Want to jump straight to the answer? You can buy VTHO on Crypto.com.
Towards the end of 2021, Ethereum gas fees soared. Many users were paying up to a thousand dollars for each transaction. This situation caused many faithful Ethereum users to search for newer and cheaper smart contract blockchain alternatives. VeChain, one of these alternatives, is the project that has made the VTHO token.
What is VeThor (VTHO)?
To understand VeThor, it helps to know what a blockchain is. A blockchain is composed of multiple pieces that work together to facilitate and finalize transactions in what is termed the “ledger.” A blockchain’s ledger is unchangeable and stores all transaction information that occurs on the blockchain. Before a transaction is recorded on this ledger, validators look at transactions and determine their legitimacy. Verification is done through consensus, and VeChain uses a system called proof of authority (PoA). Other more common consensus models include proof of work and proof of stake.
PoA allows the chain to give authority to validators who can determine the legitimacy of transactions and earn rewards. Anyone can apply to become a validator, and each validator contributes the same amount. This process allows for a much fairer system with less competition.
VeChain also has a unique governance system that gives its users power in decision-making processes. The system mirrors the American government system. Users of the chain elect members of a steering committee who make choices on proposals.
VeChain is powered by two separate tokens, VET and VTHO. VET is mostly used as a form of payment for funding research and giving grants while VTHO powers the chain itself. For every transaction on the VeChain, the user gives a portion of the transaction to the chain itself in the form of fees. These funds are used to pay verifiers and fund the project. However, VeChain has control over the supply of VTHO. It can burn — or take out of circulation — tokens to decrease the supply. It also gives VET holders a portion of VTHO. Since VeChain has some control over the VTHO supply, it can also influence the price to help maintain stability.
As a unique blockchain, VeChain is implementing a variety of new ideas in crypto. Through an experienced team and strong community, the project hopes to create the next big blockchain.
Brief History of VeThor (VTHO)
VeChain was founded in 2015 by Sunny Lu, who has a strong background in IT. VeChain was initially a subsidiary of another firm but broke away in 2018, and VTHO was born. Since then, Lu has brought in a variety of partners and members of the steering committee, ranging from VC executives to world-renowned scholars.
VTHO hit an all-time high of over $0.04 on release but has since fallen to around $0.003.
How to Buy VeThor (VTHO)
Now that you understand the basics of VeThor and the role it plays in the VeChain ecosystem, you may be interested in purchasing the token. Fortunately, doing so is fairly easy and only involves three short steps.
- Open an online account.
The first step to acquiring VTHO is to open an account on a trading platform. While a handful of exchanges offer the token, Crypto.com is the best for its ease of use, security and low fees. To create an account, head over to the website and sign up using an email and password. You may then have to provide some basic personal information to verify your account. You can then fund it by connecting your bank.
Search for either token and enter the amount you would like to purchase. Once you execute the trade, you can find the new tokens in your portfolio.
- Buy a wallet (optional).
While storing your position on Crypto.com may be the easiest, it may not be the safest and does not allow you to use the tokens outside of the trading platform. Wallets can fix this by giving users full discretion over their funds.
- Make your purchase.
With funds on your crypto.com account, search for VTHO on the exchange tab. Then enter the amount to purchase VTHO with and execute the trade. From there, your VTHO tokens will be stored in your portfolio.
Best Crypto Wallets for VTHO Tokens
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private codes needed to send crypto. If the physical device is not present to confirm transactions, then crypto cannot be sent.
Ledger is a leading brand of hardware wallet known for its safety and usability. It currently offers Nano S and Nano X models. The Nano S offers basic features while the Nano X is designed for easier use with bluetooth connectivity and a larger screen.
Best Software Wallet: Trust Wallet
Software wallets store private codes online instead of on a physical device. While not as safe, they can provide more mobility and are often free.
Trust Wallet is a free software wallet that supports VTHO. The software wallet is known for its usability and clean interface. You can find instructions on how to add VTHO to the wallet on VeThor’s website.
Keep an eye on VTHO’s volume. This solid indicator of the number of users could influence the success of the project.
Trade, Sell or Convert your VeThor (VTHO)
To sell your tokens, choose a trading pair supported, such as VTHO/USD. Depending on the exchange you choose, you may be able to swap VTHO to other cryptocurrencies like ETH or BTC. Once you sell your VTHO, you can transfer the USD back to the bank account connected to the exchange.
Current Crypto Prices
The first month of 2022 saw one of the largest crashes in crypto history. Major tokens lost large portions of their value, and many are wary of what the future may hold.
Some view this as a small setback and expect that the tokens will spike again in the coming weeks or months. However, others see the drop as something much worse for crypto. Make sure to keep up with crypto prices through Benzinga’s up-to-date crypto price table.
Is VeThor (VTHO) a Good Investment?
Right now, VTHO is very speculative. The blockchain lacks the level of users necessary to power large-scale products, and it is competing against some of the largest players in the crypto space. However, if it can overcome the odds, then the token may increase. Is this likely? Traders will just have to wait and see.
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