Vertcoin Wallet on Guarda – multi-currency, multiplatform, non-custodial VTC wallet. In this article, we will break down the basics of Vertcoin’s history and development along with how to store your VTC securely.
What is Vertcoin VTC?
Vertcoin is a cryptocurrency running on the PoW (Proof of Work) protocol. Like Bitcoin, Litecoin and other well-known crypto coins out there, VTC is functioning on its own dedicated blockchain. However, the difference between Vertcoin and its PoW predecessors is in this currency mining functions being decentralised and ASIC resistant.
Vertcoin was introduced and marketed as “The People’s Coin”. This path was chosen by the developers, as the team believes that a currency with decentralised mining is more democratic and inviting for the users and the miners. By the way, Vertcoin also made a 1-click miner programme available to bring mining possibilities to the general public.
How does Vertcoin work?
Vertcoin launched in 2014. Back then, it employed the Scrypt-N algorithm for reaching the PoW consensus. Afterwards, this needed to be changed, so the Vertcoin team had to basically start again from scratch. During the re-launch, the Lyra2RE algorithm was utilised and Vertcoin for performed in December 2014 upgraded the core software. Since picking Lyra2RE, one more necessary hard fork happened in August 2015. This update was meant to gain back control over the network, as a botnet had taken control of 50% of the hashing power. Right now, this issue can no longer appear.
Vertcoin history and development
There is very little information available about the story behind the project or the team who is responsible for Vertcoin’s creation. The only thing that is public is that Vertcoin development is based on volunteers (quite largely). When it comes to Vertoicn future, you can check this board and check it out yourself.
Where to store Vertcoin? Basics of a Vertcoin Wallet
Vertcoin, just as all the other crypto coins and tokens, requires a secure wallet to store it in. When it comes to choosing a good Vertcoin wallet, there are some simple rules you need to follow.
First of all, it is necessary to find the right wallet type. Currently, there are hardware and software wallets offering their support for VTC.
Hardware Vertcoin wallets are UBS-like devices (you can check the Ledger wallet here) that store cryptocurrencies offline. However, with the ultimate cold-storage security there may come some unhandiness, especially for the crypto beginners. Hardware wallets are generally a little more complex to use and manage. If you have a hardware wallet already but have trouble operating it, you can connect it to Guarda and manage cryptocurrencies from your cold storage, but in our user-friendly interface.
Software Vertcoin wallet is the one you can access from various devices connected to the Internet. Guarda VTC wallet is one of those, by the way. Such wallets for Vertcoin are more on a user-friendly side, but you need to be careful when choosing one and make sure that a wallet you are about to put your VTC coin is matched the following criteria:
- Non-custodial. Non-custodial wallets are the ones that do not store your personal information and do not have access to your private keys/backups. This point is essential if you want your funds to be truly yours. Custodial wallets are often found on exchanges – you can read more on the differences between custody and custody-free services in our latest blog post here.
- Functional. Depending on your needs, you should look for a wallet with a set of handy crypto-related features. For instance, some of the wallets do not have a built-in exchange or purchase features. Also, think of the times you will use your Vertcoin wallet – if you need a storage to use often, you might want to consider multi-platform cryptocurrency wallets )you can manage them from multiple devices).
- User-friendly. A feature that is, unfortunately, quite often missing in cryptocurrency wallets. The very basic thing is that you need to understand how everything works, what are all the functions for, how to access your data and manage your funds easily.
- Active. Look for the social network pages of a wallet you are about to use. The best Vertcoin wallet will have active developers who are willing to communicate with the users and answer their questions. Testing out the support line is important, too. If you are only making your first steps in the world of cryptocurrencies, you might have lots of questions along the way – it is much better is any of your inquiries are addressed immediately and in an efficient manner.
- Trustworthy. Last, but far from least. Check the reviews of your cryptocurrency storage – Trustpilot, CryptoCompare, AppStore and GooglePlay feedback will help you draw the full picture.
How to create a Vertcoin Wallet
If you are all set with the points mentioned above, it is time for you to create your first Vertcoin wallet. In here, we will provide a step-by-step instruction of how to do it on Guarda. In Guarda Vertcoin wallet, you can store VTC, buy and exchange Vertcoin with other cryptocurrencies.
- Go to the main page of Guarda’s Website and click Create a Wallet
- When redirected to the welcome screen, proceed with choosing to create a new wallet on Guarda
- Make up a secure password for your wallet
- Download your backup*
- Your Vertcoin wallet is ready to use! Enjoy safe storage, speedy transactions and exchanges and many more great features from Guarda.
*Note: Guarda wallets are non-custodial, so make sure to keep your backup and password safe at all times. You are the only owner of this data and Guarda team will not be able to help you restore it in case of a loss.