s strict approach to cryptocurrencies appears in line with China’s focus on addressing cash outflow and reducing corruption. The country has cramped everything cryptocurrency. It started by banning ICOs and freezing cryptocurrency exchanges’ bank accounts. That administration also kicked out miners and instituted nationwide surveillance to ensure that cryptocurrency operators do not compromise the nation's ability to collect taxes.
- Even with this tough approach, there is still no legal framework to guide the application of cryptocurrencies. In reality, the VeChain and other cryptocurrency activities have prospered. By early 2018, cryptocurrency adoption and mining in China grew faster than any other nation in the globe.
- Switzerland. Switzerland is the only nation that has come out in the open to support the proliferation of cryptocurrencies. Its attitude towards cryptocurrency regulation goes against the grain of most countries including the neighboring EU jurisdictions that have taken a very precautionary approach.
- In January of 2018, Johann Schneider-Ammann, the Swiss Economic Minister insisted that they want to make the country a crypto-nation. This focus has become a magnet to many cryptocurrencies with most of them basing their support foundations in Switzerland. Immediately after Johann Schneider-Ammann indicated they wanted to form a crypto nation, the country went ahead and established the first ICO working group to assist with crafting progressive laws to anchor cryptos’ proliferation. Whether other states pass laws that prohibit cryptocurrencies or not, one thing that people are sure of is that Switzerland will be an oasis for crypto growth.
VeChain Thor and Taxes
Like crypto regulations, the subject of taxes is equally complex. Many people running to the cryptocurrencies appear determined to stay away from paying taxes. The notion that VeChain and other cryptocurrencies allow users to make transactions anonymously is a motivation that they cannot be discovered. However, the cover provided by the umbrella of anonymity appears very risky to rely on in the long-term.
When Satoshi Nakamoto founded the first blockchain network, it was thought that personal details would not be discovered by third parties. But advancing technologies have made it possible to follow the strings of every account and unmask the users. Now, if you are in VeChain network, it is advisable to also take caution because your details could be uncovered in the coming years.
Experts are of the view that no matter the blockchain technology in use, failing to pay taxes is courting disaster in the coming years. Many authorities that have been hurt by cryptocurrencies are targeting to backdate review of cryptocurrency users operations back to 2009. Therefore, you cannot afford to wait for myriads of court battles; be tax compliant.
In the US, the Commodities Futures Trading Commission (CFTC) clarified that cryptocurrencies are commodities. This means that you must take income from cryptos such as VeChain as taxable revenue. In Canada, the Canadian Central Bank clarified that cryptocurrencies are more crypto than currencies. Therefore, they should be treated as securities. Every jurisdiction from Japan to Argentina insists that paying taxes from crypto trading is not negotiable.
How to operate in VeChain and remain tax compliant
To be sure of being on the right side of the law when operating on the VeChain network, it is important to understand the crypto network. Experts hold the view that just like trading in the forex markets, the crypto operations should not be an exception when it comes to taxes. Here are five tips for operating in VeChain and getting it right on taxes.
- Consider revenue from VeChain trading as taxable income.
- Make sure to follow the progress of regulations so that requirements for changes in tax-related matters do not get you off-guard.
- Always capture the value of VeChain and the corresponding fiat currency at the time of trading.
- Ensure to take notes of important things in every VeChain trading transaction. These should include volume and the profit.
- Because VeChain mainly targets helping traders to track and access information, it is important to ensure that all operations are in line with tax returns standards. You can achieve this by working with tax experts.
Does VeChain Thor Have a Consumer Protection?
VeChain does not have consumer protection. The architecture of VeChain, like other cryptocurrencies, is to bestow ownership to the nodes spread in the network. This implies that only the nodes in the network are responsible for every activity that takes place. When an issue that requires attention happens in the network, the nodes have to come to a consensus for an action to be initiated.
The closest that VeChain goes to offering some form of consumer protection is through the VeChain Foundation registered in Singapore. However, even the foundation is not directly responsible for consumer protection. Instead, it mainly aims at supporting the development team to secure the network and support all the features.
The notion of consumer protection is even worse because VeChain is not regulated. Therefore, if you send funds to the wrong address, the wallet is attacked, or other nasty things happen in the network, you cannot run to the courts. The lack of consumer protection in the VeChain network means that you are responsible for your protection in the network. Consequently, it is important to protect your network carefully by selecting the exchanges that have no hacking history, updating your wallet regularly, and storing the VET offline when not trading them.
Illegal Activities with VeChain Thor
Criminals have been on the lookout for avenues that can provide them with the cover when they carry harmful activities. Cryptocurrencies have proven to be a good option because they allow users to operate in total anonymity. However, VeChain has not reported cases of illegal activities with its native VET. The founder and development team have been very keen to seal any loophole in the core code to help keep off illegal activities. However, the team has to demonstrate its capability to maintain this approach as the network ultimately edges towards providing a platform for ICO (initial coin offering).
Is VeChain Thor Secure?
VeChain is one of the most secure cryptocurrency networks out there. The network was established on the premise of providing a comprehensive ecosystem that every user and nodes could rely on to operate without worrying about attacks. The development team has managed to deliver on this promise because no attack has been successful since the cryptocurrency was launched. The main components used to guarantee users of utmost security when operating in the network include;
- Using the proof-of-importance algorithm.
- Working with a highly tech-savvy development team.
- Releasing regular updates to seal loopholes when they emerge.
- Encrypting all transactions.
