What on earth is happening to Verge?
Hey there everyone!
This is the first of my “Cryptocurrency Focus” articles where I take a closer look at some of the cryptocurrencies that I either currently own or have owned in the past. I hope is going to become a long running series on my blog. If detailed information on crypto coins and ICOs is what you crave, hopefully these articles can satisfy your appetite.
Many people would call Verge (XVG) a “controversial” coin but it’s far from a scam. With it’s long standing focus on privacy and anonymity, recent wild price fluctuations and big stories of celebrity influence Verge is never to far away from the headlines.
But in social media circles Verge seems to be a love it or hate it kind of crypto asset. With some users on large Facebook and Reddit groups flip flopping around from love to hate and back to love again in as little as 24 hours! Facebook discussions in closed cryptocurrency groups quickly devolved into pitched battles between Verge tragics and their dreams of “mooning” and people that just did not believe in the product. There was also the usual sprinkling of jaded investors that weren’t holding any verge before it took off, spreading their sour grapes and FUD (Fear, Uncertainty and Doubt) about Verge as often and as loudly as they could. As with a lot of online cryptocurrency discussions it generally wasn’t long until the rational educated discussion went out the window and it all devolved into a massive shitshow.
I got sick of the drama and checked out. I walked to my driveway to see if my Lambo had been delivered…
It hadn’t 🙁
OK back to reality! From a market capitalization point of view, Verge is currently sitting on coinmarketcap’s list as the 27 largest with a total market cap of USD $908,590,097. Only 2 spots outside of the top 25 “billion dollar coin” club.
If the internet is to be trusted at all, Verge started it on it’s meteoric rise from USD $0.015 to $0.288 around the time that John McAfee brought attention to it on his (in)famous Twitter page. Since the lofty highs of December 23rd 2017, Verge has proceeded to tumble back to earth and at the time of writing this article is currently trading at about USD $0.06.
I for one did not get in on Verge way back in the early days, though I wish I had. I’m a relative newcomer to the currency. After the crazy peak just before Christmas last year I had been watching Verge closely. I bought in to verge back in mid January at around USD $0.09, a price that I thought at the time was an excellent entry at almost 70% below it’s previous highs… I’m still holding on to it now at USD $0.06, uuuuurgh! But why have I chosen to hodl? To explain that we need to look a little closer at the currency that is Verge.
A quick look on the Verge website https://vergecurrency.com/ very quickly gives you an overview of the currency itself, the Verge mission statement explains:
“Our mission is to empower people around the world by bringing blockchain transactions into everyday life. Verge currency makes it possible to engage in direct transactions quickly, efficiently and privately. With Verge currency, businesses and individuals have flexible options for sending and receiving payments. With the flip of a switch, we offer helpful integrations and tools that enable them to handle large scale transactions between merchants and small scale private payments.”
With the above stated focus on being a currency made for fast. frequent and low cost everyday transactions with built in privacy for all users what is not to like about Verge?
As with all cryptocurrencies the one gig issue that Verge is facing going forward is scaling. Currently the Verge network has the capacity to handle roughly 100 transactions per second, well over 20 times that of the bitcoin network that is currently groaning under the strain of only 7 transactions per second. Verge also has the Ethereum network licked at over 5 times the Etheum networks theoretical maximum of 20 transactions per second. The Verge network is also currently able to handle more transaction volumes than the Dash, Bitcoin Cash and Litecoin networks and even beats out the “traditional” payment platform PayPal who can only handle a rumored 68 transactions per second.
But is 100 transactions a second enough to secure Verge a place in the history books?
It is getting there though, and it’s a damn site better than the bulk of the crypto coins currently available. Currently though it just can not compete in any way with the current transaction volume kings Ripple (1,500tps) and Steem (1,000tps). The Verge devs are actively working on these issues though and it is expected that the next generation Verge platform “RSK” will launch at the end of 2018 and give Verge the capability of 2,000tps. The Verge developers have a history of hitting their milestones and everything going to plan it will be very interesting to watch the coins value as we get nearer to the launch of RSK.
Another thing that has the Verge bulls talking is the fact that the RSK protocol will also bring Ethereum style smart contracts to Verge giving the already appealing coin yet more utility!
Taking in to account all of the things I have gone over above I honestly believe that my Verge is a good coin to hold on to. That said though, as with all articles on my blog, this is just my opinion and as an opinion piece should not be taken as financial advice in any way. Please always do your own due diligence before investing in any sort of digital asset.
Thanks for reading!
Verge started out in 2014 as DogeCoinDark even though as far as I can tell it didn’t have anything to do with the DogeCoin we all know and love. It was rebranded in 2016 to Verge in order to avoid any confusion.