The Early Stages of a Grass Roots Movement

This is the impression I get when reading Vertcoin reddits.

I can imagine how early Bitcoiner’s felt when it first started. It is exciting to see progress, give feedback and get involved in some way because you not only see the potential, but you feel the potential.

These are the early stages of a grass-roots movement and the “vert” in the coin is fitting to the growth this new crypto-currency will see over the months to come.

Why Vertcoin and Why all the Hype?

It’s ASIC resistant and its price shot up from $0.40 to over $10 in one week!

ASIC resistant: Vertcoin was released as “the logical solution to Litecoin” because it utilizes the “Adaptive-N-Factor”, a component of Scrypt that increases with time to stay steps ahead of ASIC chips. And as stated by developers, “for the foreseeable future, GPU computing will be the fastest method of computation for Vertcoin”. In the mining community Vertcoin is the front-runner in presenting a solution to the ASIC problem. Its support amongst the “hardcore” or “underground” crypto-community geniuses who contribute to the coin by developing wallets, apps, payment gateways, games, a tipbot and other necessary structural parts, will make this crypto-currency useful and attractive to users and merchants.

Its Price: As I am writing this article, the price of one Vertcoin is $2.65 USD. Some of its hype has turned into panic for a few investors and miners. Perhaps some fear the coin may be soon be worthless, so they are dumping coins onto the market in vast amounts in order to make a profit now. That isn’t the best move because doing so contributes to the coins to drop in value, as one reddit discussion points out nicely. You can see on one exchange, that right now VTC/BTC sell orders out number buys 3 to 1! VTC/BTC currently has the second highest trading volume on exchanges Coinedup and Cryptsy which will change when DODGE/BTC trading volume settles next week.

I, as an investor in Vertcoin, am holding, contributing and eagerly waiting to spend my first Vertcoins and I am still buying more as the ‘Vertans’ seem prepared to take this coin global.

A Development Worth Noting

Merchants will soon be able to accept Vertcoin using Moolah, a crypto-currency payment processor which will be the first to enable merchants to accept Vertcoin payments via an API and Merchant Terminal. The following announcement was made earlier today by Vertcoin on bitcointalk.org:

“Thanks to moolah.ch you can do a lot of things now and in the future with Vertcoins.

1) moolah.ch has a webwallet for VTC and a Merchant API, you can except alot of shops using Vertcoin soon.

2) ATMs are coming out and they will also support Vertcoin.

3) With digipay.io you can directly spend your Vertcoins at AMAZON – yes, the Beta phase will start soon.

Say thanks to Moolah guys! We are happy they are supporting us.”

BitcoinBarbie.com will soon implement Vertcoin payments as well for a shopping surprise it will be launching soon.

What’s Happening With Bitcoin?

When it comes to Bitcoin, it is still number one but it has a few hurdles to overcome. Vertcoin for now has solved the ASIC issue and being so young its developers seem to be willing and ready to do whatever it takes to make sure this coin is here to stay. The crypto-currency Litecoin was not able to keep away from the ASIC technology, which may likely be the reason it to loses its position as Bitcoin’s #2 to Vertcoin. We could someday see Vertcoin move into the #1 position because Bitcoin transaction fees are on the rise and will continue to do so, ultimately driving consumers away from it looking for a more affordable option.

These things are bound to happen if you look at it logically. If Bitcoin is to be the free world’s currency it doesn’t help that what was once itself a grass roots movement has now become a feeding ground for companies with big wallets, leaving the hardcore true supporters outside and looking in the direction of Vertcoin. This is why I call it the early stages of a grass roots movement… It has purpose because Bitcoin and Litecoin are now proving to not be perfect.

I noticed Vertcoin because of its massive price increase over a week, but I wrote this article because I was inspired to do so just from following the community and educating myself about this coin. It also made me completely forget about Maxcoin.

source: http://bitcoinbarbie.com/vertcoin-the-early-stages-of-a-grass-roots-movement/

The Early Stages of a Grass Roots Movement