VeChain (VET) reviews: what are users opinions on forum? How to start investing? What are the rates, how does an exchange work? How to buy?
The VeChain cryptocurrency is part of a broader project intended to facilitate the distribution of all kinds of goods at every stage of the production and logistics process. Is it worth investing in it? What are the benefits of owning VET?
VeChain Thor is based on blockchain technology, just like all other cryptocurrencies. It was created to make life easier for manufacturers, distributors, sellers, and customers who complete the entire production and logistics process with the purchase and delivery of goods. The VET platform provides them with the possibility to control the authenticity and quality of products in a simpler and less problematic way than the traditional system. With VET, there is no need to trust third parties at any stage of the process.
VeChain (VET) cryptocurrency has its own blockchain network and a utility token that can be used to pay transaction fees and run smart contracts on the VET network. It is primarily targeted at large enterprises involved in large-scale production/distribution of goods.
Description and information about Crypto Currency VeChain
As part of the project, a special system was developed: VeChain Identity (VID), which controls the quality of the supply chain. Each of the parties involved in the process – manufacturer, distributor, retailer, and customer – can track the product’s journey. This is made possible through three alternative methods.
- The first involves implanting an NFC chip into a product.
- The second requires the use of a QR code.
- The third one is based on radio waves emitted by a special transmitter (RFID).
Moreover, thanks to VET, it is possible to assign ownership rights to any digital asset and cryptocurrencies (notarization function). All data is stored in a blockchain, which is inviolable and guarantees the authenticity of all transactions made within the system. VeChain, like IOTA (another fairly well-known digital currency), fits in with projects developing the Internet of Things (IoT).
Up until May 2018. VeChain was only an ERC20 token (it was then referred to by the acronym VEN), i.e. it was based on the Ethereum blockchain. It did not have its own blockchain. Things changed a few weeks later when the token’s creators set up a separate network called Thor, and VENs were replaced by the VET cryptocurrency.
Like Bitcoin (BTC), VeChain has a certain limit beyond which the issuance of further units will cease. In the case of BTC, it is 21 million. The maximum limit of the VET cryptocurrency, on the other hand, reaches 86,712,634,466 units. Currently, there are already over 55 billion VETs in circulation.
Where and how to start investing in VeChain Crypto Currency?
First of all, get started by setting up a wallet. You can store your VeChain cryptocurrency in any cryptocurrency wallet. You can also use the official VeChain Thor mobile wallet, which is available for Android and iOS. It has several useful features that other wallets of this type don’t have – if only for that reason, it’s worth installing.
Speaking of wallets, VeChain is compatible with the popular Trust Wallet multi-wallet, which supports many different cryptocurrencies. If limiting your choice to desktop wallets, we specifically recommend the Atomic Wallet app, which runs on Windows, Linux, and macOS. However, the safest option would be to purchase the Ledger Nano S hardware wallet, which supports VET currency (via the VeForge Vault application).
Reviews for VeChain Crypto Currency. What do they write in the forum and in the press?
VeChain was very quickly hailed as one of the biggest innovations in the digital currency market. The creators of VET indeed had a great idea, and it must be said that they achieved it perfectly. The VEN token was already in the limelight, and the launch of the VET cryptocurrency caused a stir throughout the industry. VeChain has enjoyed good press since its launch, which is not at all surprising given the wide range of features for everyone involved in the production and distribution of goods.
When it comes to comments on discussion forums, all of them are positive. Internet users pay attention to the innovative nature of the VET cryptocurrency. They share information about exchange offices where you can buy it at the lowest rate and help each other in case of possible problems. There is no shortage of online posts published by entrepreneurs who have used the VeChain Identity (VID) system to improve their business.
The vast majority of posts are positive. It is hardly surprising since VID is used by the world’s largest corporations, such as BMW, PwC, or Schenker. Even the Chinese government has found a use for it. VET is one of those cryptocurrencies that enjoys a good reputation and unwavering trust among users.
Where and how to buy VeChain? What Stock Exchange will be the best?
The VET cryptocurrency is offered by all major cryptocurrency exchanges, including Binance, Coinbase, Kraken, OKEx, CoinBene, or BitBox. We recommend buying cryptocurrency at an exchange office for less experienced users, although it should be noted that the price of VET there may differ from the cryptocurrency exchange rates. The easiest and also the cheapest solution will be buying from exchanges that do not require verification.
Where to check the VeChain (VET) rate? Reliable sources
You can check the current VET rate on almost every cryptocurrency exchange. We especially recommend the most trustworthy sites, namely binance.com and coinbase.com. Alternatively, you can visit any website that offers cryptocurrency exchange. The price there may be slightly inflated, as the owners of such exchanges set it themselves, but the possible difference is usually not drastic for your wallet.