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Frequently Asked Questions
Bitvavo makes VeChain as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is VeChain Thor?
VeChain Thor (VET) is a decentralized platform that helps companies map the distribution chain and helps consumers verify the authenticity of products using blockchain technology. This is done with the help of NFC chips, RFID technology and QR codes, among other things. VeChain Thor tries to create a blockchain with which anyone can check whether products are actually genuine (for example in the case of counterfeit products) and if they can be trusted (for example with food).
How does VeChain Thor work?
VeChain Thor uses a mix of blockchain technology and NFC chips, RFID technology and QR Codes. This makes it possible to request all data for the relevant product at any time. VeChain uses blockchain technology to guarentee that the information provided hasn't been altered. In this way it can be seen exactly whether a product is genuine and / or whether it can be trusted.
Checking the authenticity of products can, for example, be important with luxury brand products where there are many counterfeit products in circulation. By scanning the product you can see exactly from which factory the product comes and therefore whether the product is genuine.
Where VeChain Thor (VET) gives the right to a part of the VeChain Thor blockchain, VeThor Token (VTHO) is used to perform smart contracts and transactions on the network. These transaction fees are due to the people who hold VeChain Thor.
How to buy VeChain?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store VeChain. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store VeChain?
Storing VeChain and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store VeChain without any technical knowledge. Here is a brief overview of the existing wallet options to store your VeChain:
Hosted wallets are wallets where the private keys to your VeChain are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your VeChain online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your VeChain. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your VeChain, and if malicious parties have access to your device, your private keys (and therefore your VeChain) can be stolen.
A hardware wallet is a physical device on which you can store your VeChain offline. It is one of the safest ways to store your VeChain, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your VeChain is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive VeChain. Once you have purchased VeChain on Bitvavo, you can choose to send your VeChain from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.