Are you on the look-out for how you can purchase Vechain token? Then you don’t need to worry, cause I will do just that in this article.
But before we go into what we are dojnt today, let’s take a look at this pressing question;
What is VechainThor?
VechainThor is a public blockchain network that derives its value from activities created by members within the ecosystem solving real world economic problems
There are various reasons why you should buy Vechain and some of these reasons include:
Easy-to-Deploy Blockchain Platform
Robust and secure blockchain infrastructure featuring turnkey solutions with both software and hardware ensures a quick implementation for enterprises and developers.
Professional Global Team
Founded in 2015, VeChain is one of the earliest blockchain technology companies in the world, with offices in China, Europe, US, Singapore, and Japan.
Partner Network for Ecosystem Expansion
VeChain’s business ecosystem includes many business and technology partners that promote blockchain application adoption and innovation by empowering each other, creating exponential value for all network participants
How to buy Vechain (Vet) on Binance
Welcome to our carefully-prepared guide on how to buy Vechain on Binance.
But did you know?
That Vet is the abbreviation for Vechain Token.
Besides, one cool advantage that you get when you buy Vet is that you can stake it.
Staking? What in the world is that? Right?
Yeah, it is similar to what you think!
Putting your money on the line to earn interest. Now this is what I mean, you borrow your funds to an exchange platform (Binance) and you earn interest.
The interest will be paid in form of VThor, which is also another token on the same blockchain network.
The idea is that, they don’t want to pay you Vet in return as an interest so that the VechainThor network will not be too overcrowded leading to a slow performance in speed and overall qualities.
This problem that they are trying to avoid is one that Ethereum, the second biggest cryprocurrenxy has fallen into already.
So Vechain (Vet) is really a good token to buy.
Since you are set, I must tell you that there are few questions that you need to answer to determine where to start reading from.
- Do you hold some coin currently in a wallet?
- If you do, do you wish to buy the Vechain Token through the coin you currently hold?
If yes, start reading from step 2, while if your answer is no, start reading from step 1.
If you don’t mind staring now, I will share the guide:
Step I: Open an account on Binance
If you have an account on Binance already, then you can skip this step to the next one.
Download the Binance app, create an account by using your mobile number or Gmail and a strong password.
Log in to the Binance app with the newly registered account and complete your Identity registration.
Step 2: Transfer your crypto
For those of you who have a wallet containing some coins, then you first have to transfer the coin to your Binance wallet.
You can do this easily by copying the contract address for the coin you want to send to Binance and pasting it in the recipient box on the send page of your wallet.
For Instance: if you intend to send some Bitcoin from your wallet, then click on “send” in your wallet and choose Bitcoin for the coin you want to send.
Then log in to Binance and go to where Bitcoin is, copy the address and paste it in the box of the recipient on tbe send page of your wallet.
Confirm it’s your address and hit send.
The money should reflect in your wallet in a couple of minutes depending on how loaded the network is.
Step 3: Fund your wallet
If you don’t have some funds/coins in your wallet yet, then this step is for you.
Fund your wallet by sending in cash from your account.
Binance has a lot of options for funding a wallet, choose the one that is convenient for you.
When you send your native currency (e.g Naira, euros), it will reflect in your currency account on Binance.
Step 4: Click on the “Buy’ button
Click on the “Buy Crypto” link on the top-left part of the Binance website page.
Choose the coin (for example Bitcoin) that you intend to use to buy Vechain (Vet) and you will be directed to the purchase page where you are met with a lot of options.
For better coin compatibility, you can consider buying a stablecoin like BUSD first, and then use that coin to buy VeChain (VET).
If your native fiat currency is compatible, then you don’t need to buy BUSD before you can purchase Vechain token.
Quick question: What are fiat currencies?
Maybe you are wondering what fiat currencies are.
Fiat currencies are traditional currencies i.e printed by the government e.g coins, US dollars.
Unlike crypto currency, their value is dependent on economic policy and the state of the economy of a country.
Step 5: Punch the amount
You can choose to fill in the amount you want to buy by entering the amount of the coin or fiat currency that you intend to use to purchase Vet OR
By entering the amount of Vet that you wish to buy.
Click on “buy” and Confirm the transaction.
Step 6: Transfer the Vet currency back to your wallet
If you wish to keep your Vet currency back in your wallet, then copy the address for Vet on your wallet and paste it in the recipient’s box on the send page on Binance.
Hit the “send” button and you should see your Vet appear in your wallet.
Earning VTHOR tokens
And if you wish to stake your Vet to earn VThor tokens, then you should follow these simple steps.
- Go to the locked staking page by clicking on “earn” then later on “staking”
- Search for the coin that you want to stake (Vet) and click on it.
- There are different durations, look for your preferred duration, and click on it.
- Fill in the amount of Vet that you want to stake and confirm the “staking process”.
Note: There is a huge risk in staking, so do your research well before staking and always make sure that you invest only what you can afford to lose.
We also have a full article on how to stake Vet on Binance, that would really help!!
Some frequently asked questions include:
What is the current price of Vechain?
Actually, it is not possible for a crypto token to have a fixed price so they change all the time but its current price on Binance chart & news is $0.030575
You can use the above link to see the life price of Vechain
It had some rise and fall over the last few hours and days but nothing was major excluding the last seven days when its price grew by over 11.07%
Differences between Vet and VTHOR
VET is used as a medium of exchange and store of value for services provided by the blockchain.
Conversely, VTHO is used to pay for gas (transaction) fees on the network.
As VeChain is a proof-of-stake network, users can generate VTHO tokens by staking their VET on a supported wallet.
Can you buy Vechain on Binance US?
According to the Binance website, Americans can buy VeChain with dollars on Binance US provided that they have access to Binance US.
Not all states in the US have access to Binance US, so only those who have access to the crypto exchange platform can buy the Vechain token.
Disclaimer: No information on this site should be perceived as investing advice.