Trading & Betting with the Privacy Crypto Verge XVG

Learn how to buy, sell and gamble anonymously online with Verge [XVG].

Verge [XVG] is one of the world’s most successful issuances of crypto currency. Its unique history led directly to its ultimate success, and helps to ensure a very bright future ahead. What makes this digital token so fascinating is that it’s one of a very small handful of “privacy coins”, meaning its use can be 100% anonymous. This makes it a perfect medium for private payments, especially when you need your purchase to fly under the hyperbolic radar.

Before I go on, there’s a common misconception that every “private” purchase must be of illicit nature. That’s simply not the case. Yes, crypto currencies have earned the stigma of being used in illegal activities, such as money laundering or buying drugs, but there are many legitimate uses in which the user may simply wish to be discreet. After all, does your bank, your government, and sometimes even your family, really need to know what you do with your own money?

A lot of people like to gamble over the internet. In Canada, this is not illegal. Recreational gamblers don’t even pay taxes on gambling winnings in Canada. So why does our bank need to report such activity to the government? They don’t. But if you play casino games with fiat (real-world) currency, they will. So, if you value your privacy, using a digital token like Verge is the best way to keep all of your internet gambling and other expenditures 100% anonymous.

In the following guide, we’ll teach you everything you need to know about buying, selling, mining, and playing at online casinos with Verge. First, here’s a quick examination of the crypto’s origins, and what makes it superior to Bitcoin in so many ways.

History of Verge – ‘Hey, what if Dogecoin were anonymous?‘

Verge – or as it’s known by its ticker abbreviation, XVG – was launched in 2014. Back then, it was not known as Verge. Its original name was DogecoinDark. As that former name implies, it originated as a fork of Dogecoin [DOGE]. The Dark addendum eludes to its private nature. To understand why its creators launched DogecoinDark, then changed its name, you need to understand a bit about DOGE first.

Dogecoin was launched as little more than a joke, proving simply that anyone could create a crypto currency. The fact that its logo/mascot was a popular meme of a dog proves that it was never meant to be taken seriously. However, it quickly gained such an immense fanbase, DOGE now boasts one of the highest market capitalizations of any digital token in existence. It was so popular, in fact, that early adopters thought, ‘Gee, imagine how awesome it would be if Dogecoin were anonymous?’

And thus, DogecoinDark was born. It was, of course, built to deliver a private coin version of DOGE. However, in time, its creator – an anonymous individual known only by the moniker, “Sunerok” – decided to separate from the Dogecoin correlation, rebranding as Verge, underscored by the apt slogan, “Privacy as a choice“.

What Makes Verge Better than Bitcoin?

Since the creation of the very first (successfully launched) digital token, Bitcoin, countless altcoins have been fabricated as a way of improving on the original. For XVG, such improvements are multifarious. Most importantly, Verge is faster, cheaper, more scalable, and (as previously noted) far more private.

Speed

Verge transactions take place much quicker than Bitcoin; a rate of 100 XVG per second, versus BTC’s 7 per second. Similarly, it takes only 30 seconds to mine a block of Verge, as opposed to 10 minutes for a block of Bitcoin. As a result, XVG is far more scalable, and its transactions much cheaper.

Cost

Verge is exceptionally less expensive to transact than Bitcoin, which can now cost as much as an international fiat money transfer. At time of writing, the average cost to send 1 BTC is almost CA$30, compared to a fraction of a cent to move XVG. Why is it so much cheaper? It’s kind of complicated, but I’ll try to explain this in terms anyone can understand.

We’ve already established that BTC takes way longer to transfer than Verge. The longer it takes to send crypto, the more backed up the blockchain gets with transactions-in-waiting. A transfer doesn’t take place until a miner mines a block, thus recording transactions on the blockchain. Miners will always choose to mine a block with a higher fee (profit) attached, thus the people sending crypto are encouraged to pay higher fees to get their transactions processed faster. Verge transactions happen so quickly that the cost stays ultra low.

Scalability

The term scalability refers simply to a crypto currency’s ability to grow and keep up with the pace of the technology it utilizes. BTC is not considered scalable, because as the crypto market has grown, its transaction rate is unable to keep up with demand, resulting in the increasing rate of fees. Verge, and many other altcoins, transact so quickly that supply is always met, despite steadily increasing demand.

Privacy / Anonymity

All these perks, and 100% anonymous? It’s no wonder Verge has scaled the ladder of success so quickly. But how is it that XVG is able to maintain inflexible privacy, where other coins have not?

The developers of Verge came up with what they call the Wraith Protocol. This protocol overwrites most of the data when recording a transaction on the Verge blockchain. The only data that is visible is the amount of XVG that is being sent. The sender and receivers wallet IDs appear as a line of X’s.

The easiest way to explain is to compare a Bitcoin transaction to a Verge transaction. Now, most wallet IDs are 25+ alphanumeric characters long. To make this easier for me to write, and for you to understand, I’m going to shorten them.

