This is the only guide you need when it comes to buying VeChain (ticker: VET). Buying cryptocurrencies such as VET doesn’t have to be hard even if you’re new to the crypto world.
Yes, there are a few technical aspects that may at first seem a bit intimidating. And yes, you may have heard of all the horror stories of the crypto ‘scams’ costing new buyers thousands of dollars.
Well, I’m here to help to take those fears and intimidations away. This guide is a step-by-step tutorial on which wallet to use, which exchanges to use, and how to safely store your investment in VeChain (VET).
Why Should You Buy VeChain (VET)?
VeChain has a unique use case as it uses its blockchain to help with corporate supply chain and logistics.
One of the major factors as to why VeChain is so popular is that it is being used in the real world today by several large enterprises to track their inventory processes. When you compare that to all the meme coins out there with zero utility it starts to make VeChain look very enticing.
Okay so you’re thinking that’s all very well and good but did you know that retail giant Walmart has partnered with technology giant IBM to create a ‘Food Trust Blockchain’. Why? Well, it’s estimated that over $300 billion worth of food could be tracked on the blockchain by 2027.
If you’re looking for even more utility from VeChain you can find it from PuffBar. A vape that used VeChain’s technology to tell new purchasers whether their vape was knock-off or not.
Nope, I’m not stopping there as due to VeChain’s proof-of-authority system this means that there are two tokens within the ecosystem. Their offshoot token called VeThor is paid to every holder of VET coins – think of it as a share dividend in the traditional finance system.
You’re paid out at a rate of 1.44% but the VeThor tokens are paid out daily, so you can sell them and compound them back into VeChain if you so wish.
If you’re up for the challenge of purchasing your very first VeChain (VET) tokens then keep reading.
How To Buy VeChain? The Only Method You Need
It’s time to take you through the steps to successfully purchase and securely store VeChain. Here’s are a few items that you’ll likely need if you’re purchasing cryptocurrency for the first time:
- Your notes app on your computer or laptop
- A physical notebook and pen
- An internet connection
- Government-approved identification
Without further ado let’s get down to the nitty-gritty.
Step 1: Get A Wallet That Supports VeChain (VET)
One of the most important distinctions between different types of wallets is whether they are ‘hot’ wallets or ‘cold’ wallets. ‘Hot’ wallets are stored on online devices and are inherently more vulnerable compared to cold wallets or ‘hardware’ wallets.
If you’re looking to just short-term hold your VeChain (VET) then a mobile or web wallet will suffice. But, if you’re buying large sums of VET and planning to hodl for the long term then you’ll want hardware, cold wallet like the Ledger Nano X.
Here are 4 popular options for storing your VET:
|Wallet Name||Type of Wallet||URL|
|Atomic Wallet||Web Wallet||https://atomicwallet.io/|
|VeChain Thor Wallet||Mobile Wallet||https://www.vechain.org/|
Tip: Make sure that you write down your secure passphrase in private locations. Do NOT give this out to any person or site that asks for it.
Step 2: Find A Crypto Exchange Service to Purchase Vechain (VET)
So you’ve purchased and set up your wallet to store VET safely. The next step is to use a secure service to purchase your VeChain tokens.
The good news is that due to VeChain’s popularity it can be found on many different and popular crypto exchanges. You’ll be able to purchase your VET directly from your debit and credit card in fiat money (that’s USD, GBP, etc to us).
Here’s a list of popular crypto exchanges:
Note: If you’re buying large amounts of VeChain, or are based in the US, you’ll have to provide Government Identification to ‘KYC’ and activate your account.
Ultimate Mini-Guide To Buying on VeChain (VET) on Binance Exchange Using Fiat Money
- Step 1: Go to Binance and click on ‘Register Now’. Remember that you may have to have your identification handy to verify your Binance account. Once verified, head to step 2
- Step 2: Once you have registered, log in to Binance and in the upper menu bar you will see ‘Buy Crypto’. Hover over this menu button and then click ‘Credit/Debit Card’.
- Step 3: Change the token to VeChain (VET)
- Step 4: Change the fiat currency to the one of your choice
- Step 5: Now you’re ready to place your order. Double-check the amount you want to purchase and click Continue to complete your order
Step 3: Withdraw your VeChain (VET) to your crypto wallet
Once you’ve successfully purchased your VeChain from a safe and trusty exchange you’ll want to transfer it to your wallet for safekeeping.
I would strongly advise you to do this as there is no additional benefit to keeping your VET in your exchange wallet. Ultimately, it’s safer to keep it in your ‘own’ wallet and one that is a hardware wallet.
Tip: Always double-check the addresses when you are transferring any token. If the fees aren’t expensive I would recommend conducting a test transfer first.
Tip 2: If you’re planning to trade through Binance then it’s worth having some of Binance’s native token BNB – this saves you 10-25% from trading fees. Read our how to buy BNB guide here.
Concluding Your Purchase of VeChain (VET)
So you’ve successfully acquired some VeChain and you’ve transferred it to your wallet. Great! The next step is to strap your seatbelt in for the wild ride on crypto.
One of the great things about storing your VET in your wallet is that you’re less likely to ‘panic sell’ when you see a downturn in the short-term market.
VET has been here since 2015 and I doubt it’s going anywhere soon. It has a strong team of nearly 100 full-time staff, of which the majority are blockchain developers. That’s a robust set-up within the crypto ecosystem and one not to turn your nose up at.
Frequently Asked Questions when buying VeChain
Can I Buy VeChain On Coinbase?
Unfortunately, you are not able to buy VeChain (VET) on Coinbase or Coinbase Pro. However, it’s worth keeping an eye out for as Coinbase often adds new coins.
Instead, try using Binance US although you can only buy through dollars if you do not live in the following states: Alabama, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, or Washington
Is VeChain A Good Investment In 2021?
VeChain can be seen as a good investment in 2021 and beyond. Why? There are a few reasons:
- You are paid a daily dividend in VeThor, a secondary token that is airdropped to your VeChain web wallet.
- It has a massive following in Asia and beyond. Any cryptocurrency needs to have a strong community and VeChain’s is one of the strongest.
- It has real-world utility and was one of the first movers when it comes to supply chain blockchain technology. Due to this, they already have a large market cap of over $5bn (as of 11 July 2021)
- It’s not a ‘pump and dump’ coin and has been around since being introduced by Sunny Lu in 2015. That’s a long time in the crypto-world!
How To Earn VeThor Through Holding VeChain?
The official VeChainThor wallet allows you to gain a daily dividend of VeThor for simply holding your VET tokens in their wallet.
Once you have securely opened your VeChainThor web wallet you will be able to see your VeChain blockchain address.
Go to the exchange where you bought your VeChain, click ‘Withdraw’, enter your VeChainThor Wallet address and click ‘Send’.
That’s it! That’s all you have to do to start earning a daily dividend of VeThor.
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