When using decentralized technologies in business, companies often face a number of problems. VeChain developers have created a platform that, according to them, removes all barriers and allows corporate clients around the world to integrate blockchain for financial management. We present to you an overview of the VeChain cryptocurrency.
What is VeChain (VET)?
VeChain is a decentralized platform that provides solutions for businesses based on blockchain technology. The VeChain platform works as a Blockchain-as-a-Service (Saas) solution and is suitable for businesses of any scale. The protocol supports decentralized process management and interacts with the Internet of Things (IoT) technology.
VeChain is a decentralized blockchain platform designed to improve supply chain management and business processes. Its goal is to optimize these processes and the flow of information for complex supply chains through the use of distributed ledger technology (DLT). In the VeChain cryptosystem, each product receives an individual ID, which is stored in the blockchain. The ID is indicated on the final product in the form of an RFID label, a QR code, and an NFC chip. VeChain’s mission is to help companies solve problems with the supply of goods and optimize logistics processes, reduce costs and speed up delivery to destinations.
Why should I trade VeChain?
Since its launch in 2018, the VeChain project has been successfully integrated into many companies, increasing its market capitalization. You should take a closer look at VET trading for the following reasons:
- The project is extremely popular among partners, so the price of the coin will only grow. The long list of VeChain partners includes such well-known international companies as: BMW Group, Renault, H&M, Walmart China, and many others.
- Over the past year, the interest in the project from traders and investors has increased significantly. The cost of VET has increased by 405%.
- The project, despite the low cost of VET coins, occupies the 22nd place by market capitalization. This fact makes VET a reliable asset.
As of July 31, 2021, the market capitalization of VeChain is $5,650,571,868. The price per VET coin is $0.08789. On April 17, 2021, the project updated its all time high, which amounted to $0.2782. On March 13, 2020, the lowest cost of $0.001678 was recorded.
Where to trade VeChain?
To make the right choice and ensure safe, comfortable and profitable trading, when choosing an exchange, you should pay attention to security, reputation, fees, and diversity. The best platforms for VET trading are:
- Binance – the amount of trading fees depends on the volume of trades made during the month. For those whose monthly turnover is less than 50 BTC, the fee is 0.1%.
- Huobi – an exchange with an excellent reputation. The fee is 0.2% for both the maker and the taker. Holders of HT tokens can reduce them.
- 7b – a crypto broker, a trusted intermediary in the world of digital money. Competitive fees, everything is transparent, no surprises.
How to trade VeChain using the 7b crypto broker app?
Novice traders often face difficulties at first. The complex interface of crypto exchanges, security issues, and the inability to read charts and other dates lead to significant losses. 7b is here to help you trade the VET cryptocurrency smoothly without compromising your wallet:
- Download 7b crypto broker and install it on your smartphone.
- Register to your account.
- Transfer any of the 400 coins to your account.
- Select VET for trading.
- Enter the number of coins to buy or sell.
- That’s it! We will do the rest of the difficult work for you.
Where to exchange VET?
Today, there are many platforms for exchanging cryptocurrency: exchanges, brokers, swap platforms, P2P exchangers. Each of them has its advantages and disadvantages, but not all platforms provide VET exchange. If everything is clear with exchanges, then you should consider the pros and cons of exchanging on brokers and swap platforms:
|Simple interface||Relatively high fees|
|A large selection of exchange pairs|
|User-friendly interface||High fees|
|Anonymity||The reserve of coins may run out|
|The coins are transferred directly to the wallet|
You can use the 7b crypto broker for fast and secure VET exchange. Or use the services of swap platforms, such as:
- NiceChange – a convenient exchanger with an intuitive interface, provides a large number of pairs for exchange. Favorable exchange rate and fast transaction processing.
- CoinSpot – an Australian reliable exchanger, a lot of cryptocurrencies for exchange (more than 300 assets). The exchanger has a good reputation and relatively low fees.
- GrandExchange – an exchanger with an impeccable reputation, favorable rates, and a large reserve of assets. The maximum exchange time is 15 minutes.
What to know before exchanging VeChain?
Any cryptocurrency operation entails some risks, so we highly recommend following simple but important tips:
- Choose only reliable platforms, use the monitoring of exchangers to be sure of the security of the service.
- Study the reviews of real users.
- Familiarize yourself with the terms of privacy and policy.
- Find out the limits of the exchanger.
- Compare the fees charged by the exchanger.
- Enter the wallet address very carefully, transactions are irreversible.
How to buy VeChain for fiat?
The fastest way to exchange your fiat currency for cryptocurrency is to use platforms with support for a fiat gateway. There are a lot of such platforms on the cryptocurrency market, it is important to pay attention to the fees, supported assets, and the reputation of the service. The most authoritative ones include, for example, Changelly and ChangeNOW. Even an inexperienced user can cope with the purchase:
- On the website page, navigate to the “Purchase” section.
- Enter the amount in fiat and the platform will calculate how many coins you will receive.
- Enter the address of your wallet.
- Click “Buy”.
VeChain use cases
Two tokens operate on the basis of the VeChain blockchain: VeChain Token (VET) and VeChainThor Energy (VTHO). The first is used to transfer value through the VeChain network, and the second is used as energy or “gas” for smart contract transactions.
The native token is VET and is used mainly for:
- Payment for goods and services of the platform.
- Payment of transaction fees.
- Voting in the network.
- VeChain-stacking – VTHO tokens will be automatically credited to your wallet for storing VET coins.
Is VeChain a good investment?
Definitely, the purchase of VET is a profitable investment of your funds. The platform offers services that are in demand in the modern world and cooperates with global companies. Over the past year, the cost has increased by 400% and the upward trend continues. Cryptocurrency, despite its low cost, is among the top assets by capitalization, which makes VET a reliable and safe investment.
How do I invest in VeChain?
To invest in VET, you first need a detailed analysis based on your own research and information from reputable sources. Decide what amount you can afford to invest, taking into account all the risks. To invest in VET via a 7b crypto broker, deposit coins to your account, select VET for purchase, specify the purchase amount, and click “Buy”.
How to trade VET for beginners?
The most reliable coins for trading are those that have high liquidity, are present on reputable exchanges, and generally have an uptrend for at least a year. You can easily trade on 7b: install the app, top up your balance with a coin that suits you, select a trading pair, and set the purchase amount.
What is VeChain Blockchain?
VeChain is a decentralized platform that provides solutions for businesses of any scale based on the blockchain technology. It was launched in June 2016 on its own VeChainThor blockchain. The developers point out that with the help of VeChain, companies can improve logistics processes and solve the problem of supply chain management.