How To Buy Vechain (VET)?
A common question you often see on social media from crypto beginners is “Where can I buy Vechain?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Vechain (VET)
First, you will need to open an account on a cryptocurrency exchange that supports Vechain (VET).
We recommend the following based on functionality, reputation, security, support and fees:
1
Binance
Fees (Maker/Taker) 0.075%*-0.1%*
Cryptocurrencies
Available for Trade 500+
Sign-up bonus
10% reduced trading fees*
Available in
Europe, Asia, Oceania, Africa
2
MEXC
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1500+
Sign-up bonus
10% reduced trading fees & up to $170 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
3
Gate.io
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1000+
Sign-up bonus
Up to $100 in USDT vouchers*
Available in
Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Vechain (VET) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Vechain (VET)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Vechain (VET) or Vechain (VET) trading pairs. Look for the section that will allow you to buy Vechain (VET), and enter the amount of the cryptocurrency that you want to spend for Vechain (VET) or the amount of fiat currency that you want to spend towards buying Vechain (VET). The exchange will then calculate the equivalent amount of Vechain (VET) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Vechain (VET) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
How to create a Binance account
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Step 1: Go to the Binance website.
Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.
Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.
Step 3: Complete the Security Verification.
Step 4: The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How to complete KYC (ID Verification) on Binance
Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
Step 2: click “Start Now” to verify your account.
Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.
Step 5: Enter your personal information and click “Continue.”
You won’t be able to change it once confirmed.
Refer to the respective options offered for your country.
Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
Once your application has been verified, you will receive an email notification.
How to buy cryptocurrency on Binance
Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”.
Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.
Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.
How to Conduct Spot Trading on Binance
Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.
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How to create a Gate.io account
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Step 1: Go to the Gate.io website.
Step 2: Choose your username, your email address and your password. Then check “I certify that I am 18 years of age or older, and I agree to the Gate.io User Agreement Privacy Policy” and click “NEXT”.
Step 3: Set your fund password and click “Create account”.
Note: Your fund password must contain at least 6 characters and can not be the same as your login password.
Step 4: An activation email will be sent to your email address. Complete the rest of the registration process by following the instructions in the email to activate your account. Once this is done done, click “Email activated, please log in”.
How to complete KYC (ID Verification) on Gate.io
In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.
Step 1: Log in to your Gate.io account.
Place your cursor on the top-right profile icon and go to “KYC (ID Verification)”
Step 2: Click “Individual (Verify now)”
Step 3: Select your country, input your full legal name (twice), fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID (UID) for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on “Confirm and Submit”.
Step 4: After you have submitted all the requested information, you will see the pending approval.
Approval can take anywhere from a few hours to a few days to complete.
Once the KYC is approved, you’re ready to make your first cryptocurrency purchase.
How to buy cryptocurrency on Gate.io
Step 1: Log in to your Gate.io account.
Then in the Menu Bar at the top of the page, click “Buy Crypto” and select “Credit Card”.
Step 2: Enter the amount you wish to spend in the “Buy with Fiat Currency” tab and select the cryptocurrency that you want to buy under the “Currency Purchased” field. Then select one of the “Service Providers” below and click the “Place Order” button to enter the confirmation page.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: On the confirmation page, select “Buy Crypto” or the “Create Order” button to complete the payment.
Note: To ensure a quick and secure way of receiving the order, users might need to conduct an additional Identity Verification (KYC) with a third-party service provider. Once successfully verified, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.
How to Conduct Spot Trading on Gate.io
Step 1: Log in to your Gate.io account.
Click on “Spot Trading” under “Trade” on the top navigation bar.
You can either choose “standard” or “professional” version. This tutorial uses the standard version.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can click on the last prices on the order book to set the buying/selling price automatically.
Step 5: Confirm the price and amount. Then click on “Place Order” to place the order, followed by “Confirm Order” to confirm it.
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For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What is Vechain (VET)?
Introduced in 2015 as part of Shanghai-based Blockchain-as-a-Service (BaaS) company, BitSE, VeChain is a distributed business ecosystem leveraging blockchain technology. It’s specifically designed to be used by both small and big businesses. VeChain’s public blockchain is called VeChainThor.
The Vechain Foundation is founded in Singapore and oversees the development, governance, and advancement of the VeChain ecosystem.
