This article is all about setting up Verge Electrum wallet (XVG) for Windows. Before we proceed let’s see what’s Verge currency and where its currently standing in coin market capitalization. Verge is a secure and anonymous crypto currency build with focus on privacy. Some of the benefits of Verge currency are privacy, ultra fast transactions, open source and decentralized. Verge circulating supply (total number of coins that is currently in circulation) is 14,686,643,683. By the time of writing this article Its 24 hour volume was $107,070,000 with a market capitalization of $1,621,567,016 which holds 26th rank.
Verge Currency uses anonymous network such as TOR and I2P. Using this technology the transaction details and users IP address becomes completely untraceable. This coin has no central control and moreover it offers ultra fast transaction speeds compared to other alt coins. There are many ways to obtain Verge Currency. You can get Verge currency by exchanging your Fiat currency or it can be mined if you have a mining rig. However before you do so you first need a wallet to receive and hold your currencies.
Verge offers different medium to hold your crypto currency. Its available for Desktop (Windows, Mac, Linux), Mobile and as a online web wallet. While the web and mobile wallet is easy to setup we always recommend you to setup desktop wallet for the sake of security. Even for desktops there are fundamentally two types of wallet that Verge currency offers. One is QT wallet and the other one is Electrum Wallet. This guide is all about setting up Verge Electrum Wallet, however before proceeding to the guide let’s see how Electrum and QT wallet varies.
– QT is a cross platform application and UI framework that helps developers to write code in C++ so it can be released on various platforms. Verge QT wallet is a dedicated software wallet that requires you to download the entire Verge Blockchain to your local computer.
Each and every time you initiate the QT wallet it will synchronize and download the blockchain. The main drawback of this wallet is that you must have disk space large than 2 GB which will grow eventually as the blockchain increases. Also you must consider your broadband bandwidth as these wallet downloads huge files to your local machine.
Verge Electrum Wallet
– Electrum is an open source wallet solution that is mainly focused on low resource usage and speed. Unlike QT wallet you don’t have to download the entire blockchain to your local computer saving you bandwidth and disk space. For everyday quick and easy transactions we recommend you to download Verge Electrum Wallet
Guide to download and install Verge Electrum Wallet
Setting up Verge Electrum Wallet in Windows computer is very simple. Just go to Verge website wallet section and click on the desktop tab. Now download Verge Windows Electrum Wallet to your computer. Once downloaded unzip the file to a folder where you wish to keep your wallet. That’s it you’re all done. Now open the folder and open electrum-xvg.exe file which should open your wallet.
This wallet automatically generates an address for you to hold your crypto currencies. If not then just go to receive tab and click on new. The receiving address is your public address which you can share publicly to receive payments. You can also share the QR code that’s on the right side of the wallet. Set description of the wallet to anything which is for your own understanding (ex: first verge address). If you would like to request payment from someone then enter the amount, set expires in as never and click on save. Share the QR code or the wallet address to the person who you would like to request payment from. Once he are she sends the requested XVG it will show up in your wallet. You can check that in Address and history tab.
At the bottom right corner of the wallet you’ll see a green light which means the wallet is online and it is connected to the verge network. Make sure it is green all the time, only then you’ll be able to send or receive payments. At some occasion the network signal may show red light and in such cases do not panic as you may or may not see your coins.
Your currency will always be safe and whenever you feel like the payment details are misleading in your electrum wallet always use block explorer to check your wallet balance. Here is the link to Verge block explorer. Just enter your wallet address and click on search. It will show your wallet balance and all your transaction details.
Wallet Seed, Backup and Encrypting your XVG electrum wallet
Its recommended that you always backup your wallet. To do so go to File >> Save Copy and save the wallet backup file in a safe place. Also you’ll need to password protect your wallet so that others who have access to your computer cannot transfer funds. To set a password for your wallet go to Wallet >> Password and set a new password. When this is set you’ll have to enter your wallet password each time you wish to send funds so make sure you remember or store your password in a safe place.
Wallet Seed is used to recover your wallet in case of computer or hardware failure. To generate a wallet seed go to Wallet >> Seed. It will ask for your password if you’ve set one. Just enter your password and it will generate your wallet seed. Store this information in a safe drive or cold storage and do not disclose it to anyone. This is the phrase needed to recover your wallet.
Hope this guide has covered every basic elements about Verge electrum wallet. If we missed out anything or if you have any questions or concerns setting up XVG electrum wallet then feel free to comment. We’ll help you out.