Example

Let’s say Joe, who’s BTC wallet is BTC123, wants to send 1 Bitcoin to Amy, who’s wallet ID is BTC789. When the transaction is recorded on the blockchain, it will look something like this:

Address BTC123 sends 1 Bitcoin to address BTC789

The moment the transaction is complete, anyone can view this information on the blockchain ledger. They can not see the names, Joe and Amy, but what they can do is trace a wallet ID, enabling them to see every Bitcoin in it, as well as every Bitcoin ever sent to and received from it. If the seeker knows what they’re looking for, they can view the IP address from which the transaction took place. In this way, it’s possible to pin down the user’s general location, if not their exact physical address, and possibly their actual identity.

Now, let’s replace Bitcoin with Verge in the equation. We’ll say Joe, who’s Wallet ID is XVG123, wants to send 500 XVG to Amy, who’s wallet ID is XVG789. Wraith Protocol will eliminate most of the information, so that it is recorded on the blockchain as:

XXXXXX sent 500 XVG to XXXXXX

All we see is that 500 Verge tokens were transferred. We don’t know who sent them, who received them, or what wallet IDs were involved. Therefore there is no information to trace. This is how Wraith Protocol ensure Verge is anonymous.

What if Wraith Protocol is Turned Off?

The Verge network makes it possible for users to toggle Wraith Protocol on or off, effectively recording transactions to a private ledger (on) or public ledger (off). Some P2P traders won’t exchange XVG unless both parties turn off the Wraith Protocol. Even without Wraith Protocol, Verge is still considered a privacy token because the Verge blockchain integrates Tor, which hides the IP addresses of each user. So the Wallet IDs are visible, as are public transactions linked to that wallet ID, but the user’s IP address, and therefore name and location, remain unidentifiable.

How to Get XVG Crypto

There are a few ways you can acquire this privacy coin. You can trade for it on a private P2P exchange, a centralized exchange (CEX), or a decentralized exchange (DEX), or you can mine your own Verge coins. Before you do, be sure to get a secure software or hardware wallet you can store them in.

Compatible Verge Wallets

The type of wallet you need depends on what you plan to do with your XVG. If you’re buying them as an investment and planning to store them for the long term, I would suggest a hardware wallet, such as Ledger or Trezor. If you intend to use them anytime soon, a software wallet is the better option.

The Verge community has developed a range of wallets for all operating systems, including Apple iOS, Android, Windows, MacOS, and Linux. You can read about and download these wallets on the official Verge Currency website. If you’d prefer a third party wallet, some compatible options include coinomi, Guarda Wallet and Atomic Wallet.

How to Buy XVG on an Exchange

There are generally two types of exchanges you can purchase Verge and other crypto currencies from. the first and most common is a centralized exchange (CEX), which operates on the same wavelength as any commodity brokerage. Buying from a CEX means your identity and banking information will be verified and recorded, eliminating the privacy of the purchase. You can still transfer your XVG to a secure wallet and use them anonymously, but your purchase will be recorded, and reported, like any other investment. If you’d like to buy Verge on a CEX, we recommend Binance, but feel free to shop around, as many CEX’s deal in Verge crypto.

A decentralized exchange (DEX) is different. They do not operate under the guidance of any central regulatory body. However, to maintain anonymity, you can only trade in crypto currencies. This means you’ll need to have a crypto, such as Bitcoin, to begin with. The native VergeCurrency.Exchange, for example, allows you to trade BTC for XVG, and XVG for BTC. There’s never any fiat money involved. Your XVG purchase goes directly into your wallet for storage and/or use.

Trading XVG Peer-to-Peer (P2P)

P2P trading is another anonymous way to buy and sell crypto. However, it’s important that you trust the person you’re trading with. This is one reason so many P2P traders require Wraith Protocol be toggled off, so that the wallet ID of the person can be traced and reported in case of fraud. Trading P2P also allows the users to set their own prices, rather than trading at fiat-based buy/sell values.

Mine Your Own Verge Coins

Verge is considered one of the easiest cryptos to mine, thanks to its creator’s integration of five different mining algorithms; Scrypt, Blake2s, Lyra2rev2, Myr-groestl, and X17. By implementing so many algorithms, virtually anyone can mine Verge, unlike Bitcoin, which requires an ultra-expensive ASCI set-up. Verge can be mined with a CPU, GPU, or ASCI rig. The actual process requires complex guidance, so we’ll direct you to the Verge Community for exact details on How to Mine XVG with each of the eligible algorithms.

Betting with XVG at Verge Crypto Casinos

Just as genuine privacy coins like Verge are extremely rare, compared to the abundance of 5,000+ digital tokens on the market today, XVG crypto casinos that accept Canadian players are extremely rare in the iGaming industry. Fortunately, they do exist, offering a similar gambling experience as traditional online casinos. The most notable difference is that, instead of depositing with a debit card, bank transfer, web wallet, etc., you’ll be depositing XVG anonymously from your Verge wallet. From there, you’ll either be able to bet directly in XVG, or your tokens will be converted to the casino’s native currency for betting purposes, before being converted back to Verge upon cashout.