VeChain is considered a mature company by some, with many real-world business applications already existing on the VeChainThor blockchain. As the VeChain Whitepaper 2.0 states, “these solutions are not just theoretical, they are solutions tested and discussed with over 700 enterprises and implemented for over 100+ fortune level enterprises.”
VeChain’s parent body has been given a 5-star rated Blockchain Service Certificate from TÜV Saarland, a European certification body.
VeChain is notable for its deep ties to China – a critical blockchain market that is difficult to enter for non-Chinese companies. The company is headquartered in Singapore, while it has an office in Shanghai, investment from Chinese VC firm FutureCap, and a Chinese CEO, Sunny Lu. The project also has partnerships with several Chinese government bodies, including the China Animal Health And Food Safety Alliance.
The organization also has many business partners with solutions that already exist in the real world, on the VeChainThor blockchain. Partners that already have VeChain solutions include PriceWaterhouseCoopers (PwC), Walmart China, Renault, and Shanghai Waigaoqiao Direct Imported Goods.
What is the VET and VTHO Tokens?
VeChain has two separate tokens: VET and VTHO.
VET (VeChain Token) is used for financial transactions on the VeChainThor blockchain and market speculation.
VTHO (VeThor Token) is the “energy token” that’s used to conduct transactions on VeChainThor. VET owners can generate VTHO for use on the VeChainThor blockchain.
Similar to Ethereum’s ether and NEO’s “gas,” developers must budget for a certain number of underlying tokens (which are not visible to the public) in order to conduct transactions for their decentralized applications. The two-token system was designed for effective governance and a predictable economic model for decentralized application developers, according to VeChain’s white paper.
Ethereum currently lacks such a model because the price of ether, its native gas token, is volatile. As a result, developers must estimate the amount of ether needed for a transaction. If their estimate is incorrect, the transaction fails. VeChain’s white paper outlines several technical enhancements made to its platform to address this issue.
For example, the VET blockchain enables Proof of Work (PoW) for every transaction. This means that those involved in a transaction can mine more VTHO if their initial estimate was incorrect.
How does VeChain (VET) work?
The VeChainThor blockchain works similarly to other business-use blockchain platforms. Businesses use VeChain’s fully functional Blockchain-as-a-Service (BaaS) product called ToolChain to build their blockchain-based solutions. VeChainThor also supports smart contracts.
Single transactions on the VeChainThor blockchain can carry out multiple tasks. In addition, VeChain app users don’t need to hold any crypto to perform transactions. This can be done instead by the app owners, which can make the user experience more convenient for the average user.
What is Proof of Authority (PoA)?
The VeChainThor blockchain uses Proof of Authority as a consensus protocol. Votes are distributed in accordance with this protocol based on VET holdings and disclosure. VET holders who do not have know-your-customer (KYC) credentials and have 1 million tokens in their account are responsible for 20% of all votes, while VET holders who have KYC and the same amount in their accounts are responsible for 30%.
In VeChain’s blockchain, 101 master nodes are responsible for reaching consensus on transactions. Unlike Bitcoin, this system requires all nodes to vote on a transaction before reaching consensus.
Anonymous nodes are not permitted, and revealing one’s identity is a requirement for becoming an authority master node. According to the white paper published by VeChain, this system consumes less power and does not require a minimum number of validators to reach consensus.
The economic master node is the other type of master node in VeChain. These do not generate blocks or ledger records and are used as a power check. This is accomplished by allocating a predetermined number of votes to each economic master node based on their VET holdings. Each 10,000 VET owned by an economic master node entitles it to one vote.
In a decentralized system, the master node system centralizes voting rights. The founders of VeChain, on the other hand, have stated that their goal in designing this protocol is to strike a balance between centralization and decentralization.
Vechain (VET) use cases
Food Safety
Blockchain-based solutions could lead to a more transparent food economy around the world.
VeChain-enabled Internet of Things (IoT) devices can be deployed across the supply chain, including on products, vehicles, and warehouses. Then, environmental and location-based data from these devices can be uploaded, verified, and stored in a tamper-proof, decentralized manner on the VeChainThor blockchain. Solutions like this are already in effect for several companies, including Shenzhen Yuhongtai Foods.
