A Closer Look at Verge (XVG)
One coin to be very aware of is Verge (XVG), which traded at $0.0954. While that may not sound like much, once you consider it traded at $0.002 in July 2017.
And analysts think there’s further upside.
In fact, according to Coin Market Cap, as noted by Crypto Recorder:
“Verge (XVG) is poised to challenge Bitcoin and other digital coins. It has risen from $0.00002 to 0.30 in January alone. This is 1.5 million percent compared to Bitcoin 1800% towards end of 2017. If these figures are anything, if Verge is adopted by the masses, it will literally go to the moon.’
Even John McAfee recently tweeted:
“I am inundated by people asking me for recommendations on crypto currencies. If you would use your heads you would figure out that the privacy coins (anonymous transactions) will have the greatest future... Coins like Monero (XMR), Verge (XVG), or Zcash (ZEC) cannot lose.”
What’s interesting about Verge is that it operates in an untraceable environment that allows users to make anonymous transactions. Behind the scenes, the coin uses an extremely advanced version of block chain technology, such as Tor and I2P, which hide the personal data of the coin owners or those that do transactions.
Verge also uses Simple Payment Verification, notes Crypto Recorder, which allows it to reduce transaction time to as little as five seconds. “Then there is the release of the Wraith Protocol which actually sent the prices of the (XVG) skyrocketing. Immediately after the release of the protocol the value of coin spontaneously went up to $0.24 from $0.14 at the same time, there was also a surge in the volume traded.”
The reason Verge has been a big runner is because of a growing interest in privacy coins, which are virtual currencies with a focus on privacy and anonymity. One of the biggest misconceptions about other crypto currencies like the Bitcoin is that transactions are anonymous. But that’s not entirely true. Some of your data is still on the digital ledgers that could be linked back to you.
That’s a big deal for some users.
For example, the IRS recently won a case again crypto currency site Coinbase, which will force the site to comply with a summon that requires it to identify 14,355 accounts, which accounted for about nine million transactions. This allows the IRS to go after capital-gains evaders.
But from my understanding, a privacy coin can help ensure that a user who doesn't want their financial information going public won’t have to worry. It’s part of the reason why analysts believe XVG still has plenty of room to grow.