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:
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.
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 are 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.
How VeChain (VET) works
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.
Vechain (VET) use cases
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.
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.
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.
Official website: https://www.vechain.com/