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We feature the top brokers and exchanges that offer the option to buy VeChain (VET) with a credit card or debit card. For larger sums you can also send a wire transfer. We list exchanges and services based on personal experience, and reputation. Please view the risks associated with Vechai and cryptocurrency trading at the bottom of this page. Also access our affiliate disclaimer.
How to Buy VeChain (VET) with a Credit Card or Debit Card
What is VeChain (VET)?
VeChain is an open-source blockchain project, focused on disrupting supply-chains and enterprise operations. Developers at this project launched a custom built blockchain in 2018, titled ‘VeChainThor Blockchain’, which is capable of executing smart-contracts.
What does it do?
VeChain allows for the quick and transparent transfer of value, through use of blockchain technology. Furthermore, its unique set of attributes allows for complex smart-contracts to be executed. These features allow for the blockchain to function as a payment system, in addition to a decentralized data ledger – potentially replacing traditionally compartmentalized systems.
How does VeChain (VET) work?
The VeChain network functions through use of dual token system.
VET – As the heart of the VeChain system, VET tokens are used as a means to transfer value between parties.
VTHO – These tokens are used in conjunction with VET during value transfers. VTHO tokens function in the same manner as ‘gas’ on the Ethereum blockchain – fuelling transactions.
These tokens function on the VeChainThor Blockchain, with consensus being reached through use of a ‘Proof-of-Authority (PoA)’ protocol. PoA is a variation of Proof-of-Stake, which incorporates a block approval system, controlled through a central party. This eliminates that ability for blocks to be created anonymously – a key feature with the blockchain being aimed towards enterprises.
Developer participation in VeChain is quite high, relative to most projects. While still underway, the following are a couple of the upgrades expected to be implemented on VeChain in the coming years.
The VeChain foundation has, in the past, made it known that the project is being developed with a clear ideology.
“VeChain Foundation believes strongly in compliance and self-regulation…We want to set a standard within the industry to drive home the ideology that blockchain cryptocurrency projects can embody ‘Transparency, Fairness, Openness’, this is our commitment to the community and ecosystem at large.”
Acceptance and Controversies?
Having been launched in 2015, VeChain has been around longer than most projects. This staying power has allowed for modest levels of adoption over the years. Notably, VeChain recently signed a partnership with travel agent giant, Travala.com, which will allow for VET tokens to be used as a form of payment on the platform.
For a full list of established partnerships, click HERE. Some of the more noteworthy companies on this list are as follows.
- Walmart China
- BMW Group
- ENN Energy Holdings Limited
Such levels of adoption have allowed for VeChain to firmly entrench itself within the top-30 projects, when ranked by marketcap.
Over the course of its life, VeChain has managed to remain relatively free of controversy. The lone event which stands out was a $6.5M hack, which occurred in late-2019. It should be noted that this event occurred due to human error, not a shortcoming in the project coding itself.
To date, no official classification of VeChain has been provided by regulators. While similar projects, such as Ethereum, have been deemed non-securities, the risk remains that this is the case due to a lack of decentralization.
As with any project, proceed with caution when trading/holding, as the classification of a digital asset may change at any time.
Who Made It?
VeChain was created in 2015 by Sunny Lu. Notably, Sunny Lu served as the CIO of Louis Vuitton China prior to spearheading VeChain.
While Sunny Lu remains at the helm of VeChain, the entire ecosystem is overseen by a committee of elected professionals, known as the ‘VeChain Steering Committee’.
VeChain Tokens Cryptocurrency Trading Risk Disclaimer
There is a very high degree of risk involved in trading securities, and this trading risk is higher with Cryptocurrencies such as VET or VTHO due to markets being decentralized and non-regulated. There is no central bank that can take corrective measure to protect the value of Cryptocurrencies in a crisis or issue more currency. You should be aware that you may lose a significant portion of your portfolio.
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All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. Please be aware of the risks involved with any trading done in any financial market. Do not trade with money that you cannot afford to lose. When in doubt, you should consult a qualified financial advisor before making any investment decisions.
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