Anti-counterfeiting
Counterfeiting in the luxury goods market is a serious problem. By attaching an encrypted chip and then using the chip to log and trace logistics, warehousing, maintenance, and resale, owners can be assured of authenticity. This has been used for luxury wine tracing for Shanghai Waigaoqiao Direct Imported Goods, and in testing for Renault luxury vehicle components.
Health records
Tracking carbon emissions
By driving carbon reduction by tracking carbon-emitting activities, this solution allows consumers to be involved in a carbon-saving scheme.
When smart devices, such as cars or appliances show that a consumer is generating less carbon, they can then receive credits to be used on energy services. BYD, a Chinese electric car brand, already uses a Vechain solution.
VeChain Internet of Things (IoT) principles
The VeChain blockchain intends to act as an IoT intermediary. Users can track possession and control quantities of merchandise by utilizing VeChain’s smart contract features.
Similarly, companies can track goods and services by embedding a unique ID in a QR code on the said goods. Because of the ease of use and low cost, several quality assurances companies have begun to adopt blockchain-driven solutions.
What is a QR code?
QR codes, which stand for Quick Response, are a type of barcode that can be read by digital devices such as smartphones. In contrast to standard barcodes, which can only be read top to bottom, they store information as a series of pixels in a square grid that can be read in two directions — top to bottom and right to left.
Blockchain technology is one of the leading cryptosystems used by organizations all over the world for specific purposes. The use of QR codes by VeChain has improved product traceability and verification.
Merging IoT & Distributed Ledger Technology (DLT)
Because of the combination of DLT and IoT aspects, the VeChain network has significantly demonstrated a meaningful change in the global economy. DLT, for example, has been used by developers to improve product life-cycle management and supply chain protocols.
Distributed Ledger Technology (DLT) is a protocol that allows for the secure operation of a decentralized digital database.” Distributed networks eliminate the need for a centralized authority to monitor for manipulation. Using cryptography, DLT allows for the secure and accurate storage of all information.”
Similarly, the Internet of Things (IoT) is a network of physical objects — “things” — embedded with sensors, software, and other technologies for connecting and exchanging data with other devices and systems via the internet. These gadgets range from common household items to sophisticated industrial tools.”
Additionally, it allows businesses to trace a large amount of data. Because of the convergence of DLT and IoT, businesses can now combine centralization and decentralization, providing users with high-quality speed transfer, flow, transparent flow information, and efficient collaboration.
The combination of IoT and DLT has had a significant impact on the supply chain industry. Both technologies have been adopted by all smart devices and networks used worldwide. In a nutshell, DLT and IoT allow large amounts of data to be transferred from one user to another.
Vechain development updates in 2023
VeChain has announced several significant developments and updates in 2023, marking a period of substantial progress and innovation for the platform.
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New Roadmap and Technological Developments: In the latter half of 2023, VeChain plans to implement several key projects, including a VeChain naming system, a multichain generic data bridge, and an asset lending platform. Additionally, efforts are underway to develop smart city ecosystems and oracles. For 2024, VeChain’s focus will shift to projects like Layer-2 rollups, decentralized file storage, DAO (Decentralized Autonomous Organization) governance wizards, algorithmic token-backed stablecoins, and smart contract security analysis tools.
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Advancements in VORJ and VeWorld Mobile App: The October 2023 Tech Update for VeChain introduced significant improvements to VORJ, VeChain’s Web3-as-a-Service platform, including NFT marketplace integration and DAO deployment. The VeWorld mobile app was also launched, featuring a user-friendly interface and plans for additional functionalities like a fiat gateway and Ledger support.
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Partnerships and Collaborative Efforts: VeChain continues to focus on development and strategic partnerships. One notable collaboration is with Walmart, particularly in a pilot program using blockchain to track shrimp exports from India to the U.S. These partnerships emphasize VeChain’s role in various industries and its commitment to enhancing blockchain technology applications.
These updates and projects reflect VeChain’s dedication to advancing blockchain technology, expanding its ecosystem, and providing innovative solutions to its users and partners.
Official website: https://www.vechain.com/
Best cryptocurrency wallet for Vechain (VET)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Vechain (VET)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).
Vechain (VET) Price & Charts
- Market Capitalization And Daily Trading Volume
- Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
- Circulating And Total Supply
- Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
