Verge Coin XVG is one of the most talked-about cryptocurrencies in the early 2018 market. This payment/privacy coin was one of only two gainers in the entire market, during the Q1 2018 crypto crash. It’s huge community, active developer pool around the world, and growing use cases make Verge Coin XVG a project we expect to stick around for the long haul.
Verge coin is bouncing back from a 51% attack, the recovery of which was accomplished by an emergency hard fork and software updates. Beyond this, Verge coin’s future looks bright for 2018. We’ll cover everything you need to know about this promising payment cryptocurrency. If you want to know how to buy Verge Coin, check out our complete How to Buy Verge Coin Guide.
What is Unique About Verge Currency?
Many cryptocurrency investors prefer to see a coin with a low circulating supply. Low supplies create the appearance of scarcity, even though coins like Bitcoin can be divided into millions of pieces called Satoshis. Because one Bitcoin is so expensive, users have to use confusing values (like 0.000061 BTC, for example) to make routine payments. Verge coin, in contrast, has a maximum supply of 16.5 Billion, to be reached through mining in about 8 years. This way, Verge XVG owners can use sensible XVG quantities for payments (like 100 XVG, for example).
Thoughts on the Current Verge Coin Price
It’s hard to believe that Verge coin has been around since 2014, back in the embryonic early days of the cryptocurrency industry. Back then it traded for literally millionths of a dollar. Verge Coin (DogeCoinDark in the beginning) hovered around these levels until development blossomed in 2017, when it exploded along with the rest of the crypto market to a height of over $0.22 per XVG.
At the time of this writing, the Verge coin price has fallen to just over a third of that, to right around $0.08 USD. As Verge coin has recently survived a major controversy (more on this later), with continued enthusiasm in the buying markets, we expect to see Verge coin test new heights in the coming months, providing the rest of the market recovers as expected. If this does occur, the current Verge coin price may soon be looked back upon as a major buying opportunity for would-be Verge coin investors.
What Was the Verge Coin 51% Attack?
Verge Coin recently suffered a 51% attack. For those who don’t know, a 51% attack occurs when a single mining interest takes control of more than 51% of the world’s mining power for a single cryptocurrency. This majority status enables this entity to make any changes they like to the network – almost always with the intent of performing fraudulent actions which will net them enormous profits very quickly.
This is exactly what happened when a malicious mining consortium took over the network. For many hours, they mined new Verge XVG much faster than normally possible, taking all of the block rewards (totaling over $1 Million in value) for themselves. The Verge dev team performed a Hard Fork, essentially turning back the clock to a time before the attack took place, then instituting a longer term fix in the days that followed.
Because this attack and recovery occurred so recently, it’s impossible to tell if Verge coin is truly out of the woods yet. But Verge coin investor confidence seems little shaken, and the Verge coin price stayed relatively steady despite this uncertainty. This was an unfortunate event, but the mistake ensures that future instances of this attack will fail, and the Verge coin dev team will be wiser in the prevention of alternate attacks.
Final Thoughts on Verge Cryptocurrency XVG
Verge coin is something of a Cinderella story. Existing in total obscurity for many years, Verge skyrocketed to prominence only within the past 12 months. From its humble roots as a variation on a joke coin (DogeCoin…respect to Dogecooin btw), it is today one of the top 20 most highly valued cryptocurrencies in the world.
Verge coin seeks to dominate a very important part of the cryptocurrency market: a payment coin with total privacy. There are many good privacy coins (like Monero and ZCash) and good payment coins (Bitcoin, Litecoin), but there isn’t a coin which so completely fuses these two roles into one coin that’s also convenient for a wide variety of users.
Only time will tell if Verge coin succeeds in its mission to become the #1 payment cryptocurrency in the world, but we think they have laid a good foundation over the past half decade. We’ll be keeping watch on Verge coin with interest, as will all of cryptocurrency’s savviest investors.