Anyone that has had any dealings with Bitcoin will have experienced a lot of frustration. Transactions can take hours, they are becoming increasingly expensive and exchanges can suspend trading at a whim when they get overloaded. Its feeble 1Mb blockchain is the bottleneck and efforts to scale it up have been largely rejected by the somewhat quirky core community. Bitcoin is a dinosaur in the world of digital currencies.
What it has done however is provided a big boot in the backside of the blockchain industry. Hundreds now new altcoins have emerged to offer faster, cheaper and more efficient methods of trading crypto currencies. Bitcoin could well become the Netscape of the crypto industry, rapidly being eclipsed with vastly improved technology.
Enter an obscure altcoin called Verge which ticks all the right boxes to usurp Bitcoin. In terms of technology XVG is light years ahead of BTC. Firstly it offers a layer of anonymity that is not available on the Bitcoin public ledger. According to the blurb on their website,
“Verge uses multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable.”
Secondly it has far superior transaction speeds which are made possible by a system of Simple Payment Verification (SPV) technology which allows average transaction confirmation times to drop to below 5 seconds. By being community based, Verge developments are transparent and collective, unlike a closed door corporation or Bitcoin which is largely controlled by a few whales.
Security is also greatly improved with the provision of a number of secure mobile wallets, including the Tor Android Wallet, which offers mobile anonymity. XVG has had a monumental year rising from obscurity at the beginning of the year at $0.000018 to a record high of $0.29 a couple of hours ago. This equates to about 1.6 million percent which makes Bitcoin look rather inferior.
Boosted by endorsements by the likes of antivirus guru John McAfee and constant regulation by governments and authorities Verge has surged in recent weeks. Investors are looking towards anonymous and secure cryptocurrencies in times when the likes of the IRS are demanding personal information on Coinbase users.
I am inundated by people asking me for recommendations on cryptocurrencies. 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.
— John McAfee (@officialmcafee) December 13, 2017
At the time of writing the XVG market capacity stands at $3.3 billion making it the 16th most popular coin by market cap, just below NEO. Over a $1 billion has been traded in the past 24 hours alone and the current price is a very enticing $0.23. It is time for Bitcoin to move over, could Verge be its slayer.