Frequently asked questions

VeChain is a blockchain platform designed to aid in supply chains. VeChain was introduced in 2015 by the former CIO of Louis Vuitton China. In the beginning, the token was based on the Ethereum blockchain, but that changed in 2018 when VeChain launched its own blockchain.

There are two tokens involved in the VeChain system. First, there’s the VeChain (VET) token, which transmits value. Second, there’s the VeChain Thor Energy (VTHO) token, which provides a smart contracts platform.

The two-token system acts as a stabiliser, so that dApp developers have a more predictable environment in which to create new software. VET is the token that is of greater interest for investors.

VET's price is based on supply and demand. If there are more people willing to buy than sell, its price will increase.

That said, it’s still a volatile digital asset, whose value is tied strongly to that of Bitcoin and the wider crypto market, and it’s prone to drastic fluctuations over time.

There are a number of other rival coins looking to occupy the same space, and appeal to dApp developers. The success of VeChain, and the price of the associated token, will be influenced in the long run by how those rivals fare.

You can buy VeChain's transaction token VET through cryptocurrency exchanges. You can use Cryptoradar to find a suitable cryptocurrency exchange. Next, sign up for an account, verify your identity, deposit money and you're good to go.

A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.

Is now a good time to buy VET? Frankly, we don’t know.

But there are several strategies when it comes to crypto investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD).

Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time.

No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.

There are risks associated with any investment. Crypto markets are particularly volatile, with large upswings and downswings. Only invest as much as you can afford to lose.

When it comes to choosing a crypto exchange, there are also a couple of thinks to be wary of.

Before you can start trading, a crypto exchange will ask you to verify your identity. This is necessary because of anti-money-laundering laws. The verification process and time can differ significantly and take anywhere from minutes to weeks.

All crypto exchanges charge a fee or a spread to finance their operations. Fees can differ significantly among exchanges, so make sure to get a good deal.

Additionally, make sure that your preferred crypto exchange supports the payment methods of your choice, but be aware of any additional payment fees that may apply.

Last but not least, if you’re new to crypto, make sure that your chosen platform is easy to use and has good customer support. This helps you avoid making costly mistakes.

Offered payment methods will depend to a large extent on your choice of exchange. Some will require a bank transfer, while others will allow for a wide variety of alternative payment methods like credit cards. You can compare the options and their relative merits using Cryptoradar — just filter the exchanges according to your needs.

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