How to Buy VID
Step 1: Find a good VID Wallet
Digital wallets are used to store cryptocurrencies until a user is ready to spend it or exchange it for another currency. Picking a wallet for this crypto relies on three considerations: features, platforms, and security. It is essential to choose one that works best for you.
Step 2: Choose the right exchange
The best place to make a user’s first VID purchase is on an exchange. There are a whole lot of exchanges out there with excellent performance. Some are less trustworthy than others and some can be quite limited. It is necessary to pick the right exchange to start with. We recommend using Beaxy since it is easy to use and it is a reliable crypto exchange.
Step 3: Select a payment method
Exchanges accept a variety of payment options but a user should be wary of scam sites. A lot of exchanges allow both bank account and credit or debit card transfers for payments. One payment solution must be linked to a user’s account before trading.
Step 4: Buy some VID tokens and store them in your wallet
Exchanges provide users some information on how many VID token a user can buy for specific sums of money. However, due to its volatile nature, VID token prices can vary. A user must choose the desired amount of VID token in the provided field and click the “buy” button. Once the user had made the purchase, new VID tokens will be stored in the user’s digital wallet.
Step 5: Get ready to use it
A user can sell VID tokens or use it to purchase something. However, the value of cryptocurrencies is known to fluctuate so it is important to plan future transactions. A user can be prepared by setting up a seller account or a user can figure out how to buy before actually making a purchase. That way, when the time comes, the user will not be in a panicked rush to complete transactions.
VID’s Value and Price
VideoCoin Token Details
- Token Symbol – VID
- Total Token Supply – 882,000,000 VID
- Tokens Offered for Token Sale – 105,000,000 VID (12%)
- Hard Cap – USD $50 Million
- ICO Price (USD) – 1 VID = $1 USD
- Whitelist – Yes (currently 10,000 members)
- Presale Period – Not Specified
- Currency Accepted – ETH / BTC / USD
- Main ICO Period – ICO Cancelled
Even though the hard cap looks relatively high compared to other Initial Coin Offerings (ICOs) at $50 Million, FileCoin raised $250M going after only the storage component representing 6% of internet traffic. By limiting supply to $50M, VideoCoin creates a great economic value for their community. The nature of VideoCoin’s project of creating an end-to-end video infrastructure as well as its vast potential in disrupting the video space warrants a sizeable valuation. A majority of the tokens (70%) were allocated towards the mining process.
During the VID token sale, the set goals are a minimum of $10 Million with a soft cap of $15 Million and a hard cap of $50 Million. During the presale in 2018, there were 105.83 Million tokens available with a lifetime supply of 881.94 Million and a mining pool of 617.3 Million.
Out of the total 882 Million tokens, 106 Million (12%) were allocated for the presale, 617 Million (70%) were assigned to miners, 68 Million (9.8%) to the company, 26 Million (3%) to advisors, 20 Million (2.2%) to marketing, and 13 Million (1.5%) to acquisitions and the foundation.
The Advantages and Disadvantages of Trading VID
Let’s now consider the advantages and disadvantages of the VideoCoin cryptocurrency.
- High-Profile ICO
VideoCoin has cancelled its public ICO ahead of schedule due to high demand from private investors. There is unmet demand from the retail side of the market which will tend to push VID token’s price upwards in trading.
- Big Market Opportunity
Given that video represents the internet’s largest ecosystem (82% of internet traffic), VideoCoin is well-positioned to compete in the market like Google, Amazon, and Microsoft. Investing with VID token means billions of dollars of market share.
- Video Disruption Solution
Reducing video streaming costs by up to 80% or more would undoubtedly disrupt the video market. If this happens, traditional video giants would need to slash prices to compete effectively.
- End-To-End Video Infrastructure
VideoCoin’s focus on being a full-stack video infrastructure layer and protocol differentiates it from similar projects which are focused only on decentralized data storage like Filecoin and Storj.
- Easy Encoding
Anyone with a computer and internet can load VideoCoin’s software and start encoding video since modern machines are built with equipped encoder. No additional hardware is required. VID allows excellent participation from anyone who wants to earn rewards in the form of VID tokens.
- Natural Blockchain Utilization
The commoditization of computational power under the structure of a sharing economy has the potential to make the system much more efficient as it allows the sharing of computer resources globally.
- Strong Team/Advisors/Investors
VID has highly experienced top-level management; a powerful line-up of advisors and investors makes this project a strong contender against traditional data services providers such as Amazon and Google.
- Lack of Marketing Strategies
VideoCoin does not spend a lot of money on its marketing process. Because of the lack of marketing strategies, VideoCoin has not been widely publicized. VID needs more published announcements online and continuous development from its partners including Paramount and Fox Entertainment.
- Few Media Partners
VideoCoin’s Alpha media partners are very limited. In this high-paced market, this is a complicated and complex build because investors are always eager to see developments anytime and everywhere.
- Rudimentary Roadmap & Token Metrics
VideoCoin needs a more detailed roadmap, token metrics, and go-to-market strategy.
Best VID Wallet – How to Choose?
The market offers many types of electronic wallets for storing cryptocurrencies. Before dwelling on a specific option, a client must answer the question: For what purposes do you need it?
Modern developers offer many opportunities for cryptocurrency wallets which dramatically complicate the choice. In choosing the best VideoCoin wallet, it is necessary to take into account the user’s personal preferences, pay attention to its functionality, degree of security, the quality of the developed interface, and language support.
A mobile version of the cryptocurrency wallet allows not only storage of the digital currency, but the active usage of it as well. It can be used to make purchases and pay for bills and other types of services. It works through a simplified verification mode without the need to download the full version of VID’s blockchain.
The wallet is very convenient since the volume of such chains requires large storage.
The main advantage of the cryptocurrency mobile version of the wallet is its mobility and ease of use. It can also be used to withdraw money from wallets opened in Qiwi, Webmoney, and Yandex money payment systems.
However, a user must need to understand that any VideoCoin wallet will not be able to provide absolute security for the client’s funds. While this is the case, it is worth giving a try with consideration to its highly-secured services.