Verge (XVG) started its journey in 2014 with the name DogeCoinDark. It was created to make a private cryptocurrency as an alternative to Bitcoin. Unlike Bitcoin, users cannot trace transactions on the Verge network. Many people think privately sending and receiving money is an important human right. Verge can be a great alternative to Bitcoin, where no third party can trace the transaction’s related information.
The best part is it is an open-source project, so anyone can suggest changes. XVG is a native coin of this network with a maximum supply of 16.5 million coins in circulation. It is less than 21 million coins of Bitcoin, which can make it a scarcer coin in the future. Verge can process 100 transactions per second, whereas Bitcoin only manages seven transactions. However, Bitcoin is a more time-tested and secure network than Verge.
The difference in the mining process is another important factor between Verge and Bitcoin. Bitcoin needs advanced hardware for mining new coins, which is costly, but Verge does not need costly equipment to mine new coins. It can be mined using CPUs or GPUs in our home, which is energy efficient. That is why it can be more popular than Bitcoin in the next few years.
In short, XVG and BTC are two different networks, so if you want privacy, you can choose Verge as an alternative to Bitcoin. There are many privacy-centric cryptocurrencies, so it is tough to gain market share in the future. Moreover, these cryptocurrencies may face government regulation because private transactions can threaten the global economy. That is why privacy-centric cryptocurrencies are not suitable for long-term investment.
At the time of writing this post, XVG was trading around $0.0033, consolidating around the baseline of the Bollinger Bands. In the short term, the Verge coin has been consolidating between $0.0025 and $0.004. The last three candles are bearish, but it is an ideal time to buy this coin as RSI is giving a positive indication.
The weekly chart of XVG has been downtrend, but $0.0025 is strong support. We do not think it is an ideal time to buy for the long term because $0.005 is a strong resistance, which is difficult to break at this uncertain time. That is why you can consider Verge in your portfolio if you want to invest for the short term. Otherwise, you should avoid it and invest in less risky cryptocurrencies.
