Verge (XVG) had a pretty humble beginning, as there wasn’t any hype surrounding it whatsoever. However, things have really taken off since Porn Hub announced that it will be accepting payments through Verge’s XVG currency. This particular partnership helped put Verge on the map, and it has been able to remain in the top 30 cryptocurrencies since then.
The main reason Porn Hub was interested in Verge is that it is a privacy coin. Privacy coins don’t reveal the parties involved in transactions, hence hiding their identity. It’s great for people, who want to make transactions through cryptocurrencies but still want their privacy to remain intact.
Verge doesn’t want to stop with this partnership though as there are rumors that they might just seal the deal with the giants like PayPal and Spotify. After the announcement of Porn Hub deal, the price of XVG went up 330%, so you can well imagine what things will be like if it actually manages to snag the partnership with PayPal or Spotify or both.
Verge (XVG) Currency
Verge (XVG) currency has never been a huge deal and doesn’t even come close to the other cryptocurrency giants. However, that’s not a huge problem because XVG is mostly used for its excessive market cap, which consists of $16,555,000,000.
With those many units in circulation, it becomes easy to make use of this currency for transactions. It allows users to exchange large amounts of sum without compromising the value of the coin in any shape or form. When a currency has a low market cap, even a single transaction involving huge figures can affect its market. Fortunately, that’s not a problem you’ll face with XVG.
Low Transaction Costs
For a very long time, cryptocurrencies related transactions took place at a slower speed, while the cost of transactions was always increasing. Things have been changing lately as more and more cryptocurrencies are providing solutions to this problem.
Verge (XVG) is one example of that as it has reduced the transaction time, and the transaction costs are almost non-existent. This allows people from different regions to work with each other and do transactions without worrying about a ton of costs that they might have to bear. It is definitely a step in the right direction and makes XVG a great currency for a lot of users.
Verge mining works quite similarly to that of Bitcoin, but you will not need a supercomputer to get the job done. To mine Verge, you just need to have the best GPU, as rest of the specifications don’t have to be too over the top. However, if you are looking to do mining full time, then it is better to just go for an ASIC setup. Yes, it is a bit expensive, but if you are looking to invest in mining, then ASIC is the best way to go. The returns, in most cases, make up for the investment.
Criticism of Verge
Just like most privacy coins, Verge also faces a lot of scrutiny for not revealing the information related to its dealings. People claim that criminals are the ones making use of it, but they fail to realize that it is not only the criminals that want anonymity on the web. Most people want their information to remain private and when a cryptocurrency is providing that, it is only natural that people would be attracted to it.
When bitcoin first became a huge deal, a lot of newcomers assumed that the blockchain would give them complete anonymity, but that wasn’t the case. The transactions and wallets were traceable, which made it a complete opposite of privacy. Not wanting to be on a public ledger was one of the biggest reasons why corporations were unwilling to be a part of cryptocurrency world. However, now that the option is there, more and more companies are signing on.
As a privacy coin, Verge definitely has potential. The Porn Hub deal has helped put it on the map, and very recently, it announced its partnership with MindGeek and TokenPay. As mentioned before, there are rumors of Spotify and PayPal deal in the air as well. So, things are definitely looking up for Verge and it is not showing any signs of slowing down.