This is a detailed guide to buy Vechain which goes by the symbol VEN. Apart from learning how to buy VEN, you will also learn where to buy VEN. The guide will also explain where to store VEN and how to setup Vechain wallet.
What is Vechain?
Vechain’s focus is to fight off the counterfeit products. Suppose that you want to buy something really expensive, whether it’s something to eat, drink or wear, you probably want to know whether the product you are getting is real or not. When you are paying a lot of money to buy an expensive drink, it just doesn’t make sense to fall for a counterfeit product. To sort out this problem, Vechain introduces chips on the packing of the products. The chip can be scanned to know everything from the production to supply, shipping and delivery of that product.
Vechain is not going to be able to stop the production of fake goods. It just wants to ensure that you invest your money in a legitimate product. Let’s take a look at another example. You want to buy a Gucci bag, but you don’t know whether it’s original Gucci bag or not. Vechain attaches a chip to the bag, you scan that chip and you get all the data about that bag. The data will prove whether the bag is original or not. So, to sum it up, Vechain is pushing the product manufacturers to add their products to the blockchain.
Vechain is targetting the auto-industry, the food industry, the logistics industry, the agriculture industry and also tapping into some new industries. Vechain tokens are called VEN.
How to buy Vechain (VEN)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for VEN (BTC → VEN)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for VEN.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select VEN/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of VEN you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get VEN in your Vechain wallet at Binance.
Step#4: Store VEN in Vechain Wallet (MyEtherWallet)
Now that we have purchased VEN, it’s time to store them in a wallet. It’s very common for exchanges to get hacked. It is always recommended to store your tokens in a wallet. The official wallets of the tokens are secure as the developers use cold storage to store them. There are web wallets as well. Since VEN is basically an ERC20 token and it runs on Ethereum Blockchain, we can store it on MyEtherWallet as well. Here’s how you can store it right now.
- Open MyEtherWallet and sign up.
- Save your private key and the KeyStore file somewhere safe.
- As you are done making a wallet on MyEtherWallet, click on view wallet info.
- Choose your method of login. In the screenshot, I used the KeyStore file method.
- As soon as you get into your MEW, you will see your wallet address.
- This wallet address is the same for all ERC20 tokens. You do not need a specific address for VEN, the address displayed on the homepage of MyEtherWallet will work.
- Now open Binance > Funds > Withdrawals > Select VEN/Vechain > Paste your Wallet address and send the tokens to your MyEtherWallet. That’s all.
- It will take a few minutes for you to get your VEN tokens in the MyEtherWallet account. The received tokens will appear under Token Balances tab.
More information on Vechain:
- Vechain Price Tracker – CryptoPit Coin Price Tracker
- Vechain Official Website – vechain.com
- Reddit Community – r/Vechain/
- Vechain Wallet – MyEtherWallet
- White Paper – White Paper Link
- Github – Github Repository
- Exchanges – Binance | Lbank| Huobi | Gate.io | Liqui
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.