The cryptocurrency, Verge (XVG), recently made global headlines after becoming the first coin to be accepted as a payment option on PornHub.com. Verge is a privacy-focused cryptocurrency that uses a range of new cryptographic technologies to allow users to make peer-to-peer and anonymous transactions. Anonymous transactions have an obvious benefit to those who wish to keep their spending habits private, and this privacy is alluring to many in the online casino market. There are other privacy cryptocurrencies available for casino gambling, including Monero and zCash, however for the purposes of this article the focus will remain on Verge.
Many users who wish to gamble with cryptocurrencies are also looking for the potential upside of the coin as an investment. This article should not be treated as investment advice, however it will provide some insight into the fundamentals of Verge and how it could provide a return on investment to those who hold it.
Very few cryptocurrencies have launched without a pre-mine (developers hoarding coins before launching publicly) or Initial Coin Offering (ICO). These strategies are legitimate ways to fund a project however should the project be successful, the average user is left at the mercy of a small group of hugely wealthy individuals. These individuals have the potential to manipulate the market or cause great volatility in the price of a coin. Verge have avoided this problem by opting not to go down the route of a pre-mine or ICO. Instead, Verge have been competitively mining XVG alongside the rest of the community.
Verge understands that a privacy-only coin (such as Monero) may have considerable downsides in the future. In some instances, users may wish to make their transactions public (for example, if dealing with an escrow). Verge’s Wraith Protocol allows users to do just that; choosing – on a case by case basis – between privately or publicly broadcasting the transaction. Private transactions can be made using the Tor network, which is easily accessible through any one of the Verge Tor wallets outlined below.
By now it is clear that Verge’s unique selling point is in its privacy features. Bitcoin, Ethereum, Ripple (XRP) and other highly popular cryptocurrencies face potential complications with their lack of privacy – real identities of users can be revealed from a history of transactions. Whilst some of these blockchains are introducing privacy features, their core protocol will always remain pseudonymous and Verge (along with other privacy coins) may quickly leapfrog them in terms of utility as a payment option.
Following the partnership of Verge and PornHub, XVG has gained a great deal of attention from the gambling market. As it currently stands, none of the casinos listed on TheBitcoinStrip.com accept the Verge cryptocurrency for deposits or withdrawals, however this page will be updated immediately once such news comes to light. The benefits of using Verge for both casinos and players alike cannot be underestimated, and may well improve upon Bitcoin due to the lower fees and faster transaction times that Verge provides.
If you are looking to start using XVG then the best place to begin is by downloading a wallet. These wallets all operate on the Tor network and are available on the following platforms:
A Verge wallet for iOS is expected to be released soon.
Once a Verge wallet has been downloaded, users can purchase XVG at any of the major cryptocurrency exchanges. It is then advised that the coins are moved from an exchange to your newly downloaded Verge wallet for security purposes.
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