Despite crypto going through a down period in 2018, blockchain continues to move forward. Development is ramping up on projects that look to put blockchain to work on real-world use cases. One of the projects leading the way in this sector is VeChain (VET). 2019 looks very promising and there are many new interesting projects that VeChain is currently working on around the world.
This guide is going to show you how to get your first VET tokens, via one of the world’s most popular exchanges, Binance.
What is VeChain?
In a nutshell, VeChain is BaaS – Blockchain as a Service. It’s about bringing forth use cases for blockchain at an enterprise level, where there is often a need for an immutable, trust-free ledger of information.
It starts with the supply chain, using digital product identities on the blockchain to track and trace products throughout supply and delivery. The use cases expand to verifying the authenticity of many high-ticket goods, such as luxury accessories, wine, liquor and much more—including a strategic partnership with Cyprus. It does this by using RFID chips planted in/on products, uploading data to the blockchain so people can have immutable proof whether the product they’re buying is legitimate or not.
Use cases are expected to extend even more in the future, to include tracking in the automotive industry, as well as the Internet of Things.
VeChain is undoubtedly a project with immense potential and has raised significant hype from the crypto community since its ICO in August 2017. So let’s see how you can get VET tokens for yourself.
VeChain has been partnering with different companies around the world, including Asia, one of the places where blockchain technology is expanding in private and public organizations.
In this article, we will explain how to purchase VET coins using the Binance exchange. This platform is one of the most popular and recognized exchanges in the market. Launched back in 2017, Binance created a large number of services that allow investors to have easier access to the cryptocurrency market.
Step 1: Register for an account on Binance
This guide is going to focus on the Binance exchange, as it is one of the safest and highest volume exchanges in the world today.
At the same time, the Binance exchange has several advantages compared to other digital asset exchanges in the space. Binance has one of the largest liquidity for altcoins in the crypto market and it offers a large number of trading pairs. In the last 24 hours, Binance handled almost $900 million in trading volume, according to data provided by CoinMarketCap.
VET can be exchanged for Tether (USDT), Ethereum (ETH), Bitcoin (BTC) and also Binance Coin (BNB), the digital asset released by Binance.
If you haven’t already, register for an account. The process can usually be completed very quickly.
It just takes a few simple steps in order for users to be able to start trading digital currencies on the platform. However, if the goal is to have higher limits, the process needs verification and can take some more time to be completed.
Step 2: Verify your account
Before you can start trading, you’ll have to submit several documents to have your accout verified. Additionally, set up 2-Factor Authentication and other security measures to keep your account safe.
Step 3: Send BTC, ETH, BNB or USDT to your Binance account
As it is still a very new cryptocurrency, few large exchanges offer the ability to purchase VET with Fiat. So your best option will be to get Bitcoin or Ethereum and then trade for VET.
Once you have one of these two coins, you’ll need to make a deposit to your Binance wallet. Go to the menu at the top of the page, select “Funds”, then “Deposits”.
Select the coin you want to send from the dropdown menu. You’ll be given a wallet address to send your coins to. Make sure to only send the specified coin (i.e. BTC to the BTC wallet, ETH to the ETH wallet). Any other coin sent to this address may be lost.
As mentioned before, it is also possible to use USDT or BNB coins to purchase VET. Nonetheless, the process is the same. We will have to send BNB, USDT, ETH or BTC to Binance if we want to acquire VET.
Binance is also offering the possibility to purchase some digital assets using a credit card. In the future, users may be able to buy VET using this easy method rather than sending digital assets to the exchange.
Step 4: Wait for confirmation
Deposits and withdrawals are often cleared quite quickly, but depending on the network load it can take a little while. Wait for Binance to give you confirmation that your deposit has been successful.
Step 5: Find and select the BTC or ETH pair
Once your deposit has gone through, move to the exchange section of the site. On the navigation bar at the top of the site, hover over “Exchange” and click “Basic”.
Now go to the box on the right side of the page. Select the coin you wish to trade with (BTC, ETH, BNB or USDT) and search for VET. Select the pair that comes up (e.g. VET/BTC).
Optional: Use Binance’s advanced tools to buy at the right time
Binance offers a lot of data, such as price and order history, to help you make trades at the right time. They also give you the ability to set limit orders. This means you set the price you want to buy (or sell) VET for, and once it hits that price, the exchange will automatically make your trade.
These advanced trading options have been created for those users with more knowledge about markets and how virtual currencies and exchanges work. Although it seems complex, it is very easy to use for those users with some experience in the cryptocurrency market.
Step 6: Choose the amount of VET to buy
In the “Buy” box below the price graph, put in how many VET you want to buy, and the price to buy it for. Alternatively, you can choose “Market” to buy for the current price (this is fine for novice traders).
Step 7: Buy VET!
Click the green “Buy VET” button to complete your trade. Once Binance confirms your transaction, you’re done!
Step 8: Move your coins to a secure VeChain wallet
It’s a good idea, when not trading, to move your coins off the exchange and into a secure wallet that you control. This way the security of your funds is in your hands, you are not at the mercy of the exchange’s security measures.
To do this, you will need a wallet that supports VET tokens. The VeChain Thor mobile wallet is the official wallet developed by the VeChain team, and is available for iPhone and Android. Alternatives include the Atomic desktop wallet for Windows and Mac, or for the highest level of security, a hardware wallet like the Ledger Nano S.
When you have a wallet ready, you can withdraw your tokens from Binance. Go to the menu at the top of the page, select “Funds”, then “Withdrawals”. Choose VET from the dropdown menu.
In the past, Binance was affected by a hack that resulted in the loss of around 7,000 BTC. Although the exchange was able to give users back the funds lost, it is always better to be in control of the private keys of the digital assets.
Exchanges offer standard security for users to handle their digital assets. If the platform experiences an attack or is hacked, the funds would certainly be lost. Hardware and cold storage wallets are usually the best options to deal with cryptocurrencies.
Put in the address from your VeChain wallet as the VET Withdrawal Address. Double check the address is correct, choose how much you want to withdraw, and hit submit. Binance will confirm when your transaction has been completed.
At the time of writing this article, VET is the 31st largest cryptocurrency in the market. The digital currency has a market capitalization of $274 million and a price per coin of $0.00494.
During the last few months, VeChain has been working with many different companies in order to improve their services and offer better information to customers. For example, VeChain announced that it is collaborating with Walmart China in order to power the Walmart China Blockchain Traceability Platform (WCBTP). This was a major milestone reached by the company.
If you want to know more about it and about the current $25 million buyback plan that the firm started and about the Walmart deal, you can check our VeChain article here. To learn more about this blockchain platform, you can read our What Is VeChain article.
…and that’s all you need to know to start investing in VeChain, one of the most promising projects focused on real-world blockchain adoption.