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Frequently Asked Questions
Bitvavo makes VeThor Token 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 VeThor Token?
VeThor Token (VET) is the fuel for the VeChain Thor blockchain. For all actions that take place on the VeChain Thor blockchain, transaction costs are due which must be paid in VeThor Token. This may include the execution of payment transactions or the sending of data. This VeThor Token is for the benefit of the owners of VeChain Thor. Vechain Thor uses a Proof of Stake where the owners of VeChain Thor jointly maintain the network and in return they receive the income that is generated by charging transaction costs.
How does VeThor Token work?
Bitvavo pays out the VeThor Tokens (VTHO) on a monthly basis, which are produced by the VeChain Thor which are held on the Bitvavo platform. Exactly how much VeThor Token is paid out to you is calculated using the following formula:
1. Every day at a fixed moment, the amount of VeChain Thor each Bitvavo user has in his hosted wallet is measured. These daily values are added together at the end of the month.
2. At the end of the month it is determined how much VeThor Token has been produced in its entirety by the VeChain Thor of all Bitvavo users combined.
3. Finally, the VeThor Token produced is equally distributed among the users who hold VeChain Thor on their Bitvavo account.
The distribution of VeThor Token will usually take place on the first Tuesday of the month and will be credited directly to your Bitvavo account.
How to buy VeThor Token?
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 VeThor Token. 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 VeThor Token?
Storing VeThor Token and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store VeThor Token without any technical knowledge. Here is a brief overview of the existing wallet options to store your VeThor Token:
Hosted wallets are wallets where the private keys to your VeThor Token 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 VeThor Token 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 VeThor Token. 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 VeThor Token, and if malicious parties have access to your device, your private keys (and therefore your VeThor Token) can be stolen.
A hardware wallet is a physical device on which you can store your VeThor Token offline. It is one of the safest ways to store your VeThor Token, 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 VeThor Token is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive VeThor Token. Once you have purchased VeThor Token on Bitvavo, you can choose to send your VeThor Token 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.