While the focus of VeChain network in enhancing the network security has been impressive, it is crucial that all users also play their parts well. Even though the VeChain core code is secure, you are still at a great risk of attack depending on the status of your computer and the selected exchanges. Therefore, here are the five tips to stay secure when working on the VeChain network.
- Only select the cryptocurrency that has demonstrated the commitment to trader's security.
- Make sure that your private keys are kept safely and away from the main computer.
- Do not share the private keys with anyone.
- Always keep the computer at home as well as the VeChain network updated.
- Make sure to maintain backups of the VeChain wallet.
Is VeChain Thor Anonymous?
For many people coming to cryptocurrency networks, the main expectation is getting platforms that guarantee them of optimal anonymity. They want to know that none of their details can easily fall into the hands of third parties. At VeChain network, all transactions are encrypted so that no third parties can easily access or even know about your details.
To help you operate in greater anonymity, most of the recommended digital wallets are carefully designed to help users generate multiple public keys. This implies that even if someone tries to peg together details that can narrow to your identity, it will be very difficult to conclude because the public addresses are different.
To remain anonymous, it is important that all users avoid sharing their private keys. If a person has your private address, he has direct control of the coins stored there. If you prefer to use paper wallets, the selected safe should be completely out of reach by third parties.
Has VeChain Thor Ever Been Hacked?
Since VeChain core code was launched in 2015, no successful hacking has been reported in its network. The code was released at a time when cryptocurrency networks were being regularly hacked. Therefore, the development team targeted providing its users with a very strong code so that they could operate without worrying about losing their investments.
One thing that users in the VeChain network should appreciate is that though no successful hacking has been reported, it does mean attempts are not made on the network. A lot of hacking attempts are made with the target of stealing the native assets. Therefore, it is crucial that you use every trick possible to operate safely to avoid falling into the hands of hackers. For example, you should always pick the cryptocurrency exchanges with great care and keep the wallet updated.
How Can I Restore VeChain Thor?
If you have some VeChain coins, the most unfortunate thing that can happen is losing them. However, people in the cryptocurrency industry have gotten used to reports of people saying they lost their Bitcoin, Ether, DASH, or even VeChain. The only positive thing about it is that you might be able to restore the lost coins depending on how you lost the crypto coins. Here is an account of how you can restore the coins.
If the coins were lost through forgetting the private keys, you need to regenerate the keys. You can do this using the recovery seed passphrase that was issued by the selected wallet when it was used first. The wallet will require you to provide the seed passphrase to regenerate the passphrase.
For VeChain users who lost their coins through loss or damage to their wallets, restoration can only be possible in two ways. One, you can use the backup wallet. For example, if you had a desktop wallet and stored one of the copies offline, simply install it and reconcile with the VeChain network to get the lost coins. Two, you can get a VeChain compatible wallet and use the passphrase and public address to reconcile with the network.
Note: If you lost VET through hacking or sending to the wrong address, there is no way to recover them. The native assets have simply changed hands and now belong to a different person.
Why Do People Trust VeChain Thor?
Since 2015 when cryptocurrencies’ popularity started growing rapidly, it has been a race between individual networks. The more than 1300 cryptos in the market today are looking for dominance in the industry. The main interest of investors is getting a cryptocurrency that promises them faster growth and success. Here are the main reasons why a lot of people are trusting VeChain.
- The cryptocurrency has demonstrated the capability to grow and become a major payment network. Many users joining the cryptocurrency industry are interested in knowing whether there is ample potential for growth. The crypto community and experts in the industry are upbeat that the current upward shift of the VeChain value will continue in the coming years.
- VeChain is led by a committed expert team. The VeChain Foundation is always looking for better ways of making the network work for the community. Its future orientation has made users to get the unique attachment and commit to moving on together.
- Unlike other cryptocurrencies that only target a single area such as payment, VeChain focus is bringing the entire society together. This implies that the applications are more, the community will be larger, and chances of success are very high. It is this success that is drawing more people into the network.
- The VeChain network has come from a very rich tech background. After helping companies to drive the supply chain smoothly, many people are expecting the same success replicated in the crypto network. This enthusiasm is driving the VeChain demand and value of VET even higher.
- Since VeChain was launched, no case of successful attack has been reported. This is considered by many people as an approval that the network is stronger and more reliable than other networks. Most users in the VeChain community have been comparing VeChain to Bitcoin Gold that was hacked a few days after launch. The secret behind the VeChain network security is a vigilant development team. The team is always on the lookout for threats and releasing updates to protect them. If the team maintains this focus, the network could become one of the safest in the crypto industry.
History of VeChain Thor
The VeChain Foundation was founded in July 2017 in Singapore as a non-profit organization. The VeChain Foundation is governed by the Board of Steering Committee. Led by Sunny Lu as General Secretary the VeChain Foundation oversees the VeChain project. Since the establishment of the VeChain Foundation, the team has brought on, among others, PwC and DNV GL as strategic partners to help transition from VeChain’s functioning blockchain solutions for clients such as D.I.G. and China Unicom to a public blockchain platform and global business ecosystem. The VeChain Foundation envisions a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.
Who Created VeChain Thor?
Sunny Lu is the founding member and working CEO of VeChain and VeChain Foundation. Sunny was graduated from Shanghai Jiao Tong University, majoring in Electronics and Communication Engineering. He has served as IT Executive in Fortune 500 companies for over 13 years and as CIO of LV China. He started the VeChain project in 2015 before creating the VeChain Foundation that created VeChain Thor in 2017.
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