How to Buy VeChain (VET) Crypto Right Now • Benzinga

The VeChain network has 2 tokens. VET, whose market cap surpassed $1 billion in early 2021, is intended, for investment purposes and transfers of value. 

Additionally, the VTHO token exists for transaction processing on the VeChain Thor blockchain. 

By separating the tokens, VTHO keeps transaction costs to a minimum, while VET allows for market speculation on the outlook of the platform. VET holders receive VTHO daily which they can use to interact with the VeChain Thor blockchain. 

Looking to get into this top-30 market cap crypto? Here’s how you can.

What is VeChain?

VeChain is a business facing blockchain aimed at creating “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transfer”. 

The VeChain network launched in 2016 and aims at enterprise adoption. VeChain provides blockchain as a service (BaaS) through their ToolChain platform. ToolChain offers applications for carbon reduction, increasing consumer confidence, automobile supply chain and many other problems facing the world today. 

In 2018, VeChain rebranded to VeChain Thor and announced the Thor Blockchain. The Thor blockchain aims to serve more than just supply chain with smart contract support for additional enterprise applications. 

The VeChain Thor blockchain uses a proof of authority consensus model. Transactions are verified by 101 “trusted” masternodes across the world. 

Brief History of VeChain

VeChain was created by Sunny Liu to create transparency in the supply chain process using blockchain technology. Sunny was the CIO for Louis Vuitton China before leaving to create VeChain in 2015. 

How to Buy VeChain (VET)

  1. Open an online account.

    VeChain tokens VET and VTHO aren’t tradable on Coinbase or Gemini, but you can trade them on Binance. Binance offers a large selection of altcoins and allows purchases with credit and debit cards. 

    If you don’t already have an account on Binance, you can set one up by following the link below. 

  2. Buy a wallet (optional). 

    You’ll need a wallet to hold your VET and VTHO tokens. Binance has a wallet built in that can hold both tokens, however it’s best practice to move any funds that aren’t meant for trading to a cold storage wallet. 

    A cold wallet never touches the internet, keeping your crypto the most secure. Exchange wallets and other software wallets such as metamask are online, which presents additional security risks. These are known as hot wallets. 

  3. Make your purchase.

    All that’s left to do now is to purchase VET and send it to your chosen wallet for safekeeping. You can purchase VET through Binance exchange similarly to how you would buy another cryptocurrency or stock. 

    You can either place a market buy or a limit buy. With a limit buy, you determine the price you are willing to pay, and your order gets filled once the token price reaches your limit price. If you want to get your hands on the token quickly, you can place a market order, where you agree to pay the current price and have your order filled almost immediately.