Vertcoin Launches Vertpig Service for UK ResidentsMarch 12, 2018
The often-overlooked asset seeks its own approach to direct selling for fiat.
Vertcoin (VTC), an early fork of Litecoin, inched up on news of the VertPig service launch. The asset also rebranded itself with a refreshed website.
And as an experiment, the team has launched the VertPig fiat buying service – at first for just 126 residents in the UK. Yet this is an interesting move to create an independent fiat on-ramp for Vertcoin. US-based services may come soon, the team noted.
For investors outside the UK, pairings with BTC and LTC would be available. Users are reporting no troubles for now, but it must be noted the usage is just experimental. The biggest risk for Vertpig right now is to keep the servicing bank. Because the service is based in the UK, it is unknown if EU-based users can also access it, but the team itself has limited registrations.
At the moment, there are more than 1,400 users waiting in the pre-registration queue. Right now, using Vertcoin for purchases is rather limited. The coin has a profile similar to Litecoin, but not such a wide adoption. It is mostly used for niche services
The news lifted the price of Vertcoin a bit, to $2.68, up 8% in the past days as the markets generally recovered. VTC depends on volumes on Bittrex and Poloniex, and has not made attempts to get to the new exchanges in Asia, thus limiting its price growth.
But the coin will also remain minable forever, as the team changes the algorithm to prevent the building of an ASIC. Unfortunately, at this point VTC is not the most profitable coin to mine, and many miners have abandoned the network, most notably since the halving of the block reward in December. Yet Vertcoin is also considered a project suitable for newcomer miners to test their technique.
Yet Vertcoin remains a promising asset, with some predicting it potentially following the path of Litecoin. This maybe years in the making, yet the relatively low VTC market price is starting to make the coin attractive.
The other upcoming service, Vertbase, is still in the making, and would offer a fiat on-ramp to the coin, similar to Coinbase. Right now, trading on exchanges sometimes hurt the coin’s price, as the movements are defined by speculators and not by real-world buyers. Dubbed “the people’s coin”, this digital asset is still in the beginning of its attempt at wider popularity, and two proprietary fiat exchanges may be a good